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MIRA
INFORM REPORT
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Report Date : |
21.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
JEE PUMPS (GUJARAT) PRIVATE LIMITED |
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Registered Office : |
Plot No. L 1 and 2 GIDC, Near Water Tank, Odhav, Ahmedabad—382415,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.07.2002 |
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Com. Reg. No.: |
04-40915 |
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CIN No.: [Company
Identification No.] |
U29120GJ2002PTC040915 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMJ00684F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Industrial Pumps |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Poor |
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Payment Behaviour : |
Slow |
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Litigation : |
Unknown |
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Comments : |
Mr. Prakash Patel, director of the company parted partial details.
Subject is a small company having poor track. The company‘s network has been
eroded. Its payments are reported as slow. The company does not have significant business. It can be considered for any business dealings on safe and secured
trade terms and conditions only |
INFORMATION PARTED
BY (Partial Details)
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Name : |
Mr. Prakash Patel |
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Designation : |
Director |
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Contact No.: |
91-9825064291 |
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Date : |
17.07.2008 |
LOCATIONS
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Registered Office : |
Plot No. L 1 and 2 GIDC, Near Water Tank, Odhav, Ahmedabad—382415,
Gujarat, India |
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Tel. No.: |
91-79-22970346/22970347 |
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E-Mail : |
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Website : |
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Area : |
2000 Sq ft |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Prakashbhai Maganbhai
Patel |
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Designation : |
Director |
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Address : |
C-1143 Ambica Nagar, Odhav, Ahmedabad-382415, Gujarat, India |
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Date of Birth/Age : |
38 years |
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Qualification : |
B com |
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Date of Appointment : |
01.07.2002 |
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Name : |
Mr. Magan Bhai Patel |
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Designation : |
Chairman |
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Date of Birth/Age : |
52 years |
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Qualification : |
LLB |
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Date of Appointment : |
01.07.2002 |
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Name : |
Mr. Brijesh Patel |
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Designation : |
Director |
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Address : |
C-1143 Ambica Nagar, Odhav, Ahmedabad-382415, Gujarat, India |
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Date of Birth/Age : |
35 years |
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Qualification : |
FYB com |
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Date of Appointment : |
01.07.2002 |
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Name : |
Mr. Ramjibhai Maganbhai Patel |
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Designation : |
Chairman |
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Address : |
C-1143 Ambica Nagar, Odhav, Ahmedabad-382415, Gujarat, India |
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Date of Birth/Age : |
01.06.1948 |
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Date of Appointment : |
01.07.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
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No. of Shares |
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Mr. Ramjibhai Maganbhai Patel |
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2000 |
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Mr. Brijeshbhai Maganbhai Patel |
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4000 |
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Mr. Prakashbhai Maganbhai Patel |
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4000 |
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Total: |
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10000 |
Equity Share Break Up (As on 29.09.2007)
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Particulars |
Percentage |
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Directors or Relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Industrial Pumps |
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Products : |
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Exports : |
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Countries : |
UAE, Bangladesh |
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Terms : |
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Selling : |
Cash and Credit (30 to 50 Days) |
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Purchasing : |
Cash and Credit (30 to 45 Days) |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
11 (In Office), 22 (In Factory) Total-33 |
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Bankers : |
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Auditors : |
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Name : |
Chandabhoy and Jassoobhoy (Chartered Accountant) |
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Address : |
605-607, Silver Oaks, Near Mahalaxmi Char Rasta, Paldi,
Ahmedabad-380007, Gujarat, India |
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Associates/Subsidiaries : |
Jay Ambe Engineering Enterprises Odhav, Ahmedabad |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.100/ each |
Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.100/ each |
Rs.1.000 million |
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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.024 |
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4] (Accumulated Losses) |
(0.183) |
(0.197) |
0.000 |
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NETWORTH |
(0.083) |
(0.097) |
0.124 |
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LOAN FUNDS |
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1] Secured Loans |
0.403 |
0.000 |
0.000 |
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2] Unsecured Loans |
2.289 |
0.778 |
0.000 |
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TOTAL BORROWING |
2.692 |
0.778 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.007 |
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TOTAL |
2.609 |
0.681 |
0.131 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.304 |
0.834 |
0.154 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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 |
1.578
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0.585 |
0.540 |
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Sundry Debtors |
1.093
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0.177 |
0.747 |
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Cash & Bank Balances |
0.020
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0.110 |
