MIRA
INFORM REPORT
|
Report Date : |
14.07.2007 |
IDENTIFICATION DETAILS
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Name : |
JALAN WIRES PRIVATE LIMITED |
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Registered Office : |
61-63, Jalanwadi, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23.08.1989 |
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Com. Reg. No.: |
11-53173 |
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CIN No.: [Company
Identification No.] |
U31300MH1989PTC053173 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMJ05450E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and supplier of Copper and Aluminum enamel
winding wires. |
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 100000 |
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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 records. 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 : |
61-63, Jalanwadi, |
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Tel. No.: |
91-22-26609071 |
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Fax No.: |
91-22-26606824 |
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E-Mail : |
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Website : |
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Corporate Office : |
320, Dheeraj heritage, S.V. road, Near bus depot, Santacruz(w), Mumbai
- 400054.( |
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Tel. No.: |
91-22-26609071/ 72/ 73 |
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Fax No.: |
91-22-26606824 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ratanlal J. Jalan |
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Designation : |
Chairman cum Managing Director |
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Address : |
302 Holm Croft, |
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Date of Birth/Age : |
18.12.1946 |
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Date of Appointment : |
23.08.1989 |
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Name : |
Mr. Vimal R. Jalan |
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Designation : |
Director |
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Address : |
302 Holm Croft, |
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Date of Birth/Age : |
20.09.1969 |
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Date of Appointment : |
23.08.1989 |
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Name : |
Mr. Vinod R. Jalan |
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Designation : |
Director |
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Address : |
301 Holm Croft, |
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Date of Birth/Age : |
17.04.1971 |
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Date of Appointment : |
20.09.1997 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Ratanlal Jalan |
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296000 |
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Vimal Jalan |
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346000 |
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Vinod Jalan |
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164500 |
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B. D. Jain |
|
200 |
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Atul Desai |
|
200 |
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Sangeeta Desai |
|
200 |
|
Alucop Metal Sales and Dist. Private Limited |
|
200 |
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Dllsukh Chaganlal Jain HUF |
|
200 |
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Mayur Shah |
|
200 |
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Anita Bansal |
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200 |
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Anil Bansal |
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200 |
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Indira Jain |
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200 |
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Malati Shah |
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200 |
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Bhavesh Shah |
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200 |
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Sunil Bansal |
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200 |
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Premratan Ranvi |
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200 |
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Victry Sales Private Limited |
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200 |
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Sumitra Jalan |
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187700 |
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Bhavesh Jain |
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200 |
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Gomatidevi Jalan |
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200 |
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Pushpadevi Jalan |
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200 |
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Varshadevi Jalan |
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200 |
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Raghupati Agarwal |
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200 |
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Rashmi Jain |
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200 |
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Akashdeep Metal Sales Private Limited |
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200 |
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Avni Jalan |
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200 |
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Beharilal Rajendraprasad |
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200 |
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Rajendraprasad Bansal |
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200 |
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Shankarlal Agarwal |
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200 |
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Sohansing Sisodia |
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200 |
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Sohansing Sisodia – HUF |
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200 |
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Vijaya Malde |
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200 |
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Mehul Singhavi |
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200 |
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Total |
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1000000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors of relatives of directors |
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99.00 |
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Other |
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1.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and supplier of Copper and Aluminum enamel
winding wires. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Dinesh Tibrewala and Associates Chartered Accountants |
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Address : |
A/R – 2, Star Manor, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
10.000 |
10.000 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
15.100 |
5.569 |
4.282 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
25.100 |
15.569 |
6.782 |
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LOAN FUNDS |
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1] Secured Loans |
58.036 |
25.956 |
22.878 |
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2] Unsecured Loans |
24.367 |
19.832 |
14.632 |
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TOTAL BORROWING |
82.403 |
45.788 |
37.510 |
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DEFERRED TAX LIABILITIES |
2.496 |
2.340 |
1.841 |
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TOTAL |
109.999 |
63.697 |
46.133 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
20.798 |
14.573 |
12.623 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.151 |
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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 |
13.339
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7.943 |
10.967 |
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Sundry Debtors |
116.437
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68.775 |
43.939 |
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Cash & Bank Balances |
0.175
|
0.053 |
0.035 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
11.308
|
1.994 |
0.516 |
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Total
