MIRA
INFORM REPORT
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Report Date : |
13.06.2011 |
IDENTIFICATION DETAILS
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Name : |
JOYTI DIVYA FABRICATION LIMITED (w.e.f 21.01.2006) |
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Formerly Known
As : |
JOYTI DIVYA FABRICATION PRIVATE LIMITED |
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Registered
Office : |
F I 1 HIG Duplex Sanjay Nagar Sector – 23, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
09.07.1996 |
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Com. Reg. No.: |
55-020299 |
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Paid-up Capital
: |
Rs. 6.156 Millions |
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CIN No.: [Company Identification
No.] |
U27102UP1996PLC020299 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of of Stainless Steel Pipes and Tubes |
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No. of Employees
: |
62 [12 – In Office + 50 – In Factory] (approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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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 60000 |
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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. Profitability
of the company appears to be low. However, 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.
|
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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
|
Name : |
Mr. Brijesh Singh |
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Designation : |
Account Departments |
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Date : |
11.06.2011 |
LOCATIONS
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Registered Office : |
F I 1 HIG Duplex Sanjay Nagar Sector – 23, |
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Tel. No.: |
91-120-2674611/2674612/5529463 |
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Fax No.: |
91-120-2674612 |
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E-Mail : |
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Area : |
300 Yard |
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Location : |
Owned |
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Factory : |
1154, |
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Tel. No.: |
91-120-2674611/6529463/2674612 |
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Fax No.: |
91-120-2674612 |
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Area : |
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Location : |
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DIRECTORS
As On 30.09.2010
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Name : |
Mr. Mahesh Singh Solanki |
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Designation : |
Managing Director |
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Address : |
F (I) 1 HIG Duplex Sanjay Nagar Sector – 23, |
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Date of Birth/Age : |
01.06.19556 |
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Date of Appointment : |
09.07.1996 |
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DIN No.: |
00045308 |
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Name : |
Mrs. Madhu Bala Solanki |
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Designation : |
Director |
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Address : |
F (I) 1 HIG Duplex Sanjay Nagar Sector – 23, |
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Date of Birth/Age : |
14.10.1962 |
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Date of Appointment : |
09.07.1996 |
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DIN No.: |
00813451 |
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Name : |
Ms4. Tripti Mahesh Singh Solanki |
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Designation : |
Director |
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Address : |
F (I) 1 HIG Duplex Sanjay Nagar Sector – 23, |
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Date of Birth/Age : |
14.01.1984 |
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Date of Appointment : |
18.01.2006 |
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DIN No.: |
00813455 |
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Name : |
Mr. Pritam Jugul Singh |
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Designation : |
Additional Director |
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Address : |
B.H.L. Golakheri – 262802, |
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Date of Birth/Age : |
07.07.1970 |
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Date of Appointment : |
25.02.2011 |
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DIN No.: |
03438622 |
KEY EXECUTIVES
|
Name : |
Mr. Brijesh Singh |
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Designation : |
Account Departments |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders |
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No. of Shares |
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Mahesh Singh |
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327920 |
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Madhu Bala |
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103650 |
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K. K. Srivastva |
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1000 |
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Bishan Singh |
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1400 |
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Jai Ram Singh |
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1750 |
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Raja Ram |
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1800 |
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Bajrang Singh |
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1700 |
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Mohan Singh |
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1400 |
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Himanshu Singh |
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28150 |
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Harpyari Devi |
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1500 |
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Jagdish Prasad |
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2000 |
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Kesar Singh |
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1850 |
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Rajesh Singh |
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4000 |
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Harish Singh |
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1600 |
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Hanuman Singh |
|
6690 |
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Spurt Securities Limited – |
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30000 |
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Pit Ram Singh |
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40200 |
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Vijay Singh |
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2100 |
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Deepti Solanki |
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25125 |
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Tripti Solanki |
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125 |
As On 30.09.2010
|
Category |
Percentage |
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Bodies corporate |
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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 of Stainless Steel Pipes and Tubes |
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Products : |
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Exports : |
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Countries : |
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Terms : |
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Selling : |
Credit: LC |
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Purchasing : |
Credit: 30/60 Days |
PRODUCTION STATUS (As On 31.03.2010)
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Particulars |
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Unit |
Actual
Production |
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S.S. Tubes and Pipes |
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Kg |
421556 |
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S.S. Plate and Base Plate |
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Kg |
5947 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
62 [12 – In Office + 50 – In Factory] (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 : |
P. Kumar and Company Chartered Accountant |
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Address : |
2, Navyug Market, |
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Tel. No.: |
91-120-2790589 |
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Pan No.: |
ABAPK7452R |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
615580 |
Equity Shares |
Rs. 10/- each |
Rs. 6.156
Millions |
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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 |
6.156 |
6.156 |
6.156 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.992 |
6.326 |
16.595 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
15.148 |
12.482 |
22.751 |
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LOAN FUNDS |
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1] Secured Loans |
73.216 |
70.273 |
64.632 |
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2] Unsecured Loans |
0.935 |
0.902 |
0.874 |
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TOTAL BORROWING |
74.151 |
71.175 |
65.506 |
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DEFERRED TAX LIABILITIES |
0.000 |
2.549 |
2.420 |
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TOTAL |
89.299 |
86.206 |
90.677 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
21.097 |
22.045 |
22.320 |
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Capital work-in-progress |
0.386 |
0.315 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
74.297
|
85.663 |
94.338 |
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Sundry Debtors |
51.920
|
40.138 |
22.786 |
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Cash & Bank Balances |
0.910
|
0.932 |
1.450 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
11.683
|
8.326 |
17.762 |
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Total
Current Assets |
138.810
|
135.059 |
136.336 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
63.815
|
64.511 |
60.209 |
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Other Current Liabilities |
7.141
|
6.675 |
4.319 |
|
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Provisions |
0.038
|
0.038 |
3.474 |
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Total
Current Liabilities |
70.994
|
71.224 |
68.002 |
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Net Current Assets |
67.816
|
63.835 |
68.334 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.011 |
0.023 |
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TOTAL |
89.299 |
86.206 |
90.677 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
67.537 |
126.307 |
148.059 |
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|
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Other Income |
21.106 |
0.783 |
1.305 |
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TOTAL (A) |
88.643 |
127.090 |
149.364 |
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Less |
EXPENSES |
|
|
|
|
|
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|
Raw material consumed |
57.023 |
100.938 |
134.314 |
|
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Trading purchases and expenses |
0.001 |
7.215 |
0.102 |
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Manufacturing expenses |
3.004 |
4.298 |
3.937 |
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|
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Employees cost |
1.537 |
1.832 |
2.322 |
|
|
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Administrative expenses |
1.545 |
1.548 |
1.409 |
|
|
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Sales expenses |
1.657 |
0.803 |
1.323 |
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|
|
Misc. Expenditure written off |
0.011 |
0.011 |
0.011 |
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|
|
Increase / Decrease in Stock |
10.155 |
8.095 |
(3.145) |
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|
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TOTAL (B) |
74.933 |
124.740 |
140.273 |
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
13.710 |
2.350 |
9.091 |
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Less |
FINANCIAL
EXPENSES (D) |
12.190 |
10.349 |
9.022 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.520 |
(7.999) |
0.069 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.404 |
1.382 |
1.263 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.116 |
(9.381) |
(1.194) |
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|
|
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|
|
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Less |
TAX (I) |
(2.550) |
0.888 |
0.090 |
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PROFIT AFTER TAX
(G-I) (J) |
2.666 |
(10.269) |
(1.284) |
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Earnings Per Share
(Rs.) |
4.33 |
NA |
NA |
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Particulars |
|
|
31.03.2011 |
|
Sales Turnover (approximately) |
|
|
150.000 |
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The above information has been parted by Mr. Brijesh Singh
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.01
|
8.08 |
0.86 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.17
|
7.43 |
0.81 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.07
|
(5.97) |
0.75 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.75 |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
|
9.58
|
11.41 |
5.87 |
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Current Ratio (Current Asset/Current Liability) |
|
1.96
|
1.90 |
2.00 |
LOCAL AGENCY FURTHER INFORMATION
Trade References:
- NB Foils
Limited –
- Yadav Private
Limited –
Form 8:
|
This form is for |
Modification of
charge |
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Charge identification
number of the modified |
90277189 |
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Corporate
identity number of the company |
U27102UP1996PTC020299 |
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Name of the
company |
JOYTI DIVYA
FABRICATION PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
F I 1
HIG Duplexsanjay Nagar Sector-23, |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
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Nature of
description of the instrument creating or modifying the charge |
Letter evidencing
Deposit of Title Deeds for Creation/Extension of Equitable Mortgage |
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Date of
instrument Creating the charge |
30.03.2007 |
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Amount secured by
the charge |
Rs. 95.150
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Interest on working capital shall be charged @ 12.25 % per annum with
monthly rests or at such other rate or rate(s) as may be notified by the Bank
to the Borrower from to time Interest on Term
Loan shall be charged @ 12.50 % per annum with monthly rests at such other
rate or rate(s) as may be notified by the Bank to the Borrower from to time Terms of
Repayment - The Term Loan of Rs.4.000 millions shall be repayable in 60 equal
monthly instalments commencing from 30.04.2007. First 59th equal monthly
instalments will be of Rs.0.067 million each and the last 60th instalment
will be of Rs.0.047 million Margin - Margin
on OCC - 25%; Guarantee - 25 %; ILC - 25 % and Term Loan - 28 % Extent and
Operation of the charge - The Company's properties mentioned hereunder are
mortgaged to collaterally secure the following credit facilities granted by
Bank to the Company: (a)OCC-Rs.60.000/-Millions
[With a Sub Limit of ODBD-Rs.6.000/-Millions];(b)Letter of Credit-Rs.15.000
Millions;(c)Guarantee-Rs.15.000 Millions; (d)Term Loan-I:Rs.0.650 Million;
(e)Term Loan-II:Rs.0.500 Million; (f)Term Loan (New)-Rs.4.000 Millions [Total -
Rs.95.150 Millions] |
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Short particulars
of the property charged |
Equitable
mortgage by deposit of title deeds in respect of following immovable
properties situated at village Chhapraula,District Gautam Budh Nagar: a)Khata
No.920;Khasra No.1154 (0-10-10)* Block Bisrakh,Tehsil Dadri b)Khata
No.866;Khasra No.1155 (0-7-10)* Tehsil Dadri c)Khata
No.866;Khasra No.1155 (0-19-0)* Tehsil Dadri d)Khata
No.920;Khasra No.1154 (0-01-10)* Tehsil Dadri together with all
building and super structures thereat *Bigha-Biswa-Biswansi |
||||||
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Date of latest modification
prior to the present modification |
07.02.2006 |
||||||
|
Particulars of
the present modification |
On renewal, the
OCC Limit enhanced to Rs.60.00 Millions with a Sub Limit of ODBD-Rs.6.000
Millions;LC Limit and Guarantee Limit enhanced to Rs.15.000 Millions and
Rs.15.000 Millions respectively. Further New T/L-III of Rs.4.000 Millions has
been granted to |
Fixed Assets:
- Building
- Plant and machinery
- Electrical installation and fitting
- Furniture and fixtures
- Office equipments
- Car
- Scooter
- Computer
- Fire extinguisher
- Air conditioners
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.44.72 |
|
|
1 |
Rs.72.93 |
|
Euro |
1 |
Rs.64.72 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.