MIRA INFORM REPORT
|
Report No. : |
330131 |
|
Report Date : |
03.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
JYOTI LIMITED |
|
|
|
|
Registered
Office : |
Nanubhai Amin Marg, Industrial Area, PO Chemical Industries, Vadodara
390003, Gujarat |
|
Tel. No.: |
91-265-3054631 to 3054639/ 3054444 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
01.01.1943 |
|
|
|
|
Com. Reg. No.: |
04-000363 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 171.300 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L36990GJ1943PLC000363 |
|
|
|
|
IEC No.: |
0888005776 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDJ00650G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACJ4909N |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Companys Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Importer of Electric Motors and
Generators and Power Driven Pumps, Generating Sets, Switchgears and Relays. |
|
|
|
|
No. of Employees
: |
713 (Approximately) |
RATING & COMMENTS
|
MIRAs Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Sick Company |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
The subject company is declared as a sick unit by Board for Industrial
and Financial Reconstruction. The management has register case [Case No. 62/2014] with Board for
Industrial and Financial Reconstruction and the status is yet to be heard. The company has incurred huge accumulated losses which has exceeded
its entire networth. However, business is active. Payment terms are slow and delayed. The company can be considered for business on a fully safe and 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 March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 |
July 4, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities = A4 |
|
Rating Explanation |
Minimal degree of safety it carry very high
credit risk. |
|
Date |
July 4, 2014 |
RBI DEFAULTERS LIST STATUS
Subjects name is not enlisted as a defaulter in
the publicly available RBI Defaulters list.
EPF (Employee Provident Fund) DEFAULTERS LIST STATUS
Subjects name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters list as of
31-03-2013.
INFORMATION PARTED BY
|
Name : |
Mr. Chandrakant |
|
Designation : |
Deputy General Manager Finance |
|
Contact No.: |
91-265-3054444 |
|
Date : |
01.07.2015 |
LOCATIONS
|
Registered/ Head
Office/ Hydel Division/ Rotating Electrical Machines Division : |
Nanubhai Amin Marg, Industrial Area, PO Chemical Industries, Vadodara
390003, Gujarat, India |
|
Tel. No.: |
91-265-3054631 to 3054639/ 3054444 |
|
Fax No.: |
91-265-2281871/ 2280671 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Switchgear Division : |
J/44-59, B.I.D.C., Gorwa, Vadodara 390016, Gujarat, India |
|
Tel. No.: |
91-265-2281034 |
|
Fax No.: |
91-265-2280153/ 2280208 |
|
E-Mail : |
|
|
|
|
|
Electronics and Control Systems Division : |
B/3-15, B.I.D.C., Gorwa, Vadodara 390016, Gujarat, India |
|
Tel. No.: |
91-2652280561 |
|
Fax No.: |
91-265-2281214 |
|
E-Mail : |
|
|
|
|
|
Engineered Pump and
Projects : |
Omkar, Plot No.14, Sevanand Society, Sant Nagar, Off Pune Satara
Road, Pune 411009, Maharashtra, India |
|
Tel. No.: |
91-20-24231420 |
|
Fax No.: |
91-20-24231420 |
|
E-Mail : |
|
|
|
|
|
Marketing (Zonal
and Branch Offices) : |
Located at: · Bangalore · Chennai · New Delhi · Mumbai · Kolkata · Secunderabad ·
Indore |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Rahul Nanubhai Amin |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mrs. Tejal Rahul Amin |
|
Designation : |
Director |
|
Date of Birth/Age : |
29.08.1960 |
|
Qualification : |
B.Com. |
|
Expertise in Specific
Functional Areas : |
Management and Finance |
|
Date of Appointment : |
12.12.2003 |
|
Other Directorship : |
· JSL Industries Limited · Insutech Industries Limited · Dahlia Resources Limited · Vadodara Marathon · Tapovan Education Institute |
|
|
|
|
Name : |
Mr. Uresh Vivekchandra Desai |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Mahesh Haribhai Mehta |
