MIRA
INFORM REPORT
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Report Date : |
28.11.2008 |
IDENTIFICATION DETAILS
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Name : |
JHT POWER ENGINEERING PRIVATE LIMITED |
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Registered Office : |
Matrujyot Opposite Agro Petrol Pump, Gondal-360311, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.05.2001 |
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Com. Reg. No.: |
04-39577 |
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CIN No.: [Company
Identification No.] |
U45204GJ2001PTC039577 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTJ00216G |
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PAN No.: [Permanent
Account No.] |
AABCJ1700G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture of Tower Materials |
RATING & COMMENTS
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MIRA’s 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 28000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a well –established and reputed company having satisfactory
track. Trade relations are fair. Business is active. No complaints have been
heard from market sources. The company can be considered good for normal business dealings. |
INFORMATION PARTED BY
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Name : |
Mr. Rajesh Dave |
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Designation : |
Accountant |
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Date : |
27.11.2008 |
LOCATIONS
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Registered Office : |
Matrujyot Opposite Agro Petrol Pump, Gondal-360311, |
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Tel. No.: |
91-2825-223249 |
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Fax No.: |
91-2825-223249 |
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E-Mail : |
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Website : |
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Area : |
Owned |
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Corporate Office : |
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Tel. No.: |
91-2717-233037/ 233047 |
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Factory : |
Plot No. C-7/8/9 Steel Town Apposite Nova Petro Chem, Sarkhej Bavla, Highway
at Maraiya, Sanand, Ahmedabad-382210, Gujarat, India |
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Tel. No.: |
91-2717-251181/ 654194 |
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Mobile No.: |
91-9925010349 |
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E-Mail : |
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Contact Persons : |
Mr. Sahdev Raijada |
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Mobile No.: |
91-9825211349 |
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E-Mail : |
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Contact Persons : |
Mr. M H Rajpura |
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Mobile No.: |
91-9879541349 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Nitesh Mavjibhai Kataria |
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Designation : |
Managing Director |
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Address : |
“Meghdoot”, Near Ramji Mandir, |
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Date of Birth/Age : |
30.06.1968 |
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Mobile No. : |
91-9825218349 |
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E Mail : |
Nm,_kataria@juotipower.net |
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Date of Appointment : |
22.05.2001 |
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Name : |
Mr. Mavjhibhai Meghjibhai Kataria |
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Designation : |
Chairman cum Director |
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Address : |
“Meghdoot”, Near Ramji Mandir, |
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Date of Birth/Age : |
14.09.1940 |
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Date of Appointment : |
22.05.2001 |
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Name : |
Mrs. Lata Kamlesh Kataria |
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Designation : |
Director |
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Address : |
“Meghdoot”, Near Ramji Mandir, |
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Date of Birth/Age : |
25.09.1977 |
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Date of Appointment : |
24.12.2003 |
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Name : |
Mr. Kamlesh H Kataria |
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Designation : |
Director |
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Address : |
“Meghdoot”, Near Ramji Mandir, |
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Date of Birth/Age : |
40 Years |
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Mobile No. : |
91-9825075349 |
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E Mail : |
KEY EXECUTIVES
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Name : |
Mr. Rajesh Dave |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Nilesh M Kataria |
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253000 |
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Mavjibhai M Kataria |
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4000 |
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Kamlesh M Kataria |
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3000 |
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Lataben K Kataria |
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160000 |
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Naynaben Niteshbhai Kataria |
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500 |
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Total |
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420500 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture of Tower Materials |
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Terms : |
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Selling : |
Credit ( 15-30 Days) |
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Purchasing : |
Credit ( 15-30 Days) |
GENERAL INFORMATION
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Suppliers : |
·
ABI ·
Adosh Electricals ·
Ambica Cranes Private Limited ·
Clarisis Organics Limited ·
CMC Hardware ·
Disauri Engineers ·
Gayatri Electricals ·
Gayatri Engineering ·
Gayathri Gas Company ·
Harion Electricals ·
H C Corporation ·
Industrial Lime Suppliers ·
J P Fabricators ·
·
Kristronics Services |
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Customers : |
·
G E B Amreli ·
G E B Anjar ·
G E B Junagadh ·
BRK Industries ·
Essar Thermat Engineering ·
Idea Cellular Limited ·
Indian Oil Corporation ·
Karan Chemicals ·
Sanjay Overseas ·
Sunvijay Steels Private Limited ·
Space Generator ·
Utility Construction and Machinery ·
Contenental Thermal Engineering ·
Fascel Limited ·
Gopi Electricals ·
Gunatit Builders ·
Compuserve Services ·
Gujarat Energy Transmission Corporation ·
Suzlon Energy Limited ·
Suzlon Gujarat Windpark Limited ·
Torrent Power Limited ·
Enercom Undiaj Limited ·
·
Tamilnadu Electricity Board ·
Adami Power Limited ·
Essar Power Limited ·
Essar Oil Limited ·
Reliance Industries Limited ·
Sanghi Industries Limited ·
Welspun Power and Steel Limited ·
Vestas RRB Limited ·
N.E.G Micon Limited ·
Pipavan Shipyard Limited ·
Gujarat Flouro Chemicals Limited ·
Ratnamani Metals and Tubes Limited |
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No. of Employees : |
300 (contract Workers 150) |
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Bankers : |
·
ABN Amro Bank N V, 32-33, Sakhar Bhavan, Nariman
Point, Mumbai-400021, Maharashtra, India ·
Bank
of ·
ICICI
Bank ·
Bank
of ·
Bhagyoday
Co-operative Bank Limited ·
Axis
Bank Limited |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P.B. Dadhaniya and Company Chartered Accountant |
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Address : |
514, |
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Associates/Subsidiaries : |
·
Jyoti Engineers and Contractors Private Limited,
Gondal Line of Business: Contractors for ·
Jyoti Power Transmission Private Limited |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
420500 |
Equity Shares |
Rs. 10/-
each |
Rs. 4.205
Millions |
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 |
4.205 |
4.205 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.477 |
1.095 |
0.209 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5.682 |
5.300 |
0.309 |
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LOAN FUNDS |
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1] Secured Loans |
10.944 |
7.143 |
0.471 |
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2] Unsecured Loans |
0.365 |
0.265 |
2.593 |
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TOTAL BORROWING |
11.309 |
7.408 |
3.064 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
16.991 |
12.708 |
3.373 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
19.691 |
13.075 |
1.590 |
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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 |
5.357
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8.685 |
10.777 |
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Sundry Debtors |
5.450
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8.279 |
9.361 |
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Cash & Bank Balances |
1.361
|
0.733 |
1.003 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
34.855
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9.113 |
2.387 |
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Total
Current Assets |
47.023
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26.810 |
23.528 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
48.571
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27.035 |
21.390 |
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Provisions |
1.152
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0.166 |
0.404 |
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Total
Current Liabilities |
49.723
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27.201 |
21.794 |
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Net Current Assets |
[2.700]
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[0.391] |
1.734 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.024 |
0.049 |
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TOTAL |
16.991 |
12.708 |
3.373 |
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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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Debt Equity Ratio (Total Liability/Networth) |
