MIRA
INFORM REPORT
|
Report Date : |
15.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
JIT AUTO COMP |
|
|
|
|
Registered Office : |
E-21A, SIDCO Industrial Estate, Phase – 6, SIPCOT Hosur 635 126,
Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
2003 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHEJ03759A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAEFJ3905D |
|
|
|
|
Legal Form : |
Partnership concern with an unlimited liability of the Partners |
|
|
|
|
Line of Business : |
Manufacturer of Press Components for automobile companies and
fabricated assemblies, Sheet Metal fabricated Components. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed concern having satisfactory
track. Partners are reported as
experienced and respectable businessman.
Trade relations are reported as fair.
Business is active. Payments
are usually correct and as per commitments. The concern can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
E-21A, SIDCO Industrial Estate, Phase – 6, SIPCOT Hosur 635 126, |
|
Tel. No.: |
91-4344-277697 |
|
Mobile No.: |
91-9443327769 |
|
Fax No.: |
91-4344-400697 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
800 Sq. fts. |
|
Location : |
Rented |
|
|
|
|
Factory 1 : |
E-21A, SIDCO Industrial Estate, Phase – 6, SIPCOT Hosur 635 126, |
|
Tel. No.: |
91-4344-277697 |
|
Fax No.: |
91-4344-400697 |
|
E-Mail : |
|
|
Area : |
6000 Sq. fts, |
|
Location : |
Rented |
PARTNERS
|
Name : |
Mr. K. Velmurugan |
|
Designation : |
Partner |
|
Address : |
Hosur, |
|
Date of Birth/Age : |
33 Years |
|
Qualification : |
Graduation |
|
Experience : |
5 Years |
|
|
|
|
Name : |
Mr. C. Babu |
|
Designation : |
Partner |
|
Address : |
Hosur, |
|
Date of Birth/Age : |
34 Years |
|
Qualification : |
Graduation |
|
Experience : |
34 Years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Press Components for automobile companies and
fabricated assemblies, Sheet Metal fabricated Components. |
|
|
|
|
Exports : |
|
|
Products : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Credit (30 days) |
|
|
|
|
Purchasing : |
Credit (30 days) |
PRODUCTION STATUS
|
Particulars |
|
|
|
Actual
Production |
|
Fabricated Sheet Metal Components, Press Components |
|
|
|
8 Tonnes Per
Month |
GENERAL INFORMATION
|
No. of Employees : |
60 |
|
|
|
|
Bankers : |
|
|
|
|
|
Facilities : |
Current Account |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Mr. Muthukalai Chartered Accountant |
|
Address : |
Hosur, |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
NA |
|
Borrowed : |
NA |
|
Total : |
NA |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
30.000 |
25.000 |
|
|
|
|
|
|
Profit/Loss for the year |
|
11% Total
Turnover |
12% Total Turnover |
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCES :
- M/s. Ashok
Leyland – Hosur, Sipcot, Tamilnadu
- M/s. TVS
Groups – Hosur
- M/s. Taylor
Rubber Co-operative Limited – Chennai
- M/s. TVS
Groups - Hosur
OBSERVATION POINTS :
- Name Board : Sighted Slow
- Land Mark : 7 Kms. From Hosur Bus Terminus at Hosur.
- Office Appearance : Fair
- Factory Area: The Factory is situated at Industrial area at Hosur
Sipcot.
AS PER
WEBSITE DETAILS:
Subject is one of the sterling manufacturers, exporters and importers of Press
Tools, Press Components, Stamping Components, Sheet Metal Components,
Automobile Components & Fabricated Assemblies for various automobiles,
electronic and electrical industries. Based in Hosur, they have gone from
strength to strength to emerge as one of the leading market players in their
field. Today, their products known for their reliability, quality and
performance are used by some of the leading automobile, electronic and
electrical industries of the world.
Infrastructure
They are thoroughly involved in the designing, engineering and manufacture of Press
Tools, Press Components & Fabricated Assemblies. Their team of
engineers with years of expertise in tool design use the latest softwares and
Autocad facility to design products that boasts of longevity, durability and
efficiency. With an in-house manufacturing unit well equipped with the latest
state of the art facilities, a separate tool room and design studio, they are
able to design and manufacture products that are at par with the international
quality standards.
Quality Systems
Subject is committed to total performance by implementing
strict quality control measures which ensure the delivery of faultfree products
from the production process. They have a team of specialized professionals who
bring in their experience and expertise to the production process. The company
endeavors to meet the varied customers needs and requirements through its
innovative products. The company ensures that the products are made from the best
raw materials. The quality of the products is checked from the first to the
finish stage of production as per ISO quality management systems. Providing
quality is the top most priority at their production unit. They comply with
AIAG (Automotive Industries Action Group) requirements such as APQP, PPAP,
FMEA, SPC & MSA in the processing of Automotive parts. The company strictly
observes and maintains adherence to international standards in the entire
manufacturing processes. They are in the process of updating their quality
management system in line with ISO/TS16949:2002.
Their deep commitment to quality has resulted in their company being awarded
the ISO:9001:2000 certification by M/s TUV South Asia Pvt Ltd. Also their
continuous endeavor to provide quality products, on-time delivery and
competitive rates to their clients have helped them achieve 100% customer
satisfaction.
They have also obtained the Performance and Credit Rating Certification from
NSIC and DUN & BRADSTREET INFORMATION SERVICES INDIA PVT LTD. D&B
D-U-N-S Number : 92-147-5328.
They solicit the valued inquiries and assure you prompt services.
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. 39.33 |
|
|
1 |
Rs. 79.74 |
|
Euro |
1 |
Rs. 55.74 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--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. |
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 |
|