|
Designation : |
Director |
|
Date of Birth/Age : |
27.04.1942 |
|
Qualification : |
Engineering and Technology |
|
Expertise in Specific
Functional Areas : |
B. Tech, Ph.D. from IIT, Mumbai |
|
Date of Appointment : |
27.07.2006 |
|
Other Directorship : |
Gujarat Life Sciences Private Limited |
|
|
|
|
Name : |
Dr. Bhimsen Shivdayal Pathak |
|
Designation : |
Director |
|
Date of Birth/Age : |
13.11.1933 |
|
Qualification : |
B.SC., Agrl. Engg., Ph.D. |
|
Expertise in Specific
Functional Areas : |
Engineering |
|
Date of Appointment : |
27.03.2009 |
|
Other Directorship : |
Gangeya Greentech Private Limited |
|
|
|
|
Name : |
Dr. Mylavarapu Ramamoorty |
|
Designation : |
Director |
|
Date of Birth/Age : |
07.10.1936 |
|
Qualification : |
B.E. (Hons.), M.E. (IISc), Ph.D. (Toronto Uni.) |
|
Expertise in Specific
Functional Areas : |
Engineering |
|
Date of Appointment : |
24.04.2010 |
|
|
|
|
Name : |
Mr. Bharat Jayantilal Patel |
|
Designation : |
Director |
|
Date of Birth/Age : |
10.03.1953 |
|
Qualification : |
Chartered Accountant |
|
Expertise in Specific
Functional Areas : |
Finance |
|
Date of Appointment : |
28.10.2010 |
|
Other Directorship : |
· Urvi Holdings Private Limited · Pat Holdings Private Limited · Superior Financial Consultancy Services Private Limited · Pat Financial Consultants Private Limited · Equitable Financial Consultancy Services Private Limited · Pankaj Cotton Company Private Limited · Pranav Holdings Private Limited · Empire Lubricants Private Limited · Pasha Finance Private Limited · Rubfila International Limited · Gracious Properties Private Limited · Fidelity Multitrade Private Limited · Finquest Financial Solutions Private Limited · Bombay Swadeshi Stores Limited · Sukhwant Properties Private Limited · Tee Ventures (India) Limited · Pankh Properties Private Limited ·
Anurati Infotech Private Limited |
|
|
|
|
Name : |
Mr. Subramanian Nata Rajan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vijay Kumar Gulati |
|
Designation : |
Director |
|
Date of Birth/Age : |
25.12.1945 |
|
Qualification : |
Chemical Engineer |
|
Expertise in Specific
Functional Areas : |
Engineering |
|
Date of Appointment : |
13.02.2014 |
KEY EXECUTIVES
|
Name : |
Mr. Suresh Singhal |
|
Designation : |
Associate Vice President (Legal) and Company Secretary |
|
|
|
|
Name : |
Mr. Kandor |
|
Designation : |
Chief
Executive Officer |
|
|
|
|
Name : |
Mrs. Rashmi
Shah |
|
Designation : |
Assistant
General Manager Account |
|
|
|
|
Name : |
Mr. Chandrakant |
|
Designation : |
Deputy General Manager Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2120895 |
12.38 |
|
|
3411893 |
19.92 |
|
|
5532788 |
32.30 |
|
|
|
|
|
|
60857 |
0.36 |
|
|
60857 |
0.36 |
|
Total shareholding of Promoter and Promoter Group (A) |
5593645 |
32.66 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
65 |
0.00 |
|
|
655540 |
3.83 |
|
|
550 |
0.00 |
|
|
1670000 |
9.75 |
|
|
2326155 |
13.58 |
|
|
|
|
|
|
5515735 |
32.20 |
|
|
|
|
|
|
2015058 |
11.76 |
|
|
1572752 |
9.18 |
|
|
105647 |
0.62 |
|
|
105647 |
0.62 |
|
|
9209192 |
53.76 |
|
Total Public shareholding (B) |
11535347 |
67.34 |
|
Total (A)+(B) |
17128992 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
17128992 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Electric Motors and Generators and Power
Driven Pumps, Generating Sets, Switchgears and Relays. |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
|
|
Products : |
Finished goods |
|
Countries : |
Oman |
|
|
|
|
Imports : |
|
|
Products : |
Raw material |
|
Countries : |
Italy |
|
|
|
|
Terms : |
|
|
Selling : |
Credit |
|
|
|
|
Purchasing : |
Credit |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
713 (Approximately) |
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|
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|
Bankers : |
· Central Bank of India, Alkapuri, Vadodara, Gujrat, India · Dena Bank · Bank of Maharashtra ·
State Bank of India |
