MIRA
INFORM REPORT
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Report Date : |
26.09.2007 |
IDENTIFICATION DETAILS
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Name : |
JONEJA BRIGHT STEELS PRIVATE LIMITED |
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Registered Office : |
B – 612 – 613, Nehry Ground NIT, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
04.07.2000 |
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Com. Reg. No.: |
034510 |
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CIN No.: [Company
Identification No.] |
U27109HR2000PTC034510 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKJ01133G |
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PAN No.: [Permanent
Account No.] |
AABCJ0369B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer
of Cold Heading Wires, Cold Drawn Bright Steel Bars, HHB and Spring Steel
Wires, Shaped Wire Profiles, Turned Bars/Peeled Bars and Centreless Ground
Bars |
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 161916 |
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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. 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 : |
B – 612 – 613, Nehry Ground NIT, |
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Tel. No.: |
91-129-2234487 |
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Fax No.: |
91-129-2232826 |
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E-Mail : |
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Branch : |
Plot No. 239 and 244, Sector – 24, |
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Tel. No.: |
91-129-2234487 / 88 / 4064485 – 87 |
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Fax No.: |
91-129-2232826 |
DIRECTORS
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Name : |
Mr. Gurmam Singh Joneja |
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Designation : |
Director |
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Address : |
H. No. 579, Sector – 15, |
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Date of Birth/Age : |
13.11.1964 |
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Date of Appointment : |
04.07.2000 |
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Name : |
Mr. Ajai Joneja |
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Designation : |
Director |
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Address : |
H. No. 579, Sector – 15, |
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Date of Birth/Age : |
11.10.1966 |
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Date of Appointment : |
01.04.2001 |
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Name : |
Mrs. Rubinder Kaur |
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Designation : |
Director |
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Address : |
H. No. 579, Sector – 15, |
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Date of Birth/Age : |
04.12.1967 |
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Date of Appointment : |
01.03.2005 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Gurman Singh Joneja |
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255000 |
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Mrs. Jyoti Joneja |
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105000 |
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Mrs. Gurpeet Singh |
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30000 |
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Mr. Harsimran Singh |
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33470 |
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Mr. Madhur Bain Singh |
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37800 |
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Mr. Pritpal Singh |
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98400 |
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Raj Exim Private Limited |
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95800 |
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Mr. Ajay Joneja |
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260000 |
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Mr. Charanjeet Singh |
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29400 |
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Mr. Mohan Kaur |
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50000 |
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Mr. Satyabeer Singh |
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4990 |
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Ajay Joneja and Sons (HUF) |
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100001 |
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Mrs. Neelam Kaur |
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10 |
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Ganga Infin Private Limited |
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100000 |
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Category |
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Percentage of
Holding |
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Director or Relatives of directors |
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44.80 |
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Other top fifty shareholders |
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55.20 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer
of Cold Heading Wires, Cold Drawn Bright Steel Bars, HHB and Spring Steel
Wires, Shaped Wire Profiles, Turned Bars/Peeled Bars and Centreless Ground
Bars |
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GENERAL INFORMATION
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Bankers : |
Oriental Bank of
Commerce NIT, E-Mail: cakkminocha@gmail.com |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Sameer Kamboj Chartered Accountants |
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Address : |
112A, First Floor, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1422373 |
Equity Shares |
Rs.10/- each |
Rs.14.223
millions |
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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14.224 |
12.999 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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26.255 |
12.992 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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40.479 |
25.991 |
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LOAN FUNDS |
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1] Secured Loans |
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45.222 |
30.948 |
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2] Unsecured Loans |
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0.583 |
16.266 |
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TOTAL BORROWING |
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45.805 |
47.214 |
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DEFERRED TAX LIABILITIES |
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2.673 |
2.558 |
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TOTAL |
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88.957 |
75.763 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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53.278 |
45.853 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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12.481 |
12.055 |
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Sundry Debtors |
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106.839 |
93.940 |
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Cash & Bank Balances |
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1.749 |
0.818 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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11.767 |
11.399 |
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Total
Current Assets |
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132.836 |
118.212 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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90.546 |
87.295 |
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Provisions |
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6.687 |
1.097 |
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Total
Current Liabilities |
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97.233 |
88.392 |
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Net Current Assets |
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35.602 |
29.820 |
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MISCELLANEOUS EXPENSES |
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0.077 |
0.090 |
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TOTAL |
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88.957 |
75.763 |
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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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459.286 |
398.833 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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459.286 |
398.833 |
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Profit/(Loss) Before Tax |
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20.222 |
7.194 |
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Provision for Taxation |
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6.959 |
2.671 |
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Profit/(Loss) After Tax |
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13.263 |
4.523 |
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Expenditures : |
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Total Expenditure |
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439.064 |
391.639 |
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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2.88 |
1.13 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.40 |
1.80 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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10.86 |
4.38 |
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Return on Investment (ROI) (PBT/Networth) |
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0.49 |
0.27 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.40 |
3.40 |
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Current Ratio (Current Asset/Current Liability) |
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1.36 |
1.33 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
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Name of the
company |
JONEJA BRIGHT
STEELS PRIVATE LIMITED |
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Presented
By |
Oriental Bank of
Commerce, Main Branch, NIT, |
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1) Date and description of instrument creating the change |
No document was
executed. Equitable mortgage created by depositing of title deeds on
09.08.2003 confirmed by letter dated. 11.08.2003 and registered on 22.08.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.14.450 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 |
First charge on
property at Plot No. 244, Sector – 24, |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Equitable mortgage
to collaterally secure the advances made and / or to be modified to the
company by the bank by way of cash credit, bills purchase under LC, terms
loan , letter of credit etc. or otherwise to the extent of Rs.14.450 millions
and for all the other indebtness and liability of the company whatsoever and
for all costs, commission charges etc. |
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5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of
Commerce, Main Branch, NIT, |
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6) Date and brief description of instrument modifying the charge |
Document dt.
