MIRA INFORM REPORT

 

 

Report Date :

20.12.2007

 

IDENTIFICATION DETAILS

 

Name :

JOHNSON LIFTS PRIVATE LIMITED

 

 

Registered Office :

R B C, East Main Road, Annanagar West Extension, Chennai – 600 101, Tamil Nadu.

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

15.04.1981

 

 

Com. Reg. No.:

8718

 

 

CIN No.:

[Company Identification No.]

U27209TN1981PTC008718

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CHEJ03285C

 

 

PAN No.:

[Permanent Account No.]

AAACJ0838Q

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing, supply, erection and servicing of elevators (lifts) for passenger, goods and bed lifts and components.

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 24396

 

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established and reputed company having excellent track. Available information indicates high financial responsibility of the company. Trade relations are fair.

Business is active. Payments are reported as usually correct and as per commitments.

 

 

The company can be considered good for any normal business dealings.

 

It can be regarded as a promising business partner in medium to long-run.

 

LOCATIONS

 

Registered Office :

R B C, Annanagar, Western Extension, Chennai-600 101, Tamilnadu, India.

Website :

http://www.johnsonliftsltd.com

 

 

Head Office :

1, East Main Road, Anna Nagar Western Extension, Chennai-600 101, Tamilnadu

Tel. No.:

91-44-26152200 / 01 /  02 / 03 / 04 / 05

Fax No.:

91-44-26151614

E-Mail :

info@johnsonliftsltd.com

 

 

Factory 1 :

Located at Chennai

Tel. No.:

91-44-26490444 / 26490980

Fax No.:

91-44-26272026

E-Mail :

Info1@johnsonliftsltd.com

 

 

Factory 2 :

Located at Nagpur

Tel. No.:

91-710-4326971

Fax No.:

91-710-4265277

E-Mail :

infonagpur@gmail.com

 

 

Plant Locations:
  • 17, By-pass  Road, Sennirkuppam Village, Poonamallee – 600 056, Tamil Nadu, India

              Tel. No.:91-44-62549514

  • 31-A, 6 and 7, SIDCO Industrial Estate, Chennai-600 098, Tamilnadu, India

              Tel. No.: 91-44-6257717

  • P-307, SIDCO Estate, Chennai-600 098, Tamil Nadu, India

        Tel. No.: 91-44-625 8763

  • 1-16, Vyasarpadi Industrial Estate, Chennai-600 039, Tamil Nadu, India

         Tel. No.: 91-44-537 7895

  • Plot 24, Industrial Estate, Vyasarpadi, Chennai-600 039, Tamil Nadu, India

Sales and Service Centers :

Located at Chennai, Coimbatore, Trichy, Pondicherry, Delhi, Chandigarh, Lucknow, Mumbai, Pune, Nagpur, Amaravati, Raipur, Kolkata, Bhuvaneswar, Bengaluru, Mysore, Hyderabad, Vishakapatnam, Trivandrum, Tirupathi, Cochin, Calicut, Indore, Bhopal, Nepal, Bangladesh, Sri Lanka, Vellore.

 

DIRECTORS

 

Name :

Mr. John Kongalath John

Designation :

Director

Address :

1643, 13th Main Road, Anna Nagar, Chennai-600 040, Tamilnadu, India

Date of Birth/Age :

23.09.1952

Date of Appointment :

15.04.1981

 

 

Name :

Mr. Valliakandathil Mahew Thomas

Designation :

Director

Address :

W-661, 4th Avenue, Anna Nagar – West Extension, Chennai-600 101, Tamilnadu, India

Date of Birth/Age :

18.12.1948

Date of Appointment :

03.01.1985

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Mr. John K John

 

47100

Mrs. Elsie John

 

5400

Mr. V.M. Thomas

 

9600

Mrs. Elizebeth Thomas

 

5400

Mr. Rajan V Chacko

 

3000

Mrs. Annamma Chacko

 

4500

 

Total

75000

 

 

 

Percentage of Holding

 

 

Directors or Relatives of directors

 

100.000

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing, supply, erection and servicing of elevators (lifts) for passenger, goods and bed lifts and components.

 

PRODUCTION STATUS

 

Particulars

 

 

Installed Capacity

Production

(Including lifts under completion)

Lifts

 

As on 31.03.2004

NA

1550

Lifts

 

As on 31.03.2003

NA

1268

 

GENERAL INFORMATION

 

No. of Employees :

Over 1000

 

 

Bankers :
  • State Bank of India, Siruthozhil Branch, 160 Village Road, Madras-600 035

 

 

Financial Institution :

M/S Housing  Development Finance Corporation

ITC K Centre, 760, Anna Salai, Chennai-600 002

 

Banking Relations :

Good

 

 

Auditors :

 

Name :

Mr. Vittal Raj

Chartered Accountant

Address :

New No. 6, Old No. 12, 1st Street, Nandanam Extension, Chennai-600 035, Tamilnadu

 

 

Associates/Subsidiaries :