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Facilities : |
|
|||||||||||||||||||||||||||
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|
|
|
Auditors : |
|
|
Name : |
V. H. Gandhi and Company Chartered Accountants |
|
Address : |
404, Saffron Complex, Opposite Fountain, Fatehgunj, Vadodara 390002,
Gujarat, India |
|
Tel. No.: |
91-265-2784115 |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associate Companies
(As on 31.03.2014) : |
· JSL Industries Limited · Insutech Industries Limited · Navrachana Educational Resources Limited |
|
|
|
|
Joint Venture (As
on 31.03.2014) : |
·
Jyoti Sohar Switchgear L.L.C., Oman |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : 171.300 Million
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17128992 |
Equity Shares |
Rs. 10/- each |
Rs. 171.290 Million |
|
|
|
|
|
NOTE
The above includes:
1) 625000 Shares allotted as fully paid-up Bonus shares by
Capitalisation of General Reserve (125000 Bonus shares were issued in 1969 and
500000 issued in 1976-77)
b) Reconciliation of the number of shares outstanding at the beginning
and the end of the reporting period:
|
|
31.03.2014 |
|
|
|
No. of Shares
held |
Rs. in Million |
|
Equity Shares of Rs. 10 At the beginning of the period |
17,128,992 |
171.290 |
|
Issued during the period |
-- |
-- |
|
|
|
|
|
Outstanding at the end of the period |
17,128,992 |
171.290 |
The rights, preferences and restrictions including restrictions on the
distribution of dividends and the repayment of capital:
The Company has only one class of equity shares having a par value of
Rs.10 per share. 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
/ repayment of all creditors. The distribution will be in proportion to the
number of equity shares held by the shareholders.
c) Shares in the company held by each shareholder holding more than 5
percent shares specifying the number of shares held:
|
Name of
Shareholders |
31.03.2014 |
|
|
|
No. of Shares
held |
% of Holding |
|
Insutech Industries Limited (Associate company) |
2,337,654 |
13.65 |
|
JSL Industries Limited (Associate company) |
1,074,239 |
6.27 |
|
Minal B. Patel |
250,000 |
1.46 |
|
Nirma Chemical Works Private Limited |
1,200,000 |
7.01 |
|
Pat Financial Consultants Private Limited |
1,336,265 |
7.80 |
|
Rahul N. Amin |
1,084,100 |
6.33 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
171.300 |
171.290 |
171.290 |
|
(b) Reserves & Surplus |
(1793.900) |
(648.184) |
636.980 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
198.000 |
198.000 |
0.000 |
|
Total
Shareholders Funds (1) + (2) |
(1424.600) |
(278.894) |
808.270 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
3194.600 |
3585.441 |
1439.439 |
|
(b) Deferred tax liabilities (Net) |
83.200 |
100.148 |
64.651 |
|
(c)
Other long term liabilities |
371.900 |
448.411 |
455.174 |
|
(d)
long-term provisions |
79.800 |
76.671 |
85.375 |
|
Total
Non-current Liabilities (3) |
3729.500 |
4210.671 |
2044.639 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1998.400 |
1877.459 |
1664.150 |
|
(b)
Trade payables |
1326.800 |
1602.694 |
2083.984 |
|
(c)
Other current liabilities |
943.700 |
311.383 |
1330.663 |
|
(d)
Short-term provisions |
18.800 |
22.520 |
25.179 |
|
Total
Current Liabilities (4) |
4287.700 |
3814.056 |
5103.976 |
|
|
|
|
|
|
TOTAL |
6592.600 |
7745.833 |
7956.885 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1442.000 |
1185.196 |
1075.182 |
|
(ii)
Intangible Assets |
0.000 |
18.660 |
26.897 |
|
(iii)
Capital work-in-progress |
0.000 |
309.197 |
429.115 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
12.400 |
15.417 |
13.411 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
188.600 |
312.361 |
294.850 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1643.000 |
1840.831 |
1839.455 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
784.900 |
965.940 |
853.041 |
|
(c)
Trade receivables |
3499.800 |
3918.581 |
4651.279 |
|
(d)
