MIRA
INFORM REPORT
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Report Date : |
23.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
JEET AND
JEET GLASS AND CHEMICALS PRIVATE LIMITED |
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Registered Office : |
Plot No. F.75 (A), Vishwakarma
Industrial Area, Road No.5, Jaipur 302013, Rajasthan |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
10.01.1972 |
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Com. Reg. No.: |
17-1391 |
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CIN No.: [Company
Identification No.] |
U26101RJ1972PTC001391 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JPRJ00280A |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Bullet Proof Glass & Insulated
Glass, Bullet Proof Lectern, Security Products & Architectural Glass. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
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Status : |
Moderate
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Payment Behaviour : |
Slow
but correct |
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Litigation : |
Clear |
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Comments : |
The
company is irregular in corporate governance and hence it’s last available
financials is for March 2004. Subject
appear to be a small company having moderate track. It’s payments are
reported as slow. The
company can be considered for small to moderate business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Plot No. F.75 (A), Vishwakarma
Industrial Area, Road No.5, Jaipur 302013, Rajasthan , India |
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Tel. No.: |
91-141-2331289 |
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Fax No.: |
91-141-2262604 /
2350028 |
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E-Mail : |
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Website : |
http://www.jeetglassindia.com , http://www.defenceproducts.com |
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Area : |
2,092 Sq. Meters |
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Location : |
Industrial - Owned |
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Factory
1 : |
75 FA, Vishwakarma
Industrial Area, Road No. 5, Jaipur 302 013, Rajasthan |
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Tel.
No.: |
91-141-2331289 |
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Fax
No.: |
91-141-2262604 |
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E-Mail
: |
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Website : |
http://www.jeetglassindia.com , http://www.defenceproducts.com |
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Area : |
2,092 Sq. Meters |
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Location : |
Industrial - Owned |
DIRECTORS
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Name : |
Mr. Ranjit Singh |
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Designation : |
Managing Director |
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Address : |
61, K-S Scheme, Khatipura Road, Jaipur, Rajasthan |
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Date of Birth/Age : |
06/01/1931 |
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Date of Appointment : |
10/01/1972 |
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Name : |
Ms. Sharajet Kaur |
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Designation : |
Director |
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Address : |
61, K-S Scheme, Khatipura Road, Jaipur, Rajasthan |
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Date of Birth/Age : |
02/08/1939 |
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Date of Appointment : |
10/01/1972 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Bullet Proof Glass & Insulated
Glass, Bullet Proof Lectern, Security Products & Architectural Glass. |
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Products : |
·
Bullet Proof Glass ·
Armored Vehicles ·
Insulating Glass ·
Laminated Glass for Security ·
Laminated Glass for Sound Attenuation ·
Explosion Resistant Glass ·
Bullet Proof Lectern ·
Bullet Proof Podium ·
Bullet Proof Jackets ·
Bullet Proof Security Doors ·
Bullet Proof Vest ·
Bend / Curved / Fused Architectural Glass |
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Imports from : |
Polycarbonate Sheet (5 mm & 10mm), Laminated Glass,
Chemicals, Aluminium spacers, corners, glasses from Europe |
PRODUCTION
STATUS
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Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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Bullet Proof Glass |
Sq. Meters. |
-- |
4,000 |
3.21 |
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Isolating Glass |
Sq. Meters |
-- |
4,000 |
85.23 |
GENERAL
INFORMATION
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Trade
Reference/ Customers
: |
·
Ministry of Defence (R&D) ·
DGP Gujarat Police ·
Arco Engineers, Pune ·
Srijan Interactive, New Delhi ·
Unimark Remedies, Vapi ·
Akanksha Hi-Tech, Mumbai ·
VRDE, Ahmednagar ·
American Embassy ·
DGHC ·
Digambar Jain Mandir ·
GE 1 R&D Chandipur ·
Tata Advance Materials Limited |
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Bankers : |
v
State Bank of Bikaner & Jaipur, SMS Highway, Chaura Rasta,
Jaipur v
Rajasthan 302 001 v
Punjab National Bank v
Citibank N.A. v
State Bank of India, Chandipur |
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Facilities : |
The subject is
enjoying the following facilities from State Bank of Bikaner & Jaipur as
per Hypothecation Agreement dated 12.014.2006. - OD Against
Immovable Property : Rs. 5.000 Millions - Bank Guarantee :
Rs. 6.000 Millions It is secured
against Hypothecation of Goods & Assets, Plant & Machinery including
land & building, Inventories and Book Debts. |
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Banking Relations : |
Satisfactory
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Auditors : |
RSA &
Associates Chartered
Accountants (Mr. Alok
Khannotra, Partner) E-36 Shastri Nagar,
Jaipur 302 014, Rajasthan, India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
5,000 |
Equity Shares |
Rs.100/- each |
Rs. 0.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
2,902 |
Equity Shares |
Rs.100/- each |
Rs. 0.290 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.290 |
0.290 |
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2] Share Application Money |
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0.100 |
0.100 |
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3] Reserves & Surplus |
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0.007 |
0.007 |
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4] (Accumulated Losses) |
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[0.519] |
[0.608] |
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NETWORTH |
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[0.122] |
[0.211] |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.013 |
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TOTAL BORROWING |
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0.000 |
0.013 |
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DEFERRED TAX LIABILITIES |
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0.016 |
0.025 |
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TOTAL |
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[0.106] |
[0.173] |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.345 |
0.377 |
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Capital work-in-progress |
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0.000 |
0.000 |
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Technical Collaboration (Defence R&D Org) |
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0.100 |
0.100 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.240 |
1.146 |
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Sundry Debtors |
