MIRA
INFORM REPORT
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Report Date : |
13.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
JAQUAR AND COMPANY LIMITED |
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Registered Office : |
C - 20, S. M. A. Co-operative Industrial Estate, G T Karnal Road, New Delhi - 110 033 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.10.1983 |
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Com. Reg. No.: |
55-16665 |
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CIN No.: [Company
Identification No.] |
U52110DL1983ULL016665 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELJ04600B |
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PAN No.: [Permanent
Account No.] |
AAACJ2324F |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporters of Bath Fittings |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 3000000 |
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Status : |
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 fine track. Directors are reported as experienced, respectable and resourceful industrialists. Their trade relations are reported as fair. Financial position of the company is good. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
C - 20, S. M. A. Co-operative Industrial Estate, G T Karnal Road, New Delhi - 110 033 INDIA |
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Tel. No.: |
91 – 11 – 2746 4808 / 4809 |
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Fax No.: |
91 – 11 – 2724 0388 |
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E-Mail : |
jaquar@indiabuildnet.com / jaquar@bol.net.in / support@jaquar.com |
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Website : |
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Area : |
Leased |
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Location : |
Industrial |
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Head Office : |
D-28 S. M. A., Co-operative Industrial Estate, G. T. Karnal Road, New Delhi 110 033. |
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Tel. No.: |
91-11-27464808 to 17 |
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Fax No.: |
91-11-27466808/27240388 |
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E-Mail : |
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Location : |
Industrial |
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Branches : |
AHMEDABAD CHANDIGARH SCO 23, 24
& 25, Ist Floor, SILIGURI KOLKATA MUMBAI RAIPUR Orientation
Centers / Branch Office Mr. Deepak
Mohanty PUNE HYDERABAD BANGALORE CHENNAI COCHIN |
DIRECTORS
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Name : |
Mr. Sri Krishan Mehra |
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Designation : |
Director |
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Address: |
5, Flag Staff Road, Civil Lines, Delhi - 110054 |
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Date of Birth/Age : |
15.12.1956 |
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Date of Appointment : |
22.03.1984 |
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Name : |
Mr. Rajesh Mehra |
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Designation : |
Director |
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Address: |
5, Flag Staff Road, Civil Lines, Delhi - 110054 |
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Date of Birth/Age : |
04/09/1958 |
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Date of Appointment : |
01/02/1996 |
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Name : |
Mr. N. L. Mehra |
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Designation : |
Director |
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Address: |
5, Flag Staff Road, Civil Lines, Delhi - 110054 |
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Date of Birth/Age : |
28.03.1927 |
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Date of Appointment : |
01.04.2003 |
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Name : |
Mr. Ajay Mehra |
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Designation : |
Director |
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Address: |
5, Flag Staff Road, Civil Lines, Delhi - 110054 |
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Date of Birth/Age : |
27.06.1962 |
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Date of Appointment : |
01.04.2003 |
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Name : |
Mr. Bharat Bhushan Duggal |
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Designation : |
Director |
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Address: |
A – 5B/449, Paschim Vihar, Delhi |
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Date of Birth/Age : |
18.11.1955 |
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Date of Appointment : |
07.03.2005 |
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Name : |
Mr. Ved Bandhu Aggarwal |
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Designation : |
Director |
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Address: |
A – 2/85, Rajouri Garden, Delhi |
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Date of Birth/Age : |
28.01.1948 |
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Date of Appointment : |
07.03.2005 |
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Name : |
Baldev Singh Kashtwal |
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Designation : |
Company Secretary |
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Address : |
Flat No. 136-B, First Floor, Pocket-B, Dilshad Garden, Delhi 110095 |
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Tel No. : |
91-11-22127199 |
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Mobile : |
91-9811298944 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 27.09.2004]
|
Names of Shareholders |
No. of Shares |
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Mr. Sri Krishan Mehra |
1081 |
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Mr. Rajesh Mehra |
2096 |
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Mr. N. L. Mehra |
1015 |
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Mr. Ajay Mehra |
1066 |
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M/S Ajay And Sons |
1250 |
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Ms. Deepika Mehra |
1151 |
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Mr. Kanav Mehra |
1800 |
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Mr. Ranvir Raj Mehra |
1202 |
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M/S N. L. Mehra And Sons |
1304 |
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Ms. Malti Mehra |
1250 |
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Ms. Nishi Mehra |
1282 |
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M/S Rajesh And Sons |
1322 |
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Mr. Parichay Mehra |
1155 |
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Mr. Parichay Mehra |
1322 |
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Mr Parakh Sehgal |
1630 |
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M/S S. K. Mehra And Sons |
1590 |
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Mr. Sabyata Mehra |
1864 |
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Mr. Santosh Mehra |
1011 |
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Master Parinary Mehra |
1155 |
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KRA Leasing Limited |
16402 |
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Sabhya Financers Limited |
35900 |
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G. R. Sales Limited |
10000 |
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Mehar Shree Leasing and Finance Limited |
25505 |
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Apex Capfin Services Private Limited |
10850 |
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Essco Sanitation Limited |
54350 |
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Fenzy Financial Services Private Limited |
1350 |
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SMG Enterprises Private Limited |
1150 |
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Equity Share Break-up [As on 31.03.2007] |
Percentage of Holding |
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Bodies Corporate |
