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|
MIRA INFORM REPORT
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Report No. : |
484794 |
|
Report Date : |
09.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
JSL INDUSTRIES LIMITED |
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Registered
Office : |
N. H. No. 08, Village: Mogar – 388340, Taluka and District:
Anand, Gujarat |
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Tel. No.: |
91-2692-280224/ 280254 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
13.06.1996 |
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Com. Reg. No.: |
04-001397 |
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Capital Investment
/ Paid-up Capital : |
INR 26.739 Million |
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CIN No.: [Company Identification
No.] |
L31100GJ1966PLC001397 |
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IEC No.: |
Not Divulged |
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GSTIN : |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
Subject is engaged in manufacturing
of engineering goods.
(Registered Activity) |
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No. of Employees
: |
145 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1966 and it is a manufacturing of
engineering goods.. As per financial of March 2017, the company has registered decline in
its revenue as compared to its previous year revenue and has reported minimal
profit margin of 0.92%. Rating takes into consideration the company’s long established track
record of business operations marked by sound net worth base along with
strong debt coverage indicators and decent liquidity position. Rating also takes into account the extensive experience of promoters
in the electric equipment industry and above average financial risk profile. Share price is quoted high on stock exchange. (Share are traded at a
price of INR 99.30 against its face value of INR 100 on BSE.) However, rating strength is partially offset by its presence working
capital intensive operation and geographical concentration in revenue. Payments are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealings
at usual trade terms and conditions. |
NOTES : Any query related to this
report can be made on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating BB+ |
|
Rating Explanation |
Moderate risk of default |
|
Date |
16.11.2017 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk |
|
Date |
16.11.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 09.01.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
Management non-cooperative (Tel No.: 91-2692-280254)
LOCATIONS
|
Registered Office : |
N. H. No. 08, Village: Mogar – 388340, Taluka and
District: Anand, Gujarat, India |
|
Tel. No.: |
91-2692-280224/ 280254 |
|
Mobile No.: |
Not Available |
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Fax No.: |
91-02692-28022/ 280227 |
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E-Mail : |
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Website : |
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Branch Office : |
Located at :
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DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Rahul Nanubhai Amin |
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Designation : |
Chairman and Director |
|
Address : |
'Narikel' Bhayli-Raipura Road, Bhayli Vadodara - 391410,
Gujarat, India |
|
Date of Appointment : |
23.08.1980 |
|
DIN No : |
00167987 |
|
|
|
|
Name : |
Mrs. Tejal Rahul Amin |
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Designation : |
Wholetime Director |
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Address : |
'Narikel' Bhayli-Raipura Road, Bhayli Vadodara - 391410,
Gujarat, India |
|
Date of Birth/Age : |
29/08/1960 |
|
Qualification : |
B.Com |
|
Experience : |
34 Years |
|
Date of Appointment : |
16.06.2003 |
|
DIN No : |
00169860 |
|
|
|
|
Name : |
Mr. Puthanmatom Venkateshwaran Krishnan |
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Designation : |
Director |
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Address : |
A/27 Vrindavan, T/S Iscon Mandir Road, Vadodara - 390015,
Gujarat, India |
|
Date of Birth/Age : |
01/01/1942 |
|
Qualification : |
M.E. (Electrical Engineering) and Ph. D (Electrical) |
|
Date of Appointment : |
16.06.2003 |
|
DIN No : |
00208840 |
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|
|
|
Name : |
Dr. Kirit Keshavlal Thakkar |
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Designation : |
Director |
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Address : |
A-6 Navanit Park, Hari Warasia Ring Road, Vadodara -
390006, Gujarat, India |
|
Date of Appointment : |
28.07.2003 |
|
DIN No : |
00208849 |
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|
|
|
Name : |
Mr. Sudhir Vasantrao Chemburkar |
|
Designation : |
Director |
|
Address : |
702, Pavanveer Appartment, Opposite Pratapgunj Post Office,
33 Pratapgunj, Vadodara - 390007, Gujarat, India |
|
Date of Appointment : |
10.02.2015 |
|
DIN No : |
00638666 |
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|
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|
Name : |
Mr. Jaydev Paneri Narbheshankar |
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Designation : |
Director |
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Address : |
Sager 259, Kadamangar B/H Mehsananagar, Nizampura, Vadodara - 390002, Gujarat, India |
|
Date of Appointment : |
10.02.2015 |
|
DIN No : |
07016979 |
KEY EXECUTIVES
|
Name : |
Mr. Krishanavtar Jainarain Gupta |
|
Designation : |
Chief Executive Officer |
|
Address : |
82, Ashutosh Nagar Society, B/H Jyoti Park Society, Karelibaug, Vadodara -390018, Gujarat, India |
|
Date of Birth/Age : |
68 Years |
|
Qualification : |
B.E. Electricals |
|
Experience : |
42 Years |
|
PAN No : |
ACBPG6525F |
|
Date of Appointment : |
24.07.2014 |
|
|
|
|
Name : |
Mr. Amul Lalbhai Parikh |
|
Designation : |
Chief Financial Officer |
|
Address : |
C/105, Mangalam Flats, B/H. Vidhyavihar School, Subhanpura, Vadodara - 390021, Gujarat, India |
|
Date of Birth/Age : |
48 Years |
|
Qualification : |
B.com |
|
Experience : |
22 Years |
|
PAN No : |
ADAPP9898A |
|
Date of Appointment : |
24.07.2014 |
|
|
|
|
Name : |
Mr. Ishwar Ramanbhai Nayi |
|
Designation : |
Company Secretary |
|
Address : |
L-3/39, Gayatri Nagar, Gotri Road, Vadodara - 390021,
Gujarat, India |
|
PAN No : |
APGPN4130H |
|
Date of Appointment : |
22.03.2017 |
MAJOR SHAREHOLDERS
As
on 30.09.2017
|
Category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
(A) Promoter & Promoter Group |
422795 |
37.87 |
|
|
(B) Public |
693573 |
62.13 |
|
|
Grand Total |
1116368 |
100.00 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND
PROMOTER GROUP
|
Category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided Family |
53615 |
4.80 |
|
|
Rahul Nanubhai Amin |
30359 |
2.72 |
|
|
Tejal Rahul Amin |
8162 |
0.73 |
|
|
Nanditaben Nanubhai Amin |
9542 |
0.85 |
|
|
Shubhalakshmi Amin |
5552 |
0.50 |
|
|
Any Other (specify) |
74255 |
6.65 |
|
|
Insutech Industries Limited |
45000 |
4.03 |
|
|
Jyoti Ltd |
29255 |
2.62 |
|
|
Sub Total A1 |
127870 |
11.45 |
|
|
A2) Foreign |
0.00 |
||
|
Individuals (NonResident Individuals/ Foreign Individuals) |
294925 |
26.42 |
|
|
Shetal A Divatia |
100000 |
8.96 |
|
|
Amin Anant Nanubhai |
169276 |
15.16 |
|
|
Saatyaki A Amin |
12825 |
1.15 |
|
|
Shlok A Amin |
12824 |
1.15 |
|
|
Sub Total A2 |
294925 |
26.42 |
|
|
A=A1+A2 |
422795 |
37.87 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC
SHAREHOLDER
|
Category & Name
of the Shareholders |
Total no. shares
held |
Shareholding %
calculated as per SCRR, 1957 As a % of |
|
|
B1) Institutions |
0.00 |
||
|
Financial Institutions/ Banks |
162 |
0.01 |
|
|
Insurance Companies |
148708 |
13.32 |
|
|
The Oriental Insurance Company Limited |
57483 |
5.15 |
|
|
United India Insurance Co Ltd |
49600 |
4.44 |
|
|
National Insurance Company Ltd |
41625 |
3.73 |
|
|
Sub Total B1 |
148870 |
13.34 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0.00 |
||
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto Rs. 2 Lacs |
160386 |
14.37 |
|
|
Individual share capital in excess of Rs. 2 Lacs |
381765 |
34.20 |
|
|
Minaxi Madhubhai Patel |
256765 |
23.00 |
|
|
Govind Somchand Shah |
45000 |
4.03 |
|
|
Hitesh Shantilal Patel |
40000 |
3.58 |
|
|
Ibrahim Virsingh Raj |
40000 |
3.58 |
|
|
Any Other (specify) |
2552 |
0.23 |
|
|
Bodies Corporate |
2401 |
0.22 |
|
|
NRI |
81 |
0.01 |
|
|
HUF |
70 |
0.01 |
|
|
Sub Total B3 |
544703 |
48.79 |
|
|
B=B1+B2+B3 |
693573 |
62.13 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in
manufacturing of engineering goods. (Registered Activity) |
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Products / Services
: |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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 : |
145 (Approximately) |
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Bankers : |
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Facilities : |
Note: Long-term
Borrowings
Short-term
borrowings
|
|
Auditors : |
|
|
Name : |
Amin Parikh and Company Chartered Accountants |
|
Address : |
Vadodara, Gujarat, India |
|
|
|
|
Statutory Auditors : |
V. H. Gandhi and Company |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates : |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
INR 10/- each |
INR 50.000 Million |
|
500000 |
Preference Shares |
INR 100/- each |
INR 50.000 Million |
|
|
Total |
|
INR 100.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1116368 |
Equity Shares |
INR 10/- each |
INR 11.164 Million |
|
150000 |
Preference Shares |
INR 100/- each |
INR 15.000 Million |
|
|
Total |
|
INR 26.164
Million |
Reconciliation of the Shares Outstanding at the beginning and at the
end of the reporting period
|
Equity Share |
Number of shares |
Value (in Million) |
|
At the beginning of
the period |
1116368 |
INR
11.164 Million |
|
Issued during the period - Bonus issue |
-- |
-- |
|
Issued during the period - ESOP |
-- |
-- |
|
Outstanding at the
end of the period |
1116368 |
INR
11.164 Million |
|
Preference Share |
|
|
|
At the beginning of
the period |
150000 |
INR 15.000
Million |
|
Preference Share Issued during the period |
-- |
-- |
|
Outstanding at the
end of the period |
150000 |
INR 15.000 Million |
Terms / Rights attached to Equity Shares & Preference Shares
The company has only one class of equity shares having a par value of INR 10 per share. Each holder of equity shares is entitled to one vote per share.
The company has one class of Preference shares having a par value of INR 100 per share. Each holder of Preference shares is entitled to one vote per share, when there is no dividend declared for a period of two year.
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/repayments of all creditors. The distribution will be in proportion to the number of equity shares held.
Shares held by holding or its ultimate holding company including shares
held by or by subsidiaries or associates of the holding company or the ultimate
holding company in aggregate.
There is no Shares held by holding or its ultimate holding company including shares held by or by subsidiaries or associates of the holding company or the ultimate holding company in aggregate.
Details of shareholders holding more than 5% shares in the company
|
Name of the
shareholders |
As at March
31, 2017 |
|
|
|
|
|
|
Equity shares of
INR 10 each fully paid |
No. of
Shares |
% of Shareholding |
|
Minaxi Madhubhai Patel |
256765 |
23.00% |
|
Anant N Amin |
169276 |
15.16% |
|
Shital Divatia |
100000 |
8.96% |
|
Oriental Insurance Company Limited |
57483 |
5.15% |
|
Preference shares
of INR 100 each fully paid |
|
|
|
Navrachana Educational Resources Limited |
150000 |
100.00% |
Shares reserved for
issue under option and contracts/commitments for the sales of shares/
disinvestments, including the terms and amounts.
There is no such shares reserved for issue under option and contracts/commitments for the sales of shares/disinvestments, including the terms and amounts.
Aggregate number of
bonus shares issued, share issued for consideration other than cash and shares
bought back during the period of five years immediately preceding the reporting
date:
There is no such transaction occurred during the period of five years immediately preceding the reporting date:
Terms of any securities convertible into equity/preference shares issued along with the earliest date of conversion in descending order starting from the farthest such date.
The Company has issues Non Convertible Non Cumulative Redeemable Preference Shares.
Calls Unpaid (Showing
aggregate value of calls unpaid by directors and officers)
There are no calls unpaid.
Forfeited shares
(amount originally paid up)
There are no forfeited shares.
