MIRA INFORM REPORT

 

 

Report No. :

345612

Report Date :

19.10.2015

 

IDENTIFICATION DETAILS

 

Name :

JYOTI STRUCTURES LIMITED

 

 

Registered Office :

Valecha Chambers, 6th Floor, New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra

Tel No:

91-22-40915000

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

27.05.1974

 

 

Com. Reg. No.:

11-017494

 

 

Capital Investment / Paid-up Capital :

Rs. 469.055 Million

 

 

CIN No.:

[Company Identification No.]

L45200MH1974PLC017494

 

 

IEC No.:

389003484

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMJ09132E

NSKJ00041G

 

 

PAN No.:

[Permanent Account No.]

AAACJ2499R

 

 

Legal Form :

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

 

 

Line of Business :

Subject is engaged in manufacture of transmission line towers and undertakes engineering procurement construction contracts in the power transmission, distribution and substation sectors, also offers end-to-end services from design and construction to commissioning of extra high voltage power transmission lines.

 

 

No. of Employees :

1379 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (18)

 

RATING

STATUS

PROPOSED CREDIT LINE

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

Limited with full security

 

Status :

Moderate

 

 

Payment Behavior :

Slow and delayed

 

 

Litigation :

Exist

 

 

Comments :

Subject is an established company incorporated in the year 1974 having moderate track.

 

Turnover of the company has declined which has further resulted into heavy loss incurred by the company during FY 2015.

 

The rating is further constrained by huge increase in the borrowings of the company during FY 2015 and delays by the company in servicing its debt.

 

However, business is active. Payments are reported to be slow and delayed.

 

The company can be considered for business dealings on 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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long term bank facilities: “C” (Suspended)

Rating Explanation

Poor credit quality and limited prospects of recovery.

Date

September 19, 2014

 

 

Rating Agency Name

CARE

Rating

Short term bank facilities: “A4” (Suspended)

Rating Explanation

Minimal degree of safety and carry very credit risk.

Date

September 19, 2014

 

Reason for Suspension: Company not furnished the information required to carry out rating

 

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 31-03-2015.

 

 

 

 

 

INFORMATION PARTED BY

 

Name :

Mrs. Snehal Maske

Designation :

Account Executive

Contact No.:

91-22-4915000

Date :

15.10.2015

 

 

LOCATIONS

 

Registered Office :

Valecha Chambers, 6th Floor, New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra, India

Tel. No.:

91-22-40915000

Fax No.:

91-22-40915014/ 15

E-Mail :

investor@jsl.in

contact@jsl.co.in

Website :

www.jsl.in

Location :

Owned

 

 

Corporate Office :

Valecha Chambers, 5th Floor, Plot No B-6, CTS – 612, New Link Road, Oshiwara, Andheri (West), Mumbai – 400053, Maharashtra, India

Tel. No.:

91-22-6312510/6/7

Fax No.:

91-22-6310379

 

 

Factory (Plant-1) :

52A/53A, “D” Road, M.I.D.C., Satpur, Nasik – 422007, Maharashtra, India

Tel. No.:

91-253-2201700/ 800

Fax No.:

91-253-2351134

 

 

Factory (Plant-2) :

E-60/61, “D”, Road, M.I.D.C., Satpur, Nasik – 422007, Maharashtra, India

Tel. No.:

91-253-6603225/ 227

Fax No.:

91-253-6603226

 

 

Factory (Plant-3) :

1037/1056, Sarora Ring Road, Urla Industrial Complex, Raipur – 493221, Chhattisgarh, India

Tel. No.:

91-771-4213100/ 101

Fax No.:

91-771-2324767/ 2325567

 

 

Tower Testing Station R & D Centre :

Igatpuri, Village-Deola, Bhandardara Road, Ghoti,  Nasik – 400402, Maharashtra, India

Tel. No.:

91-255-3282211

Fax No.:

91-255-3828212

 

 

Training Station :

“Gurukul”, Plot No. H-37, Shivaji Nagar, M.I.D.C., Satpur, Nasik – 422007, Maharashtra, India

Tel. No.:

91-253-2350099

 

DIRECTORS

 

AS ON 31.03.2015

 

Name :

Mr. Sadashiv Dattatray Kshirsagar

Designation :

Chairman

Address:

15, Joothica,Makarand Society, Veer Savarkar, Marg, Mahim, Mumbai - 400016, Maharashtra, India

Date of Birth/Age :

04.05.1937

Qualification :

P.G.D.I.A., (UK), M.A. (Economics)

Date of Appointment :

22.09.2014

DIN No.:

00001266

 

 

Name :

Mr. Prakash Kanayalal Thakur

Designation :

Director

Address:

Brighton Bungalow, No. 11, Lokhandwala Complex, Andheri (West), 53 M.S., Mumbai - 400053, Maharashtra, India

Date of Appointment :

01.04.2014

DIN No.:

01421897

 

 

Name :

Mr. Kanyo Ratanlal Thakur

Designation :

Whole-time Director

Address:

11, Brighton Bunglow, Lokhandwala Complex,, Versova, Andheri (West), Mumbai - 400053, Maharashtra, India

Date of Birth/Age :

13.11.1942

Qualification :

B.E. (Mech.)

