MIRA INFORM REPORT
|
Report Date : |
07.11.2006 |
IDENTIFICATION DETAILS
|
Name : |
JAQUAR AND COMPNAY LIMITED |
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Registered Office : |
C - 20, S. M. A.
Co-operative Industrial Estate, G T Karnal Road, New Delhi - 110 033 INDIA |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
01.10.1983 |
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Com. Reg. No.: |
55-16665 |
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CIN No.: [Company Identification No.] |
U52110DL1983NIL016665 |
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TAN No.: [Tax Deduction & Collection Account No.] |
DELJ04600B |
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PAN No.: [Permanent Account No.] |
AAACJ2324F |
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Legal Form : |
A closely held public limited liability
company |
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Line of Business : |
Manufacturer
and exporters of Bath Fittings |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
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 |
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Maximum Credit Limit : |
USD 1500000 |
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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 is a
well-established and reputed company having fine track. Directors are reported as experienced,
respectable and resourceful industrialists.
Their trade relations are reported as fair. Financial position of the
company is good. Payments are usually
correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
C - 20, S. M. A.
Co-operative Industrial Estate, G T Karnal Road, New Delhi - 110 033 INDIA |
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Tel. No.: |
91 – 11 – 2746 4808 / 4809 |
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Fax No.: |
91 – 11 – 2724 0388 |
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E-Mail : |
jaquar@indiabuildnet.com / jaquar@bol.net.in / support@jaquar.com |
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Website : |
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Area : |
Leased
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Location : |
Industrial
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Head Office : |
D-28
S. M. A., Co-operative Industrial Estate, G. T. Karnal Road, New Delhi 110
033. |
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Tel. No.: |
91-11-27464808
to 17 |
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Fax No.: |
91-11-27466808/27240388 |
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E-Mail : |
|
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Location : |
Industrial
|
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Branches : |
AHMEDABAD CHANDIGARH SCO 23, 24 & 25, Ist Floor, SILIGURI KOLKATA MUMBAI RAIPUR Orientation Centers / Branch
Office Mr. Deepak Mohanty PUNE HYDERABAD BANGALORE CHENNAI COCHIN |
DIRECTORS
|
Name : |
Mr. Sri Krishan Mehra |
|
Designation : |
Director |
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Address: |
5,
Flag Staff Road, Civil Lines, Delhi - 110054 |
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Date of Birth/Age : |
15.12.1956 |
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Date of Appointment : |
22.03.1984 |
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|
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|
Name : |
Mr. Rajesh Mehra |
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Designation : |
Director |
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Address: |
5,
Flag Staff Road, Civil Lines, Delhi - 110054 |
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Date of Birth/Age : |
04/09/1958 |
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Date of Appointment : |
01/02/1996 |
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|
|
|
Name : |
Mr.
N. L. Mehra |
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Designation : |
Director |
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Address: |
5,
Flag Staff Road, Civil Lines, Delhi - 110054 |
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Date of Birth/Age : |
28.03.1927 |
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Date of Appointment : |
01.04.2003 |
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|
|
|
Name : |
Mr.
Ajay Mehra |
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Designation : |
Director |
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Address: |
5,
Flag Staff Road, Civil Lines, Delhi - 110054 |
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Date of Birth/Age : |
27.06.1962 |
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Date of Appointment : |
01.04.2003 |
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|
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Name : |
Mr.
Bharat Bhushan Duggal |
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Designation : |
Director
|
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Address: |
A
– 5B/449, Paschim Vihar, Delhi |
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Date of Birth/Age : |
18.11.1955 |
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Date of Appointment : |
07.03.2005 |
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|
|
|
Name : |
Mr.
Ved Bandhu Aggarwal |
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Designation : |
Director
|
|
Address: |
A
– 2/85, Rajouri Garden, Delhi |
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Date of Birth/Age : |
28.01.1948 |
|
Date of Appointment : |
07.03.2005 |
|
|
|
|
Name : |
Baldev
Singh Kashtwal |
|
Designation : |
Company
Secretary |
|
Address : |
Flat
No. 136-B, First Floor, Pocket-B, Dilshad Garden, Delhi 110095 |
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Tel No. : |
91-11-22127199 |
|
Mobile : |
91-9811298944 |
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Email : |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mr.