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
26.164 |
26.164 |
11.164 |
|
(b) Reserves & Surplus |
262.345 |
260.149 |
241.556 |
|
(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 |
288.509 |
286.313 |
252.720 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
5.247 |
1.773 |
5.257 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
3.199 |
3.259 |
31.749 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities |
8.446 |
5.032 |
37.006 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
39.398 |
30.356 |
37.941 |
|
(b) Trade payables |
105.054 |
90.572 |
105.758 |
|
(c) Other current liabilities |
31.448 |
34.431 |
34.476 |
|
(d) Short-term provisions |
14.461 |
13.948 |
18.319 |
|
Total
Current Liabilities |
190.361 |
169.307 |
196.494 |
|
|
|
|
|
|
TOTAL |
487.316 |
460.652 |
486.220 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
174.800 |
176.795 |
169.060 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
6.066 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
71.742 |
71.742 |
71.742 |
|
(c) Deferred tax assets (net) |
12.759 |
11.932 |
11.462 |
|
(d) Long-term Loan and Advances |
9.143 |
7.559 |
4.974 |
|
(e) Other Non-current assets |
3.933 |
1.224 |
2.384 |
|
Total
Non-Current Assets |
272.377 |
269.252 |
265.688 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
96.858 |
75.933 |
87.644 |
|
(c) Trade receivables |
56.634 |
48.185 |
70.575 |
|
(d) Cash and cash equivalents |
29.409 |
37.127 |
32.981 |
|
(e) Short-term loans and
advances |
30.397 |
28.581 |
28.374 |
|
(f) Other current assets |
1.641 |
1.574 |
0.958 |
|
Total
Current Assets |
214.939 |
191.400 |
220.532 |
|
|
|
|
|
|
TOTAL |
487.316 |
460.652 |
486.220 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
449.824 |
477.263 |
549.634 |
|
|
Other Income |
3.591 |
2.225 |
8.209 |
|
|
TOTAL
|
453.415 |
479.488 |
557.843 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
280.102 |
283.564 |
364.706 |
|
|
Purchases of Stock-in-Trade |
2.150 |
2.840 |
2.414 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(10.636) |
8.582 |
(9.570) |
|
|
Employees benefits expense |
88.305 |
88.732 |
90.612 |
|
|
Other expenses |
63.267 |
62.361 |
57.782 |
|
|
TOTAL |
423.188 |
446.079 |
505.944 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
30.227 |
33.409 |
51.899 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
16.085 |
15.981 |
17.424 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
14.142 |
17.428 |
34.475 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
8.029 |
10.061 |
13.492 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
6.113 |
7.367 |
20.983 |
|
|
|
|
|
|
|
Less |
TAX |
1.982 |
2.380 |
5.043 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
4.131 |
4.987 |
15.940 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6.988 |
32.543 |
16.603 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
0.000 |
30.000 |
0.000 |
|
|
Dividend |
0.900 |
0.450 |
0.000 |
|
|
Tax on Dividend |
0.183 |
0.092 |
0.000 |
|
|
Total |
1.083 |
30.542 |
0.000 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
10.036 |
6.988 |
32.543 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
3.70 |
4.47 |
14.28 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
9.927 |
16.793 |
13.924 |
|
Cash generated from operations |
13.608 |
12.035 |
30.069 |
|
Net cash flows from (used in) operating activity |
2.162 |
(1.110) |
9.840 |
QUARTERLY
RESULTS
|
Particulars |
|
30.06.2017 Unaudited |
30.09.2017 Unaudited |
|
|
|
|
|
|
Net Sales |
|
116.900 |
115.800 |
|
Total Expenditure |
|
110.200 |
110.700 |
|
PBIDT (Excl OI) |
|
6.700 |
5.100 |
|
Other Income |
|
1.200 |
1.300 |
|
Operating Profit |
|
7.900 |
6.400 |
|
Interest |
|
2.000 |
2.100 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
5.900 |
4.300 |
|
Depreciation |
|
4.000 |
4.100 |
|
Profit Before Tax |
|
1.900 |
0.200 |
|
Tax |
|
0.600 |
NA |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit After Tax |
|
1.300 |
0.300 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
1.300 |
0.300 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
45.95 |
36.85 |
46.87 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
7.94 |
9.90 |
7.79 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
135.85 |
115.43 |
105.15 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.31 |
0.44 |
0.59 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.17 |
0.19 |
0.30 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.42 |
0.41 |
0.44 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.19 |
0.17 |
0.23 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.66 |
0.59 |
0.78 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.61 |
0.62 |
0.69 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
1.88 |
2.09 |
2.98 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
0.92 |
1.04 |
2.90 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
0.85 |
1.08 |
3.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
1.43 |
1.74 |
6.31 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.13 |
1.13 |
1.12 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.62 |
0.68 |
0.68 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.59 |
0.62 |
0.52 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
2.09 |
1.87 |
5.12 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.13 |
1.13 |
1.12 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 99.30/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
11.164 |
26.164 |
26.164 |
|
Reserves & Surplus |
241.556 |
260.149 |
262.345 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
252.720 |
286.313 |
288.509 |
|
|
|
|
|
|
long-term borrowings |
5.257 |
1.773 |
5.247 |
|
Short term borrowings |
37.941 |
30.356 |
39.398 |
|
Current maturities of long-term
debts |
13.924 |
16.793 |
9.927 |
|
Total
borrowings |
57.122 |
48.922 |
54.572 |
|
Debt/Equity
ratio |
0.226 |
0.171 |
0.189 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
549.634 |
477.263 |
449.824 |
|
|
|
(13.167) |
(5.749) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
549.634 |
477.263 |
449.824 |
|
Profit |
15.940 |
4.987 |
4.131 |
|
|
2.90% |
1.04% |
0.92% |
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 |
Yes |
|
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 |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
No |
|
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 |
REVIEW OF PERFORMANCE
OPERATIONS
The general growth in the power sector was not so encouraging and due to this company’s growth in the year under consideration was negative (5.6% less than previous year).