Cash and cash equivalents |
174.500 |
473.972 |
272.348 |
|
(e)
Short-term loans and advances |
462.700 |
521.224 |
311.537 |
|
(f)
Other current assets |
27.700 |
25.285 |
29.225 |
|
Total
Current Assets |
4949.600 |
5905.002 |
6117.430 |
|
|
|
|
|
|
TOTAL |
6592.600 |
7745.833 |
7956.885 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
2367.600 |
2340.816 |
4170.915 |
|
|
|
Other Income |
31.100 |
73.712 |
27.847 |
|
|
|
TOTAL (A) |
2398.700 |
2414.528 |
4198.762 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1899.600 |
1974.067 |
3140.759 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
93.100 |
(14.373) |
(135.024) |
|
|
|
Employees benefits expense |
327.800 |
370.578 |
470.994 |
|
|
|
Other expenses |
321.600 |
503.840 |
367.883 |
|
|
|
Research and Development Expenses |
22.700 |
37.829 |
61.666 |
|
|
|
TOTAL (B) |
2664.800 |
2871.941 |
3906.278 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(266.100) |
(457.413) |
292.484 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
140.400 |
686.886 |
543.672 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(406.500) |
(1144.299) |
(251.188) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
727.300 |
100.061 |
90.318 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(1133.800) |
(1244.360) |
(341.506) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.600 |
39.570 |
25.453 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(1135.400) |
(1283.930) |
(366.959) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Exports |
|
58.357 |
61.096 |
|
|
|
Dividend |
|
7.885 |
6.914 |
|
|
TOTAL EARNINGS |
|
66.242 |
68.010 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
229.468 |
357.344 |
|
|
|
Capital Goods |
|
93.583 |
53.767 |
|
|
TOTAL IMPORTS |
NA |
323.051 |
411.111 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(66.29) |
(74.96) |
(21.42) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
56.266 |
199.300 |
|
Cash generated from operations |
NA |
(1624.789) |
(358.228) |
QUARTERLY RESULTS
|
Particulars |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
31.03.2015 (Unaudited) |
|
|
1st Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
528.200 |
538.000 |
672.600 |
|
Total Expenditure |
554.400 |
581.700 |
867.600 |
|
PBIDT (Excl OI) |
(26.200) |
(43.700) |
(195.000) |
|
Other Income |
8.200 |
2.400 |
17.900 |
|
Operating Profit |
(18.000) |
(41.300) |
(177.100) |
|
Interest |
181.700 |
186.600 |
185.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(199.700) |
(227.900) |
(362.100 |
|
Depreciation |
31.900 |
34.400 |
43.300 |
|
Profit Before Tax |
(231.600) |
(262.3000 |
(405.400) |
|
Tax |
0.000 |
0.000 |
1.600 |
|
Provisions and
contingencies |
(231.600) |
(262.300) |
(407.000) |
|
Profit After Tax |
0.000 |
0.000 |
0.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(231.600) |
(262.3000 |
(407.000) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(47.96) |
(54.85) |
(8.80) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(11.24) |
(19.54) |
7.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(17.23) |
(16.77) |
(4.54) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.80 |
4.46 |
(0.42) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(3.65) |
(19.79) |
4.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.15 |
1.55 |
1.20 |
STOCK
PRICES
|
Face Value |
Rs.10.00 |
|
Market Value |
Rs.72.50 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
171.290 |
171.290 |
171.300 |
|
Reserves & Surplus |
636.980 |
(648.184) |
(1793.900) |
|
Share Application money pending allotment |
0.000 |
198.000 |
198.000 |
|
Net
worth |
808.270 |
(278.894) |
(1424.600) |
|
|
|
|
|
|
long-term borrowings |
1439.439 |
3585.441 |
3194.600 |
|
Short term borrowings |
1664.150 |
1877.459 |
1998.400 |
|
Total
borrowings |
3103.589 |
5462.900 |
5193.000 |
|
Debt/Equity
ratio |
3.840 |
(19.588) |
(3.645) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
4170.915 |
2340.816 |
2367.600 |
|
|
|
(43.878) |
