MIRA
INFORM REPORT
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Report Date : |
21.10.2008 |
IDENTIFICATION DETAILS
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Name : |
JAY AND JAY INDUSTRIES |
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Registered Office : |
302/303, Omkar Apartments, Sushma Co-operative Society, Plot No.53,
Charkop Sector 2, Kandivali (West), Mumbai – 400 067, |
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Country : |
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Year of Establishment : |
1970 |
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IEC No.: |
1100003142 |
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PAN No.: [Permanent
Account No.] |
ACAPK8463F |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer of spring washers, wave spring washers. |
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 8000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well Established concern having satisfactory track. Trade
relations are fair. Payments are reported as correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED BY
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Name : |
Mr. Subhash Khanwalkar |
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Designation : |
Proprietor |
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Contact No.: |
91-9324382516 |
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Date : |
18.10.2008 |
LOCATIONS
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Registered Office : |
302/303, Omkar Apartments, Sushma Co-operative Society, Plot No.53, Charkop
Sector 2, Kandivali (West), Mumbai – 400 067, Maharashtra, India |
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Tel. No.: |
91-22-28697956 |
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Mobile No.: |
91-9324382516 (Mr. Subhash Khanwalkar) |
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Fax No.: |
91-22-2421527 |
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E-Mail : |
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Website : |
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Area : |
800 sq ft |
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Location : |
Owned |
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Factory 1 : |
G – 3/B, Polo Ground Industries Estate, Indore – 452 001, Madhya
Pradesh, India |
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Tel. No.: |
91-22-2421527 |
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Area : |
1600 sq ft |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Subhash Khanwalkar |
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Designation : |
Proprietor |
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Address : |
11, Gayatri Apartment, Plot 128, Charkop, Sector 2, Kanadivali (West),
Mumbai – 400 067, Maharashtra, India |
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Date of Birth/Age : |
56 Years |
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Qualification : |
Engineering |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of spring washers, wave spring washers. |
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Products : |
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Terms : |
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Selling : |
Credit (90 days) |
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Purchasing : |
Credit (90 days) |
GENERAL INFORMATION
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Customers : |
Manufacturer
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No. of Employees : |
34 |
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Bankers : |
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Facilities : |
Cash and Credit Rs.0.900 Million/ OD Rs.0. 800 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Santosh Deshpande and Company Chartered Accountant |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.1.600 Millions |
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Borrowed : |
-- |
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Total : |
Rs.1.600 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover |
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10.300 |
Expected Sales (2008-09) : Rs.20.000 Millions
LOCAL AGENCY FURTHER INFORMATION
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Additional
Requirement of Indiamart for Trust-Seal |
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Excise Registration No.: in process |
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VAT / TIN :23240201545 |
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IEC Code :1100003142 |
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PAN / TAN :ACAPK8463F |
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Bank Name :State Bank of Indore |
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Bank Address : Indore |
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Bank A/c. No.:01050061136 |
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In case of any affiliations / memberships / certifications : |
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Name :ISO 9001:2000 |
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Expiry Date :2009 |
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Trade Reference
- Forbes and Company Limited, Mumbai
- Maicre Screw Private Limited, Mumbai
About Us
They implement the
latest technology and follow a strict quality control measure to produce the
world - class product. At Jay and Jay industries, all the production facilities
are stipulated with ISS: 3063 standard and have a staff comprising of highly
trained engineers to check the quality of all their manufactured products.
Their R and D department develop cost effective tooling solutions to meet
individual requirements and is well equipped with advanced testing equipment
controlled by experienced engineers. They, at Jay and Jay Industries,
continuously follow a RandD program and innovate new quality control techniques
and methods to develop durable products.
Infrastructure and
Manpower
They have all modern and sophisticated machines in their workshop in
order to achieve their target production with full accuracy and quality. Their
state-of-the-art manufacturing unit is well equipped with sophisticated
technology to enhance the quality of product and safety of all their employees.
They, at Jay and Jay Industries, use automatic coiling and cutting machines
followed by heat treatment and electroplating process. They are also equipped
with testing and tooling and electroplating facilities that give them an edge
over their competitors.
Considering their manpower as a strong pillar of their successful business,
their engineering wings are managed by highly qualified engineers. With
manpower of 15 employees, they are capable to execute the prestigious projects
entrusted to them, timely and qualitatively.
Offer
They offer comprehensive range of carbon steel spring washers and
automatic spring washer machines as per the International quality standards. Their
specialty lies in providing best Carbon Steel Spring Washers to cater
industrial markets and maintain the highest standards of quality and service.
The key performance characteristics of spring washers are load and
deflection. Manufactured with carbon steel shaped wire of grade EN-42B, these
spring washers are mainly used to avoid loosening of bolted assemblies and to
maintain high tension in screw and nut assemblies
Spring washers are available in flat and square section of wire with
electroplating facilities, in Natural black as well as in electroplate surface
finish with blue, golden and green passivation.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.83 |
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UK Pound |
1 |
Rs.85.12 |
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Euro |
1 |
Rs.65.86 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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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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
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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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