Date of Appointment :

30.05.2015

DIN No.:

00001270

 

 

Name :

Mr. Vijay Mohan Kaul

Designation :

Director

Address:

485, Mandakni Enclave, New Delhi - 110019, India

Date of Birth/Age :

18.03.1952

Qualification :

Bachelor of Mechanical Engg., MBA (IGNOU)

Date of Appointment :

22.09.2014

DIN No.:

00015245

 

 

Name :

Mr. Sanjay H. Mirchandani

Designation :

Director

Address:

107, Sigma House, Senapati Bapat Road, Behind Domino's Pizza, Pune, 411016, Maharashtra, India

Date of Appointment :

29.05.1991

DIN No.:

00531110

 

 

Name :

Mr. Kalpesh Kikani

Designation :

Director

Address:

B - 502, 5th Floor, Gulmohar Apartments, Amboli, Ceasor Road, Andheri (West), Mumbai - 400058, Maharashtra, India

Date of Appointment :

22.09.2014

DIN No.:

03534772

 

 

Name :

Mrs. Jyotsna Madhu Jamkhandi

Designation :

Director

Address:

7 Corner View "B" 104/125, Nagar Road, Yerwada, Pune - 411006, Maharashtra, India

Date of Appointment :

26.09.2015

DIN No.:

07091274

 

 

Name :

Mr. Ramesh Chandra Rawal

Designation :

Director

Address:

C 404 Vertex Pleasant, Nizampet Road, Hyderabad - 500072, Andhra Pradesh, India

Date of Appointment :

22.09.2014

DIN No.:

02932427

 

 

KEY EXECUTIVES

 

Name :

Mr. Lachhman Hashoomal Khilnani

Designation :

Company Secretary

Address:

15/22, Triveni, New Link Road,, Andheri (West), Mumbai - 400102, Maharashtra, India

Date of Appointment :

01.04.2003

PAN No :

ALGPK1388Q

 

 

SHAREHOLDING PATTERN

 

AS ON 30.06.2015

 

Category of Shareholder

Total No. of Shares

% of Total No. of Shares

 

 

 

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

Individuals / Hindu Undivided Family

14710926

13.43

Bodies Corporate

11351085

10.36

Sub Total

26062011

23.79

(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

26062011

23.79

(B) Public Shareholding

 

 

(1) Institutions

 

 

Mutual Funds / UTI

25194490

23.00

Financial Institutions / Banks

2513186

2.29

Foreign Institutional Investors

443889

0.41

Sub Total

28151565

25.70

(2) Non-Institutions

 

 

Bodies Corporate

9925960

9.06

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs. 0.100 Million

30690643

28.02

Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million

6984964

6.38

Any Others (Specify)

7712567

7.04

Clearing Members

436474

0.40

Non Resident Indians

7274593

6.64

Trusts

1500

0.00

Sub Total

55314134

50.50

Total Public shareholding (B)

83465699

76.21

Total (A)+(B)

109527710

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

(1) Promoter and Promoter Group

0

0.00

(2) Public

0

0.00

Sub Total

0

0.00

Total (A)+(B)+(C)

109527710

0.00

 

 

 

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in manufacture of transmission line towers and undertakes engineering procurement construction contracts in the power transmission, distribution and substation sectors, also offers end-to-end services from design and construction to commissioning of extra high voltage power transmission lines.

 

 

Products :

·         Transmission Line and Towers

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Finished Goods

Countries :

·         Uganda

·         Kenya

·         Nigeria

·         Bangladesh 

·         Ethiopia

·         Australia

·         Sri Lanka

 

 

Imports :

 

Products :

Raw Material

Countries :

·         China

·         Taiwan

·         United States of America

·         Korea

·         Malaysia

·         Belgium

·         Russia

·         US

 

 

Terms :

 

Selling :

Cash, L/C and Credit

 

 

Purchasing :

Cash, L/C and Credit

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

 

 

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Power Grid Company of Bangladesh Limited

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

 

Customers :

Reference :

ABB, Germany

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

·         Hydro Quebec, Canada

·         National Grid, UK

 

 

No. of Employees :

1379  (Approximately)

 

 

Bankers :

Banker Name

State Bank of India

Branch Address

Ballard Estate, Fort, Mumbai, Maharashtra, India 

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

·         Bank of India

·         Bank of Maharashtra

·         Canara Bank

·         Central Bank of India

·         Corporation Bank

·         DBS Bank

·         Dena Bank

·         EXIM Bank

·         ICICI Bank

·         IDBI Bank

·         Indian Bank

·         IndusInd Bank

·         South Indian Bank

·         Standard Chartered Bank

·         State Bank of Hyderabad

·         Syndicate Bank

·         UCO Bank

·         Union Bank of India

·         Vijaya Bank

·         Allahabad Bank

 

 

Facilities :

Secured Loan

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

Long-term Borrowings

 

 

Non-Convertible Debenture

395.400

497.400

From Bank

12516.191

300.071

From Other

43.152

45.771

 

 

 

Short-term borrowings

 

 

Loans repayable on Demand from banks

8762.012

8935.358

Total

21716.755

9778.600

 

 

Note: NATURE OF SECURITIES FOR SECURED LOAN

 

LONG TERM BORROWINGS:

DEBENTURE

 

·         Rs.497.400 Million Secured by Mortgage over identified immovable property of the subsidiary company; Subservient charge on all moveable and immoveable properties of the company;

 

TERM LOAN FROM BANK

 

Rs. Nil in C.Y. (P.Y. Rs. 43.239 Million ) Secured by i) first pari passu charge on company’s immovable properties situated at M.I.D.C., Satpur Industrial Area, Nasik (Maharashtra), Raipur (Chhattisgarh) and Ghoti, Dist. Nasik (Maharashtra), Malvan, Dist. Sindhudurgh (Maharashtra), Flats and office premises situated at Andheri (West), Mumbai. ii) second charge on current assets of the company and iii) exclusive charge on specific machinery and equipments;

 

Rs. 450.793 Million (P.Y. Rs. 647.574 Million) Secured by i) first pari passu charge by hypothecation of moveable assets of the company and first pari passu charge on company’s immovable properties situated at M.I.D.C., Satpur Industrial Area, Nasik (Maharashtra), Raipur (Chhattisgarh) and Ghoti, Dist. Nasik (Maharashtra), Malvan, Dist. Sindhudurgh (Maharashtra), Flats and office premises situated at Andheri (West), Mumbai. ii) second charge on current assets of the company and iii) exclusive charge on specific machinery and equipments;

 

Rs. 14277.297 Million (P.Y. Rs. Nil) Primary Security: Secured by first charge on all present and future current assets, monies receivable and claims. Secondary Security: Secured by second charge on all fixed assets of the company, present and future.

 

Rs. 120.710 Million (P.Y. Rs. Nil) Primary Security: Secured by first charge on all present and future current assets, monies receivable and claims. Secondary Security: Secured by second charge on all fixed assets of the company, present and future

 

Rs. 2.321 Million Secured by hypothecation on specific Plant and Machinery

 

Rs.14.300 Million Primary Security: Secured by specific first charge on specific Plant and Machinery. Secondary Security: Secured by second charge on all fixed assets of the company present and future.

 

Rs. 1096.000 Million (I) Primary Security: Secured by first charge on all present and future current assets, monies receivable and claims. (II) Secondary Security: Secured by second charge on all fixed assets of the company, present and future.

 

Rs. 59.328 Million Secured by hypothecation on specific Plant and Machinery. i) Rs. 130.000 Million Primary Security: Secured by specific first charge on specific Plant & Machinery. Secondary Security: Secured by second charge on all fixed assets of the company present and future.

 

Rs. 108.000 Million Primary Security: Secured by first charge on all present and future current assets, monies receivable and claims. Secondary Security: Secured by second charge on all fixed assets of the company, present and future.

 

Rs. 41.493 Million Secured by hypothecation of vehicles

 

The Company has defaulted in repayment of loans and interest in respect of the following :-

 

 

Particulars

Period of Default

Principle Rs. in Million

Interest Rs. in Million

Non-Convertible Debenture

i)Payment made on Various dates from 6th November 2014 to 6th April 2015

ii) Various dates from 3rd October 2014 to 31st March 2015

---

 

 

 

 

---

16.400

 

 

 

 

16.973

Term Loan - ECB Loan

i) Various dates from 22nd September 2014 to 31st March 2015

150.264

5.723

 

SHORT TERM BORROWINGS:

 

SECURED LOAN FROM BANK

 

Rs. 8762.012 Million Primary Security: Secured by first charge on all present and future current assets, monies receivable and claims. Secondary Security: Secured by second charge on all fixed assets of the company, present and future.

