MIRA
INFORM REPORT
|
Report Date : |
18.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
JAGMOHAN PLA-MACH PRIVATE LIMITED |
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Registered Office : |
13, Sharad Industrial Estate, 1st Floor, Lake Road, Bhandup
(West), Mumbai – 400 078, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.04.1995 |
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Com. Reg. No.: |
11-87502 |
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CIN No.: [Company
Identification No.] |
U29295MH1995PTC087502 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMJ04668G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of plastic blow moulding machines. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 60000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Deepak |
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Designation : |
Assistant Accountants |
|
Date : |
16.09.2008 |
LOCATIONS
|
Registered Office : |
13, Sharad Industrial Estate, 1st Floor, Lake Road, Bhandup
(West), Mumbai – 400 078, Maharashtra, India |
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E-Mail : |
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Corporate Office : |
115, Sharad Industrial Estate, Lake Road, Bhandup (West), Mumbai – 400
078, Maharashtra, India |
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Tel. No.: |
91-22-25955678 / 25950246 / 25965426 |
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Mobile No.: |
91-9323050017 |
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Fax No.: |
91-22-25965434 |
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E-Mail : |
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Area : |
700 Sq. ft. |
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Location : |
Owned |
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Factory : |
Plot No. R-717, T.T.T. Industrial Area, MIDC, Near Alfa Lavel, Thane Belapur
Road, Rabale, Navi Mumbai – 400 701, Maharashtra, India |
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Tel. No.: |
91-22-27697026 / 27697787 |
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Fax No.: |
91-22-27602774 |
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Area : |
3000 Sq. ft. |
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Location : |
Owned |
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Branch Office : |
Located at ·
New Delhi ·
Ahmedabad |
DIRECTORS
|
Name : |
Mr. Jagdish H Shah |
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Designation : |
Chairman and Managing Director |
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Address : |
1683/16-A, Kinjalk Apartment, Dr. Ambedkar Road, Mulund (West), Mumbai
– 400 080, Maharashtra, India |
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Date of Birth/Age : |
14.01.1945 |
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Qualification : |
Electrical Engineering |
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Date of Appointment : |
20.04.1995 |
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Name : |
Mr. Nikunj J Shah |
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Designation : |
Director |
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Address : |
1683/16-A, Kinjalk Apartment, Dr. Ambedkar Road, Mulund (West), Mumbai
– 400 080, Maharashtra, India |
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Date of Birth/Age : |
25.10.1978 |
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Qualification : |
B.com |
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Date of Appointment : |
01.09.2000 |
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Name : |
Mrs. Kanchanben J Shah |
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Designation : |
Director |
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Address : |
1683/16-A, Kinjalk Apartment, Dr. Ambedkar Road, Mulund (West), Mumbai
– 400 080, Maharashtra, India |
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Date of Birth/Age : |
60 Years |
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Qualification : |
B.com. |
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Date of Appointment : |
01.08.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
List of Allotment (As on 31.03.2006)
|
Names of Allottees |
No. of Shares |
|
Jayant Patel |
20000 |
|
Vimla Patel |
20000 |
|
Kanchanben J Shah |
5000 |
|
Jagdish H Shah |
3000 |
|
Nikunj J Shah |
2000 |
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|
|
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Total |
50000 |
(As on 30.09.2007)
|
Names of Shareholders |
|
Percentage of
Holding |
|
Equity Share
Breakup |
|
|
|
Directors or relatives of Directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of plastic blow moulding machines. |
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Products : |
·
Automatic Blow Moulding Machines
(continuous Parison, 200 ml to 5000 ml.) ·
Automatic Blow Moulding Machines
(With Automatic Deflashing Unit, 200 ml to 5000 ml.) ·
Automatic Blow Moulding Machines
(Accumulator Type, 10 Ltr. to 100 Ltr.) ·
'JMD' Series Double Layer,
Automatic Blow Moulding Machines (10 Ltrs to 200 Ltrs.) ·
New 210 Ltr. Modified, Automatic
Blow Moulding Machines ·
Automatic Blow Moulding Machines
(1000 ltr. to 2000 ltr. Co-Ex Automatic ·
Blow Moulding Machines (Water
Storage Tank-Double Layer) ·
D Series Automatic Blow Moulding
Machines (10 Ltrs. to 200 Ltrs.) ·
M-Series Multi Layer Blow
Moulding Machines ·
DC-Series Colour Blow Moulding
