MIRA
INFORM REPORT
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Report Date : |
12.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
YASHRAJ CONTAINEURS LIMITED |
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Registered Office : |
401, Court Chambers, 4th Floor, S V Road, Borivli (West), Mumbai
– 400092, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
27.07.1993 |
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Com. Reg. No.: |
073160 |
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CIN No.: [Company
Identification No.] |
L28120MH1993PLC073160 |
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Legal Form : |
A Closely Held Public Limited Liability Company. The Company’s Share
are listed on Stock Exchange. |
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Line of Business : |
Manufacturer of Barrel Drum. |
RATING &
COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Sick Unit |
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Payment Behaviour : |
Unknown |
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Comments : |
Subject is a sick unit and has been referred to BIFR. Its net worth
has been eroded No further information is available. The company can be considered for any business dealings on safe and
secured terms, only. |
INFORMATION PARTED
BY (General Details)
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Name : |
Mrs. Manaswini |
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Designation : |
Accounts Executive |
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Date : |
10.12.2008 |
LOCATIONS
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Registered Office : |
401, Court Chambers, 4th Floor, S V Road, Borivli (West),
Mumbai – 400092, Maharashtra, India |
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Tel. No.: |
91- 22- 28067594/ 28067595 |
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Fax No.: |
91- 22- 28618863/ 28063548 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
S R 260/ 6/ 7 Bhimpore, Char Rasta, Bhimpore, Dhaman - 396216 |
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Tel. No.: |
91- 260- 2220334/ 2220835/ 2220724 |
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Fax No.: |
91- 260- 2220056 |
DIRECTORS
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Name : |
Mr. Jayesh V Valia |
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Designation : |
Director |
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Date of Birth/Age : |
28.07.1961 |
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Qualification : |
B Com, Doctorate in Philosophy – London University |
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Date of Appointment : |
27.07.1993 |
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Name : |
Mr. Shashikant Kittur |
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Designation : |
Director |
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Qualification : |
FCA, BA |
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Name : |
Mr. Maruti Patil |
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Designation : |
Director |
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Name : |
Mr. Babulal Jain |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
03.05.1946 |
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Qualification : |
BE (Mech), FIE |
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Date of Appointment : |
31.07.2006 |
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Other Directorship : |
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Name : |
Mr. Sanjay B Shah |
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Designation : |
Director |
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Name : |
Mr. Kairoos M Bhaya |
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Designation : |
Director |
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Name : |
Mr. Harshad Kanakia |
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Designation : |
Director |
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Name : |
Mrs. Heena V Valia |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mrs. Manaswini |
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Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2008
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoter Group |
3977690 |
50.99 |
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Flls/ NRIs/ OCBs/ Other Foreign Shareholders (other then promoter
group) |
475000 |
6.09 |
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Bodies Corporate |
745194 |
9.55 |
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Public and Others |
2602116 |
33.37 |
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Total |
7800000 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Barrel Drum. |
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Products : |
Metal Drums/ Barrels – HS 86.09 |
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Terms : |
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Selling : |
Credit (30 Days) |
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Purchasing : |
L/C |
PRODUCTION STATUS (AS ON 31.03.2008)
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Particulars |
Unit |
Licensed
Capacity |
Actual
Production |
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Daman |
Nos |
1440000 |
-- |
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Chennai |
Nos |
720000 |
-- |
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Howrah |
Nos |
960000 |
-- |
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Metal Drums |
Nos |
-- |
870554 |
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Small Drums |
Nos |
-- |
224382 |
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Plastic Drums |
Nos |
-- |
17437 |
GENERAL
INFORMATION
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Customers : |
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Bankers : |
Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kakaria and Associates Chartered Accountant |
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Financial Institutions : |
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Registered and Share Transfer Agents : |
Sharex Dynamic India Private Limited |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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8000000 |
Equity Shares |
Rs. 10/- Each |
Rs.80.000
Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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7800000 |
Equity Shares |
Rs. 10/- Each |
Rs.78.000
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
78.000 |
48.000 |
48.000 |
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2] Share Application Money |
99.750 |
96.036 |
0.000 |
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3] Share Warrant Application Money |
13.200 |
0.000 |
0.000 |
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4] Reserves & Surplus |
336.581 |
266.151 |
(302.000) |
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5] (Accumulated Losses) |
(443.982) |
(500.871) |
0.000 |
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NETWORTH |
83.549 |
(90.684) |
(254.000) |
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LOAN FUNDS |
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1] Secured Loans |
571.319 |
739.544 |
631.700 |
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2] Unsecured Loans |
232.815 |
5.456 |
24.000 |
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TOTAL BORROWING |
804.134 |
745.000 |
655.700 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
887.683 |
654.316 |