Sri Krishan Mehra |
1081 |
|
Mr.
Rajesh Mehra |
2096 |
|
Mr.
N. L. Mehra |
1015 |
|
Mr.
Ajay Mehra |
1066 |
|
M/S
Ajay And Sons |
1250 |
|
Ms.
Deepika Mehra |
1151 |
|
Mr.
Kanav Mehra |
1800 |
|
Mr.
Ranvir Raj Mehra |
1202 |
|
M/S
N. L. Mehra And Sons |
1304 |
|
Ms.
Malti Mehra |
1250 |
|
Ms.
Nishi Mehra |
1282 |
|
M/S
Rajesh And Sons |
1322 |
|
Mr.
Parichay Mehra |
1155 |
|
Mr.
Parichay Mehra |
1322 |
|
Mr
Parakh Sehgal |
1630 |
|
M/S S. K. Mehra And Sons |
1590 |
|
Mr.
Sabyata Mehra |
1864 |
|
Mr.
Santosh Mehra |
1011 |
|
M/S
KRA Leasing Limited |
90007 |
|
M/S
G R Sales Limited |
10000 |
|
M/S
Essco Sanitations Limited |
54350 |
|
M/S
SMG Enterprises Private Limited |
1150 |
|
Mr.
Gulsher |
800 |
|
Mr.
Joginder Singh |
31 |
|
Mr.
Mikky Khosla |
101 |
|
Mr.
Inder Singh Malhotra |
26 |
|
Mr.
Pal Singh |
4 |
|
Ms.
Renu Singh |
11 |
|
Total |
181000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and exporters of Bath Fittings |
|
|
|
|
Products : |
v
Allied v
Angel v
Astra v
Clarion v
Continental v
Floreintine v
Hotelier v
Medi Series v
Rendezvous v
Sensor v
Spiral v
Solo v
Savoy v
Steel Line Basines v
Stealth v
Thermostatic v
Opal v
Ornamix v
Vignette v
Vintage v
Queen’s Showers v
Showers v
Hand Showers v
Body Showers v
Ovehead Showers v
Allegroh v
Azzur v
Steel v
Terrano v
Steel v
Starck v
Arco v
Mondaro v
Carlton Lighting Division v
Chandeliers v
Modern Lights v
Crystal Wall Lights v
Accessories v
Fiber Optics v
Skylite v
Cascade v
Crystal Wall Lights |
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|
|
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Brand Names : |
“JAQUAR” |
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|
|
|
Exports to : |
United
States, Australia, Denmark, France, Italy Hong Kong, Spain and Singapore
through its Distributors. |
PRODUCTION STATUS
|
Particulars |
Unit |
Actual Production
|
|
Bathroom Fittings |
Pieces |
4062677 |
GENERAL INFORMATION
|
Customers : |
Wholesalers
and Retailers |
|
|
|
|
No. of Employees : |
200 |
|
|
|
|
Bankers : |
v
Punjab National Bank. v
Standard Chartered
Grindlays Bank v
ANZ Grindlays Bank |
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|
|
|
Facilities |
Secured Loan Loans from Bank Term Loan – Rs. 1.000
Millions (Against Hypothecation of
Machine from S C Bank) Unsecured Loan From Other – Rs. 6.068
Millions Security Deposits from Dealers – Rs. 4.535 Millions |
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|
|
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Banking Relations : |
Satisfactory
|
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Auditors : |
Baldeep
Bhatia and Company Chartered
Accountant 19,
Vassant Enclave, Rao Tula Ram Marg, New Delhi- 110057 |
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Tel. No.: |
91-11-26151888/26154255/26147624 |
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Mobile No.: |
91-11-26151888 |
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Fax No.: |
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Associates : |
G.