1.144 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
4170.915 |
2340.816 |
2367.600 |
|
Profit |
(366.959) |
(1283.930) |
(1135.400) |
|
|
(8.80%) |
(54.85%) |
(47.96%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of establishment |
Yes |
|
2] |
Constitution of the entity -Incorporation
details |
Yes |
|
3] |
Locality of the entity |
Yes |
|
4] |
Premises details |
No |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
Yes |
|
7] |
Name of the person contacted |
Yes |
|
8] |
Designation of contact person |
Yes |
|
9] |
Promoters background |
Yes |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11] |
Pan Card No. of Proprietor / Partners |
No |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
Yes |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
Yes |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
Yes |
|
32] |
Litigations that the firm/promoter
involved in |
Yes |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
Yes |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOANS
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Finance Lease obligations |
NA |
1.664 |
|
|
|
|
|
Total |
NA |
1.664 |
LITIGATION
DETAILS:
|
HIGH
COURT OF GUJARAT STAMP NUMBER No. 804 of 2013
Last Listing Date: 08/04/2013
|
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10370394 |
23/07/2012 |
4,550,800,000.00 |
Central Bank of India |
Mid-Corporate Finance Branch,G/F,Peridot Complex,, |
B45629151 |
|
2 |
10370398 |
20/07/2012 |
4,550,800,000.00 |
Central Bank of India |
Mid-Corporate Finance Branch,G/F,Peridot Complex, Near Urmi Cross
Road, Akota, Vadodara, Gujarat - |
B45629482 |
|
3 |
10303526 |
04/08/2011 |
150,000,000.00 |
Dena Bank |
Manilal Chambers,B/h Centre Point,, Alkapuri, Vadodara, Gujarat -
390007, INDIA |
B19304641 |
|
4 |
10303527 |
03/08/2011 |
150,000,000.00 |
Dena Bank |
Manilal Chambers,B/h Centre Point,, Alkapuri, Vadodara, Gujarat -
390007, INDIA |
B19304971 |
|
5 |
10296039 |
29/06/2011 |
150,000,000.00 |
Central Bank of India |
Race Course Road, Alkapuri, Vadodara, Gujarat - 3 |
B16489452 |
|
6 |
10296018 |
23/06/2011 |
150,000,000.00 |
Central Bank of India |
Race Course Road, Alkapuri, Vadodara, Gujarat - 3 |
B16489262 |
|
7 |
10237983 |
20/08/2010 |
150,000,000.00 |
Central Bank of India |
Race Course Road Branch, Vadodara, Gujarat - 39000 |
A93513851 |
|
8 |
10237977 |
17/08/2010 |
150,000,000.00 |
Central Bank of India |
Race Course Road Branch, Vadodara, Gujarat - 39000 |
A93513893 |
|
9 |
10227403 |
23/06/2010 |
50,000,000.00 |
Dena Bank |
Manilal Chambers, B/h. Centre Point, Alkapuri, Va |
A88583687 |
|
10 |
10230370 |
15/06/2010 |
50,000,000.00 |
Dena Bank |
Manilal Chambers, B/h. Centre Point, Alkapuri, Va |
A90203795 |
* Date of charge modification
OPERATIONS
PERFORMANCE
(As on 31.03.2014)
The Net Sales of the Company for the year ended on 31st March, 2014 have
been Rs.2317.800 Million as compared to Rs.4104.300 Million of the previous
year. The sales are lower on account of following reasons:-
· The slowdown in the economy in general, water and power segments in particular, have taken the toll on the top-line performance of the Company and despite comfortable order book position, the Company could not execute various orders.
· The process of CDR approval and implementation was completed by December, 2013. During the intervening period, the LC facilities from various banks were not available regularly due to LC devolvements. This affected further LCs to be opened in favour of materials suppliers during April to November, which also affected production and sales.
· Certain projects, both in irrigation and hydro-generating power segments, where the availability of funds with the end customers was inadequate due to their own problems. The Company curtailed further execution on such orders till outstanding of such customers started being cleared and there was indication about future payments likely to be regular from those customers.
