MIRA INFORM REPORT

 

 

Report No. :

329362

Report Date :

29.06.2015

 

IDENTIFICATION DETAILS

 

Name :

JINDAL SAW LIMITED

 

 

Formerly Known As :

SAW PIPES LIMITED

 

 

Registered Office :

A-1, UPSIDC Industrial Area, Nandgaon Road, Kosi Kalan, District Mathura – 281403, Uttar Pradesh

Tel. No.:

91-5662-252277/ 252224/ 232426/ 232001/ 02/ 03

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

31.10.1984

 

 

Com. Reg. No.:

20-023979

 

 

Capital Investment / Paid-up Capital :

Rs. 580.100 Million

 

 

CIN No.:

[Company Identification No.]

L27104UP1984PLC023979

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AGRS10410B

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturer and Supplier of Iron and Steel pipe products.

 

 

No. of Employees :

Information declined by the management 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (67)

 

RATING

STATUS

PROPOSED CREDIT LINE

56-70

A

Financial & operational base are regarded healthy. General unfavorable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

Fairly Large

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a flagship company of Jindal group. It is the largest producer of saw pipes and its group has diversified revenue profile. It is an established and renowned company having fine track record.

 

As per available financial of 2015, the company possesses upstanding operational performance and it has achieved top line growth of 19.73% across with good profitability margin.

 

Ratings also takes into consideration the impressive balance sheet of the company having strong net worth and favorable gap between trade payables and trade receivables.

 

Further, the group has a long track record in the domestic and international markets along with necessary quality certifications.

 

Trade relations are fair. Business is active. Payments terms are regular and as per commitment.

 

In view of long business track record and strong market position, the company can be considered normal 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 – 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

CRISIL

Rating

Long Term Bank Facilities FA+

Rating Explanation

Adequate degree of safety and low credit risk

Date

06.02.2015

 

 

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 31-03-2013.

 

 

INFORMATION DECLINED

 

Management Non Co-operative (91-11-26188345 / 91-22-23513000 / 91-5662-232001)

 

 

LOCATIONS

 

Registered Office / Factory 1 :

A-1 UPSIDC Industrial Area, Nandgaon Road, Kosi Kalan, District Mathura - 281403, Uttar Pradesh, India

Tel. No.:

91-5662-252277/ 252224/ 232426/ 232001/ 02/ 03

Fax No.:

91-5662-232577

E-Mail :

jindalsp@del3.vsnl.net.in

jindalor@del2.vsnl.net.in

sunil.jain@jindalsaw.com

Website :

www.jindalsteel.org

www.jindalsaw.com

 

 

Corporate Office :

‘Jindal Centre’, 12, Bhikaji Cama Place, New Delhi – 110066, India

Tel. No.:

91-11-26188360–74/ 26188345

Fax No.:

91-11-26170691/ 41659575

E-Mail :

jindalor@del2.vsnl.net.in

investors@jindalsaw.com

 

 

Factories  :

MUNDRA - IPU 

Village: Samaghogha, Pragpar - Mandvi Road, Taluka: Mundra, District Kutch – 370415, Gujarat, India

Phone : 91-2838-240755-756, 240773

Fax : 91-2838-240700

 

MUNDRA - JCO

S.  No. 94/1, 94/2 and 96, Village: Nanakapaya Taluka: Mundra, District Kutch – 370415, Gujarat, India

Phone: 91-2838-287305-06

Fax : 91-2838-22700

 

NASHIK           

A-59-60 Malegaon MIDC, Sinnar, District Nashik – 422103, Maharashtra, India
Phone : 91-2551-230712-716, 230239-240

Fax : 91-2551-230967

 

 

Regional Offices :

MUMBAI

Jindal Mansion, 1st Floor 5-A, G., Deshmukh Marg (Peddar Road), Near Jaslok Hospital, Mumbai - 400026, Maharashtra, India

Phone : 91-22-23513000

Fax : 91-22-23521889

 

AHMEDABAD

601, Saffron Building, Near Panchvati Char Rasta, Ambawadi, Ahmedabad – 380006, Gujarat, India

Phone : 91-79-26431323

Fax : 91-79-26431433

 

HYDERABAD

H. No. 8-2-618/2/2/A, Plot No. 25, Road No. 10 , Classic Emerald Lane, Near Rainbow Hospital, Banjara Hills, Hyderabad, Andhra Pradesh, India

Phone : 91-40-55778694 / 95

 

BANGALORE

 6th Floor, East Wing, Raheja Towers, M.G. Road, Bangalore – 560001, Karnataka, India 

Phone : 91-80-25559869/ 73

Fax : 91-80-25598898

 

CHENNAI

4-B, Century Plaza 560-562, Anna Salai Teynampet, Chennai – 600018, Tamilnadu, India 

Phone : 91-44-4213 2033/ 42043737

Fax : 91-44-4204 3737

 

 

DIRECTORS

 

AS ON: 31.03.2014

 

Name :

Mrs. Savitri Devi Jindal

Designation :

Chairperson Emeritus

Date of Birth/Age :

20.03.1950

Qualification :

Under Graduate

Date of Appointment :

28.04.2005

 

 

Name :

Mr. Prithvi Raj Jindal

Designation :

Vice Chairman (Non-Executive)

 

 

Name :

Ms. Sminu Jindal

Designation :

Managing Director

Date of Birth/Age :

40 Years

Qualification :

B.Com (Hons.) MBA (Finance)

Experience :

20 Years

 

 

Name :

Mr. Devi Dayal

Designation :

Director

Date of Birth/Age :

02.07.1941

Qualification :

LL. B., M. A.

Date of Appointment :

30.07.2004

 

 

Name :

Dr. S.K. Gupta

Designation :

Director

Date of Birth/Age :

18.08.1938

Qualification :

Technocrat

Date of Appointment :

22.11.2005

 

 

Name :

Mr. Kuldip Bhargava

Designation :

Director

Date of Birth/Age :

22.04.1953

Qualification :

Industrialist

Date of Appointment :

22.11.2001

Other Directorship :

Hexa Tradex Limited

 

 

Name :

Mr. Raj Kamal Agarwal

Designation :

Director

Date of Birth/Age :

07.07.1952

Qualification :

M.B.B.S.

Date of Appointment :

30.01.2006

 

 

Name :

Mr. Ravinder Nath Leekha

Designation :

Director

 

 

Name :

M. Girish Sharma

Designation :

Director

Date of Birth/Age :

19.12.1951

Qualification :

IRS (Retd.)

Date of Appointment :

30.05.2012

 

 

Name :

Mr. H.S. Chaudhary

Designation :

Whole Time Director

Date of Birth/Age :

05.09.1954

Qualification :

Graduate

Date of Appointment :

07.10.1988

 

 

Name :

Mr. Neeraj Kumar

Designation :

Group Chief Executive Officer and Executive Director

Date of Birth/Age :

02.05.1963

Qualification :

M. Sc. (Physics) and MBA

Date of Appointment :

01.07.2013

 

 

Name :

Ms. Shradha Jatia

Designation :

Director

 

 

Name :

Ms. Tripti Puneet Arya

Designation :

Group CEO and Whole-time Director

 

 

Name :

Mr. Sanjeev Shankar

Designation :

Independent Director

 

 

Name :

Mr. Girish Sharma

Designation :

Independent Director

 

 

 

KEY EXECUTIVES

 

Name :

Mr. Sunil K Jain

Designation :

Company Secretary

 

 

SHAREHOLDING PATTERN

 

AS ON: 31.03.2015

 

Category of Shareholders

 No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

1635300

0.56

http://www.bseindia.com/include/images/clear.gifBodies Corporate

108381534

37.37

http://www.bseindia.com/include/images/clear.gifSub Total

110016834

37.93

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals (Non-Residents Individuals / Foreign Individuals)

98700

0.03

http://www.bseindia.com/include/images/clear.gifBodies Corporate

31514985

10.87

http://www.bseindia.com/include/images/clear.gifSub Total

31613685

10.90

Total Shareholding of Promoter and Promoter Group (A)

