MIRA
INFORM REPORT
|
Report Date : |
14.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
JAY AUTO COMPONENTS LIMITED |
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Registered Office : |
G1 48, G.T. Karnal Road, Industrial Area, 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 : |
01.08.2005 |
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Com. Reg. No.: |
139206 |
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CIN No.: [Company
Identification No.] |
U34300DL2005PLC139206 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELJ06160A |
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PAN No.: [Permanent
Account No.] |
AABCJ6597P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of GMT Lock Assembly, GMT Non-lock Assembly and AC
Control Panel. |
RATING &
COMMENTS
|
MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 176000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Payments are reported as slow but correct. The company can be considered normal for business at usual trade terms
and conditions. |
LOCATIONS
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Registered Office : |
G1 48, G.T. Karnal Road, Industrial Area, Delhi 110 033, India |
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Tel. No.: |
91-11-27411787 |
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Fax No.: |
91-11-27211283 |
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E-Mail : |
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Factory : |
Plot No. 4, Sector 3, IMT Manesar, District Gurgaon 122 050,
Haryana, India |
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Tel. No.: |
91-124-4369375 |
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Fax No.: |
91-124-4369380 |
DIRECTORS
|
Name : |
Mr. Jaideo Prasad Minda |
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Designation : |
Director |
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Address : |
A 9, Ashok Vihar, Phase I, Delhi 110 052, India |
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Date of Birth/Age : |
08.09.1932 |
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Date of Appointment : |
01.08.2005 |
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Name : |
Mr. Anil Minda |
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Designation : |
Director |
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Address : |
A 9, Ashok Vihar, Phase I, Delhi 110 052, India |
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Date of Birth/Age : |
29.12.1956 |
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Date of Appointment : |
01.08.2005 |
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Name : |
Mr. Ashwani Minda |
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Designation : |
Director |
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Address : |
A 9, Ashok Vihar, Phase I, Delhi 110 052, India |
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Date of Birth/Age : |
14.07.1959 |
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Date of Appointment : |
01.08.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2007
|
Names of Shareholders |
No. of Shares |
|
J.P. Minda |
40000 |
|
Anil Minda |
200000 |
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Ashwani Minda |
330000 |
|
Kalpana Minda |
50000 |
|
JPM Tools Limited |
560000 |
|
Anu Industries Limited |
10000 |
|
Jay Iron and Steel Limited |
10000 |
|
JPM Automobiles (Private) Limited |
10000 |
|
B I C Consultants (Private) Limited |
5000 |
|
Bhavtarani Sales Private Limited |
18000 |
|
Dwarika Electroinvest Private Limited |
3500 |
|
Eversite Commodities Private Limited |
15000 |
|
Exotica Commodities Private Limited |
7000 |
|
Festino Agencies Private Limited |
15000 |
|
Festino Agro Private Limited |
24000 |
|
Finlord Marketing Private Limited |
14000 |
|
Frost Traders (Private) Limited |
18000 |
|
Gajanand Agrotech Limited |
15000 |
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Gajeshwar Sales Private Limited |
5000 |
|
Kushal Infotech Private Limited |
17000 |
|
Lambodar Commercial (Private) Limited |
8000 |
|
Longlife Agro Private Limited |
9000 |
|
Malavika Merchants Private Limited |
9000 |
|
Matribhumi Commodities Private Limited |
5000 |
|
Mayur Vanijya Private Limited |
5000 |
|
Monalisa Commercial Private Limited |
16000 |
|
Mukul Mills Private Limited |
18000 |
|
Octal Commodities Private Limited |
15000 |
|
Trimline Vyapaar Private Limited |
4000 |
|
Vandana Designs Private Limited |
8000 |
|
Total |
1463500 |
As on 18.08.2007
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Names of Allottees |
No. of Shares |
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Promoters: |
|
|
J.P. Minda |
30000 |
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Anil Minda |
190000 |
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Ashwani Minda |
320000 |
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Kalpana Minda |
50000 |
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JPM Tools Limited |
550000 |
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Others: |
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B I C Consultants (Private) Limited |
5000 |
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Bhavtarani Sales Private Limited |
18000 |
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Dwarika Electroinvest Private Limited |
3500 |
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Eversite Commodities Private Limited |
15000 |
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Exotica Commodities Private Limited |
7000 |
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Festino Agencies Private Limited |
15000 |
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Festino Agro Private Limited |
24000 |
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Finlord Marketing Private Limited |
14000 |
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Frost Traders (Private) Limited |
18000 |
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Gajanand Agrotech Limited |
15000 |
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Gajeshwar Sales Private Limited |
5000 |
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Kushal Infotech Private Limited |
17000 |
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Lambodar Commercial (Private) Limited |
8000 |
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Longlife Agro Private Limited |
9000 |
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Malavika Merchants Private Limited |
9000 |
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Matribhumi Commodities Private Limited |
5000 |
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Mayur Vanijya Private Limited |
5000 |
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Monalisa Commercial Private Limited |
16000 |
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Mukul Mills Private Limited |
18000 |
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Octal Commodities Private Limited |
15000 |
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Trimline Vyapaar Private Limited |
4000 |
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Vandana Designs Private Limited |
8000 |
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Total |
1393500 |
As on 29.09.2007
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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58.00 |
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Directors
or relatives of directors |
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42.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of GMT Lock Assembly, GMT Non-lock Assembly and AC
Control Panel. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
About 200 |
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Bankers : |
