MIRA INFORM REPORT
|
Report No. : |
302834 |
|
Report Date : |
12.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
JASCH INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
43/5, Bahalgarh Road, P.O. Bahalgarh, District Sonipat -
131021, Haryana |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
11.12.1985 |
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|
|
|
Com. Reg. No.: |
05-022758 |
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|
|
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Capital Investment
/ Paid-up Capital : |
Rs. 113.300 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24302HR1985PLC022758 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELJ01886D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACJ0766B |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
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Line of Business
: |
Manufacturer of PVC Coated Fabrics, PU Coated Fabrics, PU Resin and Nucleonic Gauges. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct and as per commitment. The company can be considered for business dealings at usual 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 |
CRISIL |
|
Rating |
Long Term Rating : “BBB” |
|
Rating Explanation |
Have moderate degree of safety and carry
moderate credit risk. |
|
Date |
23.10.2013 |
|
|
|
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating : “A3+” |
|
Rating Explanation |
Have moderate degree of safety and carry
higher credit risk. |
|
Date |
23.10.2013 |
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.
LOCATIONS
|
Registered Office/ Factory: |
43/5, Bahalgarh Road, P.O. Bahalgarh, District Sonipat - 131021, Haryana, India. |
|
Tel. No.: |
91-126-5431363/5423714/5418205 / 3053600 (100 lines) |
|
Fax No.: |
91-126-5435484 / 3053698 |
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E-Mail : |
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|
Website: |
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|
Area: |
10 acre |
|
Location : |
Owned |
|
|
|
|
Corporate Office
: |
502, Block C, NDM-2, Netaji Subhash Place, Pitampura, New
Delhi - 110034, India |
|
Tel. No.: |
91-11-28723745 /46/47/49 |
|
Fax No.: |
91-11-28723748 / 28723732 |
|
E-Mail : |
|
|
Area: |
1100 Sq. ft |
|
Location : |
Owned |
|
|
|
|
Branch 1 : |
Jasch House,
Behind Khalsa Collage, 5105/01, Dev Nagar, Karol Bagh, |
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Branch 2 : |
107, Shivlok House-II, Karampura Commercial Complex, |
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Worldwide
local Offices : |
Located At: ·
·
Europe and ·
·
· Sweden ·
·
· Indev Gauging Systems ·
Europe and · Accutrol Automation Systems Pty. Limited |
DIRECTORS
As on 31.03.2014
|
Name : |
J.K. Garg |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
68 years |
|
Qualification : |
Mechanical Engineer |
|
|
|
|
Name : |
Mr. Manish Garg |
|
Designation : |
Whole Time Director |
|
Date of Birth/Age : |
37 Years |
|
Qualification : |
M. Tech |
|
|
|
|
Name : |
Mr. Ramnik Garg |
|
Designation : |
Whole Time Director |
|
Date of Birth/Age : |
40 Years |
|
Qualification : |
B. Tech |
|
|
|
|
Name : |
Mr. Navneet Garg |
|
Designation : |
Whole Time Director |
|
Date of Birth/Age : |
35 Years |
|
Qualification : |
B. Tech |
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|
|
|
Name : |
Mr. Kamlesh Garg (Ms) |
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Designation : |
Director |
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|
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|
Name : |
S.K. Khandelwal (Dr.) |
|
Designation : |
Director |
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|
Name : |
K.C. Varshney (Dr.) |
|
Designation : |
Director |
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|
Name : |
Mr. Kuldeep Singal |
|
Designation : |
Director |
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Name : |
K.L. Khetarpaul |
|
Designation : |
Director |
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|
|
|
Name : |
O.P. Garg* |
|
Designation : |
Executive Director |
|
Date of Birth/Age : |
66 Years |
|
Qualification : |
B. Tech, MBA |
|
|
|
|
Name : |
Mr. Ashok Mittal (Dr.)* |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Naresh Kumar, IRS (Retd)@ |
|
Designation : |
Director |
NOTE
*ceased to be Director w.e.f. 30-04-2014
@appointed Independent Additional Director w.e.f. 31-05-2014
KEY EXECUTIVES
|
Name : |
Mr. S. K. Verma |
|
Designation : |
Vice President and Company Secretary |
|
|
|
|
Name : |
M. Paliwal |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
Total Shareholding as a % |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
6219097 |
54.89 |
|
|
6219097 |
54.89 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
6219097 |
54.89 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1100 |
0.01 |
|
|
1890 |
0.02 |
|
|
2990 |
0.03 |
|
|
|
|
|
|
332422 |
2.93 |
|
|
|
|
|
|
2741459 |
24.20 |
|
|
1895871 |
16.73 |
|
|
138161 |
1.22 |
|
|
138161 |
1.22 |
|
|
5107913 |
45.08 |
|
Total Public shareholding (B) |
5110903 |
45.11 |
|
Total (A)+(B) |
11330000 |
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) |
11330000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of PVC Coated Fabrics, PU Coated Fabrics, PU
Resin and Nucleonic Gauges. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
-- |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
-- |
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Customers : |
-- |
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No. of Employees : |
Not Available |
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Bankers : |
· HDFC Bank Limited, Atlas road, Model Town, Sonipat, Haryana, India ·
State Bank of India, Overseas Branch, Janpath,
New Delhi, India ·
HDFC Bank Limited, HDFC Bank Housesenapati
Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India |
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Facilities : |
NOTE LONG TERM
BORROWINGS · Term Loans From HDFC Bank Limited Secured by a first mortgage by deposit of title deeds of the Company's immovable properties both present and future ranking inter se and also personal guarantee of four directors. ·
Loans for Vehicles is Secured by Hypothecation
of Respective Vehicle. SHORT
TERM BORROWINGS Working Capital Loan from HDFC Bank Limited is Secured by
Hypothecation of present and future stock of raw materials, stock-in-process,
finished goods, consumables, stores and spares, book debts, receivables,
claims, materials in transit and personal guarantee of four Directors. |
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|
|
|
Auditors : |
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|
Name : |
Arora and Choudhary Associates Chartered Accountants |
|
Address : |
8/28, W.E.A Abdul Aziz Road, Karol Bagh, New Delhi - 110005 |
|
|
|
|
Wholly owned
subsidiaries (WOS) : |
Jasch North America Company (USA) |
|
|
|
|
Other Subsidiary : |
Indev Gauging Systems, Inc. (USA) |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14000000 |
Equity Shares |
Rs.10/- each |
Rs. 140.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11330000 |
Equity Shares |
Rs.10/- each |
Rs. 113.300 Millions |
|
|
|
|
|
NOTE
There has been no movement in the shares outstanding from the prior year to the current year.
Terms / rights attached to Equity Shares:
Company has only one class of equity shares having a par value of 10/-. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be proportion to the number of equity shares held by the shareholders.
The details of
Shareholders holding more than 5% shares:
|
Name of the
Shareholder |
31.03.2014 |
|
|
No. of Shares |
% held |
|
|
|
|
|
|
Jai Kishan Garg |
2,394,491 |
21.13 |
|
Kamlesh Garg |
605,945 |
5.35 |
|
Manish Garg |
846,349 |
7.47 |
|
Ramnik Garg |
793,973 |
7.01 |
There were no instance of shares issued, on which there were any calls remaining unpaid or instances of any forfeitures during the years ended March 31, 2014 and 2013.