141630519

48.83

(B) Public Shareholding

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

30587082

10.55

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

226640

0.08

http://www.bseindia.com/include/images/clear.gifInsurance Companies

7327874

2.53

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

31632950

10.91

http://www.bseindia.com/include/images/clear.gifSub Total

69774546

24.06

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

42562938

14.68

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

27448048

9.46

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

4706412

1.62

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

3909472

1.35

http://www.bseindia.com/include/images/clear.gifClearing Members

1987616

0.69

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

1861176

0.64

http://www.bseindia.com/include/images/clear.gifTrusts

60680

0.02

http://www.bseindia.com/include/images/clear.gifSub Total

78626870

27.11

Total Public shareholding (B)

148401416

51.17

Total (A)+(B)

290031935

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Supplier of Iron and Steel pipe products.

 

 

Products :

Item Code No. (ITC Code)

Product Description

730511

Longitudinally Submerged Arc Welded Pipes

730690

Seamless Tubes/Pipes

7201202

Cold Rolled Strips

730690/ 7304.90/ 7305.90

Spiral Pipes

7304.90/7305.90

Steel Pipe

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management 

 

 

Bankers :
  • State Bank of Patiala
  • Axis Bank Limited
  • Canara Bank
  • DBS Bank
  • HDFC Bank Limited
  • ICICI Bank Limited
  • ING Vysya Bank Limited
  • Karnataka Bank Limited
  • Punjab National Bank
  • State Bank of India
  • Standard Chartered Bank
  • State Bank of Mysore
  • State Bank of Travancore
  • United Bank of India

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2015

As on

31.03.2014

LONG TERM BORROWING

 

 

Non-Convertible Debentures

7000.000

Term Loans

Term Loans from Banks

 

5384.654

SHORT TERM BORROWING

 

 

Working Capital borrowings

 

7255.175

Buyers' credit

 

5339.212

Total

NA

24979.041

NOTE:

 

As on: 31.03.2014

 

Long-term Borrowings:

 

Non-convertible Debentures include :

 

10.75% Non-Convertible Debentures of Rs.3000.000 Million (Previous Year Rs.3000.000 Million) are secured by first pari passu charge by way of English mortgage on the Company's specific immovable properties located in the state of Gujarat and by way of equitable mortgage of Company's other immovable properties and hypothecation of movable fixed assets both present and future in favor of Debenture Trustees. The same are repayable in three equal installments of Rs.1000.000 Million each on April 08, 2015, April 08, 2016 and April 08, 2017.

 

10.50% Non-Convertible Debentures of Rs.1000.000 Million (Previous Year Rs.1000.000 Million) in three series are secured by first pari passu charge by way of English mortgage on the Company's specific immovable properties located in the state of Gujarat and by way of equitable mortgage of Company's other immovable properties and hypothecation of movable fixed assets both present and future in favor of Debenture Trustees. The same are repayable in three installments of Rs.300.000 Million (Series I), Rs.300.000 Million (Series II) and Rs.400.000 Million (Series III) on September 12, 2018, September 12, 2019 and September 12, 2020 respectively. There is a call option exercisable at the end of three years from the date of allotment (September 12, 2012) for all series of NCDs. The Call option is also available in every subsequent year for each series of NCD individually i.e.at the end of 4th, 5th, 6th and 7th year from the date of allotment upto their respective dates of maturity.

 

10.38% Non-Convertible Debentures of Rs.3000.000 Million (Previous Year Rs.3000.000 Million) in two series are secured by first pari passu charge by way of English mortgage on the Company's specific immovable properties located in the state of Gujarat and by way of equitable mortgage of Company's other immovable properties and hypothecation of movable fixed assets both present and future in favor of Debenture Trustees. The same are repayable in single installment of Rs.3000.000 Million on December 26, 2021.There is a put/call option for Rs.15,00.000 Million (Series 1) at the end of third year (26.12.2015) and for Rs.15,00.000 Million (Series 2) at the end of Fourth year (26.12.2016) from the date of allotment i.e. December 26, 2012.

 

Term Loans from Banks include :

 

Term Loan of Rs.1370.000 Million (rate of interest 1.50% p.a.)(Previous Year Rs.1370.000 Million) is secured by way of second charge on all the assets of the Company both present and future and also by way of personal guarantee of a Director. The same is repayable in three installments of Rs.411.000 Million, Rs.411.000 Million and Rs.548.000 Million on Jan 31, 2017, Jan 31, 2018 and Jan 31, 2019 respectively.

 

Term Loan of Rs.500.000 Million (rate of interest 10.75% p.a.) (Previous Year Rs.500.000 Million) is secured by way of second charge on all the assets of the Company, both present and future and also by way of personal guarantee of a Director. The repayment is by way of a bullet payment of Rs.500.000 Million on May 23, 2017.

 

Term Loan of USD 8904,719.50 (Rs.535.172 Million) (rate of interest 6 M Libor+400 bps p.a.) (Previous Year Rs.484.321 Million) is secured by way of second charge on all the assets of the Company both present and future and also by way of personal guarantee of a Director. The repayment is by way of a bullet payment of USD 8904,719.50 (Rs.535.172 Million) on May 23, 2017.

 

Term Loan of Rs.2950.000 Million (rate of interest 11.25% p.a.) (Previous Year NIL) is secured/to be secured by first pari passu charge by way of equitable mortgage on Company's immovable properties and hypothecation of movable fixed assets both present and future. The repayment schedule is as under:-

 

Year of Repayment

Rs. IN Million

2015-16

59.000

2016-17

59.000

2017-18

118.000

2018-19

442.500

2019-20

501.500

2020-21

501.500

2021-22

501.500

2022-23

767.000

Total outstanding balance

2950.000

 

Term Loan includes Vehicle Loans of Rs.29.482 Million (Previous Year Rs.0.846 Million) is secured by way of hypothecation of Vehicles, which carries rate of interest ranging from 10.50% to 12.25% p.a. The same are repayable as under:

 

Year of Repayment

Rs. IN Million

2015-16

13.374

2016-17

14.120

2017-18

1.580

2018-19

0.408

Total outstanding balance

29.482

 

There is no default in repayment of principal and interest thereon.

 

Short-term Borrowings:

 

Above short term borrowings of Rs.11542.640 Million (Previous Year Rs.12645.476 Million) are secured by hypothecation of finished goods, raw-materials, work-in-progress, stores and spares, book debts and second pari-passu charge in respect of other movable and immovable properties of the Company and Rs.1051.747 Million (Previous Year Rs.951.813 Million) is secured by second pari-passu charge on current assets of the Company.

 

Statutory Auditors :

 

Name :

N.C. Aggarwal and Company

Chartered Accountants

Address :

New Delhi, India

 

 

Internal Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Direct Subsidiaries:

(As on: 31.03.2014)
  • Jindal ITF Limited
  • IUP Jindal Metal and Alloys Limited
  • S.V. Trading Limited
  • Jindal Fittings Limited
  • Quality Iron and Steel Limited
  • Ralael Holdings Limited
  • Jindal Saw Holdings FZE
  • Greenray Holdings Limited
  • Universal Tube Accessories Private Limited
  • Jindal Saw Espana SL

 

 

 

CAPITAL STRUCTURE

 

As on: 31.03.2015

 

Authorized Capital: Not Available

 

Issued, Subscribed & Paid-up Capital: Rs. 580.100 Million

 

As on 31.03.2014

 

Authorized Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

500,000,000

Equity Shares

Rs.2/- each

Rs.1000.000 Million

10,000,000

Redeemable Non-Convertible Cumulative

Rs.100/- each

Rs.1000.000 Million

 

Total

 

Rs. 2000.000 Million

 

Issued, Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

276,230,771

Equity Shares

Rs.2/- each

Rs. 552.462 Million

 

 

 

 

 

Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

276,226,771

Equity Shares

Rs.2/- each

Rs. 552.454 Million

4,000

Add : Forfeited Equity Shares

Rs.1/- each

Rs. 0.004 Million

 

Total

 

Rs. 552.458 Million

 

NOTE:

Reconciliation of the number of shares:

Equity Shares

 

Shares outstanding as at the beginning of the year

276.227

Shares outstanding as at the end of the year

276.227

 

Details of shareholders holding more than 5% shares in the company:

 

Name of Shareholders

No. of Shares

% of holding 31.03.2014

Nalwa Sons Investments Limited

53550000

19.39

Sigmatech Inc

30120000

10.90

Danta Enterprises Private Limited

23572150

8.53

Reliance Capital Trustee Company Limited A/c Reliance Growth Fund

15816387

5.73

Morgan Stanley Asia (Singapore) PTE

--

--

Total

123058537

44.55

 

Terms/Rights attached to Equity Shares. The Company has only one class of equity shares having a par value of ` 2/- per equity share. Each equity shareholder is entitled to one vote per share.

