MIRA INFORM REPORT
|
Report No. : |
310131 |
|
Report Date : |
28.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
JYOTI STRUCTURES
LIMITED |
|
|
|
|
Registered
Office : |
Valecha Chambers, 6th Floor, New Link Road, Andheri (West),
Mumbai – 400 053, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
27.05.1974 |
|
|
|
|
Com. Reg. No.: |
11-017494 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 414.548 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L45200MH1974PLC017494 |
|
|
|
|
IEC No.: |
389003484 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ09132E NSKJ00041G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACJ2499R |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Various Components/ Equipment and Constructs
Infrastructure. |
|
|
|
|
No. of Employees
: |
2100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (20) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
Maximum Credit Limit : |
USD 22000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The profit of the company is continuously declining. The rating also takes into consideration delay by the company in
repayment of loans and interest to financial institution and external
commercial borrowing. However, business is active. Payments terms are reported to be slow. The company can be considered for business dealings on a secured trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “C” |
|
Rating Explanation |
Poor credit quality and limited prospects of recovery. |
|
Date |
09.09.2014 |
|
|
|
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A4” |
|
Rating Explanation |
Minimal degree of safety and carry very credit risk. |
|
Date |
09.09.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mrs. Snehal Maske |
|
Designation : |
Account Executive |
|
Contact No.: |
91-22-4915000 |
|
Date : |
27.02.2015 |
LOCATIONS
|
Registered Office : |
Valecha Chambers, 6th Floor, New Link Road, Andheri (West),
Mumbai – 400 053, Maharashtra, India |
|
Tel. No.: |
91-22-40915000 |
|
Fax No.: |
91-22-40915014/ 15 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Valecha Chambers, 5th Floor, Plot No B-6, CTS – 612, New Link Road,
Oshiwara, Andheri (West), Mumbai – 400053, Maharashtra, India |
|
Tel. No.: |
91-22-6312510/6/7 |
|
Fax No.: |
91-22-6310379 |
|
|
|
|
Factory (Plant-1) : |
52A/53A, “D” Road, M.I.D.C., Satpur, Nasik – 422 007, Maharashtra,
India |
|
Tel. No.: |
91-253-2201700/ 800 |
|
Fax No.: |
91-253-2351134 |
|
|
|
|
Factory (Plant-2) : |
E-60/61, “D”, Road, M.I.D.C., Satpur, Nasik – 422 007, Maharashtra,
India |
|
Tel. No.: |
91-253-6603225/ 227 |
|
Fax No.: |
91-253-6603226 |
|
|
|
|
Factory (Plant-3) : |
1037/1056, Sarora Ring Road, Urla Industrial Complex, Raipur – 493 221,
Chhattisgarh, India |
|
Tel. No.: |
91-771-4213100/ 101 |
|
Fax No.: |
91-771-2324767/ 2325567 |
|
|
|
|
Tower Testing Station : |
Ubhade Shivar, Village – Deole, Ghoti, Igatpuri, Nasik – 400 402,
Maharashtra, India |
|
Tel. No.: |
91-255-3282211 |
|
Fax No.: |
91-255-3828212 |
|
|
|
|
Training Station : |
“Gurukul”, Plot No. H-37, Shivaji Nagar, M.I.D.C., Satpur, Nasik – 422
007, Maharashtra, India |
|
Tel. No.: |
91-253-2350099 |
DIRECTORS
As on: 31.03.2014
|
Name : |
S.D. Kshirsagar |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
04.05.1937 |
|
Qualification : |
P.G.D.I.A., (UK), M.A. (Economics) |
|
Date of Appointment : |
01.04.2003 |
|
|
|
|
Name : |
S. V. Nayak |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
P. K. Thakur |
|
Designation : |
Executive Vice-Chairman |
|
|
|
|
Name : |
K. R. Thakur |
|
Designation : |
Whole-time Director |
|
Date of Birth/Age : |
13.11.1942 |
|
Qualification : |
B.E. (Mech.) |
|
Date of Appointment : |
07.02.1978 |
|
|
|
|
Name : |
V. M. Kaul |
|
Designation : |
Director |
|
Date of Birth/Age : |
18.03.1952 |
|
Qualification : |
Bachelor of Mechanical Engg., MBA (IGNOU) |
|
Date of Appointment : |
22.04.2013 |
|
|
|
|
Name : |
A. J. Khan |
|
Designation : |
Director |
|
|
|
|
Name : |
G. L. Valecha |
|
Designation : |
Director |
|
|
|
|
Name : |
R.C. Rawal |
|
Designation : |
Director |
|
Date of Birth/Age : |
05.11.1944 |
|
Qualification : |
B.Sc. (Engg.) Mechanical |
|
Date of Appointment : |
25.01.2010 |
|
|
|
|
Name : |
S.H. Mirchandani |
|
Designation : |
Director |
|
|
|
|
Name : |
T. C. Venkat Subramanian |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ashok Goyal |
|
Designation : |
Joint Managing Director |
|
|
|
|
Name : |
Mr. Kalpesh Kikani |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
L. H. Khilnani |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
14710926 |
13.43 |
|
|
11351085 |
