MIRA
INFORM REPORT
|
Report Date : |
22.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
JAICO AUTOMOTIVE ENGINEERING COMPANY PRIVATE LIMITED |
|
|
|
|
Registered Office : |
No. 9/10, Doddanekundi Industrial Area, 2ND Stage, Mahadevapura Post, Bangalore – 560048, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
02.09.1978 |
|
|
|
|
Com. Reg. No.: |
08 - 003364 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U85110KA1978PTC003364 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRJ00393B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing of Automobile Bodies. |
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 610980 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed Company has Satisfactory
track. Directors are reported as experienced, respectable and resourceful
businessmen. Financial position is good. Trade relations are fair.The Company
is doing well. It can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered Office : |
No. 9/10, Doddanekundi Industrial Area, 2ND Stage, Mahadevapura Post, Bangalore – 560048, Karnataka, India. |
|
Tel. No.: |
91-80-28524287/ 28524318/ 28524330 |
|
Fax No.: |
91-80-28524302 |
|
E-mail : |
|
|
Website : |
|
|
Area : |
6 Acres |
|
Location : |
Owned |
|
|
|
|
Factory : |
At Jaipur – 302002, Rajasthan |
|
|
|
|
Branches : |
v M – 2/1, Akashaneem Marg, DLF Qutab Enclave, Phase – 2, Gurgaon – 122001, Haryana, India. v Also at Jaipur in Rajasthan |
DIRECTORS
|
Name : |
Mr. Bhupinder Singh Chadha |
|
Designation : |
Managing Director |
|
Address : |
127, 4th Main, Defence Colony, Bangalore – 560 038,
Karnataka, India. |
|
Date of Birth/Age : |
01.10.1948 |
|
Date of Appointment : |
10.08.1985 |
|
|
|
|
Name : |
Mr. Charanjeet Singh Chadha |
|
Designation : |
Director |
|
Address : |
127, 4th Main, Defence Colony, Bangalore – 560 038,
Karnataka, India. |
|
Date of Birth/Age : |
31.08.1960 |
|
Date of Appointment : |
10.08.1985 |
|
|
|
|
Name : |
Mr. Trilochan Singh Chadha |
|
Designation : |
Director |
|
Address : |
127, 4th Main, Defence Colony, Bangalore – 560 038,
Karnataka, India. |
|
Date of Birth/Age : |
04.07.1963 |
|
Date of Appointment : |
10.01.1992 |
|
|
|
|
Name : |
Mr. Harpal Singh Chadha |
|
Designation : |
Director |
|
Address : |
127, 4th Main, Defence Colony, Bangalore – 560 038,
Karnataka, India. |
|
Date of Birth/Age : |
25.10.1953 |
|
Date of Appointment : |
10.01.1992 |
|
|
|
|
Name : |
Mr. Amarjeet Singh Chadha |
|
Designation : |
Director |
|
Address : |
B-61, Yash Path, Tilak Nagar, Jaipur – 302 004, Rajasthan, India. |
|
Date of Birth/Age : |
12.03.1956 |
|
Date of Appointment : |
10.01.1992 |
|
|
|
|
Name : |
Mr. T. K. Ramalinga Reddy |
|
Designation : |
Nominee Director |
|
Address : |
493/1, 8th cross, Jay Nagar, 7th Block, K. R.