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10.74
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6.53 |
80.45 |
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Current Ratio (Current Asset/Current Liability) |
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0.95
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0.99 |
1.08 |
LOCAL AGENCY FURTHER INFORMATION
Trade References:
·
Tamil Nadu Electricity Board
·
Tarrent Power Limited
Fixed Assets:
·
Factory Shed and Building
·
Computer and Printers
·
Furniture and Fixtures
·
Motor Vehicles
·
Accent Car
·
Mhindra Boero
·
Hero Honda
·
Alto Car
·
Honda Plazer
·
Office Equipments
·
Air Conditioner
·
Water Filter
·
EPBAX
·
Fax Machine
·
Plant and Machineries
·
Crane
·
Air Blower
·
Exhaust Fan
·
Electronication
·
Power Press Machine
·
Temperature Control System
·
Cutting Machine
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Digital Meter
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Diesel Meter
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Diesel Engine
·
Glvanise Cattle Tank
·
Hoist
·
Other Miscellaneous Testing Machinery
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90106031 |
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Corporate
identity number of the company |
U45204GJ2001PTC039577 |
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Name of the
company |
JHT POWER ENGINEERING PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
Matrujyot Opposite Agro Petrol Pump, Gondal-360311, |
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Type of charge |
Immovable
Property Movable Property |
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Particular of
charge holder |
Bank of |
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Nature of
description of the instrument creating or modifying the charge |
1. Agreement of Term Loan and Hypothecation
of Movables Assets/ Goods/ Property/ Plant and Machinery 2. Extension of Equitable Mortgage |
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Date of
instrument Creating the charge |
20.03.2008 |
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Amount secured by
the charge |
Rs. 16.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For new Term Loan
: 0% over BPLR Mini 12.75% Terms of
Repayment New Term Loan to
be repaid in 50 monthly installments of Rs. 0.050 Million w.e.f April 09 Margin For New Term Loan
: 25% Extent and
Operation of the charge The Charge on the
properties stated at column no. 14 extends to secure the enhanced limit from
Rs. 14.000 Millions to Rs. 16.500 Millions including fresh term loan of Rs.
2.500 Millions with all cost, interest and charges. |
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Short particulars
of the property charged |
As per Attachment |
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Name of the company |
JHT POWER ENGINEERING PRIVATE LIMITED |
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Presented By |
Mr. Nitesh M
Kataria, Director |
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1) Date and description of instrument creating the change |
·
Term
Loan Agreement – I for Rs. 5.000 Millions ·
Agreement
of Term Loan- II and Hypothecation of Rs. 1.000 Million ·
Hypothecation
of Tangible Movable Property for Cash Credit of Rs. 5.000 Millions ·
General
Counter Guarantee and Indemnity Covering several Guarantee Within The
Sanctioned Guarantee Limit for Non Fund Based Limit of Rs. 3.000 Millions |
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2) Amount secured by the charge/amount owing on the securities of
charge |
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3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
Primary Security: 1. Term Loan – I of Rs. 5.000 Millions is
secured by all movable plant and machineries and leasehold shed and office
building at 2. Term Loan: II of Rs. 5.000 Millions is
secured by all types of tangible movables property including plant and
machinery in general and crane, culting machine and drilling machine etc.
required for purpose lying at factory, godown or elsewhere in transit 3. Cash Credit is secured by all tangible
movables items in general and angles, nut bolts, iron sheet, line etc.
required for erection of EHT and 4. for non fund base limit – counter
guarantee of directors. Collateral
Security: The total limit
of Credit Facilities of Rs. 14.000 Millions is further secured by Equitable
Mortgage on leasehold factory land and building situated at |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
·
Rate
of Interest 1.50% over BPLR minimum 12.25% for Term Loans and Working Capital
and for Non Based as Applicable. ·
Term
C.C Repayable on Demand, Term Loan I and II in 84 monthly installments of Rs.
0.060 Million and Rs. 0.012 Million per month respectively with initial
moratortum of six months. ·
Other
terms and conditions as per sanctioned letter dated 02.04.2005 |
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5) Name and Address and description of the person entitled to the
charge. |
Bank of |
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6) Date and brief description
of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the details
of the modification. |
Not Applicable |
AS PER WEBSITE
History:
Jyoti Group of Companies is founded by the visionary - Mr.