However, due to various steps taken from time to time the company has made small profit.
The saving in electrical energy from green power generation
(2 Nos Wind Mills put up by the Company for captive power consumption) has been
38.05% of the total power requirement for the year 2016-17.
DIVISIONAL
PERFORMANCE
Instrument
Transformer Division
During the year the performance of Transformer Division has
been good. We are pleased to inform that based on the successful trial of 245
KV class CT at one of the GETCO’s Substations, the company has received it’s
first order for 42 nos 245 kV CT during year, out of which 22 nos have been
executed and balance will be executed in the current year.
The company will now regularly participate in the tender for 245 kV Current Transformer.
Switch Gear Division
During the year under review the Switch Gear Division has
achieved a Net Sales of INR 149.800 Million. The performance of the Division
was not good as compared to the previous year. However,
the Company expects to improve the performance of the Division in the current year.
LT Switchboard
LT Switchboard business for the year under review has been
on lower end due to no new tender in the year under considerations. For the
L.T. Switchboard Division has achieved Net Sales of INR 21.600 Million.
Motor and Pumps
Division
Motor and Pump Division has achieved a Net Sales of INR 95.500 Million in the year under review which is 7.55 % more than previous year.
As you are aware the company has started manufacturing
complete range of LT motors up to and including 355 frame and as a result of
which the company has started achieving growth in the division successively in
the second year.
MANAGEMENT DISCUSSION
AND ANALYSIS
JSL Industries Limited is pioneer in the field of engineering offering high quality products and services to its clients in India. The Company forayed into manufacturing in the year 1966 and developed manufacturing capabilities. The Company now manufactures high-end electrical equipments, indigenously designed through extensive development in the vital fields across the country to its clients. The products are:
- Instrument Transformers
- LT Switchboards
- LT Air Circuit breakers
- Contactors & Thermal
overload relays
- Air Break Starters
- Oil Immersed Starters
- Submersible pump
controllers
- TEFC/SPDP and VHS motors
- Unibuilt mono-block pumps
By providing continuous R&D efforts, it has been possible to update the existing products and processes, improved customer satisfaction, improved quality and performance of the products, making more cost effective products and upgrading products to latest relevant standards.
JSL Industries Limited products are specially designed and
developed using state of the art and indigenous technology to have high
reliability and long life. Continual Improvements are being done based on
current technology and customer feedback. Design and development center is well
equipped with required software, qualified engineers and latest national and
international standards.
In this year we have added 245kV rating Instrument Transformer in our range. We have already booked orders and started supplying 245kV Class Current Transformers.
We have revamped our Motor designs to meet new IEC requirements. We have also revamped Switchgear design for higher ratings, and also Mono Block Pumps.
The Company has taken several bold steps to remain
competitive and to ensure survival by reducing cost and streamlining the
overall operations process. Despite severe competition and reduced demand,
optimism about the mid and long term growth prospects remain. We are in the
process of development of high efficiency motors.
Outlook
Electrical equipment/products manufacturing is a very
important sector for a developing country like India. The demand for electrical
products is expected to grow. Keeping in view the above, the long term outlook
for these sectors appears to be bright. There is ample scope and opportunity
for companies having businesses in these sectors not to mention the potential
of your Company and its large presence in these sectors for many years. With
the added / improved range of products in IT & Motor Unit we will have
better growth prospects.
Financial Performance and Operational Efficiency
The Company’s net sales were slightly lower at INR 453.415
Million in the financial year 2016-17 compared to INR 479.487 Million of the
previous year. The sales remained lower due to various factors as mentioned in
the Directors’ Report. Despite this various corrective measures taken by the
Company to reduce the expenses resulted in maintaining reasonable amount of
profit at INR 4.131 Million. Currently, the company has pending orders worth
INR 102.449 Million on hand and further, some orders are in the pipeline. These
orders are to be executed to provide substantial contribution to Company’s
turnover and profitability during 2017-18.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
SHORT TERM
BORROWINGS |
|
|
|
Deposit From Director |
4.800 |
1.300 |
|
Total |
4.800 |
1.300 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Amount |
Address |
|
1 |
G51126910 |
100117815 |
Indian Bank |
24/07/2017 |
- |
7038000.0 |
Indian Bank Raopura Branch, Vadodara-390001IN |
|
2 |
G38549168 |
100085496 |
Vijaya Bank |
02/03/2017 |
- |
2035000.0 |
Raopura Branch, Vadodara-390001IN |
|
3 |
G31243298 |
100069399 |
Vijaya Bank |
23/11/2016 |
- |
999999.0 |
Raopura BranchVadodaraGJ390001IN |
|
4 |
G09216904 |
100043969 |
Vijaya Bank |
28/07/2016 |
- |
717000.0 |
KOTHI /RAOPURA ROADVADODARAGJ390001IN |
|
5 |
G09217217 |
100043970 |
Vijaya Bank |
28/07/2016 |
- |
774000.0 |
KOTHI /RAOPURA ROADVADODARAGJ390001IN |
|
6 |
C58578998 |
10580183 |
Vijaya Bank |
22/06/2015 |
- |
957000.0 |
Kothi / Raopura RoadVadodaraGJ390001IN |
|
7 |
C53630539 |
10570681 |
Vijaya Bank |
13/05/2015 |
- |
646000.0 |
Kothi / Raopura Road RaopuraVadodaraGJ390001IN |
|
8 |
C04032645 |
10493714 |
Vijaya Bank |
11/04/2014 |
- |
700000.0 |
Kothi Road, Raopura.VadodaraGJ390001IN |
|
9 |
B84148162 |
10447833 |
Vijaya Bank |
27/08/2013 |
- |
750000.0 |
RaopuraVadodaraGJ390001IN |
|
10 |
G51013191 |
10398420 |
Indian Bank |
24/12/2012 |
03/08/2017 |
208338000.0 |
Indian BankRaopura Branch, VadodaraGJ390001IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Contingent liabilities
not provided in respect of : |
|
|
|
Income Tax |
4.467 |
4.882 |
|
Guarantees |
58.678 |
42.823 |
|
Excise duty matters |
69.715 |
65.636 |
|
VAT / CST |
-- |
0.262 |
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE HALF YEAR AND QUARTER ENDED
30.09.2017
(INR
In Million)
|
PARTICULARS |
QUARTER ENDED |
HALF YEAR ENDED 30.09.2017 |
|
|
30.09.2017 Unaudited |
30.06.2017 Unaudited |
||
|
|
|
|
|
|
|
|
|
|
|
REVENUE FROM OPERATIONS |
|
|
|
|
Revenue from operations |
115.800 |
116.900 |
232.700 |
|
Other Income |
1.200 |
1.200 |
2.400 |
|
Total
Income |
117.000 |
118.100 |
235.100 |
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
70.200 |
82.200 |
152.400 |
|
Purchase of Stock in Trade |
0.00 |
0.400 |
0.400 |
|
Changes in inventories of finished goods and
work-in-progress |
1.900 |
(10.500) |
(8.600) |
|
Employee benefits expense |
20.900 |
21.600 |
42.500 |
|
Finance Costs |
2.100 |
2.000 |
4.100 |
|
Depreciation and Amortization expenses |
4.100 |
4.000 |
8.100 |
|
Other Expenditure |
17.600 |
16.500 |
34.100 |
|
Total
Expenses |
116.800 |
116.200 |
233.000 |
|
Profit
/ (Loss) before Tax |
0.200 |
1.900 |
2.100 |
|
Tax Expense |
|
|
|
|
Current Tax |
0.200 |
0.800 |
1.000 |
|
Deferred Tax Liability |
(0.300) |
(0.200) |
(0.500) |
|
Profit
/ (Loss) after Tax |
0.300 |
