MIRA INFORM REPORT

 

 

Report Date :

15.10.2007

 

IDENTIFICATION DETAILS

 

Name :

JOYTI DIVYA FABRICATION PRIVATE LIMITED

 

 

Registered Office :

F -1 [I] HIG Duplex, Sanjay Nagar, Sector – 23, Ghaziabad – 201002, Uttar Pradesh

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

09.07.1996

 

 

Com. Reg. No.:

20-20299

 

 

CIN No.:

[Company Identification No.]

U27102UP1996PTC020299

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MRTJ00278F / MRTJ00339D

 

 

PAN No.:

[Permanent Account No.]

AAACJ3142R / AAACJ3192R

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, exporter and importer of stainless steel pipes and tubes.

 

 

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

 

Maximum Credit Limit :

USD 43000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and reputed company having satisfactory track. Trade relations are fair. Financial position is satisfactory. Payments are usually correct and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions. 

 

 

LOCATIONS

 

Registered Office :

F -1 [I] HIG Duplex, Sanjay Nagar, Sector – 23, Ghaziabad – 201002, Uttar Pradesh, India

Tel. No.:

91-120-2674611 / 6529463 / 2674612

Fax No.:

91-120-2674612

E-Mail :

joytidivya@vsnl.net.in 

 

 

Factory :

1154, Bisrakh Road Industrial Area, Chhapraula, Gautam Budh Nagar, Ghaziabad – 201009, Uttar Pradesh, India

Tel. No.:

91-120-2674611 / 2674612

 

 

DIRECTORS

 

Name :

Mr. Mahesh Singh

Designation :

Chairman and Managing Director

Address :

F -1 [I] HIG Duplex, Sanjay Nagar, Sector – 23, Ghaziabad – 201002, Uttar Pradesh, India

Mobile No.:

91-9811113719 / 9999035710

Date of Birth/Age :

01.06.1956

Date of Appointment :

09.07.1996

 

 

Name :

Ms. Madhubala Solanki

Designation :

Director

Address :

F -1 [I] HIG Duplex, Sanjay Nagar, Sector – 23, Ghaziabad – 201002, Uttar Pradesh, India

Date of Birth/Age :

14.10.1962

Date of Appointment :

09.07.1996

 

 

Name :

Ms. Tripti Solanki

Designation :

Director

Address :

F -1 [I] HIG Duplex, Sanjay Nagar, Sector – 23, Ghaziabad – 201002, Uttar Pradesh, India

Date of Birth/Age :

14.10.1984

Date of Appointment :

18.01.2006

 

 

KEY EXECUTIVES

 

Name :

Mr. T N Aravindakshan

Designation :

Company Secretary

Address :

P – 75 B, Sanjay Nagar, Sector 23, Ghaziabad, Uttar Pradesh, India

Tel. No.:

91-120-2785209

Mobile No.:

91-9818466745

E-Mail :

aravindanp75@sify.com

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Mahesh Singh

 

262200

Madhubala

 

64400

K. K. Srivastva

 

1000

Jai Ram Singh

 

1750

Raja Ram

 

1800

Bajrang Singh

 

1700

Jagdish Prasad

 

2000

Bhawar Singh

 

1800

Ganga Ram Singh

 

1800

Karni Singh

 

1800

Kamla Mahendra Kumar

 

1800

Pit Ram Singh

 

40200

Spurt Securities Limited

 

30000

 

 

 

Equity Share Breakup

 

 

Category

 

Percentage of Holding

Directors or relatives of directors

 

86.00

Other top fifty shareholders

 

14.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, exporter and importer of stainless steel pipes and tubes.

 

 

Products :

Stainless steel pipes and tubes

 

 

Exports :

 

Products :

Stainless steel tubes and pipes with ASTM, ASME and DIN standards

Countries :

Asia, Morrocco, Trinidad and Tobago

 

 

Imports :

 

Products :

Cold rolled and hot rolled strips in coiled form

Countries :

Asia, UK and USA

 

 

GENERAL INFORMATION

 

Suppliers :
  • U-Tech Engineers
  • Roll Makers
  • Jain Steels Corporation
  • Manoj Steel
  • Jindal Stainless Limited
  • Bhiwadi Metal Rollwell Private Limited
  • Shree Sundha Steels Private Limited
  • Precision Engineering Works
  • Sanjay Steels  

 

 

Customers :
  • U P State Sugar Corporation Limited
  • Chadha Papers Limited
  • DSM Sugar Mills
  • K M Sugar Mills Limited
  • Anand and Company
  • Rana Sugars Limited
  • Ramgarh Chinni Mills
  • Mahavir Metal and Alloys
  • Rai Bahadur Narain Singh Sugar Mills Limited
  • Mawana Sugar and General Engineering Company
  • Weston Engineering Company
  • The King Sugar and General Engineering Company
  • Rail Coach Factory
  • Bajaj Hindustan Limited
  • Technochem Engineering Private Limited
  • Ajjaree Industries Limited  

 

 

No. of Employees :

About 90

 

 

Bankers :
  • Canara Bank, Maliwara Chowk, Ghaziabad – 201001, Uttar Pradesh, India
  • State Bank of Bikaner and Jaipur
  • ICICI Bank Limited

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

P Kumar and Company

Chartered Accountants

Address :

2 Navyug market, Ghaziabad – 201001, Uttar Pradesh, India 

Tel. No.:

91-120-2790589

 

 

Associates/Subsidiaries :

Nil

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1,000,000

Equity Shares

Rs. 10/- each

Rs. 10.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

458600

Equity Shares

Rs. 10/- each

Rs. 4.586 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

4.586

4.586

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

6.298

2.994

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

10.884

7.580

LOAN FUNDS

 