· Some of the projects, there were external factors such as forest land issue, evacuation, preparation of site, which have affected planned execution and resulted in mismatch of execution in synchronisation with construction companies, which are their major partners in EPC contracts.
The loss during the year amounted to Rs.1283.900 Million as compared to
previous year loss of Rs.367.000 Million. Following are the main reasons for
such higher losses
· The Companys sales were lower at Rs.2317.800 Million as compared to Rs.4104.300 Million. This lower level of activity resulted in lower absorption of overheads.
· The material costs have been relatively higher on account of inter-play of various factors such as price negotiation during order finalisation in projects, discounts demanded by customers in product sales, certain strategic orders taken at lower margin for future sustainability of order flow, inflationary pressure in material prices along with increased costs due to delay in execution of various projects, etc.
· Even though the Company rationalised the manpower at all levels and took further measures to control the employees cost, it continued to be higher as compared to the level of activity. This year, the Company has taken further measures on rationalization of manpower and to control the employees cost in other manners, which should result in reduction in losses.
· The finance cost continued to be very high due to liquidity constraints faced by the Company. The collection from receivables continued to be very challenging affair during the entire year. Further, under CDR Package, many LC devolvement were converted into Working Capital Term Loans with a moratorium of 2 years and thereafter repayment of 5 years. Moreover, all the other Term Loans were also rescheduled with 2-year moratorium and thereafter 6 to 8 years repayment. The Company was also granted additional amounts for need based working capital and fresh term loans for absolutely necessary capital expenditure. This also resulted in higher finance costs.
· The difficult market situation in the EPC Contracts, have affected the profitability and liquidity of the Company. Secondly, many customers have postponed further capital expenditure in various projects and/or kept in abeyance further implementation. In pursuant to this, the Company has provided for bad and doubtful receivables and advances in the Statement of Profit and Loss.
CURRENT OUTLOOK
The Management has already taken various measures for the revival of the
Company. The following are some of these measures:-
· As indicated earlier, rationalisation of manpower along with other measures taken in the financial year 2013-14 and in the current year have yielded considerable impact on reduction of overall employees cost.
· The Company has also reduced substantially the expenses in the areas of traveling and conveyance, publicity and other sales promotion expenses, transportation cost of materials from suppliers and to the customers, stationery, printing, expenses on professionals and consultants, insurance and other site expenses, etc. This reduction will give sustainable long term benefit to the Company.
· The Company has geared up its collection drive. All out efforts are on to collect old receivables, as well as close monitoring at all levels are being done to realise on the current receivables. It is satisfactory to mention that such intensive efforts have improved collection flow and particularly a delayed collection of Karnataka State to the extent of about Rs.250.000 Million from a single party. Since these collections have been more forthcoming in last quarter of the year, it will have better impact realised in the current year. The Management continues to place highest priority on collections, it is expected that the current year should see better liquidity and easing of operations. With efficient cash flow management and removal of mismatch among the requirements, there would be pockets of liquidity surplus which would be utilised for reduction in finance costs.
· The Company has stopped taking strategic orders of low margin. Besides, it has now focused on those new orders, where margins are reasonably high and the cash flows are positive even at execution stage.
· The Management has also cut down all capital expenditure barring absolutely necessary expenditure for operational requirements.
DIVISIONAL PERFORMANCE
A. ENGINEERED PUMPS AND PROJECTS DIVISION
During the year, Engineered Pumps and Projects Division (EPPD) business
remained stagnant in view of difficult market situation and poor economy. Even
though the division had orders, which would have ensured growth, strategically
the project execution was delayed due to non-availability of budgets and funds
with customers. In view of the economic slowdown, the infrastructure companies,
who are the main customers of EPPD were also going through a very difficult
phase. During the end of the year, the division has a carry forward order book
of Rs.4230.000 Million.
The division has received two orders from NTPC Limited during the year.
The division received an order for CW system of 1 x 500 MW from NTPC,
Vindhyachal on its own qualification and merits. This is the first time the
division has got qualified on its own for a 500 MW project based on its
successful commissioning of 3 x 500 MW NTPC Aravali Project. Similarly, the
division has also received an order for Raw Water System for 2 x 660 MW for
NTPC Solapur Project.
