MIRA
INFORM REPORT
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Report Date : |
10.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
JYOTI
ENGINEERS AND CONTRACTORS PRIVATE LIMITED |
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Registered Office : |
“Matrujyot”
101, 1st Floor, Opposite Agro Petrol Pump, Behind Ramji Mandir,
Gondal, Rajkot – 360311, Gujarat |
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Country : |
India |
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Financials (as on) : |
08.03.2006 |
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Date of Incorporation : |
30.03.2006 |
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Com. Reg. No.: |
04-48048 |
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CIN No.: [Company
Identification No.] |
U45204GJ2006PTC048048 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTJ01382D |
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Legal Form : |
Private
Limited Liability Company. |
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Line of Business : |
To
construct, lay down, establish, erect, build, install, commission, repair,
maintain, distribute, sell, buy, import, export, distribute or otherwise deal
in, carry out or run towers, power substations, power plants, micro wave
towers, work shops, repairs shops, wires, cables transmission lines,
accumulators, streets lights for the purpose of conservation, distribution
and supply of electricity to participating industries, state electricity
boards and other boards for industrial, commercial, domestics, public and
other purposes and also to provide regular services for repairing and
maintenance of all distribution and supply lines. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
New
Company |
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Payment Behaviour : |
Slow
but correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a new company and took over the business of the partnership concern.
Directors are reported as experienced and respectable businessmen. Payments
are reported as slow but correct. The
company can be considered for small business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office : |
“Matrujyot”
101, 1st Floor, Opposite Agro Petrol Pump, Behind Ramji Mandir,
Gondal, Rajkot – 360311, Gujarat, India |
|
Tel. No.: |
91-2825-223249
/ 225219 |
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Mobile No.: |
91-9925123249 |
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Fax No.: |
91-2825-223249 |
DIRECTORS
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Name : |
Mr.
Kamlesh Mavjibhai Kataria |
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Designation : |
Director
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Address : |
“Matrujyot”
101, 1st Floor, Opposite Agro Petrol Pump, Behind Ramji Mandir,
Gondal, Rajkot – 360311, Gujarat, India |
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Date of Birth/Age : |
20.02.1970 |
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Date of Appointment : |
30.03.2006 |
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Other Directorship : |
Jyoti
Power Transmission Private Limited Director
and Member U45204GJ2001PTC39577 JHT
Power Engineering Private Limited Member U40109GJ1996PTC30323 |
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Name : |
Mr.
Nitesh Mavjibhai Kataria |
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Designation : |
Director
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Address : |
“Matrujyot”
101, 1st Floor, Opposite Agro Petrol Pump, Behind Ramji Mandir,
Gondal, Rajkot – 360311, Gujarat, India |
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Date of Birth/Age : |
30.08.1968 |
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Date of Appointment : |
30.03.2006 |
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Other Directorship : |
Jyoti
Power Transmission Private Limited Director
and Member U45204GJ2001PTC39577 JHT
Power Engineering Private Limited Member U40109GJ1996PTC30323 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Mr.
Kamlesh Mavjibhai Kataria |
192500 |
38.50 % |
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Mr.
Nitesh Mavjibhai Kataria |
192500 |
38.50 % |
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Mrs.
Lata Kamlesh Kataria |
50000 |
10.00 % |
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Mrs.
Nayna Nittesh Kataria |
50000 |
10.00 % |
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Mr.
Ranchhodbhai Ganeshbhai Kher |
5000 |
1.00 % |
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Mr.
Manjibhai dayabhai Gohel |
5000 |
1.00 % |
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Mrs.