1.300 |
1.600 |
|
Other comprehensive
income/expenses |
|
|
|
|
Gain/ loss of defined benefit to profit or loss |
(0.300) |
(0.200) |
(0.500) |
|
Total comprehensive
income for the period |
0.000 |
1.100 |
1.100 |
|
Paid-up equity share capital |
|
|
|
|
Basic EPS |
0.30 |
1.16 |
1.39 |
|
Diluted EPS |
0.30 |
1.16 |
1.39 |
STATEMENT OF UNAUDITED STANDALONE ASSETS AND LIABILITIES AS ON
30.09.2017
(INR in
Million)
|
SOURCES
OF FUNDS |
|
30.09.2017 |
|
|
Unaudited |
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
(1)
Shareholders' Funds |
|
|
|
(a) Share Capital |
|
11.200 |
|
(b) Reserves & Surplus |
|
263.800 |
|
(c) Money received against
share warrants |
|
0.000 |
|
|
|
|
|
(d)
Share Application Money Pending Allotment |
|
0.000 |
|
Total
Shareholders’ Funds |
|
275.000 |
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
(a) long-term borrowings |
|
25.800 |
|
(b) Deferred tax liabilities
(Net) |
|
0.000 |
|
(c) Other long term
liabilities |
|
3.200 |
|
(d) long-term provisions |
|
0.000 |
|
Total
Non-current Liabilities |
|
29.000 |
|
|
|
|
|
(4) Current Liabilities |
|
|
|
(a) Short term borrowings |
|
30.900 |
|
(b) Trade payables |
|
98.200 |
|
(c) Other current liabilities |
|
33.800 |
|
(d) Short-term provisions |
|
12.600 |
|
Total
Current Liabilities |
|
175.500 |
|
|
|
|
|
TOTAL |
|
479.500 |
|
|
|
|
|
II.
ASSETS |
|
|
|
(1) Non-current assets |
|
|
|
(a) Fixed Assets |
|
|
|
(i) Tangible assets |
|
172.700 |
|
(ii) Intangible Assets |
|
0.000 |
|
(iii) Capital work-in-progress |
|
0.000 |
|
(iv) Intangible assets under
development |
|
0.000 |
|
(b) Non-current Investments |
|
71.700 |
|
(c) Deferred tax assets (net) |
|
13.200 |
|
(d) Long-term Loan and
Advances |
|
6.300 |
|
(e) Other Non-current assets |
|
3.000 |
|
Total
Non-Current Assets |
|
266.900 |
|
|
|
|
|
(2) Current assets |
|
|
|
(a) Current investments |
|
0.000 |
|
(b) Inventories |
|
107.000 |
|
(c) Trade receivables |
|
59.700 |
|
(d) Cash and cash equivalents |
|
13.200 |
|
(e) Short-term loans and advances |
|
0.000 |
|
(f) Other current assets |
|
32.700 |
|
Total Current Assets |
|
212.600 |
|
|
|
|
|
TOTAL |
|
479.500 |
Notes :
1. The above Financial Results were reviewed by the Statutory Auditors, Audit Committee and approved by Board of Directors of the Company at its meeting held on November 07, 2017.
2. The above results, have been prepared in accordance with Ind AS notified under the Companies (Indian Accounting Standards) Rules, 2015.
3. Revenue from Operation for the current quarter and six months are not comparable with previous periods, since sales for the current quarter are net of Goods and Service Tax (GST), whereas, Excise Duty formed part of the same and other expenses in the previous periods.
4. Segmental Reporting is not applicable as the Company has only one segment.
5. Previous year's/quarter's figures are regrouped / rearranged / reclassified wherever necessary, to correspond with those of the current year's / quarter's classification.
FIXED ASSETS
- Land
- Building
- Plant and
Machinery
- Furniture and
Fixture
- Office
Equipment
- Motor Vehicle
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 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
|
INR |
|
US Dollar |
1 |
INR 63.38 |
|
|
1 |
INR 86.02 |
|
Euro |
1 |
INR 76.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
TRUP |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.