During the year, the division has for the first time received an order
for Sewage Treatment Plant from Delhi Jal Board through JITF Water
Infrastructure Ltd. With this order, the division will also get qualified for
Sewage Treatment Plants upto 70 MGD. The other important order the division has
received, was for Koppal-2 Lift Irrigation Scheme from G. Shankar-IVRCL JV for
Krishna Bhagya Jal Nigam Limited valued at Rs.950.000 Million. This project
calls for supply of Metal Volute Pumps with Synchronous Motors of about 5 MW
each along with all other electro-mechanical and instrumentation work which
includes erection, testing and commissioning and operation and maintenance for
5 years. For this project, the division got qualified for Metal Volute Pumps on
its own merit.
The division has successfully supplied, erected, tested and commissioned
Gadhadha NC-1A Lift Irrigation Scheme for Gujarat Water Infrastructure Limited
(GWIL), which includes civil, electromechanical including 66kV switchyard in a
record time of 9 months. The project was awarded to the division in the month
of August 2012 and was commissioned in May 2013.
For other NC projects of GWIL, the division has supplied Horizontal
Split Case pumps and motors through Megha Engineering and Infrastructures Ltd.
and Larsen and Toubro Ltd. in record time. The total number of pumps and motors
supplied were 41 Nos.
More than Rs.5000.000 Million worth orders are under discussion and
negotiation with various customers, where the division is well placed. The
division expects to finalise these orders during the first half of next
financial year.
The division is hopeful that the infrastructure business will get a
boost after the upcoming General Elections in the next financial year and the
division is geared up for taking up the challenges of future.
The division is now concentrating for closing and handing over of
various ongoing projects, to realise its payment from customers.
B. HYDEL
The Hydro Power business continues to grow at a very slow pace, due to
major environmental issues and lack of financial support. Even though the
division has a pending carry forward order of Rs.740.000 Million for the next
financial year, the growth is not being achieved, since most of these orders
are under hold for either environmental or financial reasons. The division is
also been very selective and careful in taking up new jobs for execution.
During the year, the model testing of Low Head Kaplan Turbine was
carried out successfully by NTPC Limited, which was developed for Jyoti Limited
in technical collaboration with CKD Blansko Engineering, a.s. (CBE) of Czech
Republic for NTPC Singrauli 2 x 4 MW project. The division has already supplied
turbines and generators for six different projects in Indonesia, out of which
three projects are being successfully commissioned including Karai-13 (2 x 4.2
MW), which was commissioned during the year. The division is actively pursuing
to increase its base in Indonesia for future business.
The division has successfully manufactured and supplied the largest ever
draft tube for a 40 MW hydro turbine under technical guidance from CKD Blansko
Engineering, a.s. (CBE) of Czech Republic for 2 x 40 MW Koyna Hydro Power
Station. With this, the division has entered into large hydro sector. All other
stationary components of the turbine are under manufacturing. The division is
hopeful to revive their business and ensure growth in the subsequent years as
major post-election policies are expected to increase the share of hydro power
generation
C. ROTATING ELECTRICAL MACHINES
During the year, the division was concentrating on developmental
activities in view of low business volumes mainly due to slow down in the
infrastructure business and the economy. Even during this year, the wind energy
business was at a very low profile and hence, the division could not sell the
wind energy generators, which is their star product. The business of Arno has
also substantially gone down in view of lower budgets. The reduced business
volume resulted into increased discounts in the market and the division was not
able to absorb such heavy discounts. As a part of cost reduction, the division
was concentrating on development of lower frame motors with higher output and
creating infrastructure for manufacturing HT and LT motors with die-cast motors
upto 700 KW. The division has also increased its type testing capability by
successful commissioning of Dynamo meter for type test and temperature rise
test of horizontal and vertical motors upto 2400 KW.
During the year, the division has manufactured 71 Nos. of HT motors and
13 Nos. of Hydro Generators. The division has received an order for 16 Nos. of
HT motors from Western Coalfields, Nagpur under stiff competition. The division
further expects good order book position in the next financial year post,
General Elections.