M.M.Kataria in year 1990. Since then, the company has never turned back and has
reached to a stage where no one can dare to compete in the field of EHV Transmission
Lines and Substations Turnkey Projects up to 400 kV. “JYOTI” is also
specialized in manufacturing of
Profile:
Jyoti Engineers and Contractors Private Limited
They are registered as 'A' Class contractor with the GETCO,
erstwhile GEB. They are also registered with Maharastra State Electricity Board
and Tamil Nadu Electricity Board. They have successfully executed erection of
various transmission lines ranging from 66 kV to 400 kV and EHV class
Sub-Stations for Gujarat Electricity Board, Gujarat Energy Development Agency
and other reputed private sectors. Moreover efficient execution, quality
workmanship and sound experience have enabled them to get and also to complete
Turnkey projects from GEB, GEDA and other private Companies like Suzlon Energy
Limited, Torrent Potheyr Limited, Enercon India Limited, Reliance, Theylspun,
Vestas RRB Limited, Essar Group., Adani Potheyr Limited, NEG – Micon, Sanghi Cement
etc. Since last few years, they have entered in the filed of erection of
Microwave Towers and have successfully completed the Erection work of Microwave
Towers in large numbers for Bharati Cellular Limited (Airtel), Fascel
Limited(Hutch), Tata Tele Services Limited, Idea Cellular Limited and many
others. The SERC has approved the design of
JHT
Power Engineers Private Limited
They had a small works for fabrication and galvanizing at
Junagadh. In the year 1995. With a view to expand the business, they installed
a new factory for fabrication and Hot Dip Galvanizing for
They have successfully supplied nearly 20,000 MT (approx.)
materials of Hot-Dip Galvanized towers & Sub-station structure to the
valued clients with approved designs and drawings. They have also supplied
various Microwaves to various companies.
Jyoti
Power Transmission Private Limited
Manufacturer of ACSR/AAAC Overhead Transmission &
Distribution Line Conductor.
With passage of time and in
order to meet the demand of electricity utilities, the company diversified into
manufacture of ACSR & AAAC Conductors.
Aluminium wires are drawn from high conductivity wire rods and then stranded
for 7, 12, 18, 24 layers of wires, one over the other. The configuration of
Conductors manufactured will vary according to the requirement of the customer.
Details of Machinery Installed:
(1) HIGH SPEED RIGID TYPE
STRANDING MACHINE
(2) HIGH SPEED ROD BRACK DOWN WET SLIP TYPE WIRE DRAWING MACHINE
(3) HIGH SPEED TUBULAR STRANDING MACHINE
(4) WIRE POINTING MACHINE
(5) WIRE THREADING MACHINE
BIS Approval is under process.
Initially the manufacturing
capacity PER MONTH is as under:
1. About 200KM of ACSR/AAAC Panther/Zebra/Moose conductor
2. About 500KM of ACSR/AAAC Dog conductor
“Jyoti Group of Companies”
firmly heading ahead for establishing highest Standards of Quality and
Cost-Competitiveness for Turnkey EHV Transmission lines and Sub-Stations
Projects, State of Art manufacturing of Hot Dip Galvanized Tower/Sub-Stations
Structures & ACSR/AAAC Conductors through highly experienced and dedicated
team of Engineers, Technicians and Workers. The MOTTO is Time Management at
every level right from Planning to Execution and finally to achieve the goal of
Time Bound completion/ supply of projects / products to the customer
satisfaction. Like, any sector of service, it should be a final service to the
Humanity, hence they are dedicated to convert the Services of Power Sector to
result into Quality, Safety, Productivity and Competitiveness for the smallest
end user.
Vision:
“Jyoti Group of Companies” dare
to Compete, Committed to Perfection & believes that ‘Sky is the Limit’. The
Commitment to deliver Excellence for EHV Projects and Manufacturing of HDG
Towers and S/S Structures and ACSR / AAAC Conductors, managed through providing
highest Standards of Integrity, Professionalism and Result oriented actions in
the interest of every customer. The basic need of Strengthening Engineering
Skill, Manpower, Machineries and Finance is identified at every level for
gaining the competitive advantage on the part of Power Utilities. They believe
to develop Corporate Culture with the aim of making every Person and Customer
as a partner of the SUCCESS, which can not be spelled without “U”. They are
committed to provide a One Point Solution for every power utility.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.49.84 |
|
|
1 |
Rs.76.81 |
|
Euro |
1 |
Rs.64.38 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|