MIRA
INFORM REPORT
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Report Date : |
24.02.2011 |
IDENTIFICATION DETAILS
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Name : |
JHUNKAM LIGHTING SYSTEMS PRIVATE LIMITED |
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Registered Office : |
216/A, Virwani Industrial Estate, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
01.03.1999 |
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Com. Reg. No.: |
11-118601 |
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CIN No.: [Company
Identification No.] |
U28900MH1999PTC118601 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMJ08892C |
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PAN No.: [Permanent
Account No.] |
AAACJ7057M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Electrical
Accessories |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 44000 |
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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 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) |
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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 |
INFORMATION PARTED BY
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Name : |
Mr. |
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Designation : |
Director |
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Contact No.: |
91-9820026077 |
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Date : |
22.02.2011 |
LOCATIONS
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Registered Office/ Factory : |
216/ A, Virwani Industrial Estate, Off |
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Tel. No.: |
91-22-28756077 |
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Mobile No.: |
91-9820026077 (Mr. |
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Fax No.: |
91-22-40036075 |
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E-mail : |
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Website : |
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Area : |
3500 sq.ft |
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Location : |
Owned |
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Head Office : |
Plot 354, 1-B, Behind Patel Cricket, Grand Kachigam Char Rasta, Daman
– 396 210, |
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Tel. No.: |
91-2636-2241138 |
DIRECTORS
As On 30.09.2010
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
404A, Masarovar, |
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Date of Birth/Age : |
20.03.1951 |
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Date of Appointment : |
01.03.1999 |
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DIN No. : |
00020200 |
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Name : |
Ms. Meena Jhunjhunwala |
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Designation : |
Director |
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Address : |
404A, Masarovar, |
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Date of Birth/Age : |
25.08.1977 |
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Date of Appointment : |
01.11.1999 |
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DIN No. : |
00020268 |
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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139800 |
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Meena Jhunjhunwala |
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90000 |
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Rahul Jhunjhunwala |
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10000 |
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10000 |
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Jyoti Jhunjhunwala |
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100 |
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Swati Jhunjhunwala |
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100 |
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Total |
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250000 |
As On 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Electrical Accessories
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Products : |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
50 (approximately) |
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Bankers : |
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Facilities : |
Cash Credit: Rs.
6.245 Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.K. Patodia and Associates Chartered Accountants |
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Address : |
A/8, Narayan Plaza, 1st Floor, 26-A, Chandivali Road, Off Sakivahar
Road, Mumbai – 400072, Maharashtra, India |
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Pan No.: |
ABIFS7708N |
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Associates/Subsidiaries: |
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CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each
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Rs.2.500 millions
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.500 |
2.322 |
2.322 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.547 |
8.073 |
7.142 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
11.047 |
10.395 |
9.464 |
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LOAN FUNDS |
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1] Secured Loans |
3.895 |
0.652 |
0.499 |
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2] Unsecured Loans |
8.642 |
0.000 |
2.740 |
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TOTAL BORROWING |
12.537 |
0.652 |
3.239 |
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DEFERRED TAX LIABILITIES |
1.542 |
1.416 |
1.283 |
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TOTAL |
25.126 |
12.463 |
13.986 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.614 |
18.717 |
16.292 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.001 |
0.001 |
0.001 |
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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 |
7.682
|
6.571 |
9.385
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Sundry Debtors |
10.452
|
5.892 |
13.483
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Cash & Bank Balances |
3.071
|
0.418 |
0.141
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Other Current Assets |
0.000
|
0.000 |
0.000
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Loans & Advances |
5.396
|
11.811 |
6.597
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Total
Current Assets |
26.601
|
24.692 |
29.606 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
10.756
|
16.066 |
18.349
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Current Liabilities |
0.749
|
0.983 |
1.010
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Provisions |
8.585
|
13.898 |
12.554
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Total
Current Liabilities |
20.090
|
30.947 |
31.913
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Net Current Assets |
6.511
|
(6.255) |
(2.307)
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
25.126 |
12.463 |
13.986 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
107.790 |
153.109 |
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Other Income |
0.065 |
0.081 |
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TOTAL (A) |
107.855 |
153.190 |
149.446 |
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Less |
EXPENSES |
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Operating Expenses |
84.975 |
125.639 |
136.229 |
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Increase/(Decrease) in Finished Goods |
(0.078) |
(0.485) |
0.069 |
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Administrative and Other Expenses |
12.805 |
14.364 |
0.000 |
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TOTAL (B) |
97.702 |
139.518 |
136.298 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10.153 |
13.672 |
13.148 |
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Less |
FINANCIAL
EXPENSES (D) |
1.871 |
2.553 |
2.284 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.282 |
11.119 |
10.864 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.168 |
1.062 |
0.955 |
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PROFIT BEFORE
TAX (E-F) (G) |
7.114 |
10.057 |
9.909 |
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Less |
TAX (I) |
1.685 |
2.334 |
2.267 |
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PROFIT AFTER TAX
(G-I) (J) |
5.429 |
7.723 |
7.642 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.271 |
0.119 |
0.952 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
0.543 |
0.779 |
0.868 |
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Proposed Final Dividend |
4.250 |
5.805 |
6.502 |
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Tax on Final Dividend |
0.705 |
0.987 |
1.105 |
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BALANCE CARRIED
TO THE B/S |
0.202 |
0.271 |
0.119 |
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Earnings Per
Share (Rs.) |
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- Basic |
23.35 |
33.26 |
32.91 |
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- Diluted |
23.35 |
33.26 |
NA |
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Expected Sales (2010-2011) : Rs. 120.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
5.03
|
5.04 |
5.11
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Net Profit Margin (PBT/Sales) |
(%) |
6.60
|
6.57 |
NA
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Return on Total Assets (PBT/Total Assets} |
(%) |
15.73
|
23.17 |
21.59
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Return on Investment (ROI) (PBT/Networth) |
|
0.64
|
0.97 |
1.05
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Debt Equity Ratio (Total Liability/Networth) |
|
2.95
|
3.04 |
3.71
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Current Ratio (Current Asset/Current Liability) |
|
1.32
|
0.80 |
0.93
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LOCAL AGENCY FURTHER INFORMATION
The Details of
Sundry Creditors:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
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- Due to micro, small and medium enterprises |
-- |
-- |
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- Due to others |
-- |
-- |
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- For goods supplied |
10.756 |
16.066 |
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Total |
10.756 |
16.066 |
18.349 |
Form 8:
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Corporate
identity number of the company |
U28900mh1999ptc118601 |
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Name of the
company |
Jhunkam Lighting
Systems Private Limited |
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Address of the
registered office or of the principal place of business in |
216/ A, Virwani Industrial Estate, Off |
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This form is for |
Creation of
charge |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
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Nature of
instrument creating charge |
Memorandum recording
past transactions of creation of mortgage by delivery of title deeds. |
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Date of
instrument Creating the charge |
03.04.2010 |
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Amount secured by
the charge |
Rs. 6.245
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 – The company created an equitable mortgage by way of
deposit of title deeds of respect of its immovable property as stated under
item no. 15 as security for the due repayment of Rs. 6.245 millions by the
company including principal amount of the facility, interest, liquidated
damages, costs, charges and expenses etc. |
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Particulars of
the property charged |
216/ A, Virwani Industrial Estate, |
FIXED ASSETS:
- Electrical Installation
- Office equipment
- Air conditioner
- Oasis water care
- Computer
- Plant and machinery
- Vehicles
- Factory building
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.45.20 |
|
|
1 |
Rs.73.17 |
|
Euro |
1 |
Rs.61.88 |
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 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
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|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
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--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 |
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.