MIRA
INFORM REPORT
|
Report Date : |
05.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
JAY INSTRUMENTS
AND SYSTEMS PRIVATE LIMITED |
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Registered Office : |
E-16 ”Everest”
Tardeo Road, Mumbai – 400034, Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
06.06.1986 |
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Com. Reg. No.: |
11-040036 |
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CIN No.: [Company
Identification No.] |
U30000MH1986PTC040036 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMJ08631A |
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PAN No.: [Permanent
Account No.] |
AAACJI391A |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Subject is engaged in the Manufacturing of Table Top Weigh
Scales, Pitless Electronic Weigh Bridges, Process Indicators and Controllers,
PID Controllers, Drum Filling Systems, Bag Filling Systems, Electronic
Batching Systems, Gas or Chlorine Cylinder Charging Systems, Computerised
Colour Matching, Textile CAD Systems, Controlled Weigh Terminals, Gravimetric
Dosing Systems, Industrial Data Acquisition Systems, Computerised Grading and
Making. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 175000 |
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Status : |
Satisfactory |
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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 satisfactory track. Directors are
reported as experienced and respectable businessmen. Trade relations are
reported as fair. Business is active. 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 : |
E-16 ”Everest”
Tardeo Road, Mumbai – 400034, Maharashtra, India |
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Tel. No.: |
91-22-30423048 |
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Fax No.: |
91-22-30423434 |
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E-Mail : |
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Head Office : |
C-64, TTC Industrial Area, Turbhe, Navi Mumbai, Dist.
Thane. 400 705 |
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Tel. No.: |
91-22-27672955 /
0092 |
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Fax No.: |
91-22-27670161 |
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Branches : |
Ahmedabad : 201,Shivam Complex, Bhd Parisima Complex, Off C G Road, Ellis Bridge, Ahmedabad - 380 006. Tel : 91-79-2646 0234
Fax : 91-79-2646 2792 E-mail Add: ctpamd@icenet.net.in jdlad1@sancharnet.in Chennai : JVL Arcade, 3rd
Floor, 199, North Usman Road, T.Nagar, Chennai- 600 017. Tel : 91-44-2814
2429/2814 2911 Fax : 91-44-2814
2429 E-mail Add: jayinst@md4.vsnl.net.in Delhi : 809, Arunachal,
19, Barakhamba Road, New-Delhi - 110
001 Tel : 91-11-2371 3490
Fax : 91-11-2371 3490 E-mail Add: jayinst@nda.vsnl.net.in
Hubli : 27, 2nd Floor,
LaxmiComplex, Neeligin Road, Hubli - 580 029. Tel : 91-836-352 678
Fax :91-836-254 946 E-mail Add: jislhub@sancharnet.in Tirupur : 210, Best
Complex, Kumaran Road, Tirupur - 641
601. Tel : 91-421-2241403 Fax :91-421-2241403 E-mail Add: pptservice@yahoo.com |
DIRECTORS
|
Name : |
Mr Nikhil
Sharadchandra Kothari |
|
Designation : |
Director |
|
Address : |
122, Summer
Ville, Bhulabhai Desai Road, Mahalaxmi, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
15.07.1970 |
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Date of Appointment : |
01.11.2000 |
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|
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|
Name : |
Mrs Jayshree
Sharadchandra Kothari |
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Designation : |
Director |
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Address : |
122, Summer
Ville, Bhulabhai Desai Road, Mahalaxmi, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
05.02.1937 |
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|
|
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Name : |
Mr Parag
Sharadchandra Kothari |
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Designation : |
Director |
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Address : |
122, Summer Ville,
Bhulabhai Desai Road, Mahalaxmi, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
30.01.1967 |
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Date of Appointment : |
31.07.2002 |
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Name : |
Mr Krushnakumar
Shoorji Kothari |
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Designation : |
Director |
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|
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|
Name : |
Mrs Menna
Mahendra Kothari |
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Designation : |
Director |
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|
Name : |
Mrs Nalini Rajesh Kothari |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Mrs Jayshree
Sharadchandra Kothari |
4010 |
16.30 |
|
Mr Nikhil
Sharadchandra Kothari |
1010 |
4.10 |
|
Mr Parag
Sharadchandra Kothari |
1010 |
4.10 |
|
Digi Softech
Limited |
10 |
0.04 |
|
Idea 2 Media
Private Limited |
10 |
0.04 |
|
Jay Chemi Colour
Private Limited |
10 |
0.04 |
|
Star Organic
Private Limited |
10 |
0.04 |
|
Shoorji Trikamdas
Investment Company Private Limited |
4500 |
18.29 |
|
Mrs Jayshree
Sharadchandra Kothari |
14030 |
57.03 |
|
Total |
24600 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the Manufacturing of Table Top Weigh
Scales, Pitless Electronic Weigh Bridges, Process Indicators and Controllers,
PID Controllers, Drum Filling Systems, Bag Filling Systems, Electronic
Batching Systems, Gas or Chlorine Cylinder Charging Systems, Computerised