 

 

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

580.100

552.458

552.458

(b) Reserves & Surplus

41717.400

38266.746

36733.754

(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)

42297.500

38819.204

37286.212

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

20381.200

18851.839

14807.385

(b) Deferred tax liabilities (Net)

3632.800

2212.659

1747.659

(c) Other long term liabilities

294.100

294.205

0.525

(d) long-term provisions

525.800

324.181

313.330

Total Non-current Liabilities (3)

24833.900

21682.884

16868.899

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

24541.600

15194.692

17625.093

(b) Trade payables

5687.500

3945.829

4687.630

(c) Other current liabilities

9093.600

4970.722

4849.742

(d) Short-term provisions

387.300

356.912

384.384

Total Current Liabilities (4)

39710.000

24468.155

27546.849

 

 

 

 

TOTAL

106841.400

84970.243

81701.960

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

39031.600

35260.465

25478.32

(ii) Intangible Assets

0.000

154.055

83.994

(iii) Capital work-in-progress

0.000

2036.585

10112.046

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

9689.100

7731.615

7565.282

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

3047.200

2710.167

2289.126

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

51767.900

47892.887

45528.768

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

2730.000

150.000

700.000

(b) Inventories

21269.600

13867.230

14711.052

(c) Trade receivables

14994.400

13371.046

12385.701

(d) Cash and cash equivalents

1823.700

404.746

629.268

(e) Short-term loans and advances

14213.100

9252.286

7727.767

(f) Other current assets

42.700

32.048

19.404

Total Current Assets

55073.500

37077.356

36173.192

 

 

 

 

TOTAL

106841.400

84970.243

81701.960

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Revenue from Operations

66013.000

55095.873

56166.984

 

Other Income

1219.600

846.479

824.056

 

TOTAL (A)

67232.600

55942.352

56991.040

 

 

 

 

 

Less:

EXPENSES

 

 

 

 

Cost of Materials Consumed

38814.100

31360.353

35766.935

 

Purchases of Stock-in-Trade

0.000

44.788

213.793

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(2587.300)

2426.273

2308.049

 

Employees benefits expense

3738.000

3001.947

2522.608

 

Other expenses

17323.700

12072.444

9327.697

 

Exceptional Items

530.800

739.192

1142.420

 

TOTAL (B)

57819.300

49644.997

51281.502

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)    (C)

9413.300

6297.355

5709.538

 

 

 

 

 

Less:

FINANCIAL EXPENSES (D)

2819.100

2127.533

1500.779

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                (E)

6594.200

4169.822

4208.759

 

 

 

 

 

Less:

DEPRECIATION/ AMORTISATION (F)

2491.600

2261.936

1549.519

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)                (G)

4102.600

1907.886

2659.240

 

 

 

 

 

Less:

TAX (H)

1477.300

465.200

725.100

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-H)                  (I)

2625.300

1442.686

1934.140

 

 

 

 

 

 

PREVIOUS YEAR TAXATION ADJUSTMENTS

 

241.500

(5.300)

 

 

 

 

 

FOREIGN EXCHANGE TRANSLATION DIFFERENCE

 

(1.100)

(0.500)

 

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

 

1977.800

1687.900

 

 

 

 

 

APPROPRIATIONS

 

 

 

 

Transfer to General Reserve

 

1000.000

1000.000

 

Proposed dividend on Equity Shares

 

276.200

276.200

 

Corporate Tax on dividends

 

47.000

47.000

 

Debenture Redemption Reserve

 

315.200

315.200

 

Balance Carried to the B/S

NA

2022.500

1977.800

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

 

16529.975

31986.888

 

Interest

 

24.894

15.430

 

Carbon Credits

 

0.000

13.072

 

Others

 

58.191

85.604

 

TOTAL EARNINGS

NA

16613.060

32100.994

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

 

11814.206

20381.822

 

Components and Stores parts

 

750.754

690.110

 

Capital Goods

 

403.086

3019.894

 

TOTAL IMPORTS

NA

12968.046

24091.826

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

 9.50

6.1

6.98

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

NA

518.796

231.039

Cash generated from operations

NA

2611.706

5106.403

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

3.98

2.62

3.44

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

14.26

11.43

10.17

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

4.22

2.54

4.15

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.10

0.05

0.07

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.06

0.88

0.87

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.39

1.52

1.31

 

 

STOCK PRICES

 

Face Value

Rs. 2.00

Market Value

Rs. 59.90

 

 

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

552.458

552.458

580.100

Reserves & Surplus

36733.754

38266.746

41717.400

Net worth

37286.212

38819.204

42297.500

 

 

 

 

long-term borrowings

14807.385

18851.839

20381.200

Short term borrowings

17625.093

15194.692

24541.600

Total borrowings

32432.478

34046.531

44922.800

Debt/Equity ratio

0.870

0.877

1.062

 

 

 

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)

Revenue from Operations

56166.984

55095.873

66013.000

 

 

(1.907)

19.815

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Revenue from Operations

56166.984

55095.873

66013.000

Profit

1934.140

1442.686

2625.300

 

3.44%

2.62%

3.98%

 

 

 

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

No

8

Designation of contact person

No

9

Promoter’s 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)

No

16

No. of employees

No

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

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

UNSECURED LOAN:

 

PARTICULARS

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

Long-term Borrowings

 

 

External Commercial Borrowings from Banks

5530.283

Term Loans

 

 

Term Loans from Banks

 

504.617

Deferred Sales Tax Loans

 

275.927

Deposits from Public

 

156.358

Short-term borrowings

 

 

Short Term loan

 

1942.395

Buyers' credit

 

627.051

Loans and advances from related parties

From Jindal Intellicom Limited

 

30.000

Deposits from Public

 

0.859

Total

NA

9067.490

NOTE:

 

As on: 31.03.2014

 

Long-term Borrowings

 

Deferred Sales tax Loans amounting to Rs.32.764 Million (previous year Rs.65.529 Million) are guaranteed by one of the Directors.

 

Repayment schedule of Deferred Sales Tax Loans are set out below:

 

Year of Repayment

Rs. IN Million

2015-16

46.078

2016-17

15.649

2017-18

34.233

2018-19

47.424

2019-20

45.049

2020-21

42.046

2021-22

32.040

2022-23

13.408

Total outstanding balance

275.927

 

Deposits from public includes deposits from related parties Rs.26.447 Million (Previous Year Rs.27.937 Million).

 

Terms of repayment of Unsecured Term Loans –

 

i) External Commercial Borrowing of USD 73,018,334 (Rs.4388.387 Million) (Previous Year USD 73,018,334 - Rs.3971.416 Million) is repayable in three installments of USD 24,096,050 (Rs.1448.168 Million), USD 24,096,050 (Rs.14,48.168 Million) and USD 24,826,234 (Rs.14,92.051 Million) on June 30, 2015, June 30, 2016 and June 30, 2017, respectively. Rate of Interest is 6 months USD LIBOR plus 2.55% p.a.

 

ii) External Commercial Borrowings of USD 19,000,000 (Rs.11,41.896 Million) (Previous Year USD 19,000,000 - Rs.10,33.397 Million) is repayable in three installments of USD 57,00,000 (Rs.3,42.569 Million), USD 57,00,000 (Rs.3,42.569 Million) and USD 76,00,000 (Rs.4,56.758 Million) on Nov 27, 2015, Nov 27, 2016 and Nov 27, 2017, respectively. Rate of Interest is 6 months USD LIBOR plus 2.30% p.a.

 

iii) Term Loan of USD 8396,321.29 (Rs.504.617 Million) (Previous Year NIL) is repayable in nine quarterly installments of USD 1679,264.25 each (Rs.100.923 Million each) (including four installments of USD 16,79,264.25 each taken in current maturity) from May 10, 2014. The same is guaranteed by personal guarantee of a Promoter Director. Rate of Interest is 3 months USD LIBOR plus 6% p.a.

 

Deposits from public are repayable between one to three years.

There is no default in repayment of Principal loans and interest.

 

 

INDEX OF CHARGES:

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10561853

20/03/2015

1,000,000,000.00

THE SOUTH INDIAN BANK LIMITED

A-301, 3RD FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA

C50243989

2

10565553

13/03/2015

8,440,000,000.00

STATE BANK OF PATIALA

2ND FLOOR, CHANDRALOK BUILDING, 36, JANPATH, NEW 
DELHI, DELHI - 110001, INDIA

C51713709

3

10482837

24/02/2014

47,000,000,000.00

STATE BANK OF PATIALA

COMMERCIAL BRANCH, CHANDRALOK BULIDING, 36, JANPATH, NEW DELHI, Delhi - 110001, INDIA

B98591951

4

10464618

15/05/2014 *

1,000,000,000.00

STATE BANK OF MYSORE

INDUSTRIAL FINANCE BRANCH, 15/17, SHAHEED BHAGAT MARG, NEAR GOLE MARKET, NEW DELHI, DELHI - 110001, INDIA

C05425624

5

10467360

15/05/2014 *

4,000,000,000.00

STATE BANK OF INDIA

CORPORATE ACCOUNTS GROUP BRANCH, JAWAHAR VYAPAR, BHAWAN, 11TH AND12TH FLOOR, TOLSTOY MARG, NEW DELHI, 
DELHI - 110001, INDIA

C04337663

6

10414412

21/03/2013

1,000,000,000.00

DEUTSCHE BANK

4TH FLOOR, DLF SQUARE, JACARANDA MARG, DLF PHASE II, GURGAON, HARYANA - 122002, INDIA

B71674378

7

10411946

19/03/2013 *

3,000,000,000.00

AXIS TRUSTEE SERVICES LIMITED

AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING MILLS COMPOUND, 
, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA

B70931746

8

10397818

03/06/2013 *

1,000,000,000.00

AXIS TRUSTEE SERVICES LIMITED

AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING MILLS COMPOUND, 
, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA

B77248375

9

10375391

14/09/2012

2,370,000,000.00

ICICI BANK LIMITED

LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA

B57641730

10

10360631

23/05/2012

500,000,000.00

KARNATAKA BANK LIMITED

K - BLOCK, OVERSEAS BRANCH, CONNAUGHT PLACE, NEW 
DELHI, DELHI - 110001, INDIA

 

 

CONTINGENT LIABILITIES:

 

(Rs. in million)

PARTICULARS

31.03.2015

31.03.2014

Guarantees issued by the Company's bankers on behalf

of the Company

7834.856

Letter of Credit Outstanding

 

5114.253

Claims against the company not acknowledged as debt

 

8.122

Corporate guarantees/ undertaking issued to lenders

of subsidiary companies

NA

13844.559

Disputed Excise duty, Custom Duty and service tax

 

21.268

Income tax demands against which company has preferred appeals

 

253.468

Disputed Sales Tax

 

58.541

Liability in respect of Corporate Guarantee/Duty Saved

for availing various export based incentive schemes

 

491.503

 

 

FIXED ASSETS:

 

v  Tangible Assets

 

·         Free Hold Land

·         Lease Hold Land

·         Building

·         Plant and Equipment

·         Furniture and Fixtures

·         Mine Development

·         Vehicles

·         Office Equipment

 

v  Intangible Assets

 

·         Computer Software

·         Mining Properties (Stripping Cost)

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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 records 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. 63.60

UK Pound

1

 Rs.100.09

Euro

1

Rs. 71.23

 

 

INFORMATION DETAILS

 

Information Gathered by :

SUP

 

 

Analysis Done by :

TRI

 

 

Report Prepared by :

THR

 

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

8

OPERATING SCALE

1~10

8

FINANCIAL CONDITION

 

0

--BUSINESS SCALE

1~10

8

--PROFITABILITY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--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

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

67

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.