MIRA
INFORM REPORT
|
Report Date : |
08.08.2011 |
IDENTIFICATION DETAILS
|
JASCO PUMP
PRIVATE LIMITED |
|
|
|
|
|
Registered
Office : |
Plot No.47, Phase 1, G.I.D.C., Opposite Mangal Estate, Naroda,
Ahmedabad – 382 330, |
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Country : |
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|
|
|
Financials (as
on) : |
31.03.2010 |
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|
|
|
Date of
Incorporation : |
28.04.1988 |
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|
|
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Com. Reg. No.: |
04-010635 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.2.490
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29120GJ1988PTC010635 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
Line of Business
: |
Manufacturer, Supplier and Exporter of Submersible Pumps. |
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|
|
|
No. of Employees
: |
40 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 130000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY (General Details)
|
Name : |
Mr. Rakesh Kantilal Patel |
|
Designation : |
Director |
|
Contact No.: |
91-9374063721 |
|
Date : |
05.08.2011 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No.47, Phase 1, G.I.D.C., Opposite Mangal Estate, Naroda,
Ahmedabad – 382 330, |
|
Tel. No.: |
91-79-22821240/ 22823422/ 22201484 |
|
Mobile No.: |
91-9374063721 (Mr. Rakesh Patel) |
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Fax No.: |
91-79-22823398 |
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E-Mail : |
|
|
Location : |
Owned |
DIRECTORS
As on 02.09.2010
|
Name : |
Mr. Kantilal Chaturdas Patel |
|
Designation : |
Director |
|
Address : |
6, Vrundavan Colony, Shahibag, Ahmedabad, |
|
Date of Birth/Age : |
15.06.1938 |
|
Qualification : |
HSC |
|
Date of Appointment : |
28.04.1988 |
|
DIN No.: |
01437952 |
|
|
|
|
Name : |
Mr. Rakesh Kantilal Patel |
|
Designation : |
Director |
|
Address : |
6, Vrundavan Colony, Shahibag, Ahmedabad, |
|
Date of Birth/Age : |
04.03.1972 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
28.12.1991 |
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DIN No.: |
01435053 |
|
|
|
|
Name : |
Mr. Piyush Kantilal Patel |
|
Designation : |
Director |
|
Address : |
6, Vrundavan Colony, Shahibag, Ahmedabad, |
|
Date of Birth/Age : |
26.06.1974 |
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Qualification : |
Graduate |
|
Date of Appointment : |
01.10.1994 |
|
DIN No.: |
01435154 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 02.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Kantilal Chaturdas Patel |
|
48000 |
|
Revaben Kantilal Patel |
|
45000 |
|
Rakesh Kantilal Patel |
|
54188 |
|
Piyush Kantilal Patel |
|
54393 |
|
Kantilal Chaturdas Patel HUF |
|
20500 |
|
Ambalal Chaturdas Patel |
|
11000 |
|
Ambalal Chaturdas Patel HUF |
|
500 |
|
Dahiben Ambalal Patel |
|
10000 |
|
Rakesh Family |
|
200 |
|
Anjana Kantilal Patel |
|
5200 |
|
Prabhudas Mathurdas Patel HUF |
|
1 |
|
Heenaben Pratikbhai Patel |
|
1 |
|
|
|
1 |
|
Chintankumar B. Patel |
|
1 |
|
P.M. Patel and Company, |
|
1 |
|
Shankar Vijay Brass Moulding, |
|
1 |
|
Saral Trading Company, |
|
1 |
|
Vipinbhai M. Shah HUF |
|
1 |
|
Hinaben Rakeshbhai Patel |
|
4 |
|
Smrutiben |
|
4 |
|
P.P. International, |
|
1 |
|
Amrutbhai K. Patel |
|
1 |
|
Pratik R. Patel |
|
1 |
|
Total |
|
249000 |
As on 02.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Supplier and Exporter of Submersible Pumps. |
|
|
|
|
Products : |
v
Submersible
Pumps
v
Sewage
Submersible Pumps v
Non
Clog Sewage Submersible Pumps v
Polder
Submersible Pumps v
Dewatering
Submersible Pumps v
Portable
Sewage Submersible Pumps v
Portable
Dewatering Pumps v
Self
Priming Mud Pumps v
Monoset
Submersible Pumps |
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|
|
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Exports : |
|
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Products : |
Submersible Pumps |
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|
|
|
Terms : |
|
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Selling : |
L/C, Cash and Credit |
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|
|
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2010)
Production Capacity: 10,000 Pump Sets
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers v
Larson
and Toubro v
Tata Power
Company Limited v
Ingersoll
- Rand ( v
Pusha
Institute v
v
Panchayati
Raj Department v
Oil
and Natural Gas Commission v
Punjab
State Tubewell Corporation v
Steel
Authority of India Limited v
National
Thermal Power Corporation v
Gujarat
Narmad Valley Fertilizer Company v
Hindustan
Coca Cola Beverages Limited v
Public
Health Engineering Department v
v
v
Uttar Pradesh
Rajya Vidyut Utpadan Nigam Limited v
A.P.