 

 

 

Financial Institution

·         SBICAP Trustee Company Limited, 202, Maker Tower 'E', Cuffe Parade, Mumbai - 400005, Maharashtra, India

·         IDBI Trusteeship Services Limited, Asian Building 17, R Kamani Marg Ballard Estate, Mumbai - 400001, Maharashtra, India

 

 

Auditors :

 

Name :

R. M. Ajgaonkar and Associates

Chartered Accountants

 

 

Legal Advisors :

Bharucha and Partner

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Joint Venture :

·         Gulf Jyoti International lLLC

·         Lauren Jyoti Private Limited

 

·          

Subsidiaries :

·         Jyoti Energy Limited

·         JSL Corporate Services Limited        

·         Jyoti Structures Africa (Pty) Limited

·         Jyoti International Inc.

·         Jyoti Americas LLC

·         Jyoti Structures Canada Limited

·         Jyoti Structures FZE

·         Jyoti Structures Namibia (Pty) Limited

·         Jyoti Structures Nigeria Limited

·         Jyoti Structures Kenya Limited

·         Jyoti Structures Namibia (Pty) Limited

·         Gulf Jyoti International LLC

·         GJIL Tunisie Sarl

 

 

 

CAPITAL STRUCTURE

 

AS ON: 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

175000000

Equity Shares

Rs.2/- each

Rs. 350.000 Million

5000000

Redeemable Preference Shares

Rs.100/- each

Rs. 500.000 Million

 

Total

 

Rs. 850.000 Million

 

Issued Capital :

No. of Shares

Type

Value

Amount

109542970

Equity Shares

Rs.2/- each

Rs. 219.086 Million

2500000

Redeemable Preference Shares

Rs.100/- each

Rs. 250.000 Million

 

Total

 

Rs. 469.086 Million

 

Subscribed and Paid-up Capital :

No. of Shares

Type

Value

Amount

109527710

Equity Shares

Rs.2/- each

Rs. 219.055 Million

2500000

Redeemable Preference Shares

Rs.100/- each

Rs. 250.000 Million

 

Total

 

Rs. 469.055 Million

 

Reconciliation of the shares outstanding at the beginning and at the end of the reporting period Equity Shares

 

Particulars

Number of Shares

Rs. In Million

At the beginning of the period

82273822

164.548

Issued during the period - ESOS

61750

0.123

Issued during the period - QIP / Preferential Issue

27192138

54.384

Outstanding at the end of the period

109527710

219.055

 

Reconciliation of the shares outstanding at the beginning and at the end of the reporting period Equity Shares

 

Particulars

Number of Shares

Rs. In Million

At the beginning of the period

2500000

250.000

Issued during the period

--

--

Outstanding at the end of the period

2500000

250.000

 

Names of Equity shareholders holding more than 5 % shares

 

Particulars

Number of Shares

Percentage

Valecha Infrastructure Limited

5431400

4.96%

Prakash K Thakur

4942488

4.51%

IDFC Sterling Equity Fund

7675914

7.01%

 

Names of preference shareholders holding more than 5 % shares

 

Particulars

Number of Shares

Percentage

Amtek India Limited

400000

16.00%

Amtek Auto Limited

450000

18.00%

Aarken Advisors Private Limited

450000

18.00%

Aryahi Buildwell Private Limited

475000

19.00%

Vishwas Marketing Services Private Limited

350000

14.00%

Mukund Motorparts Private Limited

375000

15.00%

 

Shares reserved for issue under options Employee Stock Options Scheme (ESOS)

 

Particulars

Number of Shares

Under ESOS 2005, eligible employees on grant of options and on vesting shall be entitled to apply for five equity shares of Rs. 2/- each at an exercise price of Rs. 17/- per equity share for each option

519750

Under ESOS 2011, eligible employees on grant of an option and on vesting shall be entitled to apply for a equity share of Rs. 2/- each at an exercise price of Rs. 25/- per equity share for each option.

2500000

 

The Company has equity shares having a par value of Rs.  2/- each. Each shareholder is eligible for one vote per share held. In the event of liquidation, the shareholders are eligible to receive remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

 

The Company has Preference shares having a par value of Rs.100/- each. The Share carries dividend @1%. In the event of liquidation, the shareholders will have preference in repayment over equity shareholders

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2015

31.03.2014

31.03.2013

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

469.055

414.548

414.520

(b) Reserves & Surplus

5778.998

7371.249

7045.356

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.082

0.300

0.092

Total Shareholders’ Funds (1) + (2)

6248.135

7786.097

7459.968

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

13013.942

1529.217

1710.758

(b) Deferred tax liabilities (Net)

1.293

1.332

109.165

(c) Other long term liabilities

1954.363

1594.968

1325.755

(d) long-term provisions

93.662

83.698

68.018

Total Non-current Liabilities (3)

