MIRA
INFORM REPORT
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Report Date : |
26.06.2007 |
IDENTIFICATION DETAILS
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Name : |
JAY PUMPS PRIVATE LIMITED |
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Registered Office : |
‘Jay House’ B-1, Kumud Apartment, Stadim |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.04.1994 |
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Com. Reg. No.: |
04-21839 |
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CIN No.: [Company
Identification No.] |
U29120GJ1994PTC021839 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMJ00275C |
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PAN No.: [Permanent
Account No.] |
AAACJ4887H |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturers and Exporters of Pumps. |
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 5000 |
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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 : |
‘Jay House’ B-1, Kumud Apartment, Stadim |
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Tel. No.: |
91-79-26568373 / 26561054-55/ 26430986 |
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Mobile No.: |
91-9879208201 |
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Fax No.: |
91-79-26443850 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Hasmukhbhai Joitaram Patel |
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Designation : |
Director |
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Address : |
29-Royal Cresent, Thaltej, Ahmedabad – 380054, |
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Date of Birth/Age : |
01.06.1955 |
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Date of Appointment : |
18.04.1994 |
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Name : |
Mr. Pravin Joitaram Patel |
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Designation : |
Director |
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Address : |
Lane – 19, Bungalow – 419, Satyagragh Chavani, |
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Date of Birth/Age : |
16.12.1964 |
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Date of Appointment : |
18.04.1994 |
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Name : |
Mr. Varun Hasmukhbhai Patel |
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Designation : |
Director |
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Address : |
29, |
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Date of Birth/Age : |
25.07.1984 |
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Date of Appointment : |
01.02.2006 |
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Other Directorship : |
Jay Water Limited U51909GJ1991PTC01492 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Hasmukh Joitaram Patel |
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7600 |
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Pravin Joitaram Patel |
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7600 |
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Joitaram Ramchandra Patel |
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19800 |
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Jotiben Joitaram Patel |
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4500 |
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Savitaben Hasmukhbhai Patel |
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16000 |
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Shardaben Pravinbhai Patel |
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2500 |
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Hasmukh Joitaram Patel – HUF |
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7500 |
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Hetal Hasmukhbhai Patel |
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4500 |
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Varun Hasmukhbhai Patel |
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10000 |
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Total |
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80000 |
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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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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Pumps. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
Dena Bank, Navrangpura Branch, Ahmedabad, |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ambalal Patel and Company Chartered Accountants |
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Address : |
401, Sarap Building, Near Navjivan press Lane, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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80000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.800
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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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0.800 |
0.800 |
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2] Reserves & Surplus |
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0.452 |
0.095 |
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NETWORTH |
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1.252 |
0.895 |
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LOAN FUNDS |
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1] Secured Loans |
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3.510 |
2.784 |
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2] Unsecured Loans |
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0.123 |
0.152 |
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TOTAL BORROWING |
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3.633 |
2.936 |
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DEFERRED TAX LIABILITIES |
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0.015 |
0.021 |
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TOTAL |
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4.900 |
3.852 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.367 |
0.561 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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3.460 |
3.106 |
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Sundry Debtors |
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2.804 |
1.780 |
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Cash & Bank Balances |
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0.033 |
0.017 |
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Loans & Advances |
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0.383 |
0.272 |
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Total
Current Assets |
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6.680 |
5.175 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.524 |
1.685 |
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Provisions |
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0.623 |
0.199 |
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Total
Current Liabilities |
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3.147 |
1.884 |
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Net Current Assets |
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3.533 |
3.291 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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4.900 |
3.852 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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34.938 |
20.076 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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34.938 |
20.076 |
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Profit/(Loss) Before Tax |
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1.168 |
0.219 |
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Provision for Taxation |
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0.541 |
0.082 |
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Profit/(Loss) After Tax |
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0.627 |
0.137 |
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Total Expenditure |
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33.548 |
19.707 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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1.79 |
0.68 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.34 |
1.09 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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14.51 |
3.82 |
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Return on Investment (ROI) (PBT/Networth) |
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0.93 |
0.23 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.42 |
5.39 |
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Current Ratio (Current Asset/Current Liability) |
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2.12 |
2.75 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
JAY PUMPS
PRIVATE LIMITED |
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Presented By |
Hasmukhbhai
Joitaram Patel, Director |
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1) Date and description of instrument creating the change |
Hypothecation of
Goods dated 28.02.2004, executed by Jay Pumps Private Limited of the part and
Dena Bank, Navrangpura Branch, Ahmedabad of the other part. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.000
Millions Break – up of
limits as under : Cash Credit
[Hypo. Stock] : Rs. 1.200 Millions Cash Credit
[Hypo. Book Debts] : Rs. 0.800 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 stocks of
pumps used for water supply now being or hereafter during the continuance of
the said agreement, brought into or upon of hereafter in course of transit to
any Godown at or other place or storage at Jay Farm, Uvarsad, Adalaj, Sarkhej
Gandhinagar Highway, Ahmedabad and Jay Home, Stadium Circle, Ahmedabad or any
other place whatsoever and whosesoever in the possession or occupation of
borrower. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
All the
securities described in Column No. 3 are hypothecated and charged to the Bank
for securing demand Cash credit limit of Rs. 2.000 Millions plus interest,
costs, charges, expenses and any other moneys payable by the company to the
Bank. The company shall
pay interest at the rate of BPLR, presently rate being 11.00 % p.a. subject
to change as per HO circular issued from time to time, payable every month. The company shall
maintain a margin of 25 % against stocks and 50 %^ against book debts. |
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5) Name and Address and description of the person entitled to the charge. |
Dena Bank, Navrangpura Branch, Ahmedabad, |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
Date :
Jay opens Grundfos authorized service centre in
Jay Pumps Private
Limited, a part of city based Jay group pf companies engaged in water
management solutions today announced the opening of first grundfos authorized
service centre in western region and warehousing facility at Dantali Industrial
Estate situated at outskirts of Ahmedabad. The opening of service centre and
warehousing facility will cater the customers demand in water management
solutions very effectively. The company covers every aspect of water pumping
solution and services for almost all types of industries. Hasmukh Patel,
Chairman, Jay Pumps Private Limited, said that they are very happy to open the
first grundfos authorized service centre. It will help us to serve their
customers very effectively and promptly across western region. Their strong
service back up will handle the complexities and customers demand efficiently.
This is the fourth service centre and second warehousing facility in the
country.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.81 |
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1 |
Rs.81.57 |
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Euro |
1 |
Rs.54.91 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
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 |
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45 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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