11.10.2004 executed for enhancement from Rs.14.450 to Rs.24.700 millions and
registered on 03.11.2004. Further document dt.16.06.2005 executed for enhancement
from 24.700 millions to Rs.40.700 millions |
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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. |
Modified by enhancing
limit from Rs.14.450 millions to Rs.24.700 millions and further modified by
enhancing limit from Rs.24.700 millions to Rs.40.700 millions |
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Corporate
identity number (CIN) Foreign company registration number |
U27109HR2000PTC034510 |
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Name of the
Company |
JONEJA BRIGHT STEELS PRIVATE LIMITED |
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Address |
B – 612 – 613, Nehru Ground NIT, |
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This form is for |
Creation of
Charges |
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Type of Charge |
Movable property
(not being pledge) |
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Particulars of the
charge holder |
Oriental Bank of
Commerce NIT, E-Mail: cakkminocha@gmail.com |
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Amount secured by
the charge |
Rs.19.800
millions |
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Brief of the
principal terms and conditions |
Rate of Interest: @11% p.a. charged
monthly rests subject to change from time to time penal rate of interest @2%
p.a. over and above the normal rate of interest Terms of
repayments Term Loan 1 Rs.16.000
millions – the term loan is repayable in 60 monthly installments of Rs.0.274
millions w.e.f. April 2007 Term Loan 2
Rs.03.800 millions – The term loan is repayable in 60 monthly installments of
R.s0.082 million w.e.f. February 2007 Margin: 25% Extent and
operation of the charge First charge |
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Description of
the property charged indicating |
Hypothecation of
Plant and Machinery valuing Rs.26.882 millions to be purchased with the
present term loan |
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Date of
Instrument creating or modifying charges |
08.01.2007 |
As Per Web Details
Company Profile:
With cost effective products, comprehensive quality control
policies and streamlined production process, Subject. has
fortified a strong foothold in its arena. Their strong reputation in the market
since their establishment in 1986, owing to strict adherence to ethical
business practices and transparency in dealings have etched them a leading
position in the market. They are a prominent ISO 9001:2000 certified manufacturer of Cold Heading
Wires, Cold Drawn Bright Steel Bars, HHB & Spring Steel Wires, Shaped Wire
Profiles, Turned Bars/Peeled Bars and Centreless Ground Bars.
The well equipped plant manned by qualified professionals is
geared to produce high quality products which are manufactured with utmost
precision. Being a manufacturer of industrial products, they assure not only
superior products to their clients but also an attentive sales service. Their
professionally qualified and well experienced team capable of fulfilling all
the requirements of their customers offers them the best services. The
company's products are supplied to all the major ancillaries of Tenneco
Automotives (Exports), Hero Honda, Honda Motors, Hyundai Motors India Ltd.,
Maruti Udyog, Bajaj Auto, Tata Motors and GE Motors, to name a few.
Their
Quality
Being a quality conscious company, they ensure that quality is
keenly nurtured at each and every level of the business process. Their crew of
experts maintains a strict vigil on the quality of the sourced products.
Consistent innovation and an unyielding commitment to the highest quality
standards has been maintained at the core of their business practices. They
have a well equipped metallurgical lab and physical testing facilities,
including chemical analysis lab, magnaflux, metascope, eddy current
sorter, hardness testers, microscope with image analyser and UTM, which
assure defect-free surfaces as well as internal soundness. This stands in
confirmation to the tolerance to international standards such as IS, BS,
DIN, AISI and SAE.
Their
Infrastructure
With state-of-the-art infrastructure and ultramodern production facilities,
they ensure the highest degree of accuracy and precision in their production
line. Their infrastructure is the vital force behind the success of their
company which helps them to run their business operation effectively and
efficiently. The company's in-house facilities include pickling, phosphating,
drawing, spheroidised annealing, peeling, grinding, etc. They have recently
installed
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.39.81 |
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|
1 |
Rs.80.03 |
|
Euro |
1 |
Rs.56.02 |
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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
|