D. SWITCHGEAR
During the year, the Switchgear Division has achieved Sales of
Rs.603.700 Million and has received orders worth Rs.718.200 Million. Some of
the milestones achieved by the Division during the financial year 2013-14 are
enumerated below:-
1)
The Company has received orders from GETCO for
supply of VCB panels worth Rs.230.000 Million.
2)
The Company has completed development of 11KV-SF6
Ring Main Unit (RMU) and complete type-testing of the RMU was done at CESI,
Italy. The Company has received its first break through order from MGVCL GEB
DISCOM worth Rs.44.000 Million for supply of 100 (Nos.) RMU. The Company has
also received orders from various customers, such as DGVCL Surat, IOCL
Baugaigaon, Monte Carlo- A/c UGVCL, etc.
3)
The Company has further received prestigious orders
aggregating to Rs.130.300 Million from BPCL, CPCL, Oil India, Department of
Atomic Energy, DPDC-Bangladesh.
During the year, the Company has re-certified various products as a
continuous product certification process. In accordance with the latest
IEC-62271-200 requirement and IAC classification certification, the Company has
for the first time type-tested Internal Arc Test at 25 KA for 1 sec at PEHLA
Germany, which was successful.
High End Numerical Relays of Protecta Hungary were installed at various important
customers of India in their Transmission Network such as PSPTCL (Punjab), UPTCL
(U.P.), BSES (Delhi), CSPTCL (Chhatisgarh), JKPDCL (JandK) and the performance
of installed Relays is very good.
As R-APDRP projects are funded by the Government of India and huge
requirement of RMU is projected in the next five years, there will be a good
flow of orders for RMU and huge growth in RMU Business is expected. For other
Medium Voltage Switchgear Products also with the continuous thrust the
requirement is bound to grow in power sector. The position of the order book is
expected to further perk up post the General Elections.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENTS
Jyoti Limited is an engineering Company offering high quality products
and services to its clients in India and in the international market.
Established in the year 1943, Jyoti Limited is serving the vital fields of
national and international economy such as:
- Power Generation (Thermal, Hydel and Nuclear), Transmission and
Distribution.
- Agriculture, providing irrigation through pumping systems.
- Water Supply and Sewerage Schemes.
- Defense-particularly Naval and Marine Establishments.
- Core Industries like Steel, Cement, Paper, Sugar, Fertilisers,
Chemicals and Petro-chemicals.
The Company also undertakes turnkey contracts involving civil and
electrification projects.
The demand for capital goods generally follows a cyclical pattern
depending on the overall economic scenario and investment priorities of the Government.
During the year, there has been a gradual slowdown in the industrial
growth due to rigid liquidity, inability to raise equity due to uncertainty of
the capital markets, slowing down of foreign investments and above all, the
lack of policy actions and reforms by the Government. This has adversely
impacted the confidence of the industry and slowed down investments, mainly in
the infrastructure and capital goods sectors.
The Company has taken several bold steps to remain competitive and to
ensure survival by reducing cost, rationalising manpower and streamlining
operations.
OUTLOOK
Water and Power sectors are of national importance, and for a developing
country like India, the demand for energy is expected to grow at a steady rate.
Keeping in view the above, the long term outlook for these sectors appears to
be bright. There is ample scope and opportunity for companies having businesses
in these sectors not to mention the potential of the Company and its large
presence in these sectors for many years.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
|
Contingent
liability to the extent not provided for: |
|
|
- Bills/Cheques discounted with scheduled banks |
76.380 |
|
- Income Tax |
5.061 |
|
- Service Tax / Excise Duty |
1.594 |
|
- Compensation payable on bank sacrifice under CDR Scheme |
45.120 |
|
- Claims against the Company/disputed liabilities not acknowledged as
debts |
20.975 |
FIXED ASSETS:
· Free Hold Land
· Buildings
· Plant and Equipments
· R & D Equipments
· Furniture and Fixtures
· Vehicles
· Office Equipments
· Electrical Installations
· Software Licences
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 Intl
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 companys 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.63.57 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.70.35 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYTK |
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.