401.700 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
335.124 |
323.936 |
337.900 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
59.458 |
21.443 |
0.000 |
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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 |
103.489
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53.265 |
33.900 |
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Sundry Debtors |
355.753
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139.774 |
45.200 |
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Cash & Bank Balances |
29.103
|
31.210 |
18.000 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
154.870
|
187.434 |
85.900 |
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Total
Current Assets |
643.215
|
411.683 |
183.000 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
155.327
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106.167 |
118.000 |
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Provisions |
0.000
|
0.000 |
1.200 |
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Total
Current Liabilities |
155.327
|
106.167 |
119.200 |
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Net Current Assets |
487.888
|
305.516 |
63.800 |
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MISCELLANEOUS EXPENSES |
5.213 |
3.421 |
0.000 |
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TOTAL |
887.683 |
654.316 |
401.700 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
1007.011 |
511.373 |
397.600 |
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Other Income |
45.712 |
17.945 |
77.900 |
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Total Income |
1052.723 |
529.318 |
475.500 |
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Profit/(Loss) Before Tax |
9.141 |
52.068 |
49.200 |
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Provision for Taxation |
0.603 |
0.749 |
0.300 |
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Profit/(Loss) After Tax |
8.537 |
51.318 |
48.900 |
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Imports : |
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Capital Goods |
Nil |
2.359 |
-- |
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Expenditures : |
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Cost of Goods Sold |
853.571 |
361.531 |
279.300 |
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Manufacturing Expenses |
48.880 |
28.924 |
14.200 |
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Administrative Expenses |
29.070 |
14.305 |
0.000 |
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Selling and Distribution Expenses |
26.654 |
9.978 |
14.900 |
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Finance Charge |
66.299 |
34.250 |
0.000 |
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Salaries, Wages, Bonus, etc. |
9.668 |
7.548 |
0.000 |
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Managerial Remuneration |
0.900 |
0.900 |
0.000 |
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Payment to Auditors |
0.139 |
0.123 |
0.000 |
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Other Expenditure |
8.401 |
19.691 |
117.900 |
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Total Expenditure |
1043.582 |
477.250 |
426.300 |
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QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
|
30.06.2008 |
30.09.2008 |
|
Type |
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1st
Quarter |
2nd
Quarter |
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Sales Turnover |
|
291.900 |
270.300 |
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Other Income |
|
0.100 |
0.400 |
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Total Income |
|
292.000 |
270.700 |
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Total Expenditure |
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268.300 |
247.900 |
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Operating Profit |
|
23.700 |
22.800 |
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Interest |
|
9.500 |
9.400 |
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Gross Profit |
|
14.200 |
13.400 |
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Depreciation |
|
5.200 |
5.200 |
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Tax |
|
0.000 |
0.200 |
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Reported PAT |
|
9.000 |
8.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
00.81
|
09.69 |
10.28 |
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Net Profit Margin (PBT/Sales) |
(%) |
00.90
|
10.18 |
12.37 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
00.88
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06.87 |
09.44 |
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Return on Investment (ROI) (PBT/Networth) |
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0.10
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(0.57) |
(0.19) |
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Debt Equity Ratio (Total Liability/Networth) |
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11.48
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(9.38) |
(3.05) |
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Current Ratio (Current Asset/Current Liability) |
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4.14
|
3.87 |
1.53 |
LOCAL AGENCY
FURTHER INFORMATION
Reference to BIFR
The Company has been declared sick by the Honourable Board
for Industrial And Financial Reconstruction, New Delhi, (BIFR) on January 20, 2006,
and the Company has filed Rehabilitation Scheme as required with the concerned
authorities in the prescribed time. The Operating Agency (OA) had processed the
Rehabilitation Scheme and has forwarded the same to the Hon'ble BIFR with its
comments thereon and it is in the process for getting approval of the Hon'ble
BIFR in the nature of Draft Rehabilitation Scheme.
FUTURE
PROSPECTS:
The Directors trust that the future prospects are encouraging for the Company as the Plant and Machinery is the most ultra modern and sophisticated and the Company's products have got recurring demand and they have been used in Industrial Application.
EXPANSION
ACTIVITY:
The Company has set up an additional manufacturing facilities at Chennai and at
Kolkatta respectively during the year under review. There is a smooth sailing.
The Company has got ambitious plans to put up additional factories at different
locations to enlarge its market share. The Company is in the process to set up
additional factory at Haryana.
Fixed Assets
- Land
- Factory
Building
- Plant &
Machinery
- Weghing
Machinery
- Electrical
Fittings
- Furniture
& Fixtures
- Dies
- Office
Equipments
- Vehicles
- Computers
- Fire Fighting
Equipment
- Staff
Quarters
INTANGIBLE ASSETS
- Easement
Rights
- Computer Software
(ERP Compass)
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 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.48.52 |
|
UK Pound |
1 |
Rs.72.62 |
|
Euro |
1 |
Rs.63.76 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
-- |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
-- |
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--LEVERAGE |
1~10 |
1 |
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--RESERVES |
1~10 |
-- |
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--CREDIT LINES |
1~10 |
-- |
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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 |
YES |
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--OTHER MERIT FACTORS |
YES/NO |
NO |
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TOTAL |
|
10 |
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 |
|