MIRA
INFORM REPORT
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Report Date : |
01.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
J. P. M. AUTOMOBILES LIMITED |
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Registered Office : |
G- I, 48 G. T. Karnal Road Industrial Area, Delhi 110033 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.05.1995 |
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Com. Reg. No.: |
068910 |
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CIN No.: [Company
Identification No.] |
U74899DL1995PLC068910 |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Automobile Components |
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 360000 |
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Status : |
Good |
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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. Financial position is good. Payments are regarded as slow but correct. However the company can be considered good for normal business
dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
G- I, 48 G. T. Karnal Road, Industrial Area, Delhi 110033, India |
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Tel. No.: |
91-124-2468965 |
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E-Mail : |
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Factory 1 : |
Near Bajghero Chungi, Daultabad Road, Gurgaon, Haryana, India |
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Tel. No.: |
91-124-2468575 / 2468821 |
DIRECTORS
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Name : |
Mr. Mahal Singh |
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Designation : |
Director |
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Address : |
H. No. 1282, Maruti Vihar, Gurgaon, Haryana, India |
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Date of Birth/Age : |
29.03.1954 |
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Date of Appointment : |
31.03.2002 |
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Name : |
Mr. Yadvender Minda |
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Designation : |
Director |
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Address : |
H. No. 929/61, Lekhu Nagar, Delhi 110035, India |
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Date of Appointment : |
25.01.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Equity Share
Breakup [As on 31.03.2007] |
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Percentage of
Holding |
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Bodies Corporate |
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79.00 |
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Directors or relatives of the Directors |
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21.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Automobile Components |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Canara Bank 3-F, Kamla Nagar, Delhi 110007, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vishnu Gautam and Company Chartered Accountants |
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Address : |
B – 3, Kailash Colony, Delhi 110048, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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175000 |
Equity Shares |
Rs. 100/- each |
Rs. 17.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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161240 |
Equity Shares |
Rs. 100/-
each |
Rs. 16.124
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 |
16.124 |
13.574 |
13.574 |
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2] Share Application Money |
5.350 |
11.350 |
1.350 |
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3] Reserves & Surplus |
52.098 |
26.113 |
22.936 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
73.572 |
51.037 |
37.860 |
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LOAN FUNDS |
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1] Secured Loans |
45.055 |
10.008 |
0.065 |
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2] Unsecured Loans |
0.020 |
0.021 |
0.021 |
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TOTAL BORROWING |
45.075 |
10.029 |
0.086 |
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DEFERRED TAX LIABILITIES |
6.151 |
3.081 |
2.348 |
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TOTAL |
124.798 |
64.147 |
40.294 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
100.734 |
52.860 |
39.502 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
4.319 |
4.319 |
4.219 |
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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 |
40.700
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17.000 |
5.866 |
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Sundry Debtors |
134.662
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34.390 |
7.221 |
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Cash & Bank Balances |
0.164
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0.025 |
1.803 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
37.663
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24.491 |
13.533 |
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Total
Current Assets |
213.189
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75.906 |
28.423 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
189.105
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66.893 |
29.700 |
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Provisions |
4.339
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2.045 |
2.150 |
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Total
Current Liabilities |
193.444
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68.938 |
31.850 |
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Net Current Assets |
19.745
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6.968 |
[3.427] |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
124.798 |
64.147 |
40.294 |
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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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419.795 |
230.217 |
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Other Income |
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53.101 |
29.047 |
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Total Income |
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472.896 |
259.264 |
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Profit/(Loss) Before Tax |
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8.397 |
4.712 |
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Provision for Taxation |
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5.363 |
1.728 |
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Profit/(Loss) After Tax |
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3.034 |
2.984 |
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Expenditures : |
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Raw Material Consumed |
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266.938 |
116.988 |
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Consumption of stores and spares parts |
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19.805 |
21.563 |
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Increase/(Decrease) in Finished Goods |
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0.016 |
[0.517] |
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Salaries, Wages, Bonus, etc. |
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4.643 |
3.715 |
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Payment to Auditors |
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0.038 |
0.038 |
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Interest |
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7.166 |
1.341 |
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Insurance Expenses |
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0.193 |
0.121 |
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Power & Fuel |
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8.944 |
7.950 |
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Depreciation & Amortization |
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11.593 |
6.368 |
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Other Expenditure |
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145.163 |
96.985 |
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Total Expenditure |
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464.499 |
254.552 |
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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 |
(%) |
0.64
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1.15 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
2.00
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2.04 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.67
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3.66 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.11
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0.09 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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3.24
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1.55 |
0.84 |
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Current Ratio (Current Asset/Current Liability) |
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1.10
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1.10 |
0.89 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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10000986 |
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Corporate
identity number of the company |
U74899DL1995PLC068910 |
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Name of the
company |
J. P. M. AUTOMOBILES
LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
G- I, 48 G. T. Karnal Road Industrial Area, Delhi 110033, India |
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Type of charge |
Movable
Property |
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Particular of charge
holder |
· Canara Bank 3-F, Kamla Nagar, Delhi 110007, India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement Re:
Collateral Security Machinery Vehicles dated 22.08.2007 |
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Date of instrument
Creating the charge |
22.08.2007 |
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Amount secured by
the charge |
Rs. 94.800
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As applicable to
respective credit facilities Terms of
Repayment As applicable to
respective credit facilities Margin As applicable to
respective credit facilities Extent and
Operation of the charge 100% Others To collaterally secure
all amounts payable under OCC limit of Rs. 50.000 Millions, Term loan of Rs.
43.800 Millions and bank guarantee limit of Rs. 1.000 Million granted
to/enjoyed by the company. |
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Short particulars
of the property charged |
Hypothecation of
all plant, machinery, motor vehicles, tools and accessories already purchased
of the agreement as also the machinery etc. to be purchased hereafter
particulars whereof will be furnished later erected/to be erected /to be kept
or in transit for being erected at the premises of the borrower situated at
Daultabad Road, Near Bagghera Chungi, Gurgaon 122001 [Haryana] or wheresoever
it may be. |
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Corporate
identity number of the company |
U74899DL1995PLC068910 |
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Name of the
company |
J. P. M. AUTOMOBILES
LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
G- I, 48 G. T. Karnal Road Industrial Area, Delhi 110033, India |
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This form is for |
Creation of charge |
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Type of charge |
Hypothecation
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Particular of
charge holder |
Canara Bank 3-F, Kamla Nagar, Delhi 110007, India |
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Nature of
instrument creating charge |
Agreement
Collaterally Security Machinery Vehicles |
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Date of
instrument Creating the charge |
23.03.2006 |
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Amount secured by
the charge |
Rs. 57.300
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
The above is to
collaterally secure all amounts payable under the following credit facilities
granted to enjoyed by the company together with all interests, costs, charges
expenses, commission etc. Cash Credit
Facilities : Rs. 12.500 Millions Term Loan : Rs.
Rs. 43.800 Millions Limit : Rs. 1.000 Million |
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Description of the
property charged indicating whether it is a charged on |
Plant and
machinery |
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Particulars of
the property charged |
Hypothecation of
all plant, machinery, motor vehicles, tools and accessories already purchased
of the agreement as also the machinery etc.
to be purchased hereafter particulars whereof will be furnished later
erected to be kept or in transit for being erected at the premises of the
borrower situated at Daultabad Road, Near Bagghera Chungi, Gurgaon 122001,
Haryana or wheresoever it may be. |
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
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Indian Rupees |
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US Dollar |
1 |
Rs. 46.94 |
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UK Pound |
1 |
Rs. 85.57 |
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Euro |
1 |
Rs. 67.29 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
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46 |
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 |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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