86.00 |
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Directors or relatives of the Directors |
13.47 |
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Other top fifty shareholders |
0.53 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporters of Bath Fittings |
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Products : |
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Brand Names : |
“JAQUAR” |
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Exports : |
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Countries : |
United States, Australia, Denmark, France, Italy Hong Kong, Spain and Singapore through its Distributors. |
GENERAL
INFORMATION
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
200 |
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Bankers : |
v Punjab National Bank. v ANZ Grindlays Bank v Standard Chartered Bank Credit Risk Control, Narain
Manzil, 23, Barakhamba Road, New Delhi 110001, India v Citi Bank NA Jeevan Vihar, 3 Sansad Marg, New Delhi 110001, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Daleep Bhatia and Company Chartered Accountants |
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Address : |
19, Vasant Enclave, Rao Tula Marg, New Delhi 110057, India |
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Tel. No.: |
91-11-26151888/26154255/26147624 |
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Mobile No.: |
91-11-26151888 |
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E-Mail : |
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Associates/Subsidiaries : |
G. R. Sales Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
197534 |
Equity Shares |
Rs. 100/- each |
Rs. 19.753 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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19.753 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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740.495 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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760.248 |
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LOAN FUNDS |
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1] Secured Loans |
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1.312 |
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2] Unsecured Loans |
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12.060 |
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TOTAL BORROWING |
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13.372 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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773.620 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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436.323 |
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Capital work-in-progress |
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177.402 |
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INVESTMENT |
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21.885 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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381.275 |
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Sundry Debtors |
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468.900 |
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Cash & Bank Balances |
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1.594 |
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Other Current Assets |
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77.025 |
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Loans & Advances |
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262.301 |
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Total
Current Assets |
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1191.095 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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714.149 |
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Provisions |
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338.936 |
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Total
Current Liabilities |
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1053.085 |
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Net Current Assets |
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138.010 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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773.620 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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3824.879 |
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Other Income |
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17.696 |
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Total Income |
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3842.575 |
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Profit/(Loss) Before Tax |
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305.985 |
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Provision for Taxation |
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108.270 |
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Profit/(Loss) After Tax |
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197.715 |
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Expenditures : |
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Raw Material Consumed |
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2295.769 |
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Increase/(Decrease) in Finished Goods |
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[5.226] |
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Salaries, Wages, Bonus, etc. |
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214.420 |
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Managerial Remuneration |
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19.800 |
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Payment to Auditors |
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|
1.000 |
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Interest |
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|
7.283 |
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Insurance Expenses |
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|
1.407 |
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Power & Fuel |
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79.984 |
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Depreciation & Amortization |
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38.948 |
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Other Expenditure |
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883.205 |
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Total Expenditure |
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3536.590 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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PAT / Total Income |
(%) |
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5.14 |
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Net Profit Margin (PBT/Sales) |
(%) |
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7.99 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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18.80 |
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Return on Investment (ROI) (PBT/Networth) |
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0.40 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.40 |
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Current Ratio (Current Asset/Current Liability) |
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1.13 |
LOCAL AGENCY
FURTHER INFORMATION
History
Established in
1960, JAQUAR has carved out a special niche for itself as the India's largest manufacturer
and exporter of bath fittings. Powered by extensive product development, backed
by state-of-the-art production facilities, and supported by a vast marketing
network. Acknowledged as a key innovator in the industry, JAQUAR has
revolutionized the designs and utility patterns of bath fittings in the
country. At JAQUAR, technology is the prime enabler - the force that drives the
company to new heights. JAQUAR has installed the world's most advanced plant
and machinery sourced from global leaders.