FINANCIAL DATA
[all figures are
in Rupees Millions]
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 |
113.300 |
113.300 |
113.300 |
|
(b) Reserves & Surplus |
168.491 |
149.389 |
131.259 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
281.791 |
262.689 |
244.559 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
43.102 |
53.205 |
70.034 |
|
(b) Deferred tax liabilities (Net) |
30.333 |
31.156 |
32.302 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
73.435 |
84.361 |
102.336 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
86.349 |
108.152 |
118.170 |
|
(b) Trade
payables |
101.075 |
144.436 |
128.119 |
|
(c) Other current
liabilities |
77.904 |
76.527 |
72.503 |
|
(d) Short-term
provisions |
9.491 |
5.738 |
14.388 |
|
Total Current
Liabilities (4) |
274.819 |
334.853 |
333.180 |
|
|
|
|
|
|
TOTAL |
630.045 |
681.903 |
680.075 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
228.500 |
236.098 |
249.129 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
2.560 |
0.000 |
2.188 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
52.180 |
52.180 |
52.180 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2.689 |
2.529 |
2.529 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
285.929 |
290.807 |
306.026 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
2.109 |
1.480 |
1.480 |
|
(b)
Inventories |
131.451 |
148.231 |
128.903 |
|
(c) Trade
receivables |
186.950 |
208.656 |
207.755 |
|
(d) Cash
and cash equivalents |
12.738 |
15.670 |
13.613 |
|
(e)
Short-term loans and advances |
5.971 |
12.162 |
17.402 |
|
(f) Other
current assets |
4.897 |
4.897 |
4.896 |
|
Total
Current Assets |
344.116 |
391.096 |
374.049 |
|
|
|
|
|
|
TOTAL |
630.045 |
681.903 |
680.075 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
877.227 |
805.075 |
783.668 |
|
|
|
Other Income |
2.916 |
2.105 |
4.945 |
|
|
|
TOTAL (A) |
880.143 |
807.180 |
788.613 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
609.850 |
589.402 |
566.056 |
|
|
|
Change in inventories of finished goods and Stock-in-Process |
12.998 |
-15.031 |
-8.934 |
|
|
|
Employees benefits expense |
41.681 |
35.320 |
28.800 |
|
|
|
Other expenses |
131.810 |
117.599 |
111.965 |
|
|
|
TOTAL (B) |
796.339 |
727.290 |
697.887 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
83.804 |
79.890 |
90.726 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
24.154 |
27.760 |
27.428 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
59.650 |
52.130 |
63.298 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
26.776 |
24.780 |
24.260 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
32.874 |
27.350 |
39.038 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
13.772 |
9.220 |
10.142 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
19.102 |
18.130 |
28.896 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
146.389 |
128.259 |
99.363 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
165.491 |
146.389 |
128.259 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export of Goods |
|
|
|
|
|
|
1. Electronic Thickness Gauge |
|
|
|
|
|
|
(Earning in US$ 1388418) |
85.071 |
75.430 |
60.847 |
|
|
|
(Earning in EURO 143800) |
11.500 |
12.585 |
15.222 |
|
|
|
2.Synthetic Leather
and Allied Products |
|
|
|
|
|
|
(Earning in US$ 32672) |
1.515 |
1.799 |
1.623 |
|
|
TOTAL EARNINGS |
98.086 |
89.814 |
77.692 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1.69 |
1.60 |
2.55 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2014 |
30.09.2014 |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
205.900 |
224.800 |
|
Total Expenditure |
|
185.500 |
200.800 |
|
PBIDT (Excl OI) |
|
20.400 |
24.000 |
|
Other Income |
|
0.200 |
0.100 |
|
Operating Profit |
|
20.600 |
24.100 |
|
Interest |
|
4.000 |
5.800 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
16.600 |
18.300 |
|
Depreciation |
|
6.900 |
7.000 |
|
Profit Before Tax |
|
9.700 |
11.300 |
|
Tax |
|
3.200 |
3.700 |
|
Provisions and
contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
6.600 |
7.600 |
|
Extraordinary
Items |
|
0.000 |
0.000 |
|
Prior Period
Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
6.600 |
7.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
2.18 |
2.25 |
3.69 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
9.55 |
9.92 |
11.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.71 |
4.34 |
6.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.10 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.46 |
0.61 |
0.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25 |
1.17 |
1.12 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
113.300 |
113.300 |
113.300 |
|
Reserves & Surplus |
131.259 |
149.389 |
168.491 |
|
Net
worth |
244.559 |
262.689 |
281.791 |
|
|
|
|
|
|
long-term borrowings |
70.034 |
53.205 |
43.102 |
|
Short term borrowings |
118.170 |
108.152 |
86.349 |
|
Total
borrowings |
188.204 |
161.357 |
129.451 |
|
Debt/Equity
ratio |
0.770 |
0.614 |
0.459 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
783.668 |
805.075 |
877.227 |
|
|
|
2.732 |
8.962 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
783.668 |
805.075 |
877.227 |
|
Profit |
28.896 |
18.130 |
19.102 |
|
|
3.69% |
2.25% |
2.18% |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10469224 |
14/03/2014 * |
360,175,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
C00325498 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loan From Directors and their relatives |
28.365 |
28.265 |
|
Total |
28.365 |
28.265 |
NATURE OF INDUSTRY
The Company manufactures PVC coated fabrics, PU coated fabrics, PU resin and nucleonic gauges. Coated fabrics have been classified under textiles, nucleonic gauges have been classified under capital goods and PU resin has been classified under Plastics and their products, thus making the Company belonging to a hybrid of textile, plastic and capital goods industry, with manufacture of capital goods further entailing knowledge of electronics, software and mechanical engineering.
PERFORMANCE DURING
THE YEAR
The company has achieved gross sales of 975.599 Millions during 2013-2014 which were 8.84% higher as compared with the sales of previous year. The sales of Synthetic Leather Division at 715.272 Millions during 2013-14 were 5 % higher as compared with the sales of previous year. The sales of Electronic gauge Division at 260.328 Millions during the year were 20.88% higher as compared with the previous year. The Electronic gauge Division has achieved export of 96.571 Millions during the year as compared with export of 88.000 Millions during the previous year despite recessionary conditions in user industries in international market.
The company operating profit before interest, depreciation, income tax and deferred tax increased by 4.90% to 838.05 lakh during 2013-14 as compared with 798.90 lakh during the previous year, despite higher cost of power and fuel, salaries/wages, exchange loss due to Rupee depreciation and stagnant selling prices due to recession in the market.
The interest and finance charges decreased to 24.154 Millions (previous year 27.760 Millions) despite higher sales, due to effective working capital management. The gross profit before interest and depreciation has increased to 83.805 Millions which is 5% higher as compared to the previous year. After providing depreciation of 26.776 Millions and provision for income tax of 14.595 Millions and writing back of deferred tax of 0.822 Millions the company has earned net profit of 19.102 Millions, which is 5.37% higher as compared with the net profit of 181.30 lakh in the previous year. Keeping in the view weak scenario in the economy resulting in stagnant sale realization and all around increase in the cost of inputs due to inflationary condition, the management considers overall performance to be satisfactory in a difficult year.
FUTURE PROSPECTS
Market conditions for both PU/PVC Synthetic Leather and Electronic Gauge Division are tough due to difficult economic condition in both domestic and international market. Despite this the management has been able to maintain sales due to continuous Modernization and development of innovative products. The company has further widened its product range and geographical market reach and hence hopeful of better sales and profit in the current year.
PERFORMACNE OF JASCH
NORTH AMERICA COMPANY / INDEV GAUGING SYSTEM INC, USA
Indev Gauging Systems Inc, which is a wholly owned subsidiary of Jasch North America Ltd, (the latter in turn being the wholly owned subsidiary of Jasch Industries Ltd) achieved gross sales and other income of USD equivalent of INR 11,66,97,652 with net profit of USD equivalent of INR22,99,418 during the year ended on 31 December, 2013.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
PRODUCT INTRODUCTION
Subject manufactures PU/PVC Coated Fabrics (also known as Synthetic Leather or Artificial Leather) and Allied Products and Nucleonic and X-Ray Source based Thickness Gauging Systems in Electronic Gauge Division.
INDUSTRY STRUCTUREANDDEVELOPMENT
Synthetic Leather Industry in India is badly fragmented and somewhat concentrated in Northern India and Western India. Most of the units are in small scale and unorganized sector manufacturing cheap quality products for small and unorganized sector. The Industry has not been able to achieve its full potential due to tough competition from imported material from China, Taiwan, Hong Kong and Korea, where there are very large units enjoying benefits of economies of scale. However, the company has been able to withstand competition from both domestic and abroad, as it is an integrated player with in-house manufacturing facility for PU Resin, which is main raw materials for PU coated Fabrics. Further, the company is continuously upgrading its technology and modernizing plant and machinery to maintain competitive edge in the market and hence despite tough competition in the market, its sales are growing every year. The company is now concentrating on PU Synthetic Leather where competition is somewhat less.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
(A) Claim against the company / disputed liabilities not acknowledged as debts |
0.000 |
0.000 |
|
|
|
|
|
(B) Guarantees |
|
|
|
(i) Guarantees to Banks and Financial Institutions against credit facilities extended to third parties |
|
|
|
a) In Respect of Wholly Owned Subsidiary ($ 3 Lakh @ 60.10) |
18.030 |
16.317 |
|
b) In Respect of Others |
0.000 |
0.000 |
|
(ii) Advance / Performance Guarantees (Margin Money with Bank Rs. 33.92) |
5.748 |
14.340 |
|
(iii) Outstanding guarantees furnished to Bank in respect of Letters of Credits (Margin Money with Bank Rs. 52.45) |
66.892 |
76.951 |
|
|
|
|
|
(C) Other Money for which the company is contingently liable |
|
|
|
i) Liability in respect of bill discounted with bank |
0.000 |
0.000 |
|
ii) Liability in respect of Sales Tax surety for third parties |
0.800 |
0.800 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER, 2014
(Rs.
in Millions)
|
Sr. No. |
Particulars |
Quarter Ended |
Half Year Ended |
|
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1 |
Income from
Operations |
|
|
|
|
|
(a) Net Sales/ Income from operations (Net of excise duty) |
224.368 |
205.117 |
429.485 |
|
|
(b) Other operating income |
0.453 |
0.751 |
1.204 |
|
|
Total income
from operations (net) |
224.821 |
205.868 |
430.689 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
157.673 |
145.217 |
302.890 |
|
|
(b) Purchase of Stock-in-trade |
-- |
-- |
-- |
|
|
(c) Change in inventories of finished goods, work-in-progress and
stock-in-trade |
(3.659) |
0.958 |
(2.701) |
|
|
(d) Employee benefits expense |
15.900 |
11.373 |
27.273 |
|
|
(f) Depreciation & amortization expenses |
6.964 |
6.863 |
13.827 |
|
|
(g) Power and Fuel |
11.909 |
10.762 |
22.671 |
|
|
(f) Other expenses |
18.964 |
17.142 |
36.106 |
|
|
Total Expenses |
207.751 |
192.315 |
400.066 |
|
3 |
Profit / (Loss) from operations before other income, finance costs and
exceptional item (1 - 2) |
17.070 |
13.553 |
30.623 |
|
4 |
Other income |
0.093 |
0.147 |
0.240 |
|
5 |
Profit / (Loss) from ordinary activities before finance costs and
exceptional items (3 + 4) |
17.163 |
13.700 |
30.863 |
|
6 |
Finance Costs |
5.842 |
3.983 |
9.825 |
|
7 |
Profit / (Loss) from ordinary activities after finance costs but before
exceptional item (5 - 6) |
11.321 |
9.717 |
21.038 |
|
8 |
Exceptional Items |
-- |
-- |
-- |
|
9 |
Profit / (Loss) from ordinary activities before tax (7 + 8) |
11.321 |
9.717 |
21.038 |
|
10 |
Tax Expense |
3.710 |
3.152 |
6.862 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9- 10) |
7.611 |
6.565 |
14.176 |
|
12 |
Extraordinary items (net of tax expense Rs. -Millions) |
-- |
-- |
-- |
|
13 |
Net Profit / (Loss) for the period (11 - 12) |
7.611 |
6.565 |
14.176 |
|
14 |
Share of profit / (loss) of associates |
-- |
-- |
-- |
|
15 |
Minority interest |
-- |
-- |
-- |
|
16 |
Net Profit / (Loss) after taxes, minority interest and share of profit
/ (loss) of associates (13 - 14 - 15) |
7.611 |
6.565 |
14.176 |
|
17 |
Paid-up equity share capital (Face value of the Share shall be
indicated) |
113.300 |
113.300 |
113.300 |
|
18 |
Reserve excluding Revaluation Reserves as per balance sheet of
previous accounting year |
182.667 |
175.055 |
182.667 |
|
19.i. |
Earnings per share (before extraordinary items) (Of Rs. 10/- each) (not Annualised): (a) Basic (b) Diluted |
0.67 |
0.58 |
1.25 |
|
19.ii. |
Earnings per share (after extraordinary items) (Of Rs. 10/- each) (not Annualised): (a) Basic (b) Diluted |
0.67 |
0.58 |
1.25 |
SELECT INFORMATION FOR THE QUARTER ENDED 30.09.2014
(Rs.
in Millions)
|
|
Particulars |
Quarter Ended |
|
|
|
30.09.2014 |
30.06.2014 |
|
|
A |
PARTICULARS OF
SHARE HOLDING |
|
|
|
1 |
Public shareholding |
|
|
|
|
- Number of Shares |
5110903 |
5110903 |
|
|
- Percentage of shareholding |
45.11% |
45.12% |
|
|
Promoters and Promoter Group Shareholding |
|
|
|
|
a) Pledged / Encumbered |
Nil |
Nil |
|
|
|
|
|
|
2 |
- Percentage of share
(as a % of total share capital of the company) |
|
|
|
|
b) Non-encumbered |
|
|
|
|
- Number of shares |
6219097 |
6218097 |
|
|
- Percentage of shares (as a % of the total shareholding or promoter and promoter group) |
100% |
100% |
|
|
- Percentage of share (as a % of total share capital of the company) |
54.89% |
54.88% |
STANDALONE STATEMENT OF ASSETS AND LIABILITIES AS AT 30.09.2014
(Rs.
in Millions)
|
SR. NO. |
Particular |
30.09.2013 (Unaudited) |
|
|
|
|
|
A |
EQUITY AND
LIABILITIES |
|
|
1 |
Shareholders;
Funds |
|
|
|
(a) Share Capital |
113.300 |
|
|
(b) Reserve and surplus |
182.667 |
|
|
(c) Money received against share warrants |
0.000 |
|
|
Sub-total-Shareholders'
funds |
295.967 |
|
|
|
|
|
2 |
Share
application money pending allotment |
0.000 |
|
3 |
Minority
interest |
0.000 |
|
|
|
|
|
4 |
Non-current
liabilities |
|
|
|
(a) Long-term borrowings |
72.590 |
|
|
(b) Deferred tax liabilities (net) |
3.333 |
|
|
(c) Other long-term liabilities |
0.000 |
|
|
(d) Long-term provisions |
0.00 |
|
|
Sub-total-Non-current
liabilities |
102.923 |
|
|
|
|
|
5 |
Current
liabilities |
|
|
|
(a) Short-term borrowings |
90.049 |
|
|
(b) Trade payables |
114.965 |
|
|
(c) Other current liabilities |
65.853 |
|
|
(d) Short-term provisions |
11.133 |
|
|
Sub-total-Current
liabilities |
282.001 |
|
|
TOTAL - EQUITY
AND LIABILITIES |
680.891 |
|
|
|
|
|
B |
ASSETS |
|
|
1 |
Non-current
assets |
|
|
|
(a) Fixed assets |
242.701 |
|
|
(b) Goodwill on consolidation |
0.000 |
|
|
(c) Intangible Assets |
0.000 |
|
|
(d) Non-current investments |
52.180 |
|
|
(e) Deferred tax assets (net) |
0.000 |
|
|
(f) Long-term loans and advances |
3.485 |
|
|
(g) Other non-current assets |
0.000 |
|
|
Sub-total-Non-current
assets |
298.367 |
|
|
|
|
|
2 |
Current assets |
|
|
|
(a) Current investments |
2.728 |
|
|
(b) Inventories |
130.826 |
|
|
(c) Trade receivables |
223.121 |
|
|
(d) Cash and cash equivalents |
14.053 |
|
|
(e) Short-term loans and advances |
6.899 |
|
|
(f) Other current assets |
4.897 |
|
|
Sub-total-Current
assets |
382.524 |
|
|
TOTAL - ASSETS |
680.891 |
SEGMENTWISE REPORTING OF REVENUE, RESULTS AND CAPITAL EMPLOYED
FOR THE PERIOD ENDED ON 30.09.2014
Rs. In
Millions
|
Sr. No. |
Particulars |
Quarter Ended |
Half Year Ended |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
||
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1 |
Segment Revenue |
|
|
|
|
|
a) Electronic Thickness Gauge (BTG) |
45.381 |
41.615 |
86.996 |
|
|
b) Synthetic Leather and Allied Products |
206.814 |
189.234 |
396.048 |
|
|
Sub Total |
252.195 |
230.849 |
483.044 |
|
|
Less : Inter-segment Revenue/E. Duty |
27.281 |
24.834 |
52.115 |
|
|
Net Sales / Income
From Operations |
224.914 |
206.015 |
430.929 |
|
|
|
|
|
|
|
2 |
Segment Results
(Profit (+)/ Loss (-) before Tax and Interest |
|
|
|
|
|
a) Electronic Thickness Gauge (BTG) |
7.204 |
6.639 |
13.843 |
|
|
b) Synthetic Leather and Allied Products |
9.959 |
7.061 |
17.020 |
|
|
Sub Total |
17.163 |
13.700 |
30.863 |
|
|
Less : (i) Interest |
5.842 |
3.983 |
9.825 |
|
|
(ii) Other un-allocable expenditure |
|
|
|
|
|
Total Profit Before
Tax |
11.321 |
9.717 |
21.038 |
|
|
|
|
|
|
|
3 |
Capital Employed
(Segment Assets-Segment Liabilities) |
|
|
|
|
|
a) Electronic Thickness Gauge (BTG) |
57.811 |
47.864 |
57.811 |
|
|
b) Synthetic Leather & Allied Products |
341.079 |
300.451 |
341.079 |
|
|
Total Capital Employed |
398.890 |
348.315 |
398.890 |
NOTE
1. Figures of Previous Years/Period Figures have been regrouped wherever necessary.
2. After a limited review by Independent Statutory Auditors of the Company, the
above results were reviewed by the Audit Committee and approved at the Board
Meeting held on 08, November 2014.
3. None of the promoters’ shares are pledged or otherwise encumbered.
4. No investor complaint was received or resolved by the end of the Quarter and none was pending.
5. The Auditors have carried out a limited review of the above results.
FIXED ASSETS
· Free Hold Land
· Building (Bahalgarh Office)
· Building (Delhi Office)
· Building (Factory)
· Furniture and Fittings
· Plant and Machinery
· DMF Tower and Boiler
· Vehicles-Commercial
· Vehicles-Others
· Fire Fighting Equipment
· Air Conditioners
· Computers
· Generator Set
· Office Appliances
· Power Line - UHBVN
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.62.40 |
|
|
1 |
Rs.94.17 |
|
Euro |
1 |
Rs.73.61 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.