15063.260

3209.215

3213.696

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

8762.012

8935.358

6174.847

(b) Trade payables

12892.341

16897.774

6683.281

(c) Other current liabilities

8158.140

4955.066

4374.007

(d) Short-term provisions

178.270

275.855

237.452

Total Current Liabilities (4)

29990.763

31064.053

17469.587

 

 

 

 

TOTAL

51302.158

42059.365

28143.251

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

1498.332

1759.271

1834.557

(ii) Intangible Assets

105.418

130.859

121.559

(iii) Capital work-in-progress

1.468

0.160

10.752

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

865.481

865.567

865.545

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

66.165

71.552

69.890

(e) Other Non-current assets

1316.097

452.414

420.940

Total Non-Current Assets

3852.961

3279.823

3323.243

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

2892.919

4562.170

2232.496

(c) Trade receivables

34885.409

27101.907

18039.916

(d) Cash and cash equivalents

700.728

822.367

329.907

(e) Short-term loans and advances

7677.892

5429.113

4217.520

(f) Other current assets

1292.249

863.985

0.169

Total Current Assets

47449.197

38779.542

24820.008

 

 

 

 

TOTAL

51302.158

42059.365

28143.251

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

27817.285

33257.575

28018.689

 

Other Income

717.634

441.724

129.463

 

TOTAL

28534.919

33699.299

28148.152

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

17490.322

23900.135

17248.027

 

Purchases of Stock-in-Trade

4693.278

5169.903

4460.336

 

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

1296.228

(2323.641)

56.584

 

Employees benefits expense

952.033

882.880

849.270

 

Other expenses

2756.776

3074.211

2615.864

 

TOTAL

27188.637

30703.488

25230.081

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

1346.282

2995.811

2918.071

 

 

 

 

 

Less

FINANCIAL EXPENSES

3698.959

2203.107

1687.293

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

(2352.677)

792.704

1230.778

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

343.993

269.629

251.501

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(2696.670)

523.075

979.277

 

 

 

 

 

Less

TAX

3.177

199.830

330.953

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

(2699.847)

323.245

648.324

 

 

 

 

 

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

3901.893

3699.177

3234.243

 

 

 

 

 

less

additional depreciation as per rules

-43.147

0.000

0.000

 

 

 

 

 

Add

(Excess)/short provision of taxes for earlier year

5.360

0.000

0.000

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Dividend - equity shares

0.000

0.000

65.808

 

Tax on Dividend

0.000

0.000

10.696

 

Dividend - Preference Shares

3.009

2.925

0.123

 

Transfer to General Reserve

0.000

35.000

65.000

 

Dividend and Dividend Distribution Tax for an earlier year

0.000

0.004

0.013

 

Transfer to Debenture Redemption Reserve

0.000

82.600

41.750

 

Total

3.009

120.529

183.390

 

 

 

 

 

 

Balance Carried to the B/S

1161.250

3901.893

3699.177

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

At FOB Value

7594.840

10082.152

5879.225

 

At Invoice Value (Designing and testing charges)

136.172

216.209

183.650

 

Rent of Equipments

53.467

50.121

40.409

 

TOTAL EARNINGS

7784.479

10348.482

6103.284

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials and Components

1241.972

5746.844

3998.478

 

Spares and Others

0.000

0.459

0.156

 

Capital Goods

0.000

1.143

13.462

 

TOTAL IMPORTS

1241.972

5748.446

4012.096

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(28.29)

3.89

7.88

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

5607.672

1880.303

1875.591

Cash generated from operations

(10870.903)

912.913

1148.480

Net Cash (used in) / from Operating Activities

(10981.972)

593.272

508.357

 

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT/Sales)

(%)

(9.71)

0.97

2.31

 

 

 

 

 

Operating Profit Margin

(PBDIT / Sales)

(%)

4.84

9.01

10.41

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(5.35)

1.27

3.59

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.43)

0.07

0.13

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

3.49

1.34

1.06

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.58

1.25

1.42

 

QUARTERLY RESULTS

 

PARTICULARS

 

 

 

30.06.2015

Unaudited

 

 

1st  Quarter

Net Sales

 

 

6005.800

Total Expenditure

 

 

5936.000

PBIDT (Excl OI)

 

 

69.800

Other Income

 

 

66.800

Operating Profit

 

 

136.600

Interest

 

 

1577.800

Exceptional Items

 

 

NA

PBDT

 

 

(1441.200)

Depreciation

 

 

78.100

Profit Before Tax

 

 

(1519.300)

Tax

 

 

0.400

Provisions and contingencies

 

 

NA

Profit After Tax

 

 

(1519.700)

 

 

STOCK PRICES

 

Face Value

Rs. 2.00/-

High

Rs. 18.44/-

 

 

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

414.520

414.548

469.055

Reserves & Surplus

7045.356

7371.249

5778.998

 Share Application money pending allotment

0.092

0.300

0.082

Net worth

7459.968

7786.097

6248.135

 

 

 

 

long-term borrowings

1710.758

1529.217

13013.942

Short term borrowings

6174.847

8935.358

8762.012

Current maturities of long-term debts

1875.591

1880.303

5607.672

Total borrowings

9761.196

12344.878

27383.626

Debt/Equity ratio

1.308

1.586

4.383

 

 

 

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

28018.689

33257.575

27817.285

 

 

18.698

(16.358)

 

 

 

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

28018.689

33257.575

27817.285

Profit

648.324

323.245

(2699.847)

 

2.31%

0.97%

(9.71%)

 

 

 

 

 

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

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)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

Yes

19

Major customers

Yes

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%

Yes

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

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

 

 

 

 

 

 

 

 

 

LITIGATION DETAILS

 

LITIGATION DETAILS

Bench:- Bombay

Lodging No. :

CPL/734/2015

Failing Date:-

27.07.2015

Reg. No.:-

CP/1103/2015

Reg. Date:-

03.10.2015

 

Petitioner:-

PANLLOYD LOGISTICS PRIVATE LIMITED

Respondent:-

JYOTI STRUCTURES LIMITED CIN NO: L45200MH1974PLC017494

Petn.Adv:-

HARSHAD M INAMDAR (I249)

 

District:-

MUMBAI

 

Bench:-

SINGLE

Category:-

COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT

Status:-

Pre-Admission

Stage:-

FOR ACCEPTANCE

Last Date:-

20.10.2015

 

Last Coram:-

COMPANY REGISTRAR

 

 

Act. :

Companies Act & Rules 1956

Under Section :

433 (E)

 

 

PERFORMANCE HIGHLIGHTS

 

During the year 2014-15, overall business environment was challenging. The Company faced significant lag in sanction of assessed working capital facilities resulting in stress in cash flow, delay in project execution and realization leading to enlargement of debtors.

 

The Company reported a decline in the top-line by 17% over the previous year. At standalone level, the gross revenue from operations stood at Rs. 27979.000 Million, as compared to Rs. 33826.800 Million in the previous year. The operating loss before tax stood at Rs. 2696.700 Million, as compared to operating profit before tax of Rs. 523.100 Million in the previous year. The net loss for the year stood at Rs. 2699.800 Million, as compared to net profit of Rs. 323.2 Million in the previous year.

 

MANAGEMENT’S DISCUSSION AND ANALYSIS

 

INDUSTRY OVERVIEW

 

India is experiencing strong economic and population growth, rising living standards with declining inflation trend which account for rising electricity demand. India is at an evolving stage in its growth story.

 

Following the decisive outcome of the last national election, policy reforms are regaining momentum. Government’s ‘Make in India’ programme to facilitate investment to build manufacturing infrastructure coupled with lower oil prices will boost growth prospects. The program signifies an attitudinal shift in how India relates to investors: not as a permit-issuing authority, but as a true business partner.

 

Over 2014-2035, globally cumulative investment of $16.4 trillion is needed across the power sector with an annual average of $740 billion per year. About 58% of power sector investment is allocated to the construction of new power plants and refurbishment of existing ones; the remainder is used to build and refurbish transmission & distribution (T&D) networks. In the New Policies Scenario, India’s power sector investment requirements total $1.6 trillion (fourth-largest in the world) over 2014-2035, with 60% needed for new power plants and 40% for expanding T&D networks. [World Energy Investment Outlook]

 

India’s Power Transmission networks constitute the vital arteries of the entire power value chain. It goes without saying that the growth of power sector is contingent to development of a healthy transmission network.

 

With over 280,000 circuit kilometers, India’s transmission network is one of the largest and most complex in the world.

 

Ministry of Power recognizes that power evacuation is turning out to be a bigger challenge than the power generation. With this, transmission projects continue to be accorded a high priority in the context of the need to evacuate power from generating stations to load centres, system strengthening and augmentation of National Grid.

 

Meeting future investment needs will require calling upon the financial resources of both the government and private investors, domestic and foreign. Foreign direct investment (FDI) to India’s power sector had previously been capped, but reform in the recent past permit FDI in power sector under the automatic route.

 

UNSECURED LOAN

 

PARTICULARS

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

LONG TERM BORROWINGS

 

 

Others

 

0.000

Deferred Payment Liabilities

23.239

29.770

Deposits

35.960

656.205

Total

59.199

685.975

 

 

CONTINGENT LIABILITIES:

 

Contingent Liabilities not provided for:

 

PARTICULARS

31.03.2015

(Rs. In Million)

Outstanding of Bills Discounted

13045.574

Disputed Liabilities in respect of Income Tax, Sales Tax, Central Excise and Service Tax (under appeal)

565.559

Civil Suits

11.851

Corporate Guarantees

8630.889

 

The gross block of fixed asset includes Rs. 8.362 Million on account of revaluation of fixed assets carried out by the Company in the year 1993-94. Consequent to the said revaluation, there is an additional charge of Rs. 0.242 Million on account of depreciation and an equivalent amount has been withdrawn from the revaluation reserve and credited to Statement of Profit and Loss. This has no impact on the loss for the year.

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10552251

02/03/2015 *

72,894,500,000.00

SBICAP TRUSTEE COMPANY LIMITED

202, MAKER TOWER 'E', CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA

C45411840

2

10572669

19/11/2014

5,496,708,039.00

NATIONAL BANK OF KUWAIT S.A.K.P

P. O. BOX 95 SAFAT, 13001 KUWAIT, ABDULLAH AL AHM 
AD STREET, SHARQ, STATE OF KUWAIT, SHARQ, - 13001, KUWAIT

C55304927

3

10512700

28/04/2014

500,000,000.00

DENA BANK

DENA CORPORATE CENTRE, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI  - 400051, MAHARASHTRA, INDIA

C14912158

4

10483238

10/02/2014

590,000,000.00

THE SOUTH INDIAN BANK LIMITED

CHENNAI INDUSTRIAL FINANCE BRANCH, 110 RAHEJA TOW 
ERS ANNA SALAI, CHENNAI- 600002, TAMIL NADU, INDIA

B98765779

5

10481191

29/01/2014

1,000,000,000.00

ALLAHABAD BANK

INDUSTRIAL FINANCE BRANCH, 2ND FLOOR, ALLAHABAD BANK BUILDING, 37 MUMBAI SAMACHAR MARG, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA

B97888432

6

10477483

18/01/2014

270,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BUILDING 17, R KAMANI MARG BALLARD ESTATE, 
MUMBAI  - 400001, MAHARASHTRA, INDIA

B96225495

7

10462700

28/10/2013

227,400,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG, B 
ALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA

B90042631

8

10459005

19/09/2013

150,000,000.00

TATA CAPITAL FINANCIAL SERVICES LIMITED

ONE FORBES, DR. V. B. GANDHI MARG, FORT, MUMBAI  - 400001, 
MAHARASHTRA, INDIA

B89072722

9

10435321

20/06/2013

100,000,000.00

MAHINDRA AND MAHINDRA FINANCIAL SERVICES LIMITED

GATEWAY BUILDING, APOLLO BUNDER, MUMBAI - 400001, MAHARASHTRA, INDIA

B78958071

10

10426429

23/03/2013

14,786,022.00

RELIANCE CAPITAL LTD

"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI - 400710, MAHARASHTRA, INDIA

B75378513

 

* Date of charge modification

 

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2015

 

(Rs. in Million)

Particulars

Quarter ended 30.06.2015

(Unaudited)

Income from Operations

 

(a) Net sates/income from operations (Net of excise duty)

5999.100

(b) Other Operating Income

6.700

Total income from operations (net)

6005.800

Expenses

 

(a) Cost of materials consumed

3927.700

(b) Purchases of stock-in trade

0.000

© erection and sub-contracting expenses

814.500

(c) Changes in inventories of finished goods. work-in-progress and stock in trade

505.900

(d) Employee benefits expense

245.500

(e) Depreciation and Amortization Expenses

78.100

(f) Other Expenses

442.400

(g) Power and Fuel

0.000

(h) Value of Wind Power

0.000

Total expenses

6014.100

Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2)

(8.300)

Other Income

66.800

Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4)

58.500

Finance Costs

1577.800

Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6)

(1519.300)

Exceptional items

0.000

Profit/ (Loss) from ordinary activities before tax (7+8)

(1519.300)

Tax expenses

0.400

Net Profit / (Loss) from ordinary activities after tax (9-10)

(1519.700)

Extraordinary item (net of tax expense)

0.000

Net Profit / (Loss) for the period (11-12)

(1519.700)

Share of profit' (loss) of associates

 

Minority Interest

 

Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss) of associates (13+14+15)

 

Paid up equity share capital (Face Value of Rs 10/-each)

219.100

Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year

 

Earnings per share (before extraordinary items) of Rs.10/- each (not annualized):

 

(a) Basic

(13.88)

(b) Diluted

(13.88)

 

 

PARTICULARS OF SHAREHOLDING

 

A. Public Shareholding

 