Constantly keeping abreast of the latest international
developments in the industry is an integral part of the JAQUAR tech spirit, and
the knowledge derived from this endeavor is channeled into a steady stream of
innovation that seeks to give its customers the very best in terms of range,
quality and aesthetic appeal. The cutting-edge technology, and the world-class
products that emerge from it enable JAQUAR to entrench itself in
quality-conscious markets like UK, Switzerland, USA, Canada, Denmark and the Middle
East. This uncompromising focus on quality has been internationally recognized
- JAQUAR has been awarded the prestigious Fulham Geissler American Award for
Quality - received by the likes of Apple, AT&T, Boeing, IBM, Kodak and
Xerox in the past.
Fixed Assets
v
Land
v
Factory
Building
v Office Building
v Furniture & Fixture
v Plant & Machinery
v Office Equipment
v Computer
v Vehicles
Form 8
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Corporation identity number or foreign company registrations number of the company |
U52110DL1983NIL016665 |
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Name of the company |
JAQUAR AND COMPNAY LIMITED |
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Address |
C - 20, S. M. A. Co-operative Industrial Estate, G T Karnal Road, New Delhi - 110 033 INDIA |
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This Form is for |
Modification Charge |
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Particular of the charge holder |
Standard Chartered Bank, Narain Manzil, 23, Barakhamba Road, New Delhi – 110001 E-Mail.: gkjain1234@rediffmail.com |
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Amount Secure by the charge |
Rs. 41.500 Millions |
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Description of the property charge whether it is a charge on |
Immovable, Stock in trade, Book Debts and other |
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Particular of the property charged |
All stock in trade both present and future consisting of raw material, finished goods, goods in progress of manufacturer and other merchandise. All present and future book debts |
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Modification charge Charge identification number of the charge to be modified |
80010116 |
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Date of instrument modifying the charge |
24.08.2006 |
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Particulars of the present modification |
Bank 1st Pari Passu Charge over stock and book debts already Registered for INR 55.800 Millions shall stand enhanced from INR 55.800 TO INR 80.000 |
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This form is for |
Modification of
charge |
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Charge
Identification Number |
80010116 |
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Corporate
identity number of the company |
U52110DL1983ULL016665 |
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Name of the
company |
JAQUAR AND
COMPANY LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
C - 20, S. M. A. Co-operative Industrial Estate, G T Karnal Road, New Delhi - 110 033 |
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Type of charge |
Book Debts Others |
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Particular of
charge holder |
Standard
Chartered bank Credit Risk Control,
Narain Manzil, 23, Barakhamba Road, New Delhi 110001, India |
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Nature of
description of the instrument creating or modifying the charge |
Supplementary
hypothecation agreement |
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Date of
instrument Creating the charge |
26.10.2007 |
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Amount secured by
the charge |
Rs. 161.890
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest Rate of interest
and other charges as may be determined by the bank from time to time [b] Terms of
repayment As per agreement [c] Margin As per Agreement [d] Extent and
operation of the charge Pari passu charge [e] others The above is to
secure various credit facilities granted by the bank including 1.99 Millions
to M/S. G. R. Sales |
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Short particulars
of the property charged |
All stock in
trade both present and future consisting of raw materials, finished goods,
goods in process of manufacturing and other merchandise whatsoever and all
present and future book debts, outstanding moneys, receivables, claims and
bills etc. shall be hypothecated to the bank by way of first charge on a pari
passu basis. |
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Particulars of
the present modification |
Banks first pari
passu charge over all present and future current assets of the company already
for Rs. 156.500 Millions shall stand enhanced to Rs. 161.890 Millions granted
by the bank to M/S,. G. R. Sales All other terms
and conditions remaining the same. |
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. 41.68 |
|
UK Pound |
1 |
Rs. 81.23 |
|
Euro |
1 |
Rs. 64.13 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
60 |
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 |
|