0.133 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.355
|
0.428 |
0.202 |
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Total
Current Assets |
3.046
|
1.300 |
1.622 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.724
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1.445 |
1.641 |
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Provisions |
0.020
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0.013 |
0.012 |
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Total
Current Liabilities |
3.744
|
1.458 |
1.653 |
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Net Current Assets |
(0.698)
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(0.158) |
(0.031) |
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MISCELLANEOUS EXPENSES |
0.003 |
0.005 |
0.008 |
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TOTAL |
2.609 |
0.681 |
0.131 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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4.452 |
1.467 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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4.452 |
1.467 |
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Profit/(Loss) Before Tax |
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0.022 |
(0.227) |
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Provision for Taxation |
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0.008 |
(0.006) |
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Profit/(Loss) After Tax |
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0.014 |
(0.221) |
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Expenditures : |
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Depreciation & Amortization |
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0.051 |
0.041 |
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Other Expenditure |
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4.379 |
1.653 |
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Total Expenditure |
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4.430 |
1.694 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.31
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(15.06) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.49
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(5.47) |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.35
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(10.64) |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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(0.26)
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2.34 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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(77.54)
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(23.05) |
13.39 |
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Current Ratio (Current Asset/Current Liability) |
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0.81
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0.89 |
0.98 |
LOCAL AGENCY
FURTHER INFORMATION
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Parameters |
Details |
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Existence Verification: |
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Name |
Jee Pumps private Limited |
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Statutory Approvals: |
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Legal Status of Firm |
Private Limited |
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Income Tax Registration |
AABCJ1330J |
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VAT/TIN Registration |
24575103151 12.11.2003 |
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Excise Registration |
AABCJ1330JXM001 |
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Import Export Code |
0805007601 |
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Name of Bank |
State Bank of India |
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Current Account Number |
30040987674 |
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Trade Affiliations: |
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SSI Registration |
240071100368 |
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Standards and Certifications: |
ISO certificate 9001-2000 |
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Quality Management Systems |
208537 dated 13.11.210 |
Form No.8
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This form is for |
Creation of
charge |
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Charge
identification number of the modified
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Corporate
identity number of the company |
U29120GJ2002PTC040915 |
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Name of the
company |
Jee Pumps private Limited |
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Address of the registered
office or of the principal place of
business in India of the company |
L-1 and 2, GIDC,
near Water Tank, Odhav, Ahmedabad, Gujarat-382415, Gujarat, India |
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Type of charge |
Book Debts Movable Property Others |
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Particular of
charge holder |
State Bank of
India SMECCC Branch,
opposite Gandhigram railway Station, Ellisbridge, Ahmedabad-380009, Gujarat,
India Email: k.mohan@sbi.co.in |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of
Loan-Cum-Hypothecation Dated 15.03.2007 (SME-2) |
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Date of
instrument Creating the charge |
15.03.2007 |
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Amount secured by
the charge |
Rs.0.495 million |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Rate of Interest
shall be Charges @ 0.30% above Sbar (Sbar 12.25% wef 20.02.2007) minimum
12.55% with monthly rest (linked to Sbar changing from time to time) Terms of
Repayment: Working Capital:
Repayable on Demand Term Loan: the
Term Loan is repayable in 36 installments of Rs.10525 each. The first
installments to commence on june 2007 and the last installment falls due on
march 2010 Margin: DCC: 20% MTL: 20% Extent and
operation of the charge: The credit
facilities of Rs. 0.495 millions secured by way of first charge over
hypothecation of entire stocks, consumable spares and parts, book debts,
receivables, all other current assets and hypothecation of all existing
machinery/ equipments- both present and future of the company acquired / to
be acquired out of bank’s finance Others: Individual limits
within overall limits DCC (stocks and
Book debts) : Rs.2.000 millions Medium term loan
(MTL) : Rs.2.950 millions Making total
overall credit facilities of Rs.4.950 millions |
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Short particulars
of the property charged |
All the movables
assets stocks, consumables spares and parts, book debts, receivables, all other
current assets and hypothecation of all existing machinery/ equipments both
present and future of the company lying at company’s offices, godowns and
also at other places owned by the company. |
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.42.78 |
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UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.67.90 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
--- |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
--- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
--- |
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--CREDIT LINES |
1~10 |
2 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
17 |
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 |
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