10.37 |
|
|
26062011 |
23.80 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
26062011 |
23.80 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
25419490 |
23.21 |
|
|
2718650 |
2.48 |
|
|
443889 |
0.41 |
|
|
28582029 |
26.10 |
|
|
|
|
|
|
11642885 |
10.63 |
|
|
|
|
|
|
28848692 |
26.34 |
|
|
6707100 |
6.12 |
|
|
7666093 |
7.00 |
|
|
352539 |
0.32 |
|
|
7313554 |
6.68 |
|
|
54864770 |
50.10 |
|
Total Public
shareholding (B) |
83446799 |
76.20 |
|
Total (A)+(B) |
109508810 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
109508810 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Various Components/ Equipment and
Constructs Infrastructure. |
|
|
|
|
Products : |
Not Available |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
|
|
Products : |
|
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30/60/90 Days) |
|
|
|
|
Purchasing : |
Cash and Credit (30/60/90 Days) |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
2100 (Approximately) |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Million)
|
|||||||||||||||||||||||||||||||||
|
Auditors : |
|
|
Name : |
R. M. Ajgaonkar and Associates Chartered Accountants |
|
|
|
|
Legal Advisors : |
Bharucha and Partner |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries : |
· Jyoti Energy Limited · JSL Corporate Services Limited · Jyoti Structures Africa (Pty) Limited · Jyoti International Inc. · Jyoti Americas LLC · Jyoti Structures Canada Limited · Jyoti Structures FZE · Jyoti Structures Namibia (Pty) Limited · Jyoti Structures Nigeria Limited ·
Jyoti Structures Kenya Limited |
|
|
|
|
Joint Venture : |
·
Gulf Jyoti International lLLC ·
Lauren Jyoti Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
175000000 |
Equity Shares |
Rs.2/- each |
Rs.350.000 Million |
|
5000000 |
Redeemable Preference Shares |
Rs.100/- each |
Rs.500.000 Million |
|
|
Total |
|
Rs.850.000
Million |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
82289082 |
Equity Shares |
Rs.2/- each |
Rs.164.578 Million |
|
2500000 |
Redeemable Preference Shares |
Rs.100/- each |
Rs.250.000 Million |
|
|
Total |
|
Rs.414.578
Million |
Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
82273822 |
Equity Shares |
Rs.2/- each |
Rs.164.548 Million |
|
2500000 |
Redeemable Preference Shares |
Rs.100/- each |
Rs.250.000 Million |
|
|
Total |
|
Rs.414.548
Million |
Reconciliation
of the shares outstanding at the beginning and at the end of the reporting
period Equity Shares
|
Particulars |
Number of Shares |
Rs. In Million |
|
At the beginning of the period |
82260147 |
164.520 |
|
Issued during the period - ESOS |
13675 |
0.028 |
|
Outstanding at the end of the period |
82273822 |
164.548 |
Reconciliation of the
shares outstanding at the beginning and at the end of the reporting period
Equity Shares
|
Particulars |
Number of Shares |
Rs. In Million |
|
At the beginning of the period |
2500000 |
250.000 |
|
Issued during the period |
-- |
-- |
|
Outstanding at the end of the period |
2500000 |
250.000 |
Names of Equity shareholders holding more than 5 % shares
|
Particulars |
Number of Shares |
Percentage |
|
Valecha Infrastructure Limited |
5431400 |
6.60% |
|
Prakash K Thakur |
4942488 |
6.00% |
|
K. R. Thakur |
3655973 |
4.45% |
|
Reliance Capital Trustee Limited |
4614900 |
5.61% |
Names of preference shareholders holding more than 5 % shares
|
Particulars |
Number of Shares |
Percentage |
|
Amtek India Limited |
400000 |
16.00% |
|
Amtek Auto Limited |
450000 |
18.00% |
|
Aarken Advisors Private Limited |
450000 |
18.00% |
|
Aryahi Buildwell Private Limited |
475000 |
19.00% |
|
Vishwas Marketing Services Private Limited |
350000 |
14.00% |
|
Mukund Motorparts Private Limited |
375000 |
15.00% |
Shares reserved for issue under options Employee Stock Options Scheme
(ESOS)
|
Particulars |
Number of Shares |
|
Under ESOS 2005,
eligible employees on grant of option and on vesting shall be entitled to apply
for five equity shares of Rs.2/- each at an exercise price of Rs.17/-per
equity share for each option. |
581500 |
|
Under ESOS 2011,
eligible employees on grant of option and on vesting shall be entitled to apply
for one equity share of Rs.2/- each at an exercise price of Rs.25/- per
equity share for each option. |
2500000 |
The Company has
equity shares having a par value of Re.2/- each. Each shareholder is eligible
for one vote per share held. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual General
Meeting. In the event of liquidation, the shareholders are eligible to receive
remaining assets of the Company after distribution of all preferential amounts,
in proportion to their shareholding.
The Company has
Preference shares having a par value of Rs.100/- each. The Share carries
dividend @1%. In the event of liquidation, the shareholders will have
preference in repayment over equity shareholders
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
414.548 |
414.520 |
164.428 |
|
(b) Reserves & Surplus |
7371.249 |
7045.356 |
6481.618 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.300 |
0.092 |
0.039 |
|
Total Shareholders’ Funds (1) + (2) |
7786.097 |
7459.968 |
6646.085 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
1529.217 |
1710.758 |
2026.856 |
|
(b) Deferred tax liabilities (Net) |
1.332 |
109.165 |
127.855 |
|
(c) Other long term
liabilities |
1594.968 |
1325.755 |
1070.306 |
|
(d) long-term
provisions |
83.698 |
68.018 |
48.102 |
|
Total Non-current
Liabilities (3) |
3209.215 |
3213.696 |
3273.119 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
8935.358 |
6174.847 |
4116.423 |
|
(b) Trade payables |
16897.774 |
6683.281 |
5629.883 |
|
(c) Other current
liabilities |
4955.066 |
4374.007 |
4309.463 |
|
(d) Short-term
provisions |
275.855 |
237.452 |
548.643 |
|
Total Current
Liabilities (4) |
31064.053 |
17469.587 |
14604.412 |
|
|
|
|
|
|
TOTAL |
42059.365 |
28143.251 |
24523.616 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1759.271 |
1834.557 |
1980.264 |
|
(ii) Intangible Assets |
130.859 |
121.559 |
36.182 |
|
(iii) Capital
work-in-progress |
0.160 |
10.751 |
6.253 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
82.211 |
|
(b) Non-current
Investments |
865.567 |
865.545 |
865.545 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
71.552 |
69.890 |
71.019 |
|
(e) Other
Non-current assets |
452.414 |
420.941 |
564.522 |
|
Total Non-Current
Assets |
3279.823 |
3323.243 |
3605.996 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
4562.170 |
2232.496 |
2656.978 |
|
(c) Trade receivables |
27951.256 |
18398.107 |
15581.411 |
|
(d) Cash and cash
equivalents |
822.367 |
329.907 |
397.443 |
|
(e) Short-term loans
and advances |
5429.113 |
3859.329 |
2280.066 |
|
(f) Other current
assets |
14.636 |
0.169 |
1.722 |
|
Total Current Assets |
38779.542 |
24820.008 |
20917.620 |
|
|
|
|
|
|
TOTAL |
42059.365 |
28143.251 |
24523.616 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
33257.575 |
28018.689 |
25924.486 |
|
|
|
Other Income |
441.724 |
129.463 |
109.124 |
|
|
|
TOTAL (A) |
33699.299 |
28148.152 |
26033.610 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
23900.135 |
17248.027 |
14316.499 |
|
|
|
Erection and Sub-contracting Expense |
5169.903 |
4460.336 |
5923.251 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(2323.641) |
56.584 |
(645.771) |
|
|
|
Employees benefits expense |
882.880 |
849.270 |
794.705 |
|
|
|
Other expenses |
3074.211 |
2615.864 |
2735.709 |
|
|
|
TOTAL (B) |
30703.488 |
25230.081 |
23124.393 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2995.811 |
2918.071 |
2909.217 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2203.107 |
1687.293 |
1410.183 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
792.704 |
1230.778 |
1499.034 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
269.629 |
251.501 |
213.351 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
523.075 |
979.277 |
1285.683 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
199.830 |
330.953 |
430.280 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
323.245 |
648.324 |