Machines. |
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Exports : |
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Countries : |
African Countries |
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Terms : |
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Selling : |
Credit (30 days) |
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Purchasing : |
Cash and Credit (30 days) |
GENERAL
INFORMATION
|
Customers : |
·
Wholesalers ·
End Users |
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No. of Employees : |
41 |
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Bankers : |
·
Abhyudaya Co-Op Bank Limited Administrative Office, Parel Village,
Mumbai – 400 012, Maharashtra, India ·
Bank of Maharashtra |
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Banking
Relations : |
Satisfactory |
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|
|
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Auditors : |
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Name : |
G C Khatri and Associates Chartered Accountants |
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Address : |
312, Shreyas Chambers, 175, Dr. D N Road, Fort, Mumbai – 400 001,
Maharashtra, India |
|
|
|
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Associates/Subsidiaries : |
·
J M International ·
Mohan International |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs.10/- each |
Rs.1.500
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.500 |
1.500 |
1.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10.448 |
10.146 |
5.473 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
11.948 |
11.646 |
6.473 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2.144 |
3.427 |
2.810 |
|
|
2] Unsecured Loans |
9.390 |
7.540 |
5.639 |
|
|
TOTAL BORROWING |
11.534 |
10.967 |
8.449 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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|
|
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TOTAL |
23.482 |
22.613 |
14.922 |
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APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
9.373 |
10.173 |
9.518 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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INVESTMENT |
0.442 |
0.422 |
0.381 |
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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 |
59.154
|
49.039 |
23.120 |
|
|
Sundry Debtors |
11.406
|
0.000 |
10.252 |
|
|
Cash & Bank Balances |
0.482
|
0.870 |
0.336 |
|
|
Other Current Assets |
13.292
|
8.417 |
4.291 |
|
|
Loans & Advances |
1.680
|
0.103 |
0.038 |
|
Total
Current Assets |
86.014
|
58.429 |
38.037 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
70.542
|
45.031 |
31.348 |
|
|
Provisions |
1.805
|
1.387 |
1.675 |
|
Total
Current Liabilities |
72.347
|
46.418 |
33.023 |
|
|
Net Current Assets |
13.667
|
12.011 |
5.014 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.007 |
0.009 |
|
|
|
|
|
|
|
|
TOTAL |
23.482 |
22.613 |
14.922 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
140.624 |
87.406 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
140.624 |
87.406 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
0.663 |
0.247 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
0.663 |
0.247 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
1.597 |
1.306 |
|
|
Depreciation & Amortization |
|
1.485 |
0.247 |
|
|
Other Expenditure |
|
136.879 |
85.606 |
|
Total Expenditure |
|
139.961 |
87.159 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.47
|
0.28 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.47
|
0.28 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.70
|
0.36 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.02 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.02
|
4.93 |
6.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19
|
1.26 |
1.15 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
|
Name of the company |
JAGMOHAN PLA-MACH PRIVATE LIMITED |
|
Presented By |
Abhyudaya Co-Op
Bank Limited Administrative
Office, Parel Village, Mumbai – 400 012 |
|
1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Goods and Book Debts to secure Overdraft Facility dated
21.10.1997 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.000 million |
|
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 |
1.
All goods
and commodities such as electrical items, Hydraulic items, Pneumatic Item,
Electric Motors, Gear Boxes, Alloys Steel, Hardware Items, M S and Castings
and Sheets, Non Alloy Material, Electronics Items, Lubricating and Hydraulic
Oils, Plastic Raw Materials, Plastic finished products of the Borrower 2.
All, present
and future, book-debts due to the Borrower |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
To secure
Overdraft facility granted by the Bank to the Borrower 1.
Rate of
interest : 18% p.a. 2.
Margin : 40% |
|
5) Name and Address and description of the person entitled to the charge. |
Abhyudaya Co-Op Bank Limited Administrative Office, Parel Village, Mumbai – 400 012, Maharashtra,
India |
|
6) Date and brief description of instrument modifying the charge |
Agreement for Hypothecation
of Goods and Book Debts to secure Cash Credit Facility (For Enhancement of
Facility) dated 19.07.2005 |
|
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. |
By 1st
modification dated 07.11.1997, the additional security, in respect of
immovable properties that is the factory building being situated at Plot No.
R-717 in Trans Thane Creek Industrial Area within the Village limits of
Tatavali and within the limits of Navi Mumbai Municipal Corporation, Taluka
and Registration Sub-District Thane, District and Registration District
Thane, containing by measurement 1778 Sq. mtrs. had been provided by the
borrower to secure the Cash Credit facility of Rs.1.000 million granted by
the Bank to the Borrower. By 2nd
Modification dated 22.04.1999, the charge had been renewed from Rs.1.000
million By 3rd
modification dated 21.07.2000, the additional security of the moveable
properties had been provided by the Borrower to secure Cash Credit facility
of Rs.1.000 million By 4th
modification dated 07.12.2001, the charge had been enhanced from Rs.1.000
million to Rs.2.500 millions By this
modification, the security as mentioned in the column No. 3, hereinabove,
shall now hold good to secure the additional Cash Credit facility of Rs.1.500
millions granted by the Bank to the Borrower. Hence, the charge has been
enhanced from Rs.2.500 millions to Rs.4.000 million. And the security of all,
present and future, stock/goods such as Hydraulic valves, Hydraulic
Cylinders, Pneumatic Cylinders, Hydraulic Pumps, Pneumatic Valves, Hydraulic
Hoses, Pneumatic Hoses, Seamless Pipes for Hydraulic, Pneumating Fitting,
Hydraulic Oil, Electric Motor, Timbers, Counters, Limit Switches, Fuses and
Button, Electric Wires, Starters, Heaters, Gear Boxes and Electric Items,
Alloys Steel, M S Steel, Plate. M S Round, M S Sheet, Angles, Frames,
Channel, Stainless Steel, Non Ferrous and Hardware Items and all Book-Debts
shall also further hold good to secure the enhanced credit facility
aggregating to Rs.4.000 millions granted by the Bank to the Borrower. Rate of interest
has also been modified to 10.75% p.a. with monthly rests. Margin has also
been modified to 25%. Therefore, the
overall charge now stands at Rs.4.000 millions. |
Web Details
Subject is a manufacturer,
supplier and exporter of Blow
Moulding Machines and exports
various Automatic Blow Moulding Machines
and Accessories, Plastic Moulds and all Plastic related machinery. For
the first time in India, They are pioneers in offering the Automatic Blow
Moulding Machine(D-Series) and the Automatic Blow Moulding Machines (1000 ltr.
to 2000 ltr.), Co-Ex Automatic Blow Moulding Machine (Water Storage tank-
Double Layer). The products are utilized for various industrial and household
purposes. They provide services catering to plastic related machinery. They
also offer turnkey projects for manufacturing blow moulded containers.
The promoters of the company, Mr. Jagdish Shah and Mr. Mohan Singh Tetra have
years of experience in this field, and incepted the company in 1980 to cater to
the needs of the plastic industry by providing superior quality Plastic Blow Moulding
Machinery. In 1989, they started to expand the operations by exporting the
first blow moulding machines having a capacity of 100 liters to Kenya and since
then, we have been effectively traversing the path of success.
They have clients both in India and abroad in more than 34 countries, which
include Australia, Afghanistan, Algeria Armenia, Bangladesh, Congo, Dubai,
Egypt. Ethiopia, Guinea, Ghana, Kenya, Kuwait, Lebanon, Mexico, Morocco,
Mozambique, Mauritius, Nepal, Nigeria, Rwanda, Saudi Arabia, South Africa. Sri
Lanka, Sudan, Senegal, Syria, Tanzania, Uganda, Zambia and many other
countries.
Creating High Value Goods
Machines
are an important part of the production process. With rapid industrialization, there
is need to develop technology, which is faster and more efficient. Blow
machines are an important part of the Plastic Industry. They offer goods which
can easily be rated among the best. The expert knowledge of the manufacture of
plastic blow moulding machines and the long years of experience have enabled
them to become a leader in the field.
They
also offer different types of machinery, which are tailored to the
specifications of the client whenever required. After the product sale, they
make room for various improvements and changes on the machines.
The
highly valued products are sought after and they have orders pouring in from
around the globe all the time. The machines are tested on various grounds such
as productivity, safety, design and durability before supply. Industry
standards are rigorously followed in the quality checking process. The products
are useful in making various kinds of containers and we also maintain
consistency throughout in our production levels. Today, they are a name to reckon
with in the industry.
What They Offer
They believe in innovation and offer technology, which is user friendly, while
constantly adding new features to it. With the double blow moulding machines,
two differently coloured materials can be used to make items with high
aesthetic appeal like toys and fancy objects. Complete turnkey projects for
manufacturing blow moulded items is provided by them. They also give complete
support and service facility to the esteemed clients, in case of any doubts. A
range of extra features like Central
Lubrication Systems, Top Deflash, Bottom Deflash, Automatic Leak Testing
Machines, etc. are also provided by them to suit the varying
needs of the clients.
They have a customer service system in place to meet any queries and doubts.
The range of machines are guaranteed to satisfy all expectations of quality.
They readily take on the new challenges that they face constantly and have
emerged as a top manufacturer in plastic machinery, beating the stiff
competition. With a strong supply system in place, they are able to execute
delivery of the products on time to the full satisfaction of the clients.
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 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.46.34 |
|
UK Pound |
1 |
Rs.82.96 |
|
Euro |
1 |
Rs.65.82 |
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 |
- |
|
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 |
YES |
|
--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 |
|