MIRA
INFORM REPORT
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Report Date : |
06.04.2007 |
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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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 : |
v Bullet Proof Glass v Armored Vehicles v Insulating Glass v Laminated Glass for Security v Laminated Glass for Sound
Attenuation v Explosion Resistant Glass v Bullet Proof Lectern v Bullet Proof Podium v Bullet Proof Jackets v Bullet Proof Security Doors v Bullet Proof Vest v Bend / Curved / Fused
Architectural Glass |
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Imports : |
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Products : |
Polycarbonate
Sheet (5 mm & 10mm), Laminated Glass, Chemicals, Aluminium spacers,
corners, glasses |
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Countries : |
Europe |
PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Bullet Proof Glass |
Sq. Meters. |
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4,000 |
3.21 |
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Isolating Glass |
Sq. Meters |
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4,000 |
85.23 |
GENERAL
INFORMATION
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Customers : |
v Ministry of Defence (R&D) v DGP Gujarat Police v Arco Engineers, Pune v Srijan Interactive, New Delhi v Unimark Remedies, Vapi v Akanksha Hi-Tech, Mumbai v VRDE, Ahmednagar v American Embassy v DGHC v Digambar Jain Mandir v GE 1 R&D Chandipur v 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 : |
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Name : |
RSA & Associates Chartered
Accountants |
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Address : |
E-36
Shastri Nagar, Jaipur 302 014, Rajasthan, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5,000 |
Equity
Shares |
Rs.100/- each |
Rs. 0.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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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 |
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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 |
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[0.009] |
0.004 |
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Profit/(Loss)
After Tax |
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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 |
|
2.74 |
0.76 |
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Return
on Total Assets |
|
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 |
|
0.76 |
0.76 |
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Quick
Ratio |
|
0.57 |
0.33 |
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Debt Equity
Ratio |
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- |
0.03 |
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Current
Liabilities/Networth |
|
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
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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.43.15 |
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UK Pound |
1 |
Rs.85.22 |
|
Euro |
1 |
Rs.57.63 |
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 |
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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 |
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|
>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 |
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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 |
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