Colour Matching, Textile CAD Systems, Controlled Weigh Terminals, Gravimetric
Dosing Systems, Industrial Data Acquisition Systems, Computerised Grading and
Making. |
|
|
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Products : |
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GENERAL
INFORMATION
|
No. of Employees : |
Around 120 |
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Bankers : |
Syndicate Bank, Turbhe Branch, Navi Mumbai,
Maharashtra |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Maganlal and Ajay Mehta Chartered Accountants |
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Address : |
3, A K Naik Road,
Room No 20, Fort, Mumbai – 400001, Maharashtra, India |
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|
|
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Sister Concern : |
Jaysynth Dyechem Limited, Mumbai |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24600 |
Equity Shares |
Rs 100/- each |
Rs 2.460 Millions |
|
75400 |
Preference Shares |
Rs 100/- each |
Rs 7.540 Millions |
|
|
Total |
|
Rs 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24600 |
Equity Shares |
Rs 100/- each |
Rs 2.460 Millions |
|
72500 |
Preference Shares |
Rs 100/- each |
Rs 7.250 Millions |
|
|
Total |
|
Rs 9.710 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
9.710 |
9.710 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
35.383 |
32.702 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
45.093 |
42.412 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
5.231 |
|
|
2] Unsecured Loans |
|
15.800 |
11.795 |
|
|
TOTAL BORROWING |
|
15.800 |
17.026 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
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|
|
|
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TOTAL |
|
60.893 |
59.438 |
|
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|
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APPLICATION OF FUNDS |
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|
|
|
|
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FIXED ASSETS [Net Block] |
|
29.026 |
29.550 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
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INVESTMENT |
|
0.005 |
0.010 |
|
|
DEFERREX TAX ASSETS |
|
0.185 |
0.400 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
11.515 |
9.911 |
|
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Sundry Debtors |
|
21.451 |
20.085 |
|
|
Cash & Bank Balances |
|
9.799 |
6.286 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
9.594 |
8.159 |
|
Total
Current Assets |
|
52.359 |
44.441 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
14.282 |
10.947 |
|
|
Provisions |
|
6.400 |
4.016 |
|
Total
Current Liabilities |
|
20.682 |
14.963 |
|
|
Net Current Assets |
|
31.677 |
29.478 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
60.893 |
59.438 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
107.452 |
87.838 |
|
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Total Income |
|
107.452 |
87.738 |
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|
|
|
|
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Profit/(Loss) After Tax |
|
6.063 |
2.375 |
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|
|
|
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|
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Earnings in Foreign Currency : |
|
|
|
|
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Total Earnings |
|
0.289 |
0.255 |
|
|
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
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Interest |
|
0.300 |
0.233 |
|
|
Depreciation & Amortization |
|
3.141 |
3.854 |
|
|
Other Expenditure |
|
97.948 |
81.276 |
|
Total Expenditure |
|
101.389 |
85.363 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
5.64 |
2.70 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.45 |
3.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.53 |
2.97 |
LOCAL AGENCY FURTHER
INFORMATION
JAY INSTRUMENTS AND SYSTEMS PRIVATE LIMITED is a leading Weighing Systems & Solutions, Color Measurement and Process Control Automation Solutions Provider company.
Each division has it's own Sales and Support Staff, having many years of expertise in offering Off-the shelf or Customised solutions to the problems that you may have.
The company initially started manufacturing Computers and later started providing comprehensive Weighing Solutions in the year 1990. Today company represents and has exclusive arrangements with some of the best suppliers around the world offering Components, Instrumentation and Technology for comprehensive weighing solutions.
JAY INSTRUMENTS AND SYSTEMS PRIVATE LIMITED enjoys direct access to the vast Database and Knowledge of Colors of its parent company Jaysynth Dyechem, a 2500 Millions (US$ 80 Million) Annual Sales Dyes and Intermediate company. JAY INSTRUMENTS AND SYSTEMS PRIVATE LIMITED has used this knowledge and wealth of Database to develop Color Measuring Solutions. Today JAY INSTRUMENTS AND SYSTEMS PRIVATE LIMITED has earned the reputation in this market by offering state-of the art technology at affordable price to wide array of customers from Food, Pharma, Chemical, Automobile, Paints, Textile, Ceramics, Engineering, Dyes and many others ....
Opportunities
JAY INSTRUMENTS AND SYSTEMS PRIVATE LIMITED is on the constant look out for opportunities in following areas :-
All India Sales / Value Added Resellers for Overseas Manufacturers of state-of-the art Weighing and Instrumentation Products. Company leverages their large Network of branches, dealers and broad customer base.
JAY INSTRUMENTS AND SYSTEMS PRIVATE LIMITED is currently on the look out for dealers/value-added-resellers for its various manufactured and represented products all over India.
Company welcomes experienced persons to work with them in Sales, Service & Projects in the Retail & Industrial Weighing segment.
Company also welcomes experienced persons to work with them in Sales, Applications & Service in the Color Matching Division.
Business
Subject is engaged
in the business of manufacturers of or traders, commission agents, importers,
exporters and dealers in computers and tabulators of every kind, description
including accounting machines, calculating machines, counting machines, cash
registers, tabulators, sorting, copying and reproducing machines, distributing
machines and machinery systems, computer software and data processing units,
apparatus, appliances and devices including manufacture of peripheral controls
for discounts, tape communication network, terminals, add-on memories, computer
systems and related electronic assemblies and sub-assemblies or any other
electronic components and assemblies for any attachment.
E Mail addresses of the company
|
Retail Scales |
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|
Weighing Systems |
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Projects
Department |
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Check Weigher and
Metal Detectors |
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Weigh Scales
Services |
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Color Matching
Sales |
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|
Color Matching
Service |
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Name of the company |
JAY INSTRUMENTS AND SYSTEMS PRIVATE
LIMITED |
|
Presented By |
MR PARAG S KOTHARI |
|
1) Date and description of instrument creating the change |
Confirmation of
mortgage by deposit of title deeds dated 14.01.2000 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs 20.000
Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Land and building
situated and constructed on plot no. C-64, TTC Industrial Area, Turbhe,
district thane, Maharashtra. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
To cover and form
as security for the due repayment financial facilities granted or to be
granted by the bank to the party. |
|
5) Name and Address and description of the person entitled to the charge. |
Syndicate Bank Central BAPMC
Building, Sector 18, Vashi Turbhe, Navi Mumbai – 400705 |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
|
Name of the company |
JAY INSTRUMENTS AND SYSTEMS PRIVATE
LIMITED |
|
Presented By |
JAY INSTRUMENTS AND SYSTEMS PRIVATE
LIMITED AND SYNDICATE BANK, VASHI TURBHE, NAVI MUMBAI |
|
1) Date and description of instrument creating the change |
Deed of hypothecation
dated 14.01.2000 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs 15.000
millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Stocks comprising
of raw materials, stock in process, finished goods, stores and spares and
receivables which now or hereinafter from time to time shall be brought in,
stored at the borrowers premises or godowns at C-64, TTC industrial Area,
Turbhe, district Thane, Maharashtra and/or S.no. 165/C/1 M T Sagar industrial
Estate, Gokul Road, Hubli, Karnataka as security for the various credit
facilities sanctioned and all interest thereon and all expenses which the
bank may gave paid or incurred or payable in any way in connection with the
securities or the sale or disposal thereof. Further security
of book debts, investments, deposits etc. made by the borrower |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
To cover and form
as security for the due repayment of various advances or credit facilities
agreed to be granted or granted by the bank to the borrower. The charge also covers
the balance due to the bank including principal moneys from time to time
advanced to the borrowers by the bank and also interest thereon and all
charges and expenses which the bank incurred or may incur. |
|
5) Name and Address and description of the person entitled to the charge. |
Syndicate bank Central BAMC
Building, Sector 18, Vashi Turbhe, Navi Mumbai |
|
6) Date and brief description of instrument modifying the charge |
Renewal letter
for all facilities dated 28.04.2004 |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Original charge
dated 14.01.2000 was registered under Sr. no 138 dated 19.01.2000 By the present
modification SODH facility against the hypothecation of stocks against the
hypothecation of stocks and book debts revised to Rs 12.5000 Millions and
FLC/DA facility to Rs 1.500 Millions. Thus making revised/reduced limit to Rs
14.000 Millions Rate of
Interest - 13.25 % pa.a being 2.25%
over and above the syndicate bank’s prime lending rate (PLR) The Borrower
hereby declare and confirm that all the documents and confirm that all the
documents and confirm that all the documents and securities shall remain in
force and continue to remain in force and binding for all purposes, intents
and shall continue to be available to the bank by the borrower and that no
further charge is created in respect of the said securities without express
permission of the bank. The borrower
further declare and confirm that all the documents and securities shall
remain in force and continue to remain in force and binding for the reduced
limits for all purposes and intents All the terms and
conditions with regard to the credit facilities, securities etc. as contained
in the documents executed by the borrower shall apply to the credit
facilities now renewed / reduced except to the extent specifically
communicated to us by the bank |
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.42.90 |
|
UK Pound |
1 |
Rs.84.69 |
|
Euro |
1 |
Rs.57.21 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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 |
|