MIRA
INFORM REPORT
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Report Date : |
29.06.2007 |
IDENTIFICATION DETAILS
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Name : |
VIJAYJYOT SEATS
PRIVATE LIMITED |
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Registered Office : |
Plot B, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
20.09.1989 |
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Com. Reg. No.: |
11-53554 |
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CIN No.: [Company
Identification No.] |
U74210MH1989PTC053554 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDV00690E |
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PAN No.: [Permanent
Account No.] |
AAACV1235H |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing and marketing of Car Seats. |
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 300000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established having satisfactory track records. The company’s margin is under sever
pressure. Payments are reported as
slow but correct. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
Plot B, |
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Tel. No.: |
91-22-28879221 / 25 / 28871836 |
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Fax No.: |
91-22-28879227 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 318, Village Baska, Taluka Halol, District Panchmahal -
389350, |
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Tel. No.: |
91 - 2676 – 247180 / 81 / 247357 |
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Fax No.: |
91-2676-247192 |
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E-Mail : |
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Corporate Office : |
4th
Floor, Shri Kamdhenu Estate, Near Tangent Furniture Showroom, Chincholi
Bunder, Malad [East], Mumbai – 400064, |
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Tel. No.: |
91-22-40039110 / 11 / 14 / 17 / 32464084 |
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Fax No.: |
91-22-32464090 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Arvind
Vadilal Motasha |
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Designation : |
Director |
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Address : |
59 – B, Fionika, |
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Date of Birth/Age : |
17.12.1942 |
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Election Commission Identity Card No. : |
MT/04/024/075445 |
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Date of Appointment : |
20.09.1989 |
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Name : |
Mr. Mahesh
Kantilal Shah |
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Designation : |
Director |
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Address : |
Gita Niwas, |
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Date of Birth/Age : |
01.04.1950 |
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Date of Appointment : |
20.09.1989 |
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Name : |
Mr. Vinod
Kantilal Shah |
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Designation : |
Director |
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Address : |
Gita Niwas, |
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Date of Birth/Age : |
18.07.1952 |
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Date of Appointment : |
20.09.1989 |
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Name : |
Mr. Deepak
Amritlal Motasha |
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Designation : |
Director |
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Address : |
7, Vrindavan, |
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Date of Birth/Age : |
11.04.1953 |
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Election Commission Identity Card No. : |
MT/08/039/466012 |
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Date of Appointment : |
01.11.2000 |
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Name : |
Mr. Mukesh
Amritlal Motasha |
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Designation : |
Executive
Director |
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Address : |
6, Tribhuvan, |
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Date of Birth/Age : |
04.04.1955 |
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Date of Appointment : |
20.09.1989 |
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Name : |
Mr. Jayesh
Amritlal Motasha |
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Designation : |
Managing Director
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Address : |
7, Vrindavan, |
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Date of
Birth/Age : |
09.08.1957 |
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Election
Commission Identity Card
No. : |
MT/08/039/466245 |
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Date of
Appointment : |
01.04.1995 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Royal Knitting
Private Limited |
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5000 |
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Mahesh Kantilal
Shah |
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150 |
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Mahesh Kantilal
Shah – Trust |
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50 |
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Bhaktavatsala
Trading & Consultancy Services Private Limited |
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11950 |
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Sughosh Trading
& Consultancy Services Private Limited |
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8070 |
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Shreedaha Trading
& Consultancy Services Private Limited |
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8065 |
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Sahishnu Trading
& Consultancy Services Private Limited |
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8065 |
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Lokswami Trading
& Consultancy Services Private Limited |
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3700 |
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Trilokatmam
Trading & Consultancy Services Private Limited |
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11950 |
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Vinod Kantilal
Shah |
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50 |
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Jayshree Mahesh
Shah |
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50 |
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Vinod Kantilal
Shah |
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150 |
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Meena Vinod Shah |
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50 |
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Mukesh Amritlal
Motasha |
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50 |
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Bhavana Mukesh
Motasha |
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25 |
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Deepak Amritlal
Motasha |
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50 |
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Anjana Deepak
Motasha |
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25 |
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Jayesh Amritlal
Motasha |
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49 |
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Dipti Jayesh
Motasha |
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25 |
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Arvind Vadilal
Motasha |
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150 |
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Hansa Arvind
Motasha |
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50 |
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Anuradha Arvind
Motasha |
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50 |
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Arvind Vadilal
Motasha |
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50 |
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Sushila Kantilal
Shah |
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75 |
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Amruitben
Gandhilal Shah |
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25 |
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Taraben Amritlal
Motasha |
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75 |
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Pradip N.
Muchhala |
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1 |
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TOTAL |
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58000 |
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Equity Share Breakup |
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Category |
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Percentage of
Holding |
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Bodies Corporate |
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97.93 % |
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Directors or
relatives of directors |
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1.90 % |
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Other top fifty
shareholders |
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0.17 % |
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Total |
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100.00 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and marketing of Car Seats. |
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Products : |
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Imports : |
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Countries : |
Europe and |
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Terms : |
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Purchasing : |
L/C |
GENERAL INFORMATION
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No. of Employees : |
300 |
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Bankers : |
Dena Bank Kandivli [West] Branch, |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ambalal M. Shah & Company Chartered Accountants |
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Address : |
108, |
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Tel. No.: |
91-263-2313288 |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 100/- each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
58000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.800 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 |
5.800 |
5.800 |
5.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
71.510 |
88.562 |
114.555 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
77.310 |
94.362 |
120.355 |
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LOAN FUNDS |
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1] Secured Loans |
63.868 |
73.908 |
76.694 |
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2] Unsecured Loans |
8.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
71.868 |
73.908 |
76.694 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
14.786 |
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TOTAL |
149.178 |
168.270 |
211.835 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
101.935 |
110.199 |
114.912 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
7.996 |
7.996 |
7.996 |
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DEFERREX TAX ASSETS |
4.465 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
83.083
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70.807
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57.214 |
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Sundry Debtors |
44.220
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64.132
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81.065 |
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Cash & Bank Balances |
6.109
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0.761
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1.960 |
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Other Current Assets |
0.000
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0.000
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0.000 |
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Loans & Advances |
26.501
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17.968
|
48.213 |
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Total Current Assets |
159.913
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153.668
|
188.452 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities & Provisions |
115.781
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93.779
|
103.588 |
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13.965
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14.791
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Total Current Liabilities |
129.746
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108.570
|
103.588 |
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Net Current Assets |
30.167
|
45.098
|
84.864 |
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MISCELLANEOUS EXPENSES |
4.615 |
4.977 |
4.063 |
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TOTAL |
149.178 |
168.270 |
211.835 |
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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 |
236.462 |
267.969 |
239.590 |
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Other Income |
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Total Income |
236.462 |
267.969 |
239.590 |
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Profit/(Loss) Before Tax |
(28.412) |
[17.552] |
[13.031] |
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Provision for Taxation |
0.000 |
6.869 |
[0.557] |
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Profit/(Loss) After Tax |
(28.412) |
[10.683] |
[13.592] |
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Imports : |
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Total Imports |
NA |
2.077 |
2.746 |
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Expenditures : |
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Total Expenditure |
285.931 |
285.521 |
252.622 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
(12.01)
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[3.98]
|
[5.67] |
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Net Profit Margin (PBT/Sales) |
(%) |
(12.01)
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[6.55]
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[5.43] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(10.85)
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[6.65]
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[4.29] |
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Return on Investment (ROI) (PBT/Networth) |
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(0.36)
|
[0.18]
|
[0.10] |
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Debt Equity Ratio (Total Liability/Networth) |
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2.61
|
1.93
|
1.49 |
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Current Ratio (Current Asset/Current Liability) |
|
1.23
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1.42
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1.81 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
Leasehold & Freehold
Land, Factory Building, Furniture & Fixtures, Office Equipments, Computers,
Plant & Machinery, Vehicles, etc.
Trade Reference
· Lancer Mitsubishi
· Ind Auto Limited
· Tara Sumo
· Hidustan Motors
· Fiat Palio
The company is
exploring the possibilities of dealing in Auditorium seat components & bus
segment in overseas market & confident of having good business.
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Name of the company |
VIJAYJYOT SEATS PRIVATE LIMITED |
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Presented By |
Jointly by Company & Charge Holder |
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1) Date and description of instrument creating the change |
Agreement of Hypothecation [Goods, Book – debts & other movable dated 09.02.2000 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 108.000 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 |
I] Stocks of raw materials, such as PU chemicals, Steel Tubes, Leathercloth, fabric, etc., stocks in process and finished goods such as automobile seats, railway seats, stearing wheels, PU cushion etc., consumable stores and spares, packing materials etc., both present and future, now being or hereafter be brought into or upon or in the course of transit to any godowns, jathas or other place of storage at Malol or other place whatsoever in the possession or occupation of the company. II] All the present and future book debts, outstanding moneys, receivables, claims, bills, rights to or immovable properties and movable assets and which are now due, owing or payable or belonging to the company in the course of its business by any person, firm, company or body corporate or by the government Central or State or Indian railways < any government Department or office or any Munispal or Local or public or Semi Government Body or Authority or any body Corporate or Undertaking or project whatever in public sector. III] All the tangible movable property and assets of whatsoever nature including plant machinery, tools and accessories, stores, spares relating to the plant & machinery, furniture, articles, office equipments, computers and things lying at the company’s premises at Halol, being movable properties and capable of passing by delivery, both present and future, whether installed or not and whether now lying loose or at any time in the course of transit to the premises / factories of the company at Halol either by way of substitution or in addition or other place whatsoever and wheresoever in the possession of the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
I] Security to be available as first charge
Iii] Interest to be fixed by the Bank from time to time, the present being 17.09% p.a. Iv] Margin to be specified by the Bank form time to time V] Bank to have power of entry, power to take possession, power to appoint receiver, power of sale etc. Vi] Security to cover principal amount together with interest, charges costs, expenses, etc. |
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5) Name and Address and description of the person entitled to the charge. |
DENA BANK Kandivili [West] Branch, |
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6) Date and brief description of instrument modifying the charge |
14.07.2003 Working Capital term loan agreement |
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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. |
Consequent upon the revision of the existing credit facilities, it is agreed by and between the parties that the working capital limit of Rs. 45.000 millions out of the said credit facilities of Rs. 85.000 millions converted as working capital term loan by way of conversion of part of WC/TL into WCTL repayable in 30 monthly instalments with an initial moratorium period of six months from 01.04.2003 i.e. the repayment schedule to start from 01.09.2003 with monthly instalment of Rs. 1.500 millions each and ending on 01.02.2006. However, subject to the modification as aforesaid, the principal agreement shall remain in full force and effective and shall be read and constructed accordingly. |
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
90213577 |
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Corporate
identity number of the company |
U74210MH1989PTC053554 |
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Name of the
company |
VIJAYJYOT SEATS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Plot B, |
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Type of charge |
Immovable property Book debts |
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Particular of
charge holder |
Dena Bank Kandivli West, |
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Nature of
description of the instrument creating or modifying the charge |
Cash credit
[Hypothecation] : Rs. 30.000 Millions [Stock sum Book Debts] – Part Limit
parked at Halol Branch Rs. 2.500 Millions, Working Capital Term Loan Rs.
26.900 Millions ; Letter of credit [DP/ DA] Rs. 5.000 Millions Guarantee Rs.
10.000 Millions |
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Date of
instrument Creating the charge |
23.11.2006 |
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Amount secured by
the charge |
Rs. 108.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest Prime Lending
Rate + 3.50 % p.a. with monthly rests. Margin Stock 25 % ; Book
Debts 40 % DP 10 % ; DA 20 % ; Guarantee – P – 10 % F 25 % Extent and
Operation of the charge The charge is now
modified and stands in favour of Dena Bank. The charge in
favour of GIIC and Bank of Baroda is satisfied in full. |
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Short particulars
of the property charged |
Goods, Movable and
other assets and book dents. |
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Date of latest
modification prior to the present modification |
14.07.2003 |
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Particulars of
the present modification |
Amount of charge
reduced from Rs. 108 Millions to Rs. 71.900 Millions First charge
which was in favour of GIIC and bank of Charge on
property at plot Nos. 1702, 1703, GIDC, Industrial Estate, Halol, Panchmahal
Gets, vacated and charge in now on property at Plot No. 318, Village Baska, Taluka
Halol, Panchmahal, Gujarat |
As per website
Group :
The journey of samsons group started way back in 1932 by the
confluence of two families “Shahs and Motashas”in the form of small trading
house. Subsequently, the national leathercloth was in 1954, knitted fabric in
1978 & automobile seating, Vijayjyot Seats Private Limited ( VSPL) in 1987.
Group turn over is around Rs. 200 crores ( U$ 45 MIO).
Vijayjyot Seats Private Limited ( VSPL ) :
They are leading manufacturer and marketer of automotive,
cinema / auditorium, bus & railways seating systems of
Design & development facility :
Their design & development facility is located in their
plant in baska, near
The people :
Their main focus for their future growth of their company
lies with their human resource…… their people. The human skills are updated
with training inputs on a regular basis and also have a modern HR practices in
their organisation. Their top management is involved in HR policy within the
organization, that’s a clear indication that they are people performance
organization.
Marketing & distribution :
They have a very wide spread sales and marketing network
covering 4 regions of the country. Their representation is very strong even in
overseas market like middle east,
Subject seating concepts provides a full range of
standard and customized seating for leading car manufacturers, luxury buses,
STu, indian railways and also to cinema, multiplexes and auditoriums under the
brand name ‘Royal Comfort’.
An ISO 9001:2000 & QS-9000 company with over 2
decades experience in quality seating for various sectors.
They provide design on the basis of fundamental concepts and
they have unique range of collections.
Functionality
Safety
Style
Durability
Comfort
Environment Friendly
Samsons Group of Companies is one of
The group consists of Royal Cushion Vinyl Products Limited,
Vinyroyal Plasticoates Private Limited, Vijayjyot Seats Private Limited &
Royal Knitting Private Limited having a combined asset base of over 2250
Millions with 3 production facilities over 150 acres near
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.40.84 |
|
|
1 |
Rs.81.81 |
|
Euro |
1 |
Rs.55.03 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
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
|
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 |
|