Current Assets |
141.259
|
78.765 |
55.457 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
49.193
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28.691 |
21.923 |
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Provisions |
2.957
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1.053 |
0.175 |
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Total
Current Liabilities |
52.150
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29.744 |
22.098 |
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Net Current Assets |
89.109
|
49.021 |
33.359 |
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MISCELLANEOUS EXPENSES |
0.092 |
0.103 |
0.000 |
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TOTAL |
109.999 |
63.697 |
46.133 |
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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 |
437.077 |
285.615 |
168.739 |
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Other Income |
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4.982 |
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Total Income |
437.077 |
285.615 |
173.721 |
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Profit/(Loss) Before Tax |
12.665 |
5.338 |
1.732 |
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Provision for Taxation |
-- |
-- |
1.676 |
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Profit/(Loss) After Tax |
12.665 |
5.338 |
0.056 |
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Expenditures : |
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Raw Material Consumed |
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127.389 |
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Excise Duty |
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23.307 |
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Manufacturing Expenses |
416.115 |
273.564 |
10.615 |
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Administrative, Selling and Other Expenses |
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5.372 |
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Interest |
7.008 |
5.668 |
0.000 |
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Depreciation |
1.289 |
1.045 |
0.000 |
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Total Expenditure |
424.412 |
280.277 |
166.683 |
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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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PAT / Total Income |
(%) |
2.90
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1.87 |
0.03 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.90
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1.87 |
1.03 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.82
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5.72 |
2.54 |
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Return on Investment (ROI) (PBT/Networth) |
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0.50
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0.34 |
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.36
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4.85 |
8.79 |
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Current Ratio (Current Asset/Current Liability) |
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2.71
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2.74 |
2.51 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Plant and
Machinery
- Furniture and
Fixture
- Dies
- Motor Cycle
- Motor Car
- Computer
- Telephone and
Intercom
- Air Condition
Bankers Charges
Report as per Registry
|
Name of the company |
JALAN WIRES
PRIVATE LIMITED |
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Presented By |
THE SHAMRAO
VITHAL COOPERATIVE BANK LIMITED, SANTACRUZ [WEST], MUMBAI - 400064 |
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1) Date and description of instrument creating the change |
Agreement of hypothecation
of tangible moveable property dated 15.11.1997 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.700
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 |
All present and
future, goods and commodities such as Copper Wire Rod, Copper Wire, Varnish
Soap, Felt, Plastic, Bobbins, packing materials etc, Copper enameled winding
wire, Copper bare wire, waste and Scrape of Copper, of the borrower. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
To secure Cash
Credit Facility granted by the bank to the borrower Rate of interest
: 16.5 % p.a. |
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5) Name and Address and description of the person entitled to the charge. |
The Shamrao Vithal Cooperative Bank Limited, Santacruz [West], Mumbai
- 400064 |
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6) Date and brief description of instrument modifying the charge |
Supplementary deed
of hypothecation for additional advances dated 29.03.2004 |
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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. |
By earlier
modifications dated 21.11.1997 and 20.07.2000 had provided the additional
security in respect of immovable property for Rs. 3.000 Millions. And also by
modifications, dated 27.12.1999 and 07.07.2000 the charge had been enhanced
upto Rs. 3.000 Millions and by the last modification dated 11.01.2000 the
charge had been reduced from Rs. 3.000 Millions to Rs. 1.000 Million. By this
modification, the security as mentioned in column No. 3 herein above shall
bow hold good to secure aggregating Cash Credit facility of Rs. 16.000
Millions granted by the bank to the borrower. Hence the charge has been
enhanced upto Rs. 16.000 Millions The rate of
interest has been modified to 12.5 % p.a. Therefore, the
overall charge now stands at Rs. 16.000 Millions. |
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Corporate
identity number of the company |
U31300MH1989PTC053173 |
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Name of the
company |
JALAN WIRES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
61-63, Jalanwadi, |
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This form is for |
Creation of Charge |
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Type of charge |
Equitable
mortgage or mortgage of property by deposition the title deeds |
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Particular of
charge holder |
L65920MH1994PLC080618 HDFC Bank Limited HDFC Bank House,
Senapati Bapat Marg, Lower Pares [West], Mumbai – 400013, |
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Nature of
instrument creating charge |
Memorandum Recoding
Transaction of Creation of Equitable Mortgage by Deposit of Title Deeds |
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Date of
instrument Creating the charge |
29.06.2006 |
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Amount secured by
the charge |
Rs. 94.100
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
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Description of
the property charged indicating whether it is a charged on |
Immovable
properties |
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Particulars of
the property charged |
Mortgage by
deposit of title deeds in favour of the bank as security on : Flat No. 20,
Dheeraj Heritage, Daulat Nagar, Santacruz, Mumbai |
AS PER
WEBSITE
Subject is an ISO 9001:2000 company is
manufacturer and supplier of Copper and Aluminum enamel winding wires. Their
plant is located in
Subject was established in the year 1997 to serve the electrical and electronic industries. They are technology
driven company consisting of more than 90 employees, includes professional
engineers, insulating technologist and
management with more than 30 years of application engineering experience.
Through the expertise of their people, they aim to give credence to their
business approach “ Total solution through constructive partnership”. They have
been maintaining a growth rate of minimum 25% on year-to-year basis from the
time of incorporation of their company.
Subject supply all types of magnet wire for electromagnetic
requirement including motors, pumps, transformers, lighting, control devices,
relays, appliances, generators, automotive parts, solenoids etc.
Their quality standards are supported by their state of art wire
machinery along with wire testing laboratory equipped to test standards of IEC,
IS, NEMA as well as to individual customer specifications and standards.
Whether it is the same day delivery from their variety of more
than 250 wires or producing a wire to meet customers just- in- time production
schedule, their highly wire professionals are dedicated to meet the wire users
demand any time and every time.
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.40.47 |
|
|
1 |
Rs.80.08 |
|
Euro |
1 |
Rs.55.74 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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/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 |
|