MIRA INFORM REPORT
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Report Date : |
15.04.2011 |
IDENTIFICATION DETAILS
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Name : |
JAYCEE AUTOMOBILES PRIVATE LIMITED |
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Registered
Office : |
A – 40, Mohan Co – operative Industrial Estate, New Delhi – 110044,
Delhi |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
14.05.2007 |
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Com. Reg. No.: |
55-163342 |
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CIN No.: [Company Identification
No.] |
U34200DL2007PTC163342 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
DELJ06839A |
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PAN No.: [Permanent Account No.] |
AABCJ8578J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Distributor and Dealer of Automobiles parts, Automobiles
components and automobile fasteners. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca(11) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
a huge accumulated losses recorded by the company. Profitability position of
the company is under pressure. However, trade relations are fair. Business is
active. Payments are reported to be slow. The company can be considered for business dealings on a secured trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
A – 40, Mohan Co – operative Industrial Estate, New Delhi – 110044,
Delhi, India |
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Tel. No.: |
91-11-26990093 |
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E-Mail : |
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Factory : |
171- Industrial Area, Phase-I, |
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Website: |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Anil Aggarwal |
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Designation : |
Director |
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Address : |
A-55, New Friends Colony, |
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Date of Birth/Age : |
07.05.1958 |
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DIN No : |
00027214 |
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Date of Appointment : |
14.05.2007 |
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Name : |
Atul Aggarwal |
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Designation : |
Director |
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Address : |
A-55, New Friends Colony, |
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Date of Birth/Age : |
26.03.1964 |
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DIN No : |
00125825 |
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Date of Appointment : |
14.05.2007 |
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Name : |
Akhill Aggarwal |
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Designation : |
Director |
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Address : |
A-55, New Friends Colony, |
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Date of Birth/Age : |
03.02.1986 |
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DIN No : |
01681666 |
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Date of Appointment : |
14.05.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Anil Aggarwal |
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200768 |
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Atul Aggarwal |
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174552 |
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Manohar Aggarwal |
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124680 |
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JCBL India Private Limited, |
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500000 |
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Total |
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1000000 |
As on 30.11.2010 (List of Allotee)
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Names of Shareholders |
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No. of Shares |
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JCBL India Private Limited, |
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1000000 |
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Anil Aggarwal |
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320000 |
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Promila Aggarwal |
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50000 |
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Akhil Aggarwal |
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30000 |
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Atul Aggarwal |
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350000 |
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Janak Aggarwal |
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250000 |
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Total |
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2000000 |
As on 30.09.2010
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Category |
Percentage |
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Bodies corporate |
50.00 |
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Directors or relatives of Directors |
50.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Distributor and Dealer of Automobiles parts, Automobiles
components and automobile fasteners. |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Vinod Kumar And Associates |
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Address : |
House No. 1048, Sector – 18C, |
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Tel. No.: |
91-172-5077789 |
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Fax No.: |
91-172-5077790 |
CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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498720 |
Equity Shares |
Rs.10/- each |
Rs.4.987
Millions |
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As on 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 Millions |
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As on 30.09.2010
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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4.987 |
0.100 |
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2] Share Application Money |
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0.000 |
4.892 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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(10.589) |
(0.503) |
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NETWORTH |
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(5.602) |
4.489 |
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LOAN FUNDS |
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1] Secured Loans |
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94.031 |
50.939 |
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2] Unsecured Loans |
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36.441 |
5.900 |
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TOTAL BORROWING |
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130.472 |
56.839 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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124.870 |
61.328 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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60.029 |
22.816 |
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Capital work-in-progress |
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0.103 |