- Number of shares

83465699

- Percentage of shareholding

76.21

Promoters and Promoter group shareholding

 

a) Pledged / Encumbered

 

- Number of shares

18450503

- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)

70.79

- Percentage of shares (as a % of the total Share Capital of the Company)

16.85

b) Non Encumbered

 

- Number of shares

7611508

- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)

29.21

- Percentage of shares (as a % of the total Share Capital of the Company)

6.94

 

 

Particulars

Quarter Ended 30.06.2015

 

B - INVESTOR COMPLAINTS

 

 

Pending at the beginning of the quarter

-

 

Received during the quarter

5

 

Disposed of during the quarter

5

 

Remaining unresolved at the end of the quarter

-

 

Notes:

 

1.       The above results as reviewed and recommended by the Audit Committee, have been approved by the Board of Directors at its meeting held on 30th August 2015.

 

2.       The Company is in the business of execution of projects related to power transmission and as such there are no reportable primary business segments.

 

3.       The Statutory Auditors of the Company have carried out the "Limited Review" of the above results.

 

4.       Tax Expense Includes provision for Current Tax and Deferred Tax.

 

5.       Cost of material consumed includes Bought-out materials purchased for supplies to customer under the contracts.

 

      6.  The company does not have any exceptional or extra-ordinary item report for the above periods. 

 

7. The figure of previous periods have been re-grouped /re-arrangements/re-casted, wherever necessary.

WEBSITE DETAILS

 

PRESS RELEASE

 

LENDERS TO TAKE CONTROL OF JYOTI STRUCTURES AS DEBT RESTRUCTURING FAILS

 

August 20, 2015

 

Jyoti Structures, a manufacturer of power transmission lines and towers, said that its lenders have decided to opt for strategic debt restructuring

 

Under RBI’s SDR norms, issued in June, lenders can take control of the management of any company that has failed the debt restructuring process and then sell it to an eligible buyer.

 

Mumbai: Jyoti Structures Limited, a manufacturer of power transmission lines and towers, on Thursday said that its lenders have decided to opt for strategic debt restructuring (SDR). This is the third such instance ever since the Reserve Bank of India (RBI) allowed banks to take control of defaulting companies.

The lenders’ consortium of 21 banks is led by State Bank of India (SBI).

 

“...the company have been advised by email dated 19 August 2015 received from State Bank of India, leader of consortium banks, that strategic debt restructuring has been invoked with reference date as on 11 August 2015 by the Joint Lender Forum pursuant to RBI circular dated 8 June 2015,” said Jyoti Structures in a BSE filing on Thursday.

 

Promoter and managing director K.R. Thakur could not be reached for comments.

 

The Mumbai-based engineering, procurement and construction (EPC) company’s debt was restructured in September 2014. The company has been hurt like several others in the EPC sector as several infrastructure projects remain stuck due to lack of approvals and clearances.

 

As of 31 March, the company had a total stand-alone debt of Rs.21775.900 Million. It has joint ventures and subsidiaries in the US, Canada, South Africa and the Middle East.

 

The company’s stand-alone net sales in the quarter ended June fell 13% to Rs.5999.100 Million. Net loss widened to Rs.1519.700 Million from Rs.159.700 Million in the year-ago quarter.

 

Last month, banks decided to take control of Electrosteel Steels Limited, a company that owes its lenders Rs.95000 Million, in the first such takeover under new rules that empower creditors to do so.

 

Last week, a consortium of nine creditors decided to put Lanco Infratech Limited’s 500 megawatt (MW) hydro-electric power plant in Sikkim through an SDR exercise. The company said on 10 August that it was in talks with strategic investors to sell the project as part of an effort to consolidate its businesses and reduce debt.

 

Under RBI’s SDR norms, issued in June, lenders can take control of the management of any company that has failed the debt restructuring process and then sell it to an eligible buyer. Bankers can hold the company for up to 18 months before finding a new buyer for the stressed firm.

 

Jyoti Structure’s shares were trading at Rs.13.65, up 5% while the benchmark index Sensex was up 0.02% at 27,935.48 points.

 

FIXED ASSETS:

 

Tangible Assets:

·         freehold Land

·         leasehold Land

·         Buildings

·         Plant and Machinery

·         Furniture and Fixture

·         Computer and Office Equipment’s

·         Vehicles

 

Intangible Assets:

·         Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, 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.64.97

UK Pound

1

Rs.100.55

Euro

1

Rs.73.99

 

 

INFORMATION DETAILS

 

Information Gathered by :

SUP

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SANS

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILITY 

1~10

---

--LIQUIDITY

1~10

2

--LEVERAGE

1~10

2

--RESERVES

1~10

3

--CREDIT LINES

1~10

--

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

18

 

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.