MIRA
INFORM REPORT
|
Report Date : |
15.02.2007 |
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
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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
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.: |
91-22-7672955
/ 0092 |
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Fax
No.: |
91-22-7670161 |
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Branch
Offices : |
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 : 91-836-2352 678 Fax :91-836-2254 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 |
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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 : |
15.07.1970 |
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Date of Appointment : |
01.11.2000 |
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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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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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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
|
Names
of Equity Shareholders |
No. of Shares |
Percentage of Holding |
|
Mrs
Jayshree Sharadchandra Kothari |
4010 |
16.30 |
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Mr
Nikhil Sharadchandra Kothari |
1010 |
4.10 |
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Mr
Parag Sharadchandra Kothari |
1010 |
4.10 |
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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 |
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Shoorji
Trikamdas Investment Company Private Limited |
4500 |
18.29 |
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Mrs
Jayshree Sharadchandra Kothari |
14030 |
57.03 |
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Total |
24600 |
100.00 |
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Names of Preference Shareholders |
No. of Shares |
Percentage of
Shareholding |
|
Mr
Parag Sharadchandra Kothari |
6250 |
8.62 |
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Mr
Nikhil Sharadchandra Kothari |
6250 |
8.62 |
|
Jaysynth
Impex Limited |
60000 |
82.75 |
|
Total |
72500 |
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
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No. of Employees : |
Around
120 |
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Bankers : |
Syndicate Bank, Turbhe Branch, Navi
Mumbai, Maharashtra |
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Banking Relations : |
Satisfactory |
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Auditors : |
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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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 |
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Total |
|
Rs 10.000
Millions |
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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 |
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Total |
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Rs 9.710 Millions |
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FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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9.710 |
9.710 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
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35.383 |
32.702 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
45.093 |
42.412 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
5.231 |
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2] Unsecured Loans |
|
15.800 |
11.795 |
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TOTAL BORROWING |
|
15.800 |
17.026 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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60.893 |
59.438 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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29.026 |
29.550 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
0.005 |
0.010 |
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DEFERREX TAX ASSETS |
|
0.185 |
0.400 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
11.515 |
9.911 |
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Sundry Debtors |
|
21.451 |
20.085 |
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Cash & Bank Balances |
|
9.799 |
6.286 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
9.594 |
8.159 |
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Total Current Assets |
|
52.359 |
44.441 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
14.282 |
10.947 |
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Provisions |
|
6.400 |
4.016 |
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Total Current Liabilities |
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20.682 |
14.963 |
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Net Current Assets |
|
31.677 |
29.478 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
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60.893 |
59.438 |
KEY
RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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0.80 |
0.75 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
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
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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 |
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Presented By |
MR PARAG S KOTHARI |
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1) Date and description of instrument creating the change |
Confirmation
of mortgage by deposit of title deeds dated 14.01.2000 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs
20.000 Millions |
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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 |
Land
and building situated and constructed on plot no. C-64, TTC Industrial Area,
Turbhe, district thane, Maharashtra. |
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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. |
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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 |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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Name of the company |
JAY INSTRUMENTS AND SYSTEMS PRIVATE
LIMITED |
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Presented By |
JAY INSTRUMENTS AND SYSTEMS PRIVATE
LIMITED AND SYNDICATE BANK, VASHI TURBHE, NAVI MUMBAI |
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1) Date and description of instrument creating the change |
Deed
of hypothecation dated 14.01.2000 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs
15.000 millions |
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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 |
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 |
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6) Date and brief description of instrument modifying the charge |
Renewal
letter for all facilities dated 28.04.2004 |
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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. |
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.44.09 |
|
UK
Pound |
1 |
Rs.86.59 |
|
Euro |
1 |
Rs.57.92 |
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 |
|