 

 

1] Secured Loans

 

30.755

22.625

2] Unsecured Loans

 

0.646

0.646

TOTAL BORROWING

 

31.401

23.271

DEFERRED TAX LIABILITIES

 

2.073

1.355

 

 

 

 

TOTAL

 

44.358

32.206

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

16.983

8.724

Capital work-in-progress

 

0.769

0.260

 

 

 

 

INVESTMENT

 

0.000

0.000

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

47.856

31.707

 

Sundry Debtors
 

14.194

6.609

 

Cash & Bank Balances
 

1.441

1.385

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

8.255

3.071

Total Current Assets
 

71.746

42.772

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

43.886

19.301

 

Provisions
 

1.300

0.251

Total Current Liabilities
 

45.186

19.552

Net Current Assets
 

26.560

23.220

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.046

0.002

 

 

 

 

TOTAL

 

44.358

32.206

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2006

31.03.2005

 

 

 

 

Sales Turnover

 

179.145

81.812

Other Income

 

2.758

1.794

Total Income

 

181.903

83.606

 

 

 

 

Profit/(Loss) Before Tax

 

5.354

1.677

Provision for Taxation

 

2.050

0.930

Profit/(Loss) After Tax

 

3.304

0.747

 

 

 

 

Expenditures :

 

 

 

 

Interest

 

3.665

2.668

 

Depreciation & Amortization

 

0.905

0.566

 

Other Expenditure

 

171.979

78.695

Total Expenditure

 

176.549

81.929

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

PAT / Total Income

(%)
 

1.82

0.89

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

2.99

2.05

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

6.03

3.26

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.49

0.22

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

7.04

5.65

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.59

2.19

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

           

 

Bankers Charges Report as per Registry

 

 

This form is for

Modification of charge

Charge identification number of the charge to be modified

90280148

Corporate identity number of the company

U27102UP1996PTC020299

Name of the company

JOYTI DIVYA FABRICATION PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

F -1 [I] HIG Duplex, Sanjay Nagar, Sector – 23, Ghaziabad – 201002, Uttar Pradesh, India

Type of charge
  • Book Debts
  • Movable Property

Particular of charge holder

Canara Bank

Maliwara Chow

Ghaziabad - 201001

Uttar Pradesh, Idnia

jkscond@gmail.com

Nature of description of the instrument creating or modifying the charge

  • Supplemental common Hypothecation agreement 
  • Demand promissory note

Date of instrument Creating the charge

30.03.2007

Amount secured by the charge

Rs. 94.000 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

 

Interest on working capital shall be charged @ 12.25 % p.a. with monthly rests or at such other rate or rate as may be notified by the bank to the borrower from time to time

Interest on term loan shall be charged @ 12.50 % p.a. with monthly rest.

 

Terms of repayment

 

The term loan of Rs. 4.000 Millions shall be repayable in 60 equal monthly installments commencing from 30.04.2007. first 59th equal monthly installments will be of Rs. 0.067 Million each and the last 60th installment will be of Rs. 0.047 Million

 

Margin

Margin on OCC – 25 %

Guarantee 25 %

ILC 25 %

And term Loan 28 %

 

Extent operation of the charge

The company’s properties mentioned hereunder are hypothecation to secure the following credit facilities granted by bank to the company

 

OCC – Rs. 60 millions

Letter of credit Rs. 15 millions

Guarantee Rs. 15 Millions

Term loan Rs. 4 Millions

Short particulars of the property charged
  • Hypothecation of stock of raw material, semi finished and finished goods etc.
  • Hypothecation of all the book debts etc.
  • Collateral security of all the plant and machinery existing / purchased / to be purchased out of loan proceeds

Date of latest modification prior to the present modification

07.02.2006

 

 

AS PER WEBSITE

 

Subject is a manufacturer, exporter and importer of stainless steel pipes and tubes. They have embarked on an ambitious march towards overseas leadership, fueled by their rapid growth attained since their inception in 1996. They believe in corporate values and growth of their valued clients. Their upgraded technology, technically competent, fully automated plant, streamlined production process, team of dedicated engineers and on-schedule delivery have helped them to find a strong foothold in the industry.


Products


The depth of their technical knowledge and wealth of their experience enabled them to produce the most effective products available today. Their endeavor to reconcile the organizational goals and the industrial needs by offering them products that are unique and innovative. They manufacture & Exports Stainless Steel Pipes and Tubes conferming to ASTM, ASME and DIN standards.

Applications

Products find applications in a plethora of sectors some of which are as follows:

  • Sugar Industry
  • Food & Milk Processing Industry
  • Solvent Plants
  • Fertilizer Plants
  • Petro Chemical Units
  • Furniture Industry
  • Architectural Uses
  • Potable Water Supply

Quality

They are a well equipped company with laboratory and professional manpower to ensure quality products. The products undergo inspection and chemical testing procedures starting from the procurement of raw materials to manufacturing of the finished products. They believe that quality is the lifeline of every business and they are committed to satisfy their customers with the same. They have proactive approach to uphold integrity in conducting their business and provide conducive environment for individuals to perform and excel in their areas of operation. Their ultimate motto is customer satisfaction.

Infrastructure

Perfection is the amalgamation of outstanding quality and innovation. As improvement is a never ending process, they are continuously improving their products both in quality and innovation. The unit is well equipped with latest machines and advanced technology for the delivery of impeccable output.

 

 

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.39.68

UK Pound

1

Rs.80.53

Euro

1

Rs.56.23

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--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

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

54

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions