MIRA
INFORM REPORT
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Report Date : |
21.08.2007 |
IDENTIFICATION DETAILS
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Name : |
JAYPEE SPINTEX LIMITED |
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Registered Office : |
389 Old Post, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
31.12.1984 |
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Com. Reg. No.: |
019725 |
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CIN No.: [Company
Identification No.] |
L18101DL1984PLC019725 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELJ04320B |
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PAN No.: [Permanent
Account No.] |
AAACJ0004A |
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Legal Form : |
A Closely Held Public Limited Company. |
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Line of Business : |
Manufacturers and Exporters of Garments. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 35000 |
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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
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Registered Office : |
389 Old Post, |
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Tel. No.: |
91-11-23537779 |
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E-Mail: |
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Website: |
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Factory 1 : |
C – 92, Sector – 8, Noida, |
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Tel. No.: |
91-120-4315484 / 85 |
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Fax No.: |
91-120-3061470 |
DIRECTORS
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Name : |
Mr. Shri Pal Jain |
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Designation : |
Whole Time Director |
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Address : |
128, Veer Nagar, |
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Date of Birth/Age : |
02.11.1947 |
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Date of Appointment : |
31.12.1984 |
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Name : |
Mr. Jitender Kumar Jain |
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Designation : |
Director |
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Address : |
H – 142, Ashok Vihar, Phase – I, |
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Date of Birth/Age : |
23.11.1943 |
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Date of Appointment : |
31.12.1984 |
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Name : |
Mr. Dev Bhushan Jain |
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Designation : |
Director |
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Address : |
128, Veer Nagar, |
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Date of Birth/Age : |
12.12.1956 |
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Date of Appointment : |
31.12.1984 |
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Name : |
Mr. Jenender Kumar Jain |
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Designation : |
Director |
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Address : |
H – 142, Ashok Vihar, Phase – I, |
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Date of Birth/Age : |
07.11.1957 |
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Date of Appointment : |
31.12.1984 |
KEY EXECUTIVES
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Name : |
Mr. H. P. Jain |
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Designation : |
Key Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Arun Mittal |
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10500 |
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Mr. Bal Mukund Aggarwal |
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3000 |
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Mr. Dev Bhushan Jain |
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20760 |
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Mrs. Geeta Gupta |
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6500 |
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Mrs. Gulab Devi Bhurat |
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7500 |
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Mr. Happy Jain |
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6000 |
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Mr. Jenender Jain |
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14077 |
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Mr. Jitender Kumar Jain and Sons |
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18450 |
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Mr. Jitender Kumar Jain |
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14926 |
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Mrs. Kamal Bansal |
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7000 |
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Nivesh India Private Limited |
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14000 |
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Mr. Prakash Jain |
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37950 |
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Mr. Santosh |
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3600 |
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Mrs. Renu Goyal |
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4100 |
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Mr. Ritesh Jain |
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5000 |
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Mr. Rakesh Bhalla |
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3800 |
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Mrs. Seema Jain |
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6260 |
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Mr. Shri Pal Jain |
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9060 |
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Mr. Shri Pal Jain and Sons HUF |
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31350 |
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Ms. Sushma Kumari |
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6900 |
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Mrs. Usha Jain |
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5010 |
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Mr. Vinod Kumar Jain |
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22917 |
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Category |
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Percentage
of Holding |
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Bodies Corporate (not mentioned above) |
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3.14 |
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Directors or relatives of directors |
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52.60 |
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Other top fifty (50) shareholders (Other than listed above) |
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34.49 |
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Others |
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9.77 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Garments, Shirt, Trousers, Ladies
Skirt, Jackets, Jeans, etc. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
Bank of Sadar Bazar, |
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Facilities : |
- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Shanti Prasad and Company Chartered Accountants |
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Address : |
M – 96, |
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Tel. No.: |
91-11-23416000, 23417000, 23414500 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10.00 each |
Rs. 10.000 each |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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450000 |
Equity Shares |
Rs. 10.00 each |
Rs. 4.500
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.500 |
4.500 |
4.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.300 |
3.100 |
2.500 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.800 |
7.600 |
7.000 |
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LOAN FUNDS |
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1] Secured Loans |
3.300 |
1.500 |
1.900 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
3.300 |
1.500 |
1.900 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
12.100 |
9.100 |
8.900 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.300 |
5.300 |
4.100 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.200 |
0.200 |
0.200 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
7.600
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5.200 |
4.400 |
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Sundry Debtors |
1.300
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0.900 |
0.800 |
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Cash & Bank Balances |
0.400
|
0.600 |
0.500 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.800
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0.600 |
0.500 |
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Total
Current Assets |
10.100
|
7.300 |
6.200 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
4.100
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3.500 |
2.300 |
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Provisions |
0.400
|
0.200 |
0.100 |
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Total
Current Liabilities |
4.500
|
3.700 |
2.400 |
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Net Current Assets |
5.600
|
3.600 |
4.600 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
12.100 |
9.100 |
8.900 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
35.200 |
27.500 |
23.100 |
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Other Income |
0.000 |
0.000 |
0.100 |
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Stock Adjustments |
0.500 |
0.600 |
0.200 |
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Total Income |
35.700 |
28.100 |
23.400 |
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Profit/(Loss) Before Tax |
1.500 |
0.500 |
0.200 |
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Provision for Taxation |
0.300 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
1.200 |
0.500 |
0.200 |
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Expenditures : |
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Raw Materials |
24.200 |
19.800 |
17.000 |
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Power and Fuel Cost |
1.100 |
1.300 |
1.000 |
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Other Manufacturing Expenses |
2.800 |
1.400 |
0.200 |
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Employee Cost |
1.800 |
1.400 |
1.200 |
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Selling and Administrative Expenses |
2.500 |
1.800 |
2.500 |
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Miscellaneous Expenses |
0.500 |
0.900 |
0.400 |
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Interest and Financial Charges |
0.400 |
0.400 |
0.400 |
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Depreciation |
0.900 |
0.600 |
0.500 |
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Total Expenditure |
34.200 |
27.600 |
23.200 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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Debt-Equity Ratio |
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0.29
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0.23 |
0.23 |
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Long Term Debt-Equity Ratio |
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0.07
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0.08 |
0.09 |
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Current Ratio |
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1.47
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1.72 |
2.33 |
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TURNOVER RATIOS |
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Fixed Assets |
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3.83
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3.50 |
3.64 |
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Inventory |
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5.50
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5.73 |
5.44 |
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Debtors |
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32.00
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32.35 |
15.93 |
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Interest Cover Ratio |
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4.75
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2.50 |
2.00 |
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Operating Profit Margin |
(%) |
7.95
|
5.82 |
5.63 |
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Profit Before Interest And Tax Margin |
(%) |
5.40
|
3.64 |
3.46 |
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Cash Profit Margin |
(%) |
5.97
|
4.36 |
3.90 |
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Adjusted Net Profit Margin |
(%) |
3.41
|
2.18 |
1.73 |
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Return On Capital Employed |
(%) |
17.84
|
10.64 |
8.60 |
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Return On Net Worth |
(%) |
14.55
|
7.79 |
5.19 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
Land
Building
Plant and
machinery
Furniture and
Fixtures
Mould
Motor Car
Computer
Air Conditioner
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Name of the company |
JAYPEE SPINTEX LIMITED |
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Presented By |
BANK OF |
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1) Date and description of instrument creating the change |
Instrument of hypothecation
of goods dated 12.08.1986 and registered pr 12.01.1987. Modified on
02.05.1988, 13.07.1988, 30.06.1989, 13.09.1989, 31.12.1990, 31.12.1990,
03.06.1991, 15.10.1991, 15.10.1991, 03.06.1992, 03.06.1992 to enhance the
charge to Rs. 3.500 millions and again on 18.06.1992 for change in terms and
conditions, registered on 17.07.1992 and finally modified on 19.04.1993 to
reduce the charge to Rs. 3.000 millions. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.000 million |
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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 |
i)
Hypothecation
of goods (first charge) ii)
Hypothecation
of movable machinery i.e. entire plant and machinery |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest to be
charged @ 6.5% per annum over RBI rate subject to minimum of 16.5% per annum
with quarterly rests. Loan is repayable on demand. Margin: 30% |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Sadar Bazar, |
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6) Date and brief description of instrument modifying the charge |
Instrument of hypothecation
of goods dated 20.04.1993. Agreement of hypothecation of movable machinery
dated 20.04.1993 and Agreement of hypothecation of book-debts dated
20.04.1993 |
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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. |
The cash credit
limit stands enhanced from Rs. 3.000 millions to Rs. 4.400 millions. Interest rate
stands changed to 7% per annum over RBI rate subject to a minimum of 19% per
annum plus interest tax. The charge on all
movable machineries of the company both present and future stands extended to
the enhanced cash credit limit of Rs. 4.400 millions. Other terms and
conditions remained the same. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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. 41.06 |
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|
1 |
Rs. 81.41 |
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Euro |
1 |
Rs. 55.34 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
48 |
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. |
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 |
|