MIRA
INFORM REPORT
|
Report Date : |
23.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
JINABAKUL FORGE PRIVATE LIMITED |
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Registered Office : |
Plot No.11, Kangrali Inustrialarea Belgaum - 590010, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.10.1981 |
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Com. Reg. No.: |
004417 |
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CIN No.: [Company
Identification No.] |
U02922KA1981PTC004417 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRJ00685G |
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PAN No.: [Permanent
Account No.] |
J-3 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Alloy Steel Bearing
Races In Forged and Finish Turned Condition, Alloy Steel Gear Blanks In
Forged and Turned Condition. |
RATING &
COMMENTS
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MIRAs Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 414232 |
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Status : |
Very Good |
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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 excellent track.
Available information indicates high financial responsibility of the company
and its management. General financial position is good. Fundamentals are
strong and healthy. Payments are reported as usually correct and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. It can be regarded as a promising business partner in medium to long
run. |
LOCATIONS
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Registered Office/ Factory : |
Plot No.11, Kangrali Industrial Area, Belgaum - 590010, Karnataka,
India |
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Tel. No.: |
91-831-2470443 |
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Fax No.: |
91-831-2471966 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Chintamani Baburao Jinagouda |
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Designation : |
Whole Time Director |
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Address : |
Plot No.50 Jyoti Building, Rani Channammanagar, Belgaum 590006,
Karnataka, India |
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Date of Birth/Age : |
24.10.1937 |
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Date of Appointment : |
01.10.1981 |
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Email : |
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Name : |
Mr. Gopal Devendra Jinagouda |
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Designation : |
Managing Director |
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Address : |
Plot No.7252, Akshata Sector No.10, Malmaruti Extension, Belgaum
590004, Karnataka, India |
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Date of Birth/Age : |
02.04.1938 |
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Date of Appointment : |
01.10.1981 |
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Email : |
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Name : |
Mr. Baburao Bhimappa Kelgeri |
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Designation : |
Director |
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Address : |
No.2106, Bhatkhande Galli, Belgaum 590002, Karnataka, India |
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Date of Birth/Age : |
25.06.1945 |
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Date of Appointment : |
01.04.1993 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2002)
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Names of Shareholders |
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No. of Shares |
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Mr. Gopal Devendra Jinagouda |
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1378 |
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Mr. Chintamani Baburao Jinagouda |
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1378 |
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Mr. Baburao Bhimappa Kelgeri |
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1378 |
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Mrs. Shakuntala Badan |
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1378 |
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Mr. Vastupal Jinagouda |
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77 |
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Mr. Subramanyarao |
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44 |
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Total |
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5633 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or Relatives of Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Alloy Steel Bearing
Races In Forged and Finish Turned Condition, Alloy Steel Gear Blanks In
Forged and Turned Condition. |
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Products : |
· Plain
bearings · Plummer
and Pillow blocks · Seats
and bushings · Gears
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Exports: |
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Countries : |
· Germany · Mexico |
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Imports : |
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Countries : |
· Sweden · Singapore |
GENERAL
INFORMATION
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Bankers : |
· State Bank of
India Commercial Branch, Goaves, Belgaum 490011, Karnataka, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
S G Sambaragimath Chartered Accountant |
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Address : |
Trupti 3504, Narvekar Galli, Belgaum 590001, Karnataka, India |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Share |
Rs.100/- each |
Rs.2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5633 |
Equity Share |
Rs.100/- each |
Rs.0.563 Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.563 |
0.563 |
0.563 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
102.995 |
99.654 |
89.017 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
103.558 |
100.217 |
89.580 |
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LOAN FUNDS |
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1] Secured Loans |
35.562 |
6.747 |
4.792 |
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2] Unsecured Loans |
1.415 |
2.115 |
2.865 |
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TOTAL BORROWING |
36.977 |
8.862 |
7.657 |
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DEFERRED TAX LIABILITIES |
4.005 |
2.450 |
2.106 |
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TOTAL |
144.540 |
111.529 |
99.343 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
62.513 |
36.229 |
22.907 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.031 |
0.001 |
0.001 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
66.997
|
43.114 |
44.252 |
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Sundry Debtors |
57.878
|
57.024 |
68.075 |
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Cash & Bank Balances |
15.363
|
9.755 |
13.124 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
20.763
|
22.104 |
18.978 |
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Total
Current Assets |
161.001
|
131.997 |
144.429 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
78.499
|
51.331 |
55.434 |
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Provisions |
0.691
|
5.552 |
12.745 |
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Total
Current Liabilities |
79.190
|
56.883 |
68.179 |
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Net Current Assets |
81.811
|
75.114 |
76.250 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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Occupancy Rights Branch Premises |
0.185 |
0.185 |
0.185 |
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TOTAL |
144.540 |
111.529 |
99.343 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover (Estimated) |
|
300.000 |
250.000 |
KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
NA
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NA
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NA
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA
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NA
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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NA
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NA
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Return on Investment (ROI) (PBT/Networth) |
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NA
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NA
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NA
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Debt Equity Ratio (Total Liability/Networth) |
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1.12
|
0.84 |
0.85 |
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Current Ratio (Current Asset/Current Liability) |
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2.03
|
2.32 |
2.12 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Name of the company |
JINABAKUL FORGE PRIVATE LIMITED |
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Presented By |
State Bank of India Commercial Branch, Khanapur Road, Goaves, Hindwadi, Belgaum 490011,
Karnataka, India and Jinabakul Forge Private Limited |
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1) Date and description of instrument creating the change |
Date 05.12.1996 General Agreement
for the grant of SIA and Hypothecation of Movables, Book Debts and Other
Assets (Working Capital Finance) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.19.000
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 the present
and future goods, Book Debts, Movable and other assets of the borrower including
documents of title to goods and other assets such as outstanding monies,
receivable, claims, bills, invoice, Documents, contracts, engagements,
securities, Investments and rights and the present Machinery listed in the
annexure hereunto and all future machinery belonging to or in possession of
the borrower or of the Bank or of any third party whether in India of
elsewhere throughout the world (including all such goods, movables, other
assets as may be in the course of shipment or transit or delivery. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The entire amount
is repayable on Demand. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India Commercial Branch, Khanapur Road, Goaves, Hindwadi, Belgaum 490011,
Karnataka, India and (A Banking Company) |
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6) Date and brief description of instrument modifying the charge |
Date : 27.10.2004 Supplemental
General Agreement for the Grant of small Industrial advance and hypothecation
of good, Book Debts and other assets (WCF). Extension of
Equitable Mortgage by deposit of title deeds - Letter confirming, Deposit of
Title deeds form B enclosed. (Both the above
pertain to same 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. |
By the above, the
amount secured by the charge stands Increased from Rs.22.500 Millions to
Rs.42.500 Millions (CC Hypothecation
of - Rs.6.500 Millions, CC Receivable - Rs.10.000 Millions, ODP 2.000
Millions, EPC Rs.10.000 Millions, FBD Rs.10.000 Millions, LC Rs.2.000
Millions, BG Rs.2.000 Millions) Rate of
Interests: 1.5% over SBAR with a minimum of 11.75R p.a. with periodical rests
and/or at such rate/s and rests as may be specified by the bank from time to
time. Margin: 25% on
RM/SFG/FG/REC/LC/BG Repayment: On
Demand. Security of
Stock, Goods, Book debts, Receivable, other movable assets plant and
machinery etc and the security of company immovable properties comprising of
factory land and building situated Plot No.11, R S No.115, BK Kangrali
Industries Area, Belgaum already obtained and now obtained both present and
future are available for the entire credit facilities of Rs.42.500 Millions (All other terms
and conditions remain unchanged) |
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Corporate
identity number (CIN) Foreign company registration number |
U02922KA1981PTC004417 |
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Name of the Company
|
JINABAKUL FORGE PRIVATE LIMITED |
|
Address |
Plot No.11, Kangrali Inustrialarea Belgaum - 590010, Karnataka, India |
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This form is for |
Modification of charge |
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Type of Charge |
Immovable
Property Book Debts Movable Property (not
being pledge) Floating Charge |
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Particulars of
the charge holder |
State Bank of India Commercial Branch, Khanapur Road, Goaves, Hindwadi, Belgaum 490011,
Karnataka, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Agreement of loan
cum hypothecation SME-2, Link Letter SME-12 and Equitable Mortgage by deposit
of title deeds SME-5 and SME -8. (All the above
pertain to the same charge) |
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Date of the
instrument creating or modifying the charge |
29.03.2007 |
|
Amount secured by
the charge |
Rs.78.500
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: Rate: WCL- at 0.75%
above SBAR 12.25% with a minimum of 13.00% p.a. rising or falling therewith
on daily products with monthly rests. EFF Rate 13.00% p.a. TL at 1.25% above
SBAR 12.25% with minimum of 13.50% p.a. rising of falling therewith, on daily
products with monthly rests. EFF Rate 13.50% p.a. Penal in for non
compliance of term of sanction Max 2% p.a. over the normal rate. Rate for
EPC/FBD at 9.5% p.a. (As per RBI directives) Terms of
repayment: Working capital
facility repayable on demand sanction period of 12 months. For term loan in
60 monthly installment of Rs.0.500 Million commencing from April, 2007. Margin: Raw materials
Semi Finished Goods/ Finished Good 25% Receivable 25% LC/ BG 25% TL 37.23% EPC 25% Extent and
operation of the charge: Exclusive first
charge on the assets of the company and to the full extent. Others: Cash Credit
(Hypothecation of Stocks and Receivables) Rs.16.500 Millions EPC Rs.10.000
Millions FBD Rs.10.000
Millions Term Loan
Rs.30.000 Millions Letter of Credit
Rs.10.000 Millions Bank Guarantee
Rs.2.000 Millions Total Limit
Rs.78.500 Millions Shed No.39 and 40
Industrial Area, Near Angol Gram Haddi, Angol, Belgaum, Measuring 334.91sq.
mtrs. |
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Short particulars
of the property charged (including location of the property) |
Hypothecation
present and future all of the borrower stocks of raw matrials semi finished
and finished goods, book debts, outstanding monies, receivable, claims,
bills, invoice, Documents, contracts, engagements, securities, Investments
and rights and the present Machinery other movable assets etc. wherever
situated held or stored or in transit or in the custody of any third
equitable mortgage of Immovable property situated at Plot No.11 R S No.115 B
K Kangrali, Industries Area, Yamanapura, Belgaum, Measuring 5254 sq. mtrs. |
|
Particular of the
present modification |
The amount secured by the charge stands increased from Rs.42.500 Millions to Rs.78.500 Millions security of current assets, movable fixed assets, other movable and immovable properties already obtained in Col No.14 herein above continues to be available for the enhanced limit also all other terms and conditions remain unchanged. |
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 Intl
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 companys 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.39.94 |
|
UK Pound |
1 |
Rs.79.03 |
|
Euro |
1 |
Rs.63.39 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
This score serves as a reference to assess SCs 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 |
|