855.403 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend - Equity Shares |
0.000 |
65.800 |
90.400 |
|
|
|
Preference Share Dividend |
2.500 |
0.100 |
0.000 |
|
|
|
Tax on Dividend |
0.400 |
10.700 |
14.700 |
|
|
|
Transfer to General Reserve |
35.000 |
65.000 |
86.400 |
|
|
|
Transfer to Debenture Redemption Reserve |
82.600 |
41.800 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
202.745 |
464.924 |
663.903 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
At FOB Value |
10082.152 |
5879.225 |
4567.425 |
|
|
|
At Invoice Value |
216.209 |
183.650 |
81.492 |
|
|
|
(Tower testing Charges) |
50.121 |
40.409 |
5.917 |
|
|
TOTAL EARNINGS |
10348.482 |
6103.284 |
4654.834 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
1.143 |
13.462 |
48.171 |
|
|
|
Raw Materials and Components |
5746.844 |
3998.478 |
2070.792 |
|
|
|
Stores and Spares |
0.459 |
0.156 |
2.302 |
|
|
TOTAL IMPORTS |
5748.446 |
4012.096 |
2121.265 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.89 |
7.89 |
10.41 |
|
Expected Sales (2014-2015) : Rs. 40000.000 Million
The above information has been parted by Mrs. Snehal Maske
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.97 |
2.31 |
3.30 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
9.01 |
10.41 |
11.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.27 |
3.59 |
5.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.13 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.34 |
1.06 |
0.92 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25 |
1.42 |
1.43 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
164.428 |
414.520 |
414.548 |
|
Reserves & Surplus |
6481.618 |
7045.356 |
7371.249 |
|
Share Application money
pending allotment |
0.039 |
0.092 |
0.300 |
|
Net worth |
6646.085 |
7459.968 |
7786.097 |
|
|
|
|
|
|
long-term borrowings |
2026.856 |
1710.758 |
1529.217 |
|
Short term borrowings |
4116.423 |
6174.847 |
8935.358 |
|
Total borrowings |
6143.279 |
7885.605 |
10464.575 |
|
Debt/Equity ratio |
0.924 |
1.057 |
1.344 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
25924.486 |
28018.689 |
33257.575 |
|
|
|
8.078 |
18.698 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
25924.486 |
28018.689 |
33257.575 |
|
Profit |
855.403 |
648.324 |
323.245 |
|
|
3.30% |
2.31% |
0.97% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As on 31.03.2014 |
As on 31.03.2013 |
|
LONG TERM
BORROWINGS |
|
|
|
From Banks |
0.000 |
522.026 |
|
Deferred Payment Liabilities |
29.770 |
36.243 |
|
Deposits |
656.205 |
713.565 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
From banks |
0.000 |
214.592 |
|
|
|
|
|
Total |
685.975 |
1486.426 |
INDEX OF CHARGES
|
S. No |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10459005 |
19/09/2013 |
150,000,000.00 |
TATA CAPITAL
FINANCIAL SERVICES LIMITED |
ONE FORBES, DR.
V. B. GANDHI MARG, FORT, MUMBAI, |
B89072722 |
|
2 |
10435321 |
20/06/2013 |
100,000,000.00 |
GATEWAY
BUILDING, APOLLO BUNDER,, ., MUMBAI, MAHA |
B78958071 |
|
|
3 |
10426429 |
23/03/2013 |
14,786,022.00 |
RELIANCE CAPITAL
LIMITED |
"H"
BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI,
MAHARASHTRA - 400710, INDIA |
B75378513 |
|
4 |
10417170 |
21/03/2013 |
640,000,000.00 |
DENA BANK |
DENA CORPORATE
CENTRE, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA - 400051,
INDIA |
B72429780 |
|
5 |
10421894 |
28/02/2013 |
300,000,000.00 |
TATA CAPITAL
FINANCIAL SERVICES LIMITED |
ONE FORBES, DR. V.
B. GANDHI MARG, FORT, MUMBAI, |
B73787038 |
|
6 |
10393246 |
21/12/2012 |
531,200,000.00 |
EXPORT-IMPORT
BANK OF INDIA (EXIM BANK) |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA
- 400005, INDIA |
B64629876 |
|
7 |
10393249 |
21/12/2012 |
301,200,000.00 |
EXPORT-IMPORT
BANK OF INDIA (EXIM BANK) |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI,
MAHARASHTRA - 400005, INDIA |
B64631559 |
|
8 |
10384841 |
30/09/2012 |
63,000,000.00 |
RELIANCE CAPITAL
LIMITED |
"H"
BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI,
MAHARASHTRA - 400710, INDIA |
B61513586 |
|
9 |
10375820 |
07/09/2012 |
576,000,000.00 |
EXPORT- IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI,
MAHARASHTRA - 400005, INDIA |
B57837098 |
|
10 |
10362779 |
02/07/2012 |
392,000,000.00 |
DBS BANK LIMITED |
UPPER GROUND FLOOR,
25 BARAKHAMBA ROAD, BIRLA TOWER, NEW DELHI, DELHI - 110001, INDIA |
B42527341 |
|
11 |
10362781 |
02/07/2012 |
616,000,000.00 |
DBS BANK LIMITED |
UPPER GROUND
FLOOR, 25 BARAKHAMBA ROAD, BIRLA TOWER, NEW DELHI, DELHI - 110001, INDIA |
B42527812 |
|
12 |
10324564 |
27/12/2011 |
890,000,000.00 |
EXPORT IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING FLOOR 21, WORLD TRADE CENTRE |
B28353852 |
|
13 |
10311619 |
24/09/2011 |
820,000,000.00 |
STANDARD
CHARTERED BANK |
23, NARAIN
MANZIL, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B23116387 |
|
14 |
10293334 |
26/05/2011 |
200,000,000.00 |
TATA CAPITAL
LIMITED |
ONE FORBES, DR V
B GANDHI MARG,FORT, MUMBAI, MAHA |
B15401029 |
|
15 |
10131260 |
23/05/2011 * |
1,020,000,000.00 |
STANDARD
CHARTERED BANK |
23, NARAIN
MANZIL, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B16771222 |
|
16 |
10103009 |
23/05/2011 * |
300,000,000.00 |
IDBI BANK
LIMITED |
IDBI TOWERWTC COMPLEX,
CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B14082705 |
|
17 |
80015967 |
23/06/2004 |
260,000,000.00 |
INDIAN BANK |
FORT, MUMBAI,
MAHARASHTRA - 400001, INDIA |
- |
|
18 |
80066575 |
13/12/1999 |
15,000,000.00 |
CANARA BANK |
38, BRIJ BHOOMI,
VILE PARLE (EAST), MUMBAI, MAHAR |
- |
|
19 |
80051506 |
27/06/2005 * |
180,000,000.00 |
GLOBAL TRUST
BANK LIMITED |
15, MAKAR
CHAMBERS III, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
20 |
90229422 |
27/05/2013 * |
57,150,000,000.00 |
STATE BANK OF
INDIA |
JAWAHAR VYAPAR
BHAVAN, 1 TOLSTOY MARG, NEW DELHI, |
B76401165 |
|
21 |
80066571 |
13/12/1999 * |
4,425,000.00 |
CANARA BANK |
38,BRIJ BHOOMI, VILE
PARLE (EAST), MUMBAI, MAHARA |
- |
|
22 |
80066572 |
07/02/1998 |
20,000,000.00 |
CANARA BANK |
GANDHINAGAR
BRANCH, BANDRA (EAST), BOMBAY, MAHARASHTRA - 400051, INDIA |
- |
|
23 |
80066570 |
13/12/1999 * |
10,400,000.00 |
CANARA BANK |
38,BRJI BHOOMI,
VILE PARLE (EAST), MUMBAI, MAHARA |
- |
|
24 |
80066578 |
10/11/1995 |
33,000,000.00 |
CANARA BANK |
GANDHI NAGAR
BRANCH, BANDRA (EAST), BOMBAY, MAHARASHTRA - 400051, INDIA |
- |
|
25 |
80066574 |
30/01/1995 |
16,800,000.00 |
CANARA BANK |
38, BRIJ BHOOMI,
VILE PARLE (EAST), MUMBAI, MAHAR |
- |
|
26 |
80066579 |
01/12/1993 |
42,600,000.00 |
CANARA BANK |
38, BRIJ BHOOMI,
VILE PARLE (EAST), MUMBAI, MAHARASHTRA - 400057, INDIA |
- |
|
27 |
80066566 |
04/09/1992 |
24,000,000.00 |
STATE BANK OF
INDIA |
VILE PARLE
(EAST) BRANCH, 58 NEHRU ROAD, BOMBAY, |
- |
|
28 |
80066568 |
04/09/1992 |
60,000,000.00 |
STATE BANK OF
INDIA |
VILE PARLE (EAST)
BRANCH, 58 NEHRU ROAD, BOMBAY, |
- |
|
29 |
80066569 |
04/09/1992 |
12,000,000.00 |
STATE BANK OF
INDIA |
VILE PARLE
(EAST) BRANCH, 58 NEHRU ROAD, BOMBAY, |
- |
|
30 |
80066577 |
04/08/1992 |
4,400,000.00 |
CANARA BANK |
GANDHINAGAR
BRANCH, BANDRA (EAST), BOMBAY, MAHARASHTRA - 400051, INDIA |
- |
|
31 |
80066565 |
04/08/1998 * |
58,000,000.00 |
STATE BANK OF
INDIA |
VILE PARLE
(EAST) BRANCH, 58, NEHRU ROAD, MUMBAI, |
- |
|
32 |
80066576 |
04/08/1998 * |
37,600,000.00 |
CANARA BANK |
GANDHINAGAR,
BANDRA (EAST), MUMBAI, MAHARASHTRA - |
- |
* Date of charge modification
PERFORMANCE
HIGHLIGHTS
During FY 2014, against the backdrop of a challenging business environment, the Company reported a top-line growth of 19.72% over the previous year. At standalone level, the gross revenue from operations stood at Rs. 33826.800 Million, as compared to Rs. 28421.900 Million in the previous year. The operating profit before tax stood at Rs. 523.100 Million, as compared to Rs. 979.300 Million in the previous year.
The net profit for the year stood at Rs.323.200 Million, as compared to Rs.648.300 Million in the previous year.
The consolidated gross revenue from operations for FY 2014 was placed at Rs. 36929.700 Million, as compared to Rs. 30530.200 Million in the previous year. The net loss for the year stood at Rs. 93.600 Million, as compared to a net profit of Rs. 377.900 Million in the previous year.
The total exports of the Company amounted to Rs. 10348.500 Million (previous year Rs. 6103.300 Million) representing about 30% of the net sales.
Supply of towers and structures were 87,587 MT during the year as compared to 72,181 MT in the previous year.
Order backlog at the end of the year was at Rs. 43539.000 Million as compared to Rs. 44120.000 Million at the end of the previous year.
MANAGEMENT’S
DISCUSSION AND ANALYSIS
ABOUT THE COMPANY
The Company is an Engineering, Procurement and Construction (EPC) contracting Company in the power transmission and distribution networks across the home country and global markets with a key presence in Asia, Africa and North America. It undertakes turnkey projects offering a complete range of services in design, engineering, procurement, tower testing, manufacturing, instruction and project management. Over a period of time, it has developed global business in forty-five countries.
INDUSTRY OVERVIEW
The transmission and distribution segment is a very important one in the power sector which provides a crucial link between a power generator and a power consumer. The economic growth of a country and optimum working of the power sector hinges on the viability of this segment.
All the power developers generally outsource, after undertaking all the pre-investment activities, all other activities such as project planning, implementation and testing and commissioning activities to EPC contracting companies on a turnkey basis. The latter, in turn, integrates all the activities except, construction activities which they supervise and control. In such a broad industry structure, it is possible for EPC contractors to integrate activities and outsource activities in a variety of ways.
The transmission and distribution segment is characterized by medium level technology, complex major systems (10) and a host of sub systems (about 40), requiring a very high level of managerial skills of leadership, financial acumen, project management, relationship management, management of subcontractors, detailed planning and meticulous coordination and managerial coordination.
The global potential for this segment is very high. For example, as per the Global Transmission Annual Reports of 2013 and 2014, the global investment in transmission and distribution by 2035 is expected to exceed US$ 8,000 billion. These estimates have been corroborated by a few other international agencies.
Power Grid Corporation of India has prepared Desert Plan 2050. The plan focuses on solar energy (and some hydro) development and on desert transmission systems in the Rann of Kutch, Thar, Ladakh, Lahaul and Spiti and NEA/ER/NR interconnections. The total number of projects envisaged by 2050 is 36 with a total investment of Indian Rupees 3,000 billion.
This is in addition to the investment envisaged in the Twelfth Five Year Plan of the country.
The opportunities for business in transmission and distribution segment are immense. However, these opportunities are not without challenges.
The challenges which limit the potential for this segment in the country are four; and they principally arise because of monopsony industry structure in the country.
OUTLOOK
The outlook for power sector remains positive. Going forward, the anticipation of an increase in the demand for power will drive investment in generation capacity and in the associated transmission networks. The expected changes in the policy by the Government of India will play a significant growth in the power sector.
With motto of the new government at the centre ‘to light up all houses in the country’ will certainly open up growth opportunities in the near future.
Contingent
Liabilities not provided for:
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
|
Outstanding of Bills Discounted |
Nil |
|
Disputed Liabilities in respect of Income Tax, Sales Tax, Central
Excise and Service Tax (under appeal) |
80.251 |
|
Civil Suits |
10.787 |
|
Corporate Guarantees |
6891.804 |
The Company
has given a letter of comfort for general banking facilities provided by
National Bank of Abu Dhabi to Gulf Jyoti International LLC. The total loan
outstanding from the bank to the said Company is AED Rs.1009.700 Million
equivalent to (P.Y. AED Rs.149.852 Million) equivalent to Rs.14985.200 Million
as on 31st March, 2014.
UNAUDITED STANDALONE FINANCIAL RESULTS
FOR THE NINE MONTH ENDED 31ST DECEMBER 2014
(Rs. in million)
|
Sr. No. |
Particulars |
Quarter Ended |
Quarter Ended |
Quarter Ended |
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
|
PART I |
|
|
|
|
1) |
Income from operations |
|
|
|
|
|
a) Net sales/income from operations (net of
excise duty) |
5816.000 |
6314.900 |
19020.300 |
|
|
b) Other Operating Income |
5.700 |
12.700 |
30.700 |
|
|
Total income from
operations (Net) |
5821.700 |
6327.600 |
19051.000 |
|
2) |
Expenses |
|
|
|
|
|
a) Cost of Materials Consumed |
4531.500 |
4143.800 |
11725.500 |
|
|
b) Purchases of Stock in trade |
-- |
-- |
-- |
|
|
c) Erection and sub-contracting Expenses |
1078.800 |
1063.300 |
3322.400 |
|
|
d) Change in inventories of finished goods,
work-in-progress and stock-in-trade |
(396.000) |
(346.700) |
(1334.200) |
|
|
e) Employees Benefits Expense |
288.500 |
201.900 |
709.400 |
|
|
f) Depreciation and Amortisation Expense |
83.900 |
84.100 |
255.200 |
|
|
g) Other Expenses |
437.500 |
624.600 |
1572.100 |
|
|
Total expenses |
6024.200 |
6464.400 |
18918.800 |
|
3) |
Profit / (Loss) from
operations before other income, finance costs and exceptional items (1-2) |
(202.500) |
(136.800) |
(132.200) |
|
4) |
Other
income |
300.000 |
249.900 |
591.100 |
|
5) |
Profit / (Loss) from ordinary
activities before finance costs and exceptional Items (3 + 4) |
97.500 |
113.100 |
723.300 |
|
6) |
Finance
Cost |
1033.400 |
785.200 |
2511.200 |
|
7) |
Profit / (Loss) from ordinary
activities after finance costs but before exceptional Items (5 - 6) |
(935.900) |
(672.100) |
(1787.900) |
|
8) |
Exceptional
Items |
-- |
-- |
-- |
|
9) |
Profit / (Loss) from
ordinary activities before tax (7 + 8) |
(935.900) |
(672.100) |
(1787.900) |
|
10) |
Tax
expense |
1.100 |
21.600 |
2.500 |
|
11) |
Net Profit / (Loss) from
ordinary activities after tax (9 - 10) |
(937.000) |
(693.700) |
(1790.400) |
|
12) |
Extraordinary
Item (net of tax expense) |
-- |
-- |
- |
|
13) |
Net Profit / (Loss) for the
period (11 + 12) |
(937.000) |
(693.700) |
(1790.400) |
|
14) |
Share
of profit of Associates |
-- |
-- |
-- |
|
15) |
Minority
interest |
-- |
-- |
-- |
|
16) |
Net Profit after Taxes
(13+14+15) |
(937.000) |
(693.700) |
(1790.400) |
|
17) |
Paid-up
Equity Share Capital (Face value Re.2/- each) |
219.000 |
211.400 |
219.000 |
|
18) |
Reserve
excluding Revaluation Reserves as per balance sheet of previous accounting |
|
|
|
|
19) |
Earning
per share before and after Extraordinary items (not annualised) |
|
|
|
|
|
-
Basic Rs. |
(10.31) |
(8.41) |
(19.70) |
|
|
-
Diluted Rs. |
(10.27) |
(8.38) |
(19.63) |
|
|
|
|
|
|
|
|
PART II |