R. Sales Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity
Shares |
Rs. 100 each |
Rs. 20.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
181000 |
Equity
Shares |
Rs. 100 each |
Rs. 18.100 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
18.100 |
18.100 |
15.340 |
|
|
3] Reserves & Surplus |
397.781 |
306.299 |
220.894 |
|
NETWORTH
|
415.881 |
324.399 |
236.234 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1.000 |
3.000 |
5.000 |
|
|
2] Unsecured Loans |
10.603 |
2.828 |
2.727 |
|
TOTAL
BORROWING
|
11.603 |
5.828 |
7.727 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
427.484 |
330.227 |
243.961 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
156.427 |
138.255 |
106.616 |
|
Capital work-in-progress
|
29.765 |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
1.885 |
1.885 |
1.885 |
|
DEFERREX TAX ASSETS
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
243.618
|
158.074 |
|
|
|
Sundry Debtors
|
272.505
|
238.164 |
|
|
|
Cash & Bank Balances
|
37.415
|
12.098 |
385.413 |
|
|
Other Current Assets
|
0.000
|
0.000 |
|
|
|
Loans & Advances
|
135.009
|
123.910 |
|
|
|
Total Current Assets
|
688.547
|
532.246 |
385.413 |
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
275.701
|
213.858 |
249.967 |
|
|
Provisions
|
173.446
|
128.312 |
|
Total Current Liabilities
|
449.147
|
342.170 |
249.967 |
|
Net Current
Assets
|
239.400
|
190.076 |
135.446 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.007 |
0.011 |
0.014 |
|
|
|
|
|
|
|
TOTAL
|
427.484 |
330.227 |
243.961 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
2200.767 |
1671.046 |
993.709 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
144.292 |
103.256 |
5.485 |
Provision for Taxation
|
52.813 |
37.170 |
2.058 |
Profit/(Loss) After Tax
|
91.479 |
66.086 |
3.427 |
|
|
|
|
|
Import Value
|
NA |
99.620 |
47.055 |
|
|
|
|
|
Total Expenditure
|
2056.475 |
1544.544 |
970.456 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
4.15
|
3.95 |
0.34 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
6.55
|
6.19 |
0.59 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total Assets} |
(%) |
17.07
|
15.20 |
1.11 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.34
|
0.32 |
0.02 |
|
|
|
|
|
|
Debt Equity Ratio
(Total Liability/Networth) |
|
1.10
|
1.09 |
1.09 |
|
|
|
|
|
|
Current Ratio
(Current Asset/Current
Liability) |
|
1.53
|
1.54 |
1.54 |
LOCAL AGENCY FURTHER INFORMATION
Subject
imports raw materials, capital goods and accessories.
The
Subject has been awarded the Fulham Geissle American Award for Quality –
received by the likes of Apple, AT and T, Boeing, IBM, Kodak and Xerox in the
past.
Operation
Performance
during the year 2004 – 2005 was the best achieved from the point of view of
turnover and profitability. The company has achieved turnover of Rs. 2112.892
Millions (Previous year Rs. 166.695 Millions). As regards the profitability,
the net profit for the year 2004-2005 is Rs. 144.292 Millions (Previous year
Rs. 103.256 Millions)
Contingent Liabilities
Company
has given bank guarantees amounting to Rs. 1.578 Millions in favour of
Government of India, A/c Custom department against the import of capital goods
There
is demand of Rs. 13.765 Millions raised by sales tax department for financial
year 2003-2004 during the course of assessment. The assessee has gone into
appeal. In demands of similar nature for earlier years, the assessee won the
appeals and the demands were cancelled
Fixed Assets
v
Land
v
Factory Building
v
Office Building
v
Furniture & Fixture
v
Plant & Machinery
v
Office Equipment
v
Computer
v
Vehicles
Form 8 Particular for creation or modification of
charges
|
Corporation
identity number or foreign company registrations number of the company |
U52110DL1983NIL016665 |
|
Name
of the company |
JAQUAR AND COMPNAY LIMITED |
|
Address |
C - 20, S. M. A.