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0.000 |
0.072 |
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Cash & Bank Balances |
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2.615 |
0.000 |
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Other Current Assets |
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0.000 |
0.214 |
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Loans & Advances |
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1.095 |
0.596 |
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Total Current Assets |
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4.950 |
2.028 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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6.501 |
2.678 |
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Provisions |
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Total Current Liabilities |
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6.501 |
2.678 |
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Net Current Assets |
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[1.551] |
[0.650] |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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[0.106] |
[0.173] |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
|
31.03.2004 |
31.03.2003 |
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Sales Turnover [including other income] |
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2.984 |
2.161 |
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Profit/(Loss)
Before Tax |
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0.079 |
0.012 |
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Provision
for Taxation |
|
[0.009] |
0.004 |
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Profit/(Loss)
After Tax |
|
0.088 |
0.008 |
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Export
Value |
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0.178 |
0.010 |
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Import
Value - (in Euros) |
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1963.26 |
-- |
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Total
Expenditure |
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2.571 |
2.105 |
KEY
RATIOS
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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PAT / Total Income |
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2.95 |
0.37 |
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Net Profit Margin |
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2.74 |
0.76 |
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Return on Total Assets |
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1.27 |
0.26 |
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Return on Investment (ROI) |
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22.17 |
2.02 |
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Current Ratio |
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0.76 |
0.76 |
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Quick Ratio |
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0.57 |
0.33 |
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Debt Equity Ratio |
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- |
0.03 |
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Current Liabilities/Networth |
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16.38 |
6.75 |
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Fixed Asset / Networth |
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3.39 |
0.95 |
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Average Collection Days |
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0.00 |
16.64 |
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Account Receivables Turnover |
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- |
21.93 |
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Inventory Turnover |
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2.32 |
1.38 |
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Asset Turnover |
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2.14 |
4.19 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference
·
Steel Authority of India Limited
·
Sant Appliances
·
Abhinav International
·
Chitra Handicrafts
Subject exports its products and supplies in the domestic market
to Government Agencies and Embassies.
Founded by Mr. Ranjit Singh in 1972 Jeet
& Jeet Glass & Chemicals Private Limited introduced Bullet Proof Glass
and Insulated Glass. Passage of time left considerable expansion relating to
security, personal defence, and body armour products.
Memorandum Of Understanding with
Defence R&D Org. (DRDO):
In 1998, Jeet Glass signed MoU with
Government of India's Defence R&D Org. (DRDO) to manufacture and supply
Bullet proof Lectern and Podiums for VIP's security. This has been possible
because for their continuous R&D and supplying quality products to Ministry
Of Defence.
Customers:
Security Products: Government Departments in India
(Defence, Police and other security agencies) and customers worldwide.
In 1998,
Jeet & Jeet Glass and Chem. signed Memorandum Of Understanding with
Research and Development Estate (Engrs.) Pune, a Government Of India's premier
Defence Research and Development Orgn. [DRDO] Laboratory to manufacture and
supply bullet-proof podiums and Lecterns with their know-how. This has been
possible because of their continous research in this field along with
R&DE(E). They are serving this establishment, and other DRDO's laboratries
for the last 19 years. Jeet glass is associated with other DRDO laboratories
and have great admiration for their expertise in security product manufacture.
Form 8 Particular for creation or modification of
charges
|
Corporation identity number or foreign company registrations number of the company |
U26101RJ1972PTC001391 |
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Name of the company |
Jeet And Jeet Glass And Chemicals Private Limited |
|
Address |
Plot
No. F.75 (A), Vishwakarma Industrial Area, Road No.5, Jaipur 302013
Rajasthan-302 013 |
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This Form is for |
Modification of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder |
State Bank of Bikaner & Jaipur, SMS Highway, Chaura Rasta, Jaipur – 302001, Rajasthan |
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Amount Secure by the charge |
Rs. 11.000 Millions |
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Description of the property charge whether it is a charge on |
Immovable Properties, Furniture and Fixture, Stock in Trade, Plant and Machinery and Book Debts |
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Modification charge Charge identification number of the charge to be modified |
80001993 |
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Date of instrument modifying the charge |
12.04.2006 |
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Particulars of the Property charged |
Hypothecation of First charge all basis all current assets |
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Brief Description of the instrument modifying the charge under section 135 |
All agreement dated 12/04/2006 supplemental agreement of hypothecation of goods and assets |
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Particular of present modification |
Limit Enhances from Rs. 7.5 millions to 11.00 millions |
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.44.87 |
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UK
Pound |
1 |
Rs.85.99 |
|
Euro |
1 |
Rs.58.15 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
2 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
21 |
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 |
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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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|