Hansa Sureshbhai Kataria |
5000 |
1.00 % |
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Total |
500000 |
100.00 % |
BUSINESS DETAILS
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Line of Business : |
To
construct, lay down, establish, erect, build, install, commission, repair,
maintain, distribute, sell, buy, import, export, distribute or otherwise deal
in, carry out or run towers, power substations, power plants, micro wave
towers, work shops, repairs shops, wires, cables transmission lines,
accumulators, streets lights for the purpose of conservation, distribution
and supply of electricity to participating industries, state electricity
boards and other boards for industrial, commercial, domestics, public and
other purposes and also to provide regular services for repairing and
maintenance of all distribution and supply lines. |
GENERAL
INFORMATION
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Bankers : |
Bank
of India Market
Yard Branch Opposite
Bus Stand Gondal
– 360311, Gujarat, India |
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Banking Relations : |
Satisfactory
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CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
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Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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500000 |
Equity
Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees
Millions]
JYOTI ENGINEERS AND
CONTRACTORS
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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|
08.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Partner’s Fixed Capital |
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5.000 |
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2] Partner’s Current Capital |
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4.663 |
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3] Reserves & Surplus |
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6.766 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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16.429 |
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LOAN FUNDS |
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1] Secured Loans |
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79.742 |
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2] Unsecured Loans |
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0.050 |
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TOTAL BORROWING |
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79.792 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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96.221 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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10.047 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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48.396 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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109.864 |
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Sundry Debtors |
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159.202 |
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Cash & Bank Balances |
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20.532 |
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Other Current Assets |
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34.103 |
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Loans & Advances |
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4.060 |
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Total Current Assets |
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327.761 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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285.828 |
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Provisions |
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4.155 |
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Total Current Liabilities |
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289.983 |
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Net Current Assets |
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37.778 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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96.221 |
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KEY
RATIOS
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PARTICULARS |
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08.03.2006 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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22.51 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
1.13 |
LOCAL AGENCY
FURTHER INFORMATION
All the
business and assets and liabilities of Jyoti Engineers and Contractors shall
become the assets and liabilities of the Company and having regard to the
obligations imposed on the Company by these present shall be vested at their
net Book Value [i.e. total assets minus total liabilities] on and from the date
of the incorporation of the company.
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This
form is for |
Creation
of charge |
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Corporate
identity number of the company |
U45204GJ2006PTC048048 |
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Name
of the company |
JYOTI
ENGINEERS AND CONTRACTORS PRIVATE LIMITED |
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Address
of the registered office or of the principal place of business in India of the company |
“Matrujyot”
101, 1st Floor, Opposite Agro Petrol Pump, Behind Ramji Mandir,
Gondal, Rajkot – 360311, Gujarat |
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Type
of charge |
Book
debts Movable
property [not being pledge] Floating
Charge |
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Particular
of charge holder |
Bank
of India Market
Yard Branch Opposite
Bus Stand Gondal
– 360311, Gujarat, India |
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Nature
of description of the instrument creating or modifying the charge |
Hypothecation
cum loan agreement [plant and machinery, stock and book debts] |
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Date
of instrument Creating the charge |
10.11.2006 |
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Amount
secured by the charge |
Rs.
460.000 Millions |
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Brief
particulars of the principal terms an conditions and extent and operation of
the charge |
Rate
of interest For
cash credit and letter of credit – 1 % below Bank’s Benchmark PLR subject to
minimum of 10.50 % per annum. For Guarantee : Commission is 1.25 % p.a. plus
service tax Term
of repayment Cash
Credit repayment on demand and bank guarantee as and when invoked Margin
For CC
[Hypothecation of Stock] 30 % on
stocks For CC
[Book debts] 40 % on book debts For
Letter o Credit 25 % and Guarantee 15 % Extent
and operation of the charge The
Charge by way of hypothecation of movable properties such as stock and plant
and machineries and book debts extends to secure the limit of Rs. 460.000
Millions as under : Cash
Credit [Hypothecation of Stocks] Rs. 30.000 Millions, Cash Credit
[Hypothecation of Book Debts] Rs. 30.000 millions and letter of Credit Rs.
50.000 Millions [But subject maximum limit of all three is Rs. 60.000
Millions] and Insland Bank Guarantee limit Rs. 400.0000 Millions |
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Short
particulars of the property charged |
Hypothecation
of stocks of raw materials, semi finished goods, plant and materials and book
debts, both present and future more particularly stock of MS steel, tower
materials, tower material RD, nut bolts, zink, scrap and other materials for
assembling and erection to tower etc. plant and machineries and book debts as
stated in Part A, B and C of Hypothecation cum Loan agreement dated
10.11.2006 |
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 exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a company’s
management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.06 |
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UK
Pound |
1 |
Rs.86.34 |
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Euro |
1 |
Rs.57.46 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
|
30 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong) capability
for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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