MIRA
INFORM REPORT
|
Report No. : |
346530 |
|
Report Date : |
31.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
JK |
|
|
|
|
Registered
Office : |
Jaykaygram, PO-Tyre Factory, Kankroli - 313342, Rajasthan |
|
Tel. No.: |
91-2952-302400/ 330011 |
|
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|
|
Country : |
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|
|
|
Financials (as
on) : |
31.03.2015 |
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|
|
|
Date of
Incorporation : |
14.02.1951 |
|
|
|
|
Com. Reg. No.: |
17-045966 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 453.600
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L67120RJ1951PLC045966 |
|
|
|
|
IEC No.: |
0297018191 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACJ6716F |
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|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturer of Automotive Tyres. |
|
|
|
|
No. of Employees
: |
7,285 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 31185000 |
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|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1951 engaged in the development,
manufacture, marketing and distribution of automotive tyres, tubes and flaps.
It offers passenger car tyre, commercial tyre for truck and buses, farm tyre
and off the road tyres. For the financial year ended 2015, company has reported marginal
growth of 2.88% in its revenue profile and it has maintained above average
profitability margins at 4.12% during the year under a review. Rating also takes into consideration the experience of the promoters
in tyre industry backed by company’s long-track record of operation along
with its established market position in Truck and Bus Radial (TBR) segment
and wide marketing and distribution network. However, rating strength is partially offset by its working capital
intensive nature of operations, exposure to foreign currency fluctuation
risks and raw material prices volatility and competitive nature of industry. Trade relations are reported as fair. Payments are reported to be
regular and as per commitment. In view of aforesaid, the company can be considered good for normal
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) |
|
|
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 = AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
August 11, 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
August 11, 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
31-03-2015.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-11-23311112]
LOCATIONS
|
Registered Office/ Factory 1 : |
Jaykaygram, PO-Tyre Factory, Kankroli - 313342, |
|
Tel. No.: |
91-2952-302400/ 330011 |
|
Fax No.: |
91-2952-232018 |
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E-Mail : |
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|
Website : |
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|
|
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Head/ Admin Office : |
Link House 3, BahadurShah Zafar Marg, |
|
Tel. No.: |
91-11-23311112-7 |
|
Fax No.: |
91-11-23322059 |
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|
|
|
Other Factories : |
Located at: Banmore, Madhya Pradesh Chennai Plant, Tamil Nadu |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Dr. Raghupati Singhania |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Arvind Singh Mewar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bakul Jain |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Sunanda Singhania |
|
Designation : |
Director |
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|
|
|
Name : |
Dr. Wolfgang Holzbach |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kalpataru Tripathy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bharat Hari Singhania |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Vimal Bhandari |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vikrampati Singhania |
|
Designation : |
Dy. Managing Director |
|
|
|
|
Name : |
Mr. Arun K. Baj0ria |
|
Designation : |
Director and President – International Operations |
KEY EXECUTIVES
|
Name : |
Mr. Pawan Kumar Rustagi |
|
Designation : |
Vice President (Legal) and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of Shareholder |
Total No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
5123305 |
2.26 |
|
|
113594350 |
50.08 |
|
|
118717655 |
52.34 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
118717655 |
52.34 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1711570 |
0.75 |
|
|
147159 |
0.06 |
|
|
1427600 |