Co-operative Industrial Estate, G T Karnal Road, New Delhi - 110 033 INDIA |
|
This
Form is for |
Modification
Charge |
|
Particular
of the charge holder |
Standard
Chartered Bank, Narain Manzil, 23, Barakhamba Road, New Delhi – 110001 E-Mail.:
gkjain1234@rediffmail.com |
|
Amount
Secure by the charge |
Rs.
41.500 Millions |
|
Description
of the property charge whether it is a charge on |
Immovable,
Stock in trade, Book Debts and other |
|
Particular
of the property charged |
All
stock in trade both present and future consisting of raw material, finished
goods, goods in progress of manufacturer and other merchandise. All present and
future book debts |
|
Modification
charge Charge
identification number of the charge to be modified |
80010116 |
|
Date
of instrument modifying the charge |
24.08.2006 |
|
Particulars
of the present modification |
Bank
1st Pari Passu Charge over stock and book debts already Registered
for INR 55.800 Millions shall stand enhanced from INR 55.800 TO INR
80.000 |
History
Established in 1960, JAQUAR has carved out a special niche for itself as the India's largest manufacturer and exporter of bath fittings. Powered by extensive product development, backed by state-of-the-art production facilities, and supported by a vast marketing network. Acknowledged as a key innovator in the industry, JAQUAR has revolutionized the designs and utility patterns of bath fittings in the country. At JAQUAR, technology is the prime enabler - the force that drives the company to new heights. JAQUAR has installed the world's most advanced plant and machinery sourced from global leaders.
Constantly keeping abreast of the latest
international developments in the industry is an integral part of the JAQUAR
tech spirit, and the knowledge derived from this endeavor is channeled into a
steady stream of innovation that seeks to give its customers the very best in
terms of range, quality and aesthetic appeal. The cutting-edge technology, and
the world-class products that emerge from it enable JAQUAR to entrench itself
in quality-conscious markets like UK, Switzerland, USA, Canada, Denmark and the
Middle East. This uncompromising focus on quality has been internationally
recognized - JAQUAR has been awarded the prestigious Fulham Geissler American
Award for Quality - received by the likes of Apple, AT&T, Boeing, IBM,
Kodak and Xerox in the past.
Jaquar plans facility to make products for German co
C.R.
Sukumar
Hyderabad , March 6
JAQUAR & Company Limited, the Rs.
2600.000 Millions player in the domestic bath fittings and accessories market,
has finalised Rs. 400.000 Millions capital expenditure programme to set up a
modern manufacturing unit exclusively to make the products of the German bath
fittings major Hansgrohe.
These products include multiple flow
showers, shower panels, shower temples, whirlpools and bath fittings.
According to the Director, Marketing,
Mr Rajesh Mehra, the company had earlier entered into a marketing alliance with
Hansgrohe to introduce bath fittings in new finishes, designs, styles and
colour combinations.
The idea was also to provide the Indian
customers access to international technology in bath fittings. Jaquar had also
tied up with the Swiss major Aquis to roll out its renowned sensor taps and
other sensor controlled bath products in the Indian market.
"Hansgrohe is known world over for
its incomparable range of shower products. Through this alliance, they have introduced
the world's most advanced shower systems such as panels, steam temples, columns
and whirlpool systems of Hansgrohe into the Indian market. Keeping in view the
growing demand for these products, they have now decided to set up an exclusive
manufacturing facility for the Hansgrohe range of shower products in India.
They expect this move to also help us
introduce superior quality indigenous components into Hansgrohe products,
thereby, bringing down the overall cost of production," Mr. Rajesh Mehra told
Business Line.
"They have finalised one more
expansion-cum-modernisation programme now, involving a capital outlay of around
Rs 250.000 Millions," Mr. Mehra said.
Apart from revamping its existing
facilities around New Delhi, Jaquar has also decided to set up a modern plant
to produce bath fittings exclusively to the South-East Asian countries.
The new facility, coming up on a
25,000-sq. m. area near New Delhi, would take off by November. This would
enable the company increase its production capacity to around 30,000 units per
day from the existing 16,000 pieces, he said.
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 records 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.44.83 |
|
UK
Pound |
1 |
Rs.85.36 |
|
Euro |
1 |
Rs.57.21 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
60 |
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
|
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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |