%20PRIVATE%20LIMITED%20-148056%2014-Jul-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
14.07.2011 |
IDENTIFICATION DETAILS
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Name : |
JEE PUMPS ( |
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Registered Office
: |
L-1 and 2, G.I.D.C., Near Water Tank, Odhav, Ahmedabad-382415, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
01.07.2002 |
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Com. Reg. No.: |
040915 |
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Capital
Investment / Paid-up Capital : |
Rs.0.500 Million |
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CIN No.: [Company Identification
No.] |
U29120GJ2002PTC040915 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Industrial Pumps. |
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No. of Employees
: |
More than 70 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 4000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a small company in its field. Its scale of activities are
limited. Trade relations are reported as fair. Business is active. Payments
are reported to be slow. The company can be considered for business dealings with some caution.
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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 |
INFORMATION PARTED BY
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Name : |
Mr. Prakashbhai Maganbhai Patel |
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Designation : |
Director |
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Contact No.: |
91-9825064291 |
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Date : |
13.07.2011 |
LOCATIONS
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Registered Office/ Factory : |
Plot No. L-1 and 2, Near Water Tank, G.I.D.C. Estate, Odhav, Ahmedabad
– 382 415, |
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Tel. No.: |
91-79-22970346/ 22970347/22970345 |
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Mobile No.: |
91-9825064291 (Mr. Prakash Patel) |
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Fax No.: |
91-79-22977724 |
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E-Mail : |
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Website : |
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Area : |
2000 Sq ft |
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Location : |
Owned |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Brijeshbhai Maganbhai Patel |
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Designation : |
Director |
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Address : |
C-1143 Ambica Nagar, Odhav, Ahmedabad-382 415, |
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Date of Birth/Age : |
10.10.1970 |
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Qualification : |
FYB com |
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Date of Appointment : |
01.07.2002 |
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Name : |
Mr. Prakashbhai Maganbhai Patel |
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Designation : |
Director |
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Address : |
C-1143 Ambica Nagar, Odhav, Ahmedabad-382 415, |
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Date of Birth/Age : |
40 Years |
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Qualification : |
B.Com |
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Date of Appointment : |
01.07.2002 |
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Name : |
Mr. Anilkumar Maganbhai Patel |
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Designation : |
Director |
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Address : |
93, Swapna Shruti Part – 3, Near Madhav School, Behind Labh Ghar,
Vastral Road, Ahmedabad-382 418, Gujarat, India |
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Date of Birth/Age : |
01.07.1973 |
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Qualification : |
B.Com |
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Date of Appointment : |
24.07.2009 |
KEY EXECUTIVES
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Name : |
Mr. Anil Patel (Technical) |
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Mobile No: |
91-9376064292 |
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Email: |
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Name : |
Mrs. Omna Nair (Exports) |
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Mobile No: |
91-9376064292 |
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Email: |
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Name : |
Mr. Sujit Mewada (Sales) |
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Mobile No: |
91-9376064293 |
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Email: |
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Name : |
Mr. Jayanti Patel (Services) |
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Mobile No: |
91-9376064297 |
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Name : |
Mr. Anil Chavada (Purchase) |
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Mobile No: |
91-9376064295 |
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Email: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
|
Prakashbhai Maganbhai Patel |
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123500 |
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Maganbhai Ramjibhai Patel |
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2000 |
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Brijeshbhai Maganbhai Patel |
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4000 |
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Kanakben Prakashbhai Patel |
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10500 |
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Total |
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140000 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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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 and Exporter of Industrial Pumps. |
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Products : |
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Exports : |
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Products : |
Industrial Pumps |
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Countries : |
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Terms : |
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Selling : |
L/C / Cash / Credit |
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Purchasing : |
Cash / Credit |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
More than 70 (Approximately) |
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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 : |
Chandabhoy and Jassoobhoy Chartered Accountants |
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Address : |
605-606-607, Silver Oaks, Near Mahalaxmi Char Rasta, Paldi,
Ahmedabad-380 007, |
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Tel. No.: |
91-79-26586063/ 26586069 |
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Fax No.: |
91-79-26586063 |
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E-Mail : |
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Associates/Subsidiaries : |
Jay Ambe Engineering Enterprises Address: Odhav, Ahmedabad, |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
140000 |
Equity Shares |
Rs.10/- each |
Rs.1.400
Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
After As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
190000 |
Equity Shares |
Rs.10/- each |
Rs.1.900
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
0.500 |
0.500 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.641 |
0.126 |
0.150 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.141 |
0.626 |
0.250 |
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LOAN FUNDS |
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1] Secured Loans |
2.524 |
1.314 |
0.407 |
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2] Unsecured Loans |
1.147 |
3.818 |
3.847 |
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TOTAL BORROWING |
3.671 |
5.132 |
4.254 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.029 |
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TOTAL |
4.812 |
5.758 |
4.533 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.687 |
3.698 |
3.714 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.049 |
0.010 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
5.396
|
2.519
|
3.000 |
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Sundry Debtors |
5.788
|
2.147
|
2.093 |
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Cash & Bank Balances |
0.053
|
0.031
|
0.059 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
1.182
|
0.575
|
0.339 |
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Total
Current Assets |
12.419
|
5.272
|
5.491 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
11.797
|
2.916
|
4.532 |
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Other Current Liabilities |
0.000
|
0.000
|
0.000 |
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Provisions |
0.546
|
0.306
|
0.140 |
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Total
Current Liabilities |
12.343
|
3.222
|
4.672 |
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Net Current Assets |
0.076
|
2.050
|
0.819 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4.812 |
5.758 |
4.533 |
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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 |
28.212 |
13.818 |
10.848 |
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Other Income |
0.210 |
0.132 |
0.012 |
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TOTAL (A) |
28.422 |
13.950 |
10.860 |
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Less |
EXPENSES |
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Raw Material Consumption |
19.395 |
8.643 |
5.835 |
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Manufacturing Expenses |
0.553 |
0.308 |
0.858 |
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Payment to Employees |
1.397 |
1.149 |
0.812 |
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Administrative Expenses |
2.407 |
1.246 |
0.844 |
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Selling and Distribution Expenses |
1.551 |
0.941 |
0.637 |
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Payment to Auditors |
0.037 |
0.019 |
0.014 |
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Remuneration to Directors |
0.648 |
0.256 |
0.120 |
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Donations |
0.011 |
0.142 |
0.012 |
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Preliminary Expenses written off |
0.000 |
0.000 |
0.003 |
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Increase/Decrease in Stock |
0.219 |
0.210 |
0.558 |
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TOTAL (B) |
26.218 |
12.914 |
9.693 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2.204 |
1.036 |
1.167 |
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Less |
FINANCIAL
EXPENSES (D) |
0.610 |
0.178 |
0.035 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.594 |
0.858 |
1.132 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.841 |
0.756 |
0.649 |
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PROFIT BEFORE TAX
(E-F) (G) |
0.753 |
0.102 |
0.483 |
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Less |
TAX (H) |
0.238 |
0.126 |
0.150 |
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PROFIT AFTER TAX
(G-H) (I) |
0.515 |
(0.024) |
0.333 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.126 |
0.150 |
(0.183) |
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BALANCE CARRIED
TO THE B/S |
0.641 |
0.126 |
0.150 |
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EARNINGS IN
FOREIGN CURRENCY |
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FOB value of Exports |
2.856 |
2.468 |
NA |
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Earnings Per
Share (Rs.) |
3.68 |
(0.49) |
33.33 |
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Particulars |
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|
31.03.2011 |
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Sales Turnover (Approximately) |
|
|
40.000 |
Expected Sales (2011-12) : Rs.60.000 Millions
The above information has been parted by Mr. Prakashbhai Maganbhai
Patel.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.81
|
(0.17) |
3.07 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.65
|
0.74 |
4.45 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.40
|
1.14 |
5.25 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.66
|
0.16 |
1.93 |
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Debt Equity Ratio (Total Liability/Networth) |
|
14.04
|
13.35 |
35.70 |
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Current Ratio (Current Asset/Current Liability) |
|
1.00
|
1.64 |
1.18 |
LOCAL AGENCY FURTHER INFORMATION
Note: The registered
office of the company has been shifted from 90 91/ 5, GIDC Estate, Opposite
Ambika Nagar, Odhav, Ahmedabad-382415,
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10042687 |
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Corporate
identity number of the company |
U29120GJ2002PTC040915 |
|
Name of the
company |
JEE PUMPS ( |
|
Address of the registered
office or of the principal place of
business in |
Plot No. L-1 and 2, Near Water Tank, G.I.D.C. Estate, Odhav, Ahmedabad
– 382 415, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Others |
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Particular of
charge holder |
Sate Bank of |
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Email |
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Nature of description
of the instrument creating or modifying the charge |
1. Supplemental
Agreement of Loan Cum Hypothecation (SME-4),Dated 24.12.2010 2. Letter of
Arrangement (SME-1), Dated 24.12.2010. |
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Date of
instrument Creating the charge |
24.12.2010 |
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Amount secured by
the charge |
Rs.4.000 Millions
|
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @5%
above base rate is 7.60%, effective rate 12.60% p.a. Calculated on daily products
at monthly rests. Terms of
Repayment Working
Capital : Repayable On Demand With
Validity Of 1 Year From The Date Of Sanction Margin Raw
materials - 25% Semi finished
goods - 25% Finished goods -
40% Domestic
receivable -25% Extent and Operation
of the charge The existing
credit facilities enhanced from Rs.1.500 Millions to Rs.4.000 Millions by
sanction of additional cash credit limit of Rs.2.500 Millions to be secured
by hypothecation of stocks of RM, Sip, FG, Book Debts / receivables and other
current assets both present and future of company. Other terms and conditions Others The credit
facilities secured as under : Demand cash
credit: Rs. 4.000 Millions. |
|
Short particulars
of the property charged |
Hypothecation of stocks
of RM, Sip, FG, Book Debts / receivables and other current assets both
present and future of company |
|
Date of latest
modification prior to the present modification |
14.08.2010 |
|
Particulars of
the present modification |
The Earlier Charge
Id No.10042687 Was Modified on 14.08.2010 For Repayment of Term Loan and
Limit Reduced To Rs.15 Lac Is Now Being Further Modified on Dated 24.12.2010
To Rs.4.000 Millions By Sanction of Additional Cash Credit Limit of Rs.2.500
Lac Secured By Hypothecation Of Stocks of RM, Sip, FG, Book Debts/Receivables
And Other Current Assets Both Present and Future of Company. Now, The Amount
of Charge Byway of Hypothecation Extend To Rs.4.000 Millions. |
FIXED ASSETS:
- Factory Shed
- Mobile Phone
- Office Equipment
- Plant and Machinery
- Computers
- Cycle
- Air Conditioner
- Electric Fittings
- Furniture
- Patterns
- Testing Equipment
- Scooters
- Dead Stock
- Dies
WEBSITE DETAILS:
CORPORATE OVERVIEW:
Subject is founded by Mr. Prakash Patel who has a wide technical experience of 15 years in the field of manufacturing of all types of pumps. The company is managed by professional experts and supply to cover the Indian as well as export market. Company is equipped with high quality and precession machinery as well as testing facilities to achieve. All the quality standard company is having wide range of pumps to cover all most types of applications and service back up.
Based in Ahmedabad (
Subject manufactures all products which obtain higher level of performance by corrosion-resistant, reliability and interchangeability. Which helps in reduction of costs and wear and tear of the machine.
Their engineering professionals utilize powerful, ultra modern technologies in the design, prototyping and testing of new and refined equipment. Emphasis on focused manufacturing centers and processes improves both quality and on-time delivery performance. Their continuous quality improvement system further enhances the durability and reliability of their products.
The Company has become highly successful in servicing all types of pump makes over the years as well. This is the result of an organizational focus and marketing drive concerned with adaptability, superior customer service.
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 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.44.58 |
|
|
1 |
Rs.71.07 |
|
Euro |
1 |
Rs.62.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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.