Road, Bangalore – 560 011, Karnataka, India. |
|
Date of Birth/Age : |
10.05.1955 |
|
Date of Appointment : |
29.08.2001 |
|
Date of Ceasing : |
08.06.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 28.09.2007
|
Names of Shareholders |
No. of Shares |
|
Mr. Bhupinder Singh Chadha |
104,650 |
|
Mr. Harpal Singh Chadha |
51,625 |
|
Mr. Amarjeet Singh Chadha |
95,375 |
|
Mr. Charanjeet Singh Chadha |
107,975 |
|
Mr. Trilochan Singh Chadha |
61.250 |
|
Mr. Nav Preet Chadha |
875 |
|
Jewels India Hotels Private Limited |
15,750 |
|
Mr. Jatinder Chadha |
87,500 |
|
Total |
525,000 |
Equity Share breakup (Percentage of Total Equity)
As On 31.03.2007
|
Sr. No. |
Category |
Percentage |
|
1. |
Bodies Corporate (not mentioned above) |
4.00 |
|
2. |
Directors or relatives of directors. |
96.00 |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Automobile Bodies. |
|
|
|
|
Products : |
Bus Bodies |
|
|
|
|
Exports : |
|
|
Countries : |
v Asian v Middle East v African Markets |
|
|
|
|
Imports : |
|
|
Countries : |
v Europe v Far East |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, and Against Advance Payment |
|
|
|
|
Purchasing : |
L/C Director (75 days) and Credit (90 days) |
PRODUCTION STATUS
|
Particulars |
Unit |
Actual
Production |
|
Bus Bodies |
Nos |
137 |
GENERAL
INFORMATION
|
Suppliers : |
v SMS Cranes & Fabricators, India v Elgi Equipment Limited, India v Bharat Aluminium Company Limited, India |
|
|
|
|
Customers : |
v Delhi Transport Corporation, Delhi v Karnataka State Road Transport Corporation v Andhra Pradesh Road Transport Corporation |
|
|
|
|
No. of Employees : |
800 Employees |
|
|
|
|
Bankers : |
v State Bank of India, Commercial Branch, Rajaji Nagar, Bangalore – 560044, Karnataka, India. v HSBC (The Hongkong Shanghai Banking Corporation Limited), M G Road, Bangalore – 560001 |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Prakash Chandrasekar and Company, Chartered Accountants |
|
Address : |
S-616, Manipal Centre, No.47, Dikenson Road, Bangalore – 560 042,
Karnataka, India. |
|
Tel. No.: |
91-80-41133934, 25585443 |
|
Fax No.: |
91-80-25597494 |
|
E-Mail : |
|
|
|
|
|
Memberships : |
26037 |
|
|
|
|
Associates: |
v Azad Body Builders Private Limited, Jaipur v Azad Coach Builders Private Limited, Bangalore v Sharma Azad Auto Engineer Private Limited, Bangalore v Azad Coach Private Limited, Bangalore v Azad
Impex, Jaipur, Delhi & Johannesburg
v Jewels
India Hotels India Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,100,000 |
Equity Shares |
Rs. 100/- Each |
Rs. 110.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
525,000 |
Equity Shares |
Rs. 100/-
Each |
Rs. 52.500
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
52.500 |
32.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
100.245 |
64.613 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
|
|
NETWORTH |
152.745 |
96.613 |
|
|
17.019LOAN FUNDS |
|
|
|
|
1] Secured Loans |
160.272 |
183.997 |
|
|
2] Unsecured Loans |
75.635 |
17.019 |
|
|
TOTAL BORROWING |
235.907 |
201.016 |
|
|
DEFERRED TAX LIABILITIES |
9.153 |
9.438 |
|
|
|
|
|
|
|
TOTAL |
397.805 |
307.067 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
110.190 |
131.640 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT |
2.515 |
2.515 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
Inventories |
112.821
|
159.524 |
|
|
Sundry Debtors |
129.525
|
91.098 |
|
|
Cash & Bank Balances |
23.071
|
12.507 |
|
|
Other Current Assets |
0.000
|
0.000 |
|
|
Loans & Advances |
175.931
|
78.764 |
|
Total
Current Assets |
441.348
|
341.893 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
Current Liabilities |
141.248
|
165.481 |
|
|
Provisions |
15.000
|
3.500 |
|
Total
Current Liabilities |
156.248
|
168.981 |
|
|
Net Current Assets |
285.100
|
172.912 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL |
397.805 |
307.067 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
503.042 |
802.018 |
|
|
Income by sales of Factory Land |
73.800 |
0.000 |
|
|
Other Income |
59.362 |
0.457 |
|
|
Total Income |
636.204 |
802.475 |
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
74.397 |
11.967 |
|
|
Provision for Taxation |
16.265 |
3.638 |
|
|
Profit/(Loss) After Tax |
58.132 |
8.329 |
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
Export Earnings |
5.641 |
3.917 |
|
Total Earnings |
5.641 |
3.917 |
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
Raw Materials |
20.544 |
43.166 |
|
Total Imports |
20.544 |
43.166 |
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
Depreciation & Amortization |
9.438 |
10.196 |
|
|
Other Expenditure |
552.369 |
780.312 |
|
Total Expenditure |
561.807 |
790.508 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
9.14 |
1.04 |
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.89 |
1.49 |
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.69 |
1.49 |
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.49 |
0.12 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.99 |
1.75 |
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.82 |
2.02 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
Name of the company |
JAICO AUTOMOTIVE ENGINEERING COMPANY PRIVATE LIMITED |
|
Presented By |
JAICO AUTOMOTIVE ENGINEERING COMPANY PRIVATE LIMITED |
|
1) Date and description of instrument creating the change |
26th September, 1996 General Agreement for the grant of medium term advances to SSI and Hypothecation of movables, Book Debts and other assets Ancillary Agreement ‘A’ |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.716 millions |
|
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 all the Present and future stock of goods, Book Debts, Movables and Other Assets including Outstandings, Receivables, Bills, Plant and Machinery, 225 KVA D. G. set belonging to the company. Equitable Mortgage of immovable property at Doddanekunde Industrial Area, Bangalore. |
|
4) Gist of the terms and conditions and extent and Operation of the charge. |
Interest @ 16.75% p.a. + Interest tax @ 0.75% p.a. Repayable on 40 equal monthly instalments of Rs. 17,900/- each. |
|
5) Name and Address and description of the Person entitled to the charge. |
State Bank of India Bajaj Nagar Industrial Estate, Bangalore – 560 044, Karnataka, India. |
|
This form is for |
Modification of charge |
|
Whether charge is modified in favour of asset reconstruction company (ARC) of assignee |
No |
|
Charge Identification (ID) number of the charge to be modified |
90194582 |
|
Corporation identity number (CIN) or foreign company registrations number of the company |
U85110KA1978PTC003364 |
|
Name of the company |
JAICO AUTOMOTIVE ENGINEERING COMPANY PRIVATE LIMITED |
|
Address |
No. 9/10, Doddanekundi Industrial Area, 2ND Stage, Mahadevapura Post, Bangalore – 560048, Karnataka, India. |
|
Type of Charges |
v Immovable Property v Book Debts v Movable property 9not being pledge) v Floating charge |
|
Whether consortium finance is involved |
No |
|
Whether joint charge involved |
No |
|
Number of charge holder(s) |
1 |
|
Particular of the charge holder |
Name : State Bank of India Address : Commercial Branch, Industrial Estate, Rajaji Nagar City : Bangalore State : Karnataka ISO Country Code : IN Pin Code : 560044 E-mail ID : rjraman3@gmail.com |
|
Nature or description of the instrument creating or modifying the charge |
Letter from Charge holder M/s. State Bank of India, Commercial Branch, Rajaji Nagar, Bangalore advising the release of certain securities from their Charge. |
|
Date of the instrument creating charge |
29/03/2007 |
|
Whether charge created or modified outside India |
No |
|
Amount Secure by the charge |
Rs. 47.000 millions |
|
Brief particulars of the principal terms and conditions and extent and operation of the charge |
(a) *Rate of Interest Interest at 11.75% per annum with periodical rests. (Already reported in previous Form 8) Penal Interest at 2% p.a. over the normal rate. (b) * Terms of repayment Working Capital facility repayable on demand. Term Loan – repayable in periodical Instalments. (Already reported in the previous Form 8). (c) *Margin 25% or at such margin as may be advised by the Bank from time to time. (d) *Extent and operation of the charge The Charge on the assets operates to the full extent and by way of first charge. |
|
Short particulars of the Property charged |
Hypothecation of all current assets, stocks, goods, book debts, receivables, plant and machinery present and future and mortgage of immovable property. |
|
Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
|
Date of latest modification prior to the present modification |
16.12.2005 |
|
Particulars of the present modification |
The Charge holder has released from their Charge the immovable property held as security – situated at and comprising 1) Land and Building at No. 9 and 10 Doddanekkundi Industrial Area. II Stage, Maharashtra, Bangalore – 560 044 and 2). Land and Building at No. 11 in Sy No. 20 and 71 Doddanekkundi Industrial Area, II Stage, Mahadevapura, Bangalore – 560 044, all other terms and conditions including the charge on the current, other movable Assets, Remaining Immovable Properties continue as before. |
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. 39.96 |
|
UK Pound |
1 |
Rs. 78.66 |
|
Euro |
1 |
Rs. 63.06 |
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 |
NO |
|
--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 |
|