0.63 |
|
|
2132884 |
0.94 |
|
|
24377052 |
10.75 |
|
|
29796265 |
13.14 |
|
|
|
|
|
|
18130181 |
7.99 |
|
|
|
|
|
|
33175778 |
14.63 |
|
|
6212223 |
2.74 |
|
|
20781378 |
9.16 |
|
|
700644 |
0.31 |
|
|
5345 |
0.00 |
|
|
2617009 |
1.15 |
|
|
17437500 |
7.69 |
|
|
20880 |
0.01 |
|
|
78299560 |
34.52 |
|
Total Public shareholding (B) |
108095825 |
47.66 |
|
Total (A)+(B) |
226813480 |
100.00 |
|
(C) Shares held by Custodians and against
which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
226813480 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million 
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automotive Tyres. |
|
|
|
|
Brand Names : |
“JK Tyre” |
|
|
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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|
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Imports : |
Not Divulged |
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|
Terms : |
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Selling : |
Not Divulged |
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|
|
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
7,285 (Approximately) |
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Bankers : |
·
Bank of State Bank of Corporation Bank State Bank of IDBI Bank Limited The Federal Bank Limited Indian Bank UCO Bank Punjab National Bank |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
Lodha and Company Chartered Accountants |
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|
|
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Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Subsidiaries : |
· J. K. International Limited J. K. Asia Pacific Limited J. K. Asia Pacific (S) Pte. Limited (Subs. of J. K. Asia
Pacific Limited) Lankros Holdings Limited Sarvi Holdings Switzerland AG. (Subs. of Lankros Holdings
Limited) JK Tornel S.A. de C.V. (JKTSA- Subs. of Sarvi Holdings
Switzerland AG.) Comercializadora América Universal, S.A. de C.V.* Compañía Hulera Tacuba, S.A. de C.V.* Compañía Hulera Tornel, S.A. de C.V. (CHT)* Compañía Inmobiliaria Norida, S.A. de C.V.* General de Inmuebles Industriales, S.A. de C.V.* Gintor Administración, S.A. de C.V.* Hules y Procesos Tornel, S.A. de C.V.* * Subsidiary of JKTSA |
|
|
|
|
Associates : |
· Hari Shankar Singhania Elastomer and Tyre Research Institute (HASETRI) Valiant Pacific LLC. (VPL) Florence Investech Limited (FINVL)^ Dwarkesh Energy Limited ( |
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|
|
|
|
· JK Lakshmi Cement Limited (JKLC) J.K. Fenner ( Nav Bharat Vanijya Limited (NBVL)^ |
|
|
|
|
Other Related
Parties with which Company has transaction : |
·
Pushpawati Singhania Research Institute for Liver, Renal
and Digestive Diseases (PSRI)^ Niyojit Properties Private Limited (NPPL)^ O.P. Khaitan and Co. (OPKC)^ |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
625,000,000 |
Equity Shares |
Rs. 2/- each |
Rs. 1250.000 Million |
|
700,000 |
14% Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 70.000 Million |
|
4,800,000 |
Preference Shares |
Rs. 100/- each |
Rs. 480.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 1800.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
226,813,480 |
Equity Shares |
Rs. 2/- each |
Rs. 453.600
Million |
|
|
|
|
|
Details of each shareholder holding more than 5% shares
|
Name of Shareholders |
No. of Shares
held 31.03.2015 |
|
|
55074250 |
|
J.K.
Fenner ( |
18000000 |
|
Florence
Investech Limited |
32659100 |
|
Edgefield
Securities Limited |
17437500 |
Reconciliation of the number of shares outstanding
|
Particulars |
31.03.2015 |
|
Shares
outstanding as at the beginning of the year |
205.297 |
|
Addition
during the year |
21.517 |
|
Deletion
during the year |
-- |
|
Shares
outstanding as at the end of the year |
226.813 |
Pursuant to shareholders’
approval dated 25th November, 2014, the Equity Shares of Rs.10/- each of the Company
were sub-divided into 5 Equity Shares of Rs.2/- per share w.e.f. 19th December,
2014 (Record date). Accordingly, the current year notes have been stated to
this effect.
Rights and preferences attached to Equity Shares
The Company has only one class
of Equity Shares having face value of Rs.2/- (Previous year: Rs.10/-) each and
each shareholder is entitled to one vote per share.
In the event of liquidation
of the Company, the holders of equity shares will be entitled to receive
remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
The dividend proposed by
the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting, except in case of interim dividend.
