MIRA
INFORM REPORT
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Report Date : |
01.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
JALEX AUTOMOTIVE PRIVATE LIMITED |
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Registered Office : |
170, Functional Industrial Estate, Patparganj, New Delhi - 110092,
Delhi |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
26.08.2003 |
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Com. Reg. No.: |
55-121928 |
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CIN No.: [Company
Identification No.] |
U34300DL2003PTC121928 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELJ05047A |
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Legal Form : |
Private limited liability company. |
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Line of Business : |
Manufacturer, exporter and total solutions provider in the field of automotive
/ industrial hoses and pipe assemblies and related tubular components. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having moderate track. Company’s profitability is under
severe pressure. It has some accumulated losses. Payments are reported as
slow but correct. The company can be considered normal for small business dealings at usual trade terms and conditions, with slight caution initially. |
LOCATIONS
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Registered Office / Factory : |
170, Functional Industrial Estate, Patparganj, New Delhi - 110092,
Delhi, India |
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Tel. No.: |
91-11-22156574 / 22156574 / 41451005 |
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Mobile No.: |
91-9212733123 |
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Fax No.: |
91-11-42141082 / 25759605 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Chirag Arora |
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Designation : |
Director |
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Name : |
Mr. Om Prakash Arora |
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Designation : |
Director |
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Address : |
IX/1011, Prem Street, Gandhinagar, Delhi – 110031, India |
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Date of Birth/Age : |
03.11.1958 |
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Date of Appointment : |
26.08.2003 |
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Name : |
Mr. Rajendra Kumar Arora |
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Designation : |
Director |
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Address : |
IX/1011, Prem Street, Gandhinagar, Delhi – 110031, India |
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Date of Birth/Age : |
11.04.1957 |
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Date of Appointment : |
26.08.2003 |
KEY EXECUTIVES
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Name : |
Mr. Chirag Arora |
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Designation : |
Chief Executive Officer / General Manager |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Om Prakash Arora |
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13000 |
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Rajendra Kumar Arora |
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33000 |
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Jodha Ram Arora |
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15500 |
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Geeta Arora |
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14500 |
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Meena Arora |
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14000 |
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Total |
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90000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, exporter and total solutions provider in the field of
automotive / industrial hoses and pipe assemblies and related tubular
components. |
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Products : |
Fuel & oil hoses, brake hoses, fuel injection pipes,
hydraulic hoses, brake pipes, nylon/teflon hose, radiator hoses, a/c hose,
power steering hose, corrugated metallic flexible hose and water pipes |
GENERAL
INFORMATION
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No. of Employees : |
51-100 |
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Bankers : |
State Bank of Mysore Gandhi Nagar Branch, Delhi |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
SMRN and Associates Chartered Accountants |
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Address : |
10159, Padam Singh Road, Karol Bagh, New Delhi – 110005, India |
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 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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90000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.900
Millions |
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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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0.900 |
0.900 |
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2] Share Application Money |
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1.234 |
1.224 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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[0.913] |
[0.420] |
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NETWORTH |
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1.221 |
1.704 |
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LOAN FUNDS |
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1] Secured Loans |
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7.884 |
10.189 |
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2] Unsecured Loans |
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4.860 |
1.153 |
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TOTAL BORROWING |
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12.744 |
11.342 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.408 |
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TOTAL |
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13.965 |
13.454 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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5.593 |
6.126 |
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DEFERREX TAX ASSETS |
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0.152 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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10.482 |
8.239 |
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Sundry Debtors |
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1.701 |
1.231 |
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Cash & Bank Balances |
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0.004 |
0.073 |
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Loans & Advances |
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0.419 |
0.595 |
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Total
Current Assets |
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12.606 |
10.138 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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4.552 |
3.029 |
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Provisions |
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0.007 |
0.011 |
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Total
Current Liabilities |
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4.559 |
3.040 |
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Net Current Assets |
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8.047 |
7.098 |
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MISCELLANEOUS EXPENSES |
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0.173 |
0.230 |
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TOTAL |
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13.965 |
13.454 |
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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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14.17 |
8.44 |
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Current Ratio (Current Asset/Current Liability) |
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2.77 |
3.33 |
LOCAL AGENCY
FURTHER INFORMATION
Jalex automotive Private Limited Is an ISO 9001:2000
certified oe manufacturer, exporter and total solutions provider in the field
of automotive/industrial hoses and pipe aseemblies and related tubular
components.
They supply to most of the automobiles, tractors, earthmovers and construction
equipment manufacturers in India and abroad since last two and half decades.
They are having one of the latest & modern manufacturing facilities in and
around Delhi. Their infrastructural facilities are well equipped with ultra
modern in house R&d and lab testing facilities with latest technology to
produce zero defect products followed by world pronounced international
standards such as ASTM, ISO, jis din, dot, bs etc.
They are proud to have one of the best satisfied customer base in India &
abroad. Their list of esteemed customers includes:
* Indian vehicle manufacturers (tvsmotor company Limited Sundram clayton
Limited Tata motors, hmt limited, international tractors limited (sonalika),
scooter India Limited Reva car company Limited Etc. To name a few)
*Foreign importers/sourcing agencies/tier 1 suppliers (aftermarketand oem)
*Reputed Indian autoparts exporters
(aftermarket)they are also on rate contract with asrtu (association of state
road transport undertakings) and are the major supplier to all the govt. State
transport authorities all over India.
Their product range is categorized as under: -
-High pressure fuel injection pipe assy.
-Low pressure flexible fuel line and hose assy.
-Hydraulic high pressure hose assy.
-Hydraulic low & medium pressure hose assy.
-High pressure hydraulic metallic pipe assy.
-Brake hose assy. Air system
-Brake pipe assy.
-Power steering hose assy.
-Air conditioning hose assy.
-Corrugated metallic flexible hose assy.
-Nylon and teflon tubes & hose assy.
-Retractable nylon coiled hose assy.
-Radiator, fuel, air & vacuum hoses.
-Cng pipe assy.
-Fabricated pipe assy. Tubular components.
-Allied component and fitting of above said assy.
Their in house R&d facilities and design dept. Is well equipped to develop
any kind of component according to exact specification. Jalex is certified for
ISO 9001:2000 and in the process to achieving ts 16949:2002.
They assure you to give their best services and timely deliveries as per
quantity/quality superior than other in very competitive terms. On going
through above please let us know the specific requirement which will meet their
prompt attention.
Company
Profile
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Business Type: |
Manufacturer |
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Industry Focus: |
Tube Assembly , Engine Parts & Mounts , Steering & Transmission Parts , Brakes |
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Geographic Markets: |
Worldwide |
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Annual Sales Range (USD): |
US$1 Million - US$2.5 Million |
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Certificates: |
ISO 9001:2000 BRITISH STANDARDS INSTITUTE |
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Legal Representative/CEO: |
RK ARORA / OP ARORA |
Bankers Charges
Report as per Registry
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Name of the company |
JALEX AUTOMOTIVE
PRIVATE LIMITED |
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Presented By |
State Bank of
Mysore, Gandhi Nagar Branch, Delhi |
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1) Date and description of instrument creating the change |
Articled of agreement
dated 30.01.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.750
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 machineries
installed at 170, Functional Industrial Estate, Patparganj, New Delhi - 110092,
Delhi and machineries to be purchase out of Bank Finance |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Repayable over 36
installments of Rs. 0.063 Millions and 15 installments of Rs. 0.100 Millions
+ interest @ 1.75 % p.a. above State Bank of Mysore PLR with a minimum of 13
% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Mysore, Gandhi Nagar Branch, Delhi |
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6) Date and brief description of instrument modifying the charge |
-- |
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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. |
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Name of the company |
JALEX AUTOMOTIVE
PRIVATE LIMITED |
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Presented By |
State Bank of
Mysore, Gandhi Nagar Branch, Delhi |
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1) Date and description of instrument creating the change |
Deed of
hypothecation of goods, debts and assets dated 30.01.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.500
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 |
Hypothecation of Stock
i.e. inclusive of full injection pipes, brake house. Low pressure fuel
pipe, Hydraulic High Pressure,
Metalic Fuel Pipe Steel, Brake Pipes and Nylon oil and brake lines raw
material, semi finished and goods in process and book debts. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 1.75 %
p.a. above State Bank of Mysore PLR with a minimum 13 % p.a. with monthly
rest calculated on the daily basis. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Mysore, Gandhi Nagar Branch, Delhi |
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6) Date and brief description of instrument modifying the charge |
-- |
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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. |
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.56 |
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UK Pound |
1 |
Rs.85.79 |
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Euro |
1 |
Rs.58.40 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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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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26 |
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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