State Irrigation Development Corporation Limited |
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No. of Employees : |
40 (Approximately) |
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Bankers : |
v
State bank of v
Bank of v
HDFC Bank Limited |
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Facilities : |
* The working
capital facilities from banks are secured by first charge on the inventories and
book debts and over the immovable and movable properties of the Company, both
present and future.
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|
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|
Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
Dinesh K. Shah and Company Chartered Accountants |
|
Address : |
507, Hemkoot Complex, |
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Tel. No.: |
91-79-26584450/ 66614144 |
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Fax No.: |
91-79-66614144 |
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E-Mail : |
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PAN No.: |
AAEFD0527B |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
249000 |
Equity Shares |
Rs.10/- each |
Rs.2.490
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.490 |
2.490 |
2.490 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
30.015 |
24.717 |
23.210 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
32.505 |
27.207 |
25.700 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.503 |
0.773 |
|
|
2] Unsecured Loans |
11.026 |
13.879 |
12.667 |
|
|
TOTAL BORROWING |
11.026 |
14.382 |
13.440 |
|
|
DEFERRED TAX LIABILITIES |
6.026 |
6.287 |
6.537 |
|
|
|
|
|
|
|
|
TOTAL |
49.557 |
47.876 |
45.677 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
20.557 |
21.143 |
21.354 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.167 |
0.167 |
0.167 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
15.861
|
15.655 |
13.503 |
|
|
Sundry Debtors |
59.087
|
30.998 |
35.447 |
|
|
Cash & Bank Balances |
4.889
|
2.472 |
2.507 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
6.789
|
9.031 |
9.224 |
|
Total
Current Assets |
86.626
|
58.156 |
60.681 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors & Other Current Liabilities |
55.952
|
31.210 |
33.203 |
|
|
Provisions |
1.841
|
0.380 |
3.322 |
|
Total
Current Liabilities |
57.793
|
31.590 |
36.525 |
|
|
Net Current Assets |
28.833
|
26.566 |
24.156 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
49.557 |
47.876 |
45.677 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
153.724 |
55.406 |
57.972 |
|
|
|
Other Income |
0.636 |
0.914 |
0.436 |
|
|
|
Profit on |
0.000 |
0.000 |
21.826 |
|
|
|
TOTAL (A) |
154.360 |
56.320 |
80.234 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase / Decrease in stock of finished goods and process stock |
(0.205) |
(2.152) |
0.296 |
|
|
|
Materials Purchased |
128.633 |
48.734 |
48.407 |
|
|
|
Employee Costs |
2.791 |
0.943 |
1.063 |
|
|
|
Manufacturing Expenses |
3.556 |
0.976 |
1.425 |
|
|
|
Administrative and Other Expenses |
10.287 |
4.194 |
11.680 |
|
|
|
TOTAL (B) |
145.062 |
52.695 |
62.871 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9.298 |
3.625 |
17.363 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.261 |
1.424 |
2.543 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.037 |
2.201 |
14.820 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.387 |
1.299 |
0.940 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
6.650 |
0.902 |
13.880 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.352 |
(0.605) |
7.218 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
5.298 |
1.507 |
6.662 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
23.184 |
21.677 |
15.015 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
28.482 |
23.184 |
21.677 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
21.28 |
6.05 |
26.75 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.43
|
2.68 |
8.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.33
|
1.63 |
23.94 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.20
|
1.14 |
16.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.03 |
0.54 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.12
|
1.69 |
1.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.50
|
1.84 |
1.66 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of the company has been shifted from 6, Vrindavan
Colony, Dafnala, Sahibaug, Ahmedabad – 380 004, Gujarat to the present
address w.e.f. 25.10.2007.
FORM 8:
|
Name of the company |
JASCO PUMP PRIVATE LIMITED |
|
Presented By |
Kantibhai
Chaturdas Patel |
|
1) Date and description of instrument creating the change |
1. Hypothecation
agreement dated 18th September, 2002 and made between Jasco Pump
Private Limited and Bank of Baroda of the Other parts. 2. Equitable
mortgage of |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.10.000
millions |
|
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 |
Stock of raw
materials, semi finished goods and finished goods, book debts of the company
and hypothecation of machinery and factory land and building situated at
survey No.1552/1/2 and 1552/5 at Rajpur, Taluka Kadi, District Mehsana, in
the state of Gujarat. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration
of Bank of Baroda, Naroda Road Branch having agreed to sanctioned C.C. limit
Rs.7.500 millions against Hypothecation of stock, book debts and
hypothecation of machinery and Rs.2.500 millions performance bank guarantee
against hypothecation of stock, book debts and hypothecation of machinery. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
|
Particulars |
31.03.2010 (Rs.
in millions) |
|
Bank Guarantee with Bank of Baroda Limit Rs.1.000 million |
0.220 |
|
|
|
FIXED ASSETS:
v
v
Plant and Machinery
v
Furniture
v
Vehicle
v
Typewriting Machine
v
Computer
v
Fax Machine
v
Pattern
v
Telephone Instrument
v
Scale Machine
v
Cooler (Office)
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.44.80 |
|
|
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.63.11 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--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 |
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.