Oriental Bank of Commerce, Sushant Lok 1, Gurgaon 122 002,
Haryana, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rakesh Raj and Associates Chartered Accountants |
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Address : |
565, Sector 7B, Faridabad 121 006, Haryana, India |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1463500 |
Equity Shares |
Rs.10/- each |
Rs.14.635 millions |
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As on 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
70000 |
Equity Shares |
Rs.10/- each |
Rs.0.700
million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.700 |
0.700 |
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2] Share Application Money |
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32.250 |
0.900 |
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3] Reserves & Surplus |
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2.174 |
0.000 |
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4] (Accumulated Losses) |
|
0.000 |
(0.010) |
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NETWORTH |
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35.124 |
1.590 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
|
27.349 |
0.005 |
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TOTAL BORROWING |
|
27.349 |
0.005 |
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DEFERRED TAX LIABILITIES |
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1.169 |
0.000 |
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TOTAL |
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63.642 |
1.595 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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38.264 |
0.000 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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10.455 |
0.000 |
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Sundry Debtors |
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63.068 |
0.000 |
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Cash & Bank Balances |
|
2.010 |
0.917 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
31.533 |
0.688 |
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Total
Current Assets |
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107.066 |
1.605 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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81.370 |
0.149 |
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Provisions |
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0.429 |
0.000 |
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Total
Current Liabilities |
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81.799 |
0.149 |
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Net Current Assets |
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25.267 |
1.456 |
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MISCELLANEOUS EXPENSES |
|
0.111 |
0.139 |
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TOTAL |
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63.642 |
1.595 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
84.974 |
0.000 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
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84.974 |
0.000 |
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Profit/(Loss) Before Tax |
|
3.783 |
(0.010) |
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Provision for Taxation |
|
1.598 |
0.000 |
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Profit/(Loss) After Tax |
|
2.185 |
(0.010) |
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Imports : |
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Capital Goods |
|
5.745 |
0.000 |
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Others |
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0.731 |
0.000 |
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Total Imports |
|
6.476 |
0.000 |
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Expenditures : |
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Raw Material Consumed |
|
60.921 |
0.000 |
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Increase/(Decrease) in Finished Goods |
|
(1.505) |
0.000 |
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Salaries, Wages, Bonus, etc. |
|
3.409 |
0.000 |
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Payment to Auditors |
|
0.025 |
0.010 |
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Interest |
|
0.005 |
0.000 |
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Insurance Expenses |
|
0.004 |
0.000 |
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Power & Fuel |
|
1.343 |
0.000 |
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Depreciation & Amortization |
|
0.276 |
0.000 |
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Other Expenditure |
|
16.713 |
0.000 |
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|
18.367 |
0.000 |
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Total Expenditure |
|
81.191 |
0.010 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
|
2.57 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
|
4.45 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.60 |
(0.62) |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.11 |
(0.01) |
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Debt Equity Ratio (Total Liability/Networth) |
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|
3.11 |
0.10 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.31 |
10.77 |
LOCAL AGENCY
FURTHER INFORMATION
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U34300DL2005PLC139206 |
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Name of the
company |
JAY AUTO COMPONENTS LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
G1 48, G.T. Karnal Road, Industrial Area, Delhi 110 033, India |
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Type of charge |
|
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Particular of charge
holder |
Oriental Bank of Commerce, Sushant Lok 1, Gurgaon 122 002,
Haryana, India E-Mail: bm1152@obc.co.in |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
28.07.2007 |
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Amount secured by
the charge |
Rs.185.900
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
PLR 1% which is @12.25% at present with monthly rests subject to change in
PLR. Terms of
Repayment: Repayable in 60 monthly installments of Rs.1.932 millions each
starting wef October, 2007 and one year. Margin: 37.33% on
term loan and 25% on cash credit.
4. LTR.21 |
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Description of
the instrument Creating the charge |
2.
LTR.21 |
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Date of
acquisition of the property |
30.07.2007 |
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Amount of charge |
Rs.185.900
millions |
|
Particulars of
the property charged |
EM of factory
land and building at Khasara No.1031/1/5/2 (1-0), 1031/5/1/2 (0-9) and
1031/1/5/1/3/ (0-9), MSRG.1 Bigha 18 Biswas at Village Khandsa, Gurgaon and
at Nanekerwadi, Chakan Industrial Area, Pune |
|
Short particulars
of the property charged |
EM of factory
land and building at Khasara No.1031/1/5/2 (1-0), 1031/5/1/2 (0-9) and
1031/1/5/1/3/ (0-9), MSRG.1 Bigha 18 Biswas at Village Khandsa, Gurgaon
having MV Rs.80.000 millions and at Nanekerwadi, Chakan Industrial Area, Pune
having cost of Land and Const. Rs.59.700 millions. |
FIXED ASSETS:
- Plant and Machinery
- Computer
- Furniture and Fixture
- Office Equipment
- Air Conditioner
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.48.79 |
|
UK Pound |
1 |
Rs.75.41 |
|
Euro |
1 |
Rs.61.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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 |
|