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 |
453.600 |
410.600 |
410.600 |
|
(b) Reserves & Surplus |
10461.200 |
7949.900 |
7008.700 |
|
(c) Money received against share warrants |
0.000 |
123.700 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
10914.800 |
8484.200 |
7419.300 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
14159.000 |
11633.000 |
11308.800 |
|
(b) Deferred tax liabilities (Net) |
3198.200 |
2524.200 |
1920.500 |
|
(c) Other long
term liabilities |
3301.100 |
3419.800 |
3429.500 |
|
(d) long-term
provisions |
133.300 |
97.000 |
103.700 |
|
Total Non-current
Liabilities (3) |
20791.600 |
17674.000 |
16762.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
9644.800 |
10448.700 |
10892.900 |
|
(b)
Trade payables |
9026.400 |
9034.400 |
7489.600 |
|
(c)
Other current liabilities |
6401.900 |
4257.500 |
3436.700 |
|
(d) Short-term
provisions |
2060.100 |
1298.800 |
1331.800 |
|
Total Current
Liabilities (4) |
27133.200 |
25039.400 |
23151.000 |
|
|
|
|
|
|
TOTAL |
58839.600 |
51197.600 |
47332.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
23544.000 |
22734.100 |
22792.600 |
|
(ii)
Intangible Assets |
0.000 |
2.300 |
11.200 |
|
(iii)
Capital work-in-progress |
6971.000 |
1433.200 |
546.800 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
836.100 |
891.400 |
975.900 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1865.200 |
1365.100 |
851.600 |
|
(e) Other
Non-current assets |
848.600 |
933.900 |
1014.000 |
|
Total Non-Current
Assets |
34064.900 |
27360.000 |
26192.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
90.100 |
126.200 |
0.000 |
|
(b)
Inventories |
7416.200 |
7657.000 |
8098.000 |
|
(c)
Trade receivables |
12561.900 |
11863.700 |
9166.800 |
|
(d) Cash
and cash equivalents |
1002.000 |
1777.800 |
946.600 |
|
(e)
Short-term loans and advances |
3615.200 |
2328.400 |
2850.100 |
|
(f)
Other current assets |
89.300 |
84.500 |
79.200 |
|
Total
Current Assets |
24774.700 |
23837.600 |
21140.700 |
|
|
|
|
|
|
TOTAL |
58839.600 |
51197.600 |
47332.800 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
61252.300 |
59510.800 |
54308.300 |
|
|
|
Other Income |
147.500 |
162.500 |
130.500 |
|
|
|
TOTAL (A) |
61399.800 |
59673.300 |
54438.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
38616.200 |
39726.600 |
38728.000 |
|
|
|
Purchases of Stock-in-Trade |
406.200 |
397.400 |
444.600 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
474.000 |
241.400 |
-549.300 |
|
|
|
Employees benefits expense |
4594.800 |
3983.900 |
3337.200 |
|
|
|
Other expenses |
9643.800 |
8607.500 |
7474.200 |
|
|
|
Exceptional Items |
94.300 |
758.300 |
309.200 |
|
|
|
TOTAL (B) |
53829.300 |
53715.100 |
49743.900 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7570.500 |
5958.200 |
4694.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2408.000 |
2483.000 |
2065.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5162.500 |
3475.200 |
2629.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1391.400 |
1524.700 |
1126.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3771.100 |
1950.500 |
1503.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1238.100 |
603.700 |
447.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2533.000 |
1346.800 |
1055.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of exports |
8440.600 |
10397.300 |
8473.800 |
|
|
|
Royalty and Management Fee |
167.200 |
182.600 |
172.300 |
|
|
|
Interest Income |
0.000 |
0.000 |
1.700 |
|
|
TOTAL EARNINGS |
8607.800 |
10579.900 |
8647.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
14753.300 |
16688.500 |
15761.100 |
|
|
|
Capital Goods |
3688.400 |
416.200 |
819.300 |
|
|
|
Spares |
86.700 |
69.400 |
58.000 |
|
|
TOTAL IMPORTS |
18528.400 |
17174.100 |
16638.400 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
12.05 |
6.56 |
25.70 |
|
|
|
Diluted
|
11.37 |
6.51 |
25.70 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of long-term borrowings |
2261.100 |
1627.800 |
1358.100 |
|
|
|
|
|
|
Cash generated from Operations |
6740.400 |
6003.300 |
(714.100) |
|
|
|
|
|
|
Net Cash from Operating Activities |
5868.000 |
5625.100 |
(1011.800) |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2015 |
30.09.2015 |
|
Type |
1st
Quarter |
2nd
Quarter |
|
Net Sales |
15068.300 |
15020.800 |
|
Total Expenditure |
12436.900 |
12444.700 |
|
PBIDT (Excl OI) |
2631.400 |
2576.100 |
|
Other Income |
41.000 |
28.300 |
|
Operating Profit |
2672.400 |
2604.400 |
|
Interest |
557.200 |
605.300 |
|
Exceptional Items |
(87.700) |
(19.500) |
|
PBDT |
2027.500 |
1979.600 |
|
Depreciation |
415.800 |
387.300 |
|
Profit Before Tax |
1611.700 |
1592.300 |
|
Tax |
514.700 |
543.700 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
1097.000 |
1048.600 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
1097.000 |
1048.600 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
4.14 |
2.26 |
1.94 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
12.36 |
10.01 |
8.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.39 |
3.99 |
3.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35 |
0.23 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.39 |
2.79 |
3.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.91 |
0.95 |
0.91 |
STOCK
PRICES
|
Face Value |
Rs.2.00/- |
|
|
|
|
Market Value |
Rs.108.00/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
410.600 |
410.600 |
453.600 |
|
Reserves & Surplus |
7008.700 |
7949.900 |
10461.200 |
|
Money received against share warrants |
0.000 |
123.700 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
7419.300 |
8484.200 |
10914.800 |
|
|
|
|
|
|
Long-term borrowings |
11308.800 |
11633.000 |
14159.000 |
|
Short term borrowings |
10892.900 |
10448.700 |
9644.800 |
|
Current Maturities of long-term borrowings |
1358.100 |
1627.800 |
2261.100 |
|
Total
borrowings |
23559.800 |
23709.500 |
26064.900 |
|
Debt/Equity ratio |
3.175 |
2.795 |
2.388 |
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 |
54308.300 |
59510.800 |
61252.300 |
|
|
|
9.580 |
2.926 |
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 |
54308.300 |
59510.800 |
61252.300 |
|
Profit |
1055.400 |
1346.800 |
2533.000 |
|
|
1.94% |
2.26% |
4.14% |
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 |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
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 |
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10538553 |
13/11/2014 |
10,300,000,000.00 |
BANK OF |
|
C38006490 |
|
2 |
10491110 |
31/03/2014 |
500,000,000.00 |
STATE BANK OF |
SCB BRANCH, 101-102, NEW DELHI HOUSE, 27, BARAKHAMBA
ROAD, NEW DELHI, DELHI - 110001, INDIA |
C04007340 |
|
3 |
10472560 |
03/07/2014 * |
2,750,000,000.00 |
AXIS BANK LIMITED |
2ND FLOOR, STATESMAN HOUSE, 148, |
C14251649 |
|
4 |
10467863 |
11/12/2013 |
1,250,000,000.00 |
INDIAN OVERSEAS BANK |
|
B92626423 |
|
5 |
10373037 |
01/02/2013 * |
23,539,600,000.00 |
BANK OF |
|
B69281095 |
|
6 |
10337866 |
13/06/2012 * |
5,300,000,000.00 |
BANK OF |
|
B43078211 |
|
7 |
10314018 |
01/02/2012 * |
1,000,000,000.00 |
INDIAN OVERSEAS BANK |
|
B33101650 |
|
8 |
10312670 |
01/02/2012 * |
2,000,000,000.00 |
EXPORT-IMPORT BANK OF |
|
B33412883 |
|
9 |
10231825 |
15/07/2010 |
500,000,000.00 |
IDBI BANK LIMITED |
|
A91105916 |
|
10 |
10196251 |
30/12/2009 |
2,500,000,000.00 |
AXIS BANK LIMITED |
4/10, OPG HOUSE, |
A77082717 |
|
11 |
10196250 |
21/01/2011 * |
400,000,000.00 |
BANK OF |
|
B05993811 |
|
12 |
10144354 |
29/10/2009 * |
1,000,000,000.00 |
BANK OF |
37, SHAHEED BHAGAT SINGH MARG, |
A72930688 |
|
13 |
10134250 |
20/12/2008 |
680,000,000.00 |
UCO BANK |
FLAGSHIP CORPORATE CENTRE, |
A52714953 |
|
14 |
10136505 |
10/12/2008 |
2,200,000,000.00 |
BANK OF |
37, SHAHEED BHAGAT SINGH MARG, |
A53840930 |
|
15 |
10134249 |
15/11/2008 |
670,000,000.00 |
UCO BANK |
FLAGSHIP CORPORATE CENTRE, |
A52714227 |
|
16 |
10132485 |
14/11/2008 |
1,515,000,000.00 |
CORPORATION BANK |
M-41,CONNAUGHT CIRCUS BRANCH, |
A52131927 |
|
17 |
10087525 |
29/10/2009 * |
1,000,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE,
MUMBAI, MAHARASHTRA - 400005, |
A72781362 |
|
18 |
10048748 |
08/05/2007 * |
54,352,305.00 |
MADHYA PRADESH STATE INDUSTRIAL DEVELOPMENT
CORPOR |
"AVN" TOWER, 192, ZONE I,
MAHARANA PRATAP NAGAR, |
A15576853 |
|
19 |
10048750 |
08/05/2007 * |
111,736,095.00 |
MADHYA PRADESH STATE INDUSTRIAL DEVELOPMENT
CORPOR |
"AVN" TOWER, 192, ZONE I,
MAHARANA PRATAP NAGAR, |
A15580251 |
|
20 |
10048753 |
08/05/2007 * |
122,047,155.00 |
MADHYA PRADESH STATE INDUSTRIAL DEVELOPMENT
CORPOR |
"AVN" TOWER, 192, ZONE I, MAHARANA
PRATAP NAGAR, |
A15581119 |
|
21 |
10048735 |
08/05/2007 * |
121,528,294.00 |
MADHYA PRADESH STATE INDUSTRIAL DEVELOPMENT
CORPOR |
"AVN" TOWER, 192, ZONE I, MAHARANA
PRATAP NAGAR, |
A15582588 |
|
22 |
10048736 |
08/05/2007 * |
127,743,150.00 |
MADHYA PRADESH STATE INDUSTRIAL DEVELOPMENT
CORPOR |
"AVN" TOWER, 192, ZONE I, MAHARANA
PRATAP NAGAR, |
A15584279 |
|
23 |
10048752 |
08/05/2007 * |
128,984,815.00 |
MADHYA PRADESH STATE INDUSTRIAL DEVELOPMENT
CORPOR |
"AVN" TOWER, 192, ZONE I, MAHARANA
PRATAP NAGAR, |
A15585144 |
|
24 |
10020418 |
16/09/2006 |
272,200,000.00 |
INDIAN BANK |
MG ROAD BRANCH, |
A05094636 |
|
25 |
80048349 |
29/05/2006 * |
115,620,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
|
- |
|
26 |
80012564 |
28/11/2008 * |
90,000,000.00 |
IFCI LIMITED |
IFCI |
A54734868 |
|
27 |
80012563 |
01/12/2004 |
401,777,000.00 |
I F C I LIMITED |
|
- |
|
28 |
80012565 |
01/12/2004 |
155,000,000.00 |
|
KHANIJA BHAVAN , |
- |
|
29 |
80066157 |
29/08/2003 |
43,000,000.00 |
THE JAMMU & KASHMIR BANK LIMITED |
G-40, |
- |
|
30 |
80031601 |
14/10/1997 |
500,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF |
|
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Deferred
Sales Tax |
513.600 |
770.400 |
|
Fixed
Deposits |
218.600 |
256.800 |
|
SHORT TERM BORROWINGS |
|
|
|
Fixed
Deposits |
23.400 |
43.700 |
|
Short-term
Loans from Banks |
1332.700 |
1159.200 |
|
|
|
|
|
Total |
2088.300 |
2230.100 |
OPERATIONS
The Company recorded an impressive
performance during the year. Turnover (standalone basis) was Rs.67990.000
Million; operating profit at Rs.7660.000 Million, was higher by 14% while profit before tax at Rs.3770.000
Million, grew 93% over the previous year.
This performance is considered satisfactory,
given the challenges of all-round low growth in the year gone by. On a
consolidated basis, the Company, (including its wholly owned subsidiary JK
Tornel,
The Company responded to the request of the
Government of Kerala and agreed to support procurement of domestic rubber at
prices 20% higher than those prevailing in the market. This was done with a
view to support in particular small rubber growers.
The Company continued to strengthen its
leadership in the truck/bus radial segment while consolidating its position in
the passenger car segment. Besides, the Company reported improvements across
operating parameters, cost compression and increased value-added product
volumes; a softening of input costs helped the Company enhance profitability.
In the export markets, the Company achieved
an export turnover of Rs.8440.000
Million (standalone) during the year despite geopolitical turmoil in some key
international markets.
EXPANSION PROJECT
Foreseeing an increasing demand for truck/bus
radicalisation and an economic recovery, the Company undertook an expansion of
its truck/bus and passenger line radial capacities at its all-radial Chennai
plant. This Rs.14300.000
Million project progressed well and is expected to be commissioned in phases
during the current year
AWARDS
The Company received several awards for
excellence in various areas, comprising the following:
·
Greenco Gold Company by CII-Godrej GBC
Greentech Environment Award 2015 – Gold Category
General Motors Quality Excellence Award 2014 for
Exceptional Quality Performance
International Convention on Quality Concept (ICQC)
IEI Industry Excellence Award 2014 for Business
Excellence and Industry Practices
CII’s National Award 2014 for HR Excellence
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC AND BUSINESS SCENARIO
Fiscal 2014-15 was indeed a challenging year
for the Indian economy. There was a partial acceleration in some segments viz.
mining, manufacturing, construction and services. Industrial sector grew at
2.8%. Inflationary pressures also eased considerably during the year. In
addition, there was some softening of interest rates leading to hopes of higher
economic growth. Consequently, this is expected to boost demand for automotive
sectors specially for commercial vehicles.
Since the demand for tyres is driven by overall growth of economy, particularly
in automotive and transport sectors, this augurs well for the tyre industry in
fiscal 2015-16.
INDIAN AUTOMOBILE INDUSTRY
The Indian Automobile Industry posted overall
sales growth of 7.8% during FY 2014-15.
The medium and heavy commercial vehicle
segments which had hit a low in 2013-14, registered a production growth of
21.7% during the year. Passenger Car and Multi Utility Vehicle recorded a
marginal turnaround with 6.8% growth compared to 4.4% de-growth in previous
year.
Low micro level economic activity has been
reflected by a de-growth in the segments providing the last mile connect. As a
result, Small Commercial Vehicles saw a sharp drop for the second year in
succession, and Light Commercial Vehicle segment was also impacted registering
a 4% de-growth.
The poor performance of the Agricultural
sector reflected in the muted sales of Tractors.
INDIAN
The Tyre Industry being the wheels of economy
has a direct bearing on the Industry performance. The over-all demand for tyres
for the 4-wheeler segment grew marginally. The total Truck/Bus tyre segment
grew by 6.3%. The level of radialization in the Indian domestic market has
grown to a level of 33%, while in the OEM segment, radialisation was at a high
65%. Truck/Bus radial demand is growing substantially and will continue to be
an Industry growth driver in the next few years. The non Truck tyre segments
have recorded a moderate growth of 4%.
Despite thrust on ‘Make in
OUTLOOK
The Indian tyre industry’s outlook is
positive as growth in domestic tyre volume is expected to increase by around
8-10% during 2015-16 on the back of a pickup in
auto demand, improving economy and stable raw material prices.
Following the
OVERVIEW - JK
JK Tyre achieved several landmarks during the
year under review, these include:
· Maintained its number 1 position in the truck/bus radial segment.
Strengthened its presence in the passenger car
radials segment.
Introduced several premium products in the
commercial and passenger car categories.
Expansion of TBR/passenger car tyre capacities at
the All Radial Chennai Tyre Plant progressed well and expected to be completed
during the current year.
Expansion of the passenger car tyre capacity at JK
Tornel (
It is a matter of pride that JK Tyre was
recently ranked highest in terms of customer satisfaction in the OE tyres segment
as per the ‘JD POWER 2015’ India Tyre Customer Satisfaction Index. This
performance was well above the overall industry average. It is the third time
since the inception of the Survey that JK Tyre has received this recognition,
which is a testimony to the Company’s focus on Quality and
Customer-orientation.
FUTURE PERSPECTIVE
JK Tyre as a brand enjoys immense consumer
confidence and has a strong brand recall. This has been possible due to a
multifaceted approach in brand, building a distribution network comprising of
over 4,000 dealers, 116 JK Tyre Steel Wheels and 17 JK Tyre Truck Wheels. This
reach has enabled JK Tyre to entrench itself as a market leader. The various
innovative consumer outreach programmes further enhancing consumer loyalty and
brand admiration.
STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER (UNAUDITED)
ENDED 30.06.2015
(RS.
IN MILLION)
|
PARTICULARS |
Quarter Ended
30.06.2015 |
|
|
(Unaudited) |
|
Income from Operations |
|
|
Gross Sales |
16584.200 |
|
Less: Excise Duty on Sales |
1711.900 |
|
Net Sales |
14872.300 |
|
Other Operating Income |
148.500 |
|
Total Income from
operations (net) |
15020.800 |
|
|
|
|
Expenses |
|
|
(a) Cost of material consumed |
8708.700 |
|
(b) Purchase of stock in trade |
100.800 |
|
(c) Changes in inventories of finished goods, work in
progress and stock in trade |
(78.900) |
|
(d) Employee benefit expenses |
1241.200 |
|
(e) Depreciation and amortization expenses |
387.300 |
|
(f) Other Expenses |
2472.900 |
|
Total Expenses |
12832.000 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
2188.800 |
|
Other Income |
28.300 |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
2217.100 |
|
Finance costs |
605.300 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
1611.800 |
|
Exceptional
item |
(19.500) |
|
Profit/ Loss from Ordinary Activities
before tax |
1592.300 |
|
Tax Expenses |
|
|
- Provision
for Current Tax |
405.700 |
|
- MAT (Credit)/
Reversal |
0.000 |
|
- Provisions
for Deferred Tax |
138.000 |
|
Net Profit/ Loss from Ordinary Activities
after tax |
1048.600 |
|
Extraordinary
Items |
-- |
|
Net Profit for the period |
1048.600 |
|
Paid- up Equity
Share Capital (Face value of the share – Rs. 2/-) |
453.600 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
-- |
|
Earnings per
share (before extraordinary items) (of Rs. 2/- each) (not annualized) |
|
|
- Basic |
4.62 |
|
- Diluted |
4.62 |
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
1. Public shareholding |
|
|
Number of
Shares |
108095825 |
|
Percentage of Shareholding |
47.66 |
|
2. Promoters and promoter group
shareholding |
|
|
a)
Pledged/Encumbered |
|
|
- Number of Shares |
Nil |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
-- |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
-- |
|
|
|
|
Non - encumbered |
|
|
- Number of Shares |
118717655 |
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter group) |
100 |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
52.34 |
|
|
Particulars |
Quarter
Ended 30.06.2015 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed of during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES:
1)
For the quarter,
exceptional items of Rs. 19.500 Million include net impact of unfavourite
foreign exchange rate Rs. 6.600 Million net gain on sale of certain assets Rs. 1.300
Million and VRS expense Rs. 14.200 Million.
2)
The Company has
only one business segment namely,
3)
Figures for the
corresponding previous periods have been regrouped / rearranged / recast,
wherever.
4) The above results have been reviewed by the Audit
Committee and approved by the Board of Directors at their respective meetings
held on August 04, 2015. The Auditors of the Company have carried out a limited
Review of the same.
CONTINGENT
LIABILITIES [AS ON 31.03.2015]:
Contingent liabilities in respect
of claims not accepted and not provided for Rs.408.400 Million (Previous year:
Rs.418.900 Million) pertain to Excise and Customs duty matters in appeal
Rs.84.100 Million, Service tax matters Rs.0.400 Million, Sales Tax matters in
appeal Rs.21.400 Million, Income tax matters in appeal Rs.29.700 Million and
other matters Rs.272.800 Million (Previous year: Rs.86.000 Million, Rs.0.400
Million, Rs.34.000 Million, Rs.29.700 Million and Rs.268.800 Million
respectively).
FIXED ASSETS:
·
Land
Buildings
Plant and
Equipments
Furniture
and Fixtures
Office
Equipments
Vehicles
Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 65.22 |
|
|
1 |
Rs. 99.93 |
|
Euro |
1 |
Rs. 71.67 |
INFORMATION DETAILS
|
Information Gathered
by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.