|
|
|
|
|
A - PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1) |
Public
shareholding |
83446799 |
83419049 |
83446799 |
|
|
-
Number of shares |
76.20% |
78.94% |
76.20% |
|
|
-
Percentage of shareholding |
|
|
|
|
2) |
Promoters
and Promoter Group Shareholding a)
Pledged / Encumbered |
17753062 |
17753062 |
17753062 |
|
|
-
Number of shares |
68.12% |
79.76% |
68.12% |
|
|
-
Percentage of shares (as a % of the total shareholding of the Promoter and
Promoter group) |
16.21% |
16.80% |
16.21% |
|
|
-
Percentage of shares (as a % of the total share capital of the company) |
|
|
|
|
|
b) Non - encumbered |
|
|
|
|
|
-
Number of shares |
8308949 |
4503829 |
8308949 |
|
|
-
Percentage of shares (as a % of the total shareholding of the Promoter and Promoter
group) |
31.88% |
20.24% |
31.88% |
|
|
-
Percentage of shares (as a % of the total share capital of the company) |
7.59% |
4.26% |
7.59% |
|
|
Particulars |
Quarter Ended 3.12.2014 |
|
|
B
- INVESTOR COMPLAINTS |
|
|
|
Pending
at the beginning of the quarter |
- |
|
|
Received
during the quarter |
6 |
|
|
Disposed
of during the quarter |
6 |
|
|
Remaining
unresolved at the end of the quarter |
- |
Note :
- The above results as reviewed and recommended by the Audit Committee, have been approved by the Board of Directors at its meeting held on 9th February, 2015.
- The Company is in the business of execution of projects related to power transmission and as such there are no reportable primary business segments.
- The Statutory Auditors of the Company have carried out the "Limited Review" of the above results.
- Tax Expense Includes provision for Current Tax and Deferred Tax.
- During the quarter, the Company has allotted 3805120 Equity Shares of 2 each at an issue price of Rs. 52/- per share on preferential basis to Surya India fingrowth Private Limited, a promoter company and 27,750 equity share of Rs. 2 each at an issue price of Rs. 17/- per share under Employee Stock Option Scheme
- Cost of material consumed includes Bought-out materials purchased for supplies to customer under the contracts.
- The figure of previous
periods have been re-grouped /re-arrangements/re-casted, wherever
necessary.
Press Release
Jyoti Structures bags orders for transmission lines
The projects include Rs 310 crore order for 400 kv
transmission line project in Sultanate of Oman, Rs 32 crore 400 kv transmission
line project from DEWA (Dubai Electricity and Water Authority, Dubai and Rs 240
crore orders for various projects for fabrication and supply of transmission
line steel structures.
Jyoti Structures said it has bagged orders worth Rs 5820.000
Million for transmission line projects. "Gulf Jyoti International LLC
Dubai, a joint venture of Jyoti Structures Ltd and Gulf Investment Corporation
of Kuwait have recently secured several prestigious export and domestic orders
for transmission lines," Jyoti Structures said in a statement. The
projects include Rs 3100.000 Million order for 400 kv transmission line project
in Sultanate of Oman, Rs 320.000 Million 400 kv transmission line project from
DEWA (Dubai Electricity and Water Authority, Dubai and Rs 240 crore orders for
various projects for fabrication and supply of transmission line steel
structures
Jyoti Structure stock price
On February 28, 2015, at 11:50 hrs Jyoti Structures was
quoting at Rs 33.80, down Rs 0.75, or 2.17 percent. The 52-week high of the
share was Rs 69.80 and the 52-week low was Rs 27.05. The latest book value of
the company is Rs 69.30 per share. At current value, the price-to-book value of
the company was 0.49.
FIXED ASSETS:
Tangible Assets:
·
Free Hold Land
·
Lease Hold Land
·
Buildings
·
Plant and Machinery
·
Furniture and Fixture
·
Computer and Office
Equipment’s
·
Vehicles
Intangible Assets:
·
Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.79 |
|
|
1 |
Rs.95.42 |
|
Euro |
1 |
Rs.69.29 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
- |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
20 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major sections
of this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.