2.432 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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5.254 |
0.243 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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69.675 |
43.418 |
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Sundry Debtors |
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10.380 |
9.513 |
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Cash & Bank Balances |
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1.481 |
1.389 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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10.604 |
5.593 |
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Total
Current Assets |
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92.140 |
59.913 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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6.019 |
5.448 |
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Other Current Liabilities |
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26.324 |
18.639 |
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Provisions |
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0.351 |
0.032 |
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Total
Current Liabilities |
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32.694 |
24.119 |
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Net Current Assets |
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59.446 |
35.794 |
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MISCELLANEOUS EXPENSES |
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0.038 |
0.043 |
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TOTAL |
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124.870 |
61.328 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
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51.097 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
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404.497 |
50.385 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
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(2.437) |
0.712 |
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Less |
FINANCIAL
EXPENSES (D) |
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10.719 |
1.284 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
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(13.156) |
(0.572) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
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1.591 |
0.141 |
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PROFIT BEFORE
TAX (E-F) (G) |
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(14.747) |
(0.713) |
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Less |
TAX (I) |
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(4.661) |
(0.210) |
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PROFIT AFTER TAX
(G-I) (J) |
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(10.086) |
(0.503) |
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TOTAL IMPORTS |
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10.280 |
5.869 |
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Earnings Per
Share (Rs.) |
|
-20.22 |
-- |
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KEY RATIOS
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PARTICULARS |
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31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
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(2.53)
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(0.98) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(9.69)
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(0.86) |
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Return on Investment (ROI) (PBT/Networth) |
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2.63
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(0.15) |
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Debt Equity Ratio (Total Liability/Networth) |
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(29.13)
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18.03 |
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Current Ratio (Current Asset/Current Liability) |
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2.82
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2.48 |
LOCAL AGENCY FURTHER INFORMATION
Review of
Operations:
During the year, Sales at Rs. 402.060 Millions increased, by 686.86% as
compared to sales of Rs. 51.097 Millions in 10 operating months of the previous
financial year. Despite of Increase in sales the company had incurred a net
loss of Rs. 10.086 Millions the Financial Year 2008-09 as compared to Rs. 0.503
Millions in 10 months of the previous financial year because of starting years
of showroom cum workshop’s operations but the directors are hopeful that with
in a span of year or 2 years the losses will be converted into profits.
Form 8
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Corporate
identity number of the company |
U34200DL2007PTC163342 |
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Name of the
company |
JAYCEE AUTOMOBILES
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
A-40, Mohan Co –
Operative Industrial Estate, New Delhi -110044, Delhi, India |
|
This form is for |
Modification
of Charge |
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Charge
identification (ID) number of the charge to be modified |
10080811 |
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Type of charge |
Book debts Movable Property
(not being pledge) Floating charge |
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Particular of
charge holder |
HDFC Bank Limited, HDFC Bank House senapati Bapat Marg, Lower Parel-West,
Mumbai – 400013, |
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Nature of
instrument creating charge |
Supplemrntal
Letter of Hypothecation of Stocks and Book Debts. |
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Date of
instrument Creating the charge |
21.03.2011 |
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Amount secured by
the charge |
Rs. 380.300 Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest at the
rate as may be communicated by the Bank from time to time Terms of
repayment: On Demand Margin: As may be
stipulated by the bank from time to time. Extent and
operation of the charge: Hypothecation by
way of First Charge on Company's Stocks and Book Debts etc., to secure as a
continuing security as mentioned in Column No.15 below for the repayment of
Rs.380.300 Millions together with interest, costs, charges, expenses and
other moneys due and payable by the Company to the Bank. |
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Date of
instrument modifying the charge |
23.09.2010 |
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Particulars of
the present modification |
The charge increased
from Rs.294.564 Millions to Rs.380.300 Millions, against the security of
Stocks and Book Debts of the Company. |
Fixed Assets:
- Land
- Building
- Plant and
Machinery
- Electrical
Installation
- Tools and
Equipment
- Furniture and
Fixture
- Office
Equipments
- Air
Conditioners
- Computer and Software
- Vehicle
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.44.48 |
|
|
1 |
Rs.72.36 |
|
Euro |
1 |
Rs.64.42 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
-- |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
11 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.