M/S Lifts India

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

100000

Equity Shares

Rs.100/- Each

Rs.10.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

75000

Equity Shares

Rs.100/- Each

Rs.7.500 Millions

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2007

31.03.2006

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

7.500

7.500

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

602.407

452.038

4] (Accumulated Losses)

 

(0.000)

(0.000)

NETWORTH

 

609.907

459.538

LOAN FUNDS

 

 

 

1] Secured Loans

 

0.000

0.000

2] Unsecured Loans

 

100.769

93.073

TOTAL BORROWING

 

100.769

93.073

DEFERRED TAX LIABILITIES

 

6.042

6.462

 

 

 

 

TOTAL

 

716.718

559.073

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

327.457

255.469

Capital work-in-progress

 

0.016

6.909

 

 

 

 

INVESTMENT

 

45.473

37.647

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 
524.929

294.659

 

Sundry Debtors
 
540.404

368.266

 

Cash & Bank Balances
 
339.756

275.534

 

Other Current Assets
 
9.119

8.084

 

Loans & Advances
 
435.578

213.113

Total Current Assets
 

1849.786

1159.656

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 
1279.126

794.981

 

Provisions
 
226.888

105.627

Total Current Liabilities
 
1506.014

900.608

Net Current Assets
 
373.772

259.048

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

716.718

559.073

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2007

31.03.2006

Debt Equity Ratio

(Total Liability/Networth)

 
 

2.46

1.95

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

0.29

0.32

 

LOCAL AGENCY FURTHER INFORMATION

 

Form No. 8

Bankers Charges Report as per Registry

 

 

Name of the company

JOHNSON LIFTS LIMITED

R8C, East Main Road, Anna Nagar Western Extension, Chennai-600 101.

Presented By

-

1) Date and description of instrument creating the change

Loan Agreement Dated: 08.12.1998

2) Amount secured by the charge/amount owing on the securities of charge

Loan Amount: Rs.1.500 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

Subhasri, Flat No. 4, Plot No. 395 K10, Anna Nagar, Chennai-600 102

1529 Sq. ft

Total Cost: Rs.2.859 Millions

4) Gist of the terms and conditions and extent and operation of the charge.
  • Repayment by 24 months in Equal monthly installment of Rs.0.076 Million.
  • Rate of Interest @ 14.5 Per Annum

5) Name and Address and description of the person entitled to the charge.

M/S. Housing Development Finance Corporation Limited

ITC K Centre, 760, Anna Salai, Chennai-600 002

6) Date  and brief description of instrument modifying the charge

Not Applicable

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.

Not Applicable

 

Fixed Assets:

 

 

Contingent liabilities not provided for:

 

 

As at 31.03.2004

As at 31.03.2003

Guarantees issued by the bankers on behalf of the Company counter guaranteed by the Company

 

Rs.28.655 Millions

Rs.17.813 Millions

Liability on letters of credit opened for imports

Rs.1.975 Millions

Rs.1.204 Millions

In respect of claims against the Company not acknowledged as debts by the Company in respect of:

  • Income Tax (Asst. year 1997-98 to 2000-01)
  • Wealth Tax (Valuation Date 31.03.1997 to 31.03.1999)

(Against which appeals are pending)

 

 

 

-

 

-

 

 

 

Rs.0.525 Million

 

Nil

Earnings in Foreign Exchange

  • Export Supply of Lifts (FOB Value)

 

Rs.9.306 Millions

 

Rs.4.863 Millions

C.I.F. Value of Imports

  • Raw Materials and Components
  • Escalarors

 

Rs.68.522 Millions

 

Rs.18.959 Millions

 

Rs.59.076 Millions

 

Rs.2.543 Millions

 

WEBSITE DETAILS ATTACHED:

Profile:

 

 

Research and Development:

 

 

Sales and Service Centers

 

Service: Ph: 91-44-26152003/04/05/06. 

Fax: 91-44-26151614.

 

 

 

 

Cell: 91-413-9345450505. 

 

Fax: 91- 11-26781813. 

 

Cell: 91-172-9316133812. 

 

 

Fax: 91-22-66941447. 

 

 

Fax: 91-712-2244316. 

 

 

 

Cell: 91-33-9339908583. 

 

 

Fax: 91-80-26564086. 

 

 

Fax: 91-40-23355894. 

 

 

Fax: 91-6665377.                        

 

 

Fax: 91-2323293. 

 

 

Cell: 91-731-9893216180. 

 

Cell: 91-755-9826573199. 

 

Cell: 91-977-9841280949. 

 

Cell: 91-880-1-71648602. 

Fax: 91-880-2-8827028. 

 

Ph:91-94-114407765. 
Fax: 91-94-114402080.

 

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.39.57

UK Pound

1

Rs.78.93

Euro

1

Rs.56.85

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

8

OPERATING SCALE

1~10

8

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

9

--PROFITABILIRY

1~10

7

--LIQUIDITY

1~10

8

--LEVERAGE

1~10

8

--RESERVES

1~10

8

--CREDIT LINES

1~10

8

--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

YES

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

72

 

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

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions