MIRA
INFORM REPORT
|
Report Date : |
15.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
JAWAHAR SAW MILLS PRIVATE LIMITED |
|
|
|
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Registered
Office : |
47, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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|
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|
Date of
Incorporation : |
07.04.2008 |
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|
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|
Com. Reg. No.: |
11-180898 |
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|
Paid-up Capital
: |
Rs.12.500
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U20212MH2008PTC180898 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ13459F |
|
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|
Legal Form : |
Private Limited Liability Company |
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|
|
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Line of Business
: |
Manufacturer and Trader of Timber Products |
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|
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|
No. of Employees
: |
115 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 143600 |
|
|
|
|
Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a successor of a partnership concern Jawahar Saw Mills. It is a company having moderate track. Trade relations are reported as
fair. Business is active. Payment terms are not known. The company can be considered for small to mediocre 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DENIED BY
|
Name : |
Mr. Gaurav |
|
Designation : |
Director |
|
Date : |
14.06.2011 |
LOCATIONS
|
Registered/ Corporate Office : |
47, |
|
Tel. No.: |
91-22-23728820/ 23732222/ 23790777/ 23790999/ 23752222 |
|
Mobile No.: |
91-9820284447 (Mr. Gaurav) |
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Fax No.: |
91-22-23732222/ 23732179 |
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E-Mail : |
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Website : |
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|
Area : |
5000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Branch Office : |
Located at: · Chennai ·
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|
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|
|
Factory: |
Survey 51, Savroli Khadpada Road, Dhamini Village, Khalapur, Raigad
410202, Maharashtra, India |
|
Email: |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Gaurav Manoharlal Agicha |
|
Designation : |
Director |
|
Address : |
6, |
|
Date of Birth/Age : |
01.12.1980 |
|
Date of Appointment : |
07.04.2008 |
|
DIN No.: |
00299339 |
|
|
|
|
Name : |
Mr. Srichand Satramdas Agicha |
|
Designation : |
Director |
|
Address : |
6, |
|
Date of Birth/Age : |
22.02.1951 |
|
Date of Appointment : |
07.04.2008 |
|
DIN No.: |
00364370 |
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|
|
|
Name : |
Mr. Manoharlal Satramdas Agicha |
|
Designation : |
Director |
|
Address : |
6, |
|
Date of Birth/Age : |
21.04.1945 |
|
Date of Appointment : |
07.04.2008 |
|
DIN No.: |
00364700 |
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|
|
|
Name : |
Mr. Rajesh Manoharlal Agicha |
|
Designation : |
Director |
|
Address : |
“The Agicha’s”, 6th Floor, 6, |
|
Date of Birth/Age : |
11.10.1970 |
|
Date of Appointment : |
07.04.2008 |
|
DIN No.: |
00478125 |
|
|
|
|
Name : |
Mr. Sidarrtha Srichand Agicha |
|
Designation : |
Director |
|
Address : |
“The Agicha’s” , 5th Floor, 6, |
|
Date of Birth/Age : |
11.04.1982 |
|
Date of Appointment : |
07.04.2008 |
|
DIN No.: |
00481804 |
|
|
|
|
Name : |
Mr. Ashok Sunderdas Agicha |
|
Designation : |
Director |
|
Address : |
6, |
|
Date of Birth/Age : |
15.11.1954 |
|
Date of Appointment : |
03.08.2009 |
|
DIN No.: |
01238363 |
|
|
|
|
Name : |
Mr. Satish Sunderdas Agicha |
|
Designation : |
Director |
|
Address : |
“The Agicha’s” , 1st Floor, |
|
Date of Birth/Age : |
07.08.1957 |
|
Date of Appointment : |
08.04.2008 |
|
DIN No.: |
02137189 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010)
|
Names of Shareholders |
No. of Shares |
|
Amritibai
Sunderdas Agicha |
286875 |
|
Abhishek S
Agicha and Satish |
6250 |
|
Aditya S Agicha
and Satish |
6250 |
|
Ashok S Agicha
and Satish |
25625 |
|
Chandni S Agicha
/ Srichand S Agicha |
15000 |
|
Gaurav
Manoharlal Agicha / Krishika G Agicha |
106250 |
|
Gautam P Agicha
/ Ashok S Agicha |
25000 |
|
Hriday M Agicha
(represented by father Rajesh M Agicha) |
6250 |
|
Krishika G
Agicha / Gaurav M Agicha |
12500 |
|
Manoharlal S
Agicha(HUF) |
10000 |
|
Manoharlal
Satramdas Agicha / Nanda M Agicha |
127500 |
|
Nanda M Agicha /
Manoharlal S Agicha |
12500 |
|
Rajesh M Agicha
H.U.F |
6250 |
|
Rajesh
Manoharlal Agicha / Sakshi R Agicha |
106250 |
|
Sakshi R Agicha /
Rajesh M Agicha |
12500 |
|
Satish |
5625 |
|
Satish Sunderdas
Agicha / Sweta S Agicha |
138125 |
|
Sidarrtha
Srichand Agicha / Srichand S Agicha |
106250 |
|
Srichand S
Agicha H.U.F |
37500 |
|
Sweta S Agicha
and Satish |
6250 |
|
Srichand
Satramdas Agicha / Chandni S Agicha |
191250 |
|
Total |
1250000 |
(AS ON 30.09.2010)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Timber Products. |
|
|
|
|
Products : |
o
Door Frames: Panel doors, skin doors, flush doors, etc. o
Flooring o
Door Frames, etc.
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
115 (Approximately ) |
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Bankers : |
·
Corporation Bank – Mandvi Branch, 221/223
Samuel Street, Masjid, Mumbai - 400003, Maharashtra, India |
||||||||||||||||||
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Makhija and Associates Chartered Accountant |
|
Address : |
204, Rewa Chambers, 31, New Marine Lines (Behind Ayakar Bhawan),
Mumbai – 400020, |
|
Tel. No.: |
91-22-22012313/ 22017431 |
|
Pan No.: |
AAEPM5315Q |
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|
|
|
Associates/Subsidiaries : |
·
Jawahar Woodtech Private Limited ·
Associate Lumbers Private Limited ·
Associate Real Estate Private Limited ·
Associate Holdings Private Limited ·
Associate Exports |
CAPITAL STRUCTURE
AS ON 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Share |
Rs.10/- each |
Rs.25.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1250000 |
Equity Share |
Rs.10/- each |
Rs.12.500
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
12.500 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
23.409 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
35.909 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
284.967 |
|
|
2] Unsecured Loans |
|
|
83.117 |
|
|
TOTAL BORROWING |
|
|
368.084 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.713 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
404.706 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
80.066 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
139.184 |
|
|
Sundry Debtors |
|
|
204.229 |
|
|
Cash & Bank Balances |
|
|
32.195 |
|
|
Other Current Assets |
|
|
2.320 |
|
|
Loans & Advances |
|
|
38.065 |
|
Total
Current Assets |
|
|
415.993 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
81.378 |
|
|
Other Current Liabilities |
|
|
7.044 |
|
|
Provisions |
|
|
3.175 |
|
Total
Current Liabilities |
|
|
91.597 |
|
|
Net Current Assets |
|
|
324.396 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.244 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
404.706 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
487.988 |
|
|
|
TOTAL |
|
|
487.988 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
477.982 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
|
477.982 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
|
10.005 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
3.887 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
|
6.118 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
4.89 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2009 |
|
PAT / Total Income |
(%) |
|
|
1.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
20.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
12.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
4.54 |
LOCAL AGENCY FURTHER INFORMATION
YEAR
IN RETROSPECT
(The first financial year of the company) total income of
the Company was Rs.487.988 Millions. The Directors are putting in their best
efforts to improve the performance of the Company.
CONVERSION
OF PARTNERSHIP FIRM INTO PRIVATE LIMITED COMPANY
The Chairman informed that as per the Resolution dated 21st
March, 2008 duly signed by the partners of partnership firm M/s Jawahar
Saw Mills which was a Joint Stock Company as defined under section 566(1) of
the Companies Act, 1956 was registered under Part IX of the Companies Act, 1956
as a Private Limited Company. The said Company having been registered carry on
the business taking over the business of the erstwhile Partnership of Jawahar
Saw Mills including all its assets and liabilities including inter alias all
licenses, permits, authorizations, registration, pending contracts and all
other rights, benefits and advantages as also outgoings. Whether provided for
and/or contingent and whether tangible or intangible and whatsoever and
howsoever.
BUSINESS OPERATION
The global financial crisis had a significant impact on the economic environment across all industry sectors and markets. They maintained strong growth in their existing business. The Company has made a Capital Investment in Plant and Machinery and Electric Installation amounting to Rs. 22.077 millions and there was also expansion in Factory building and shed amounting to Rs.26.563 millions. They also started manufacturing door frames and doors at our Khalapur unit during the year under review. They expect that in coming years it will strengthen their business activities in Timber and other allied products. The Company has also acquired land at nagpur on lease basis for a period of 25 year ending on 31.03.2035, amounting to Rs. 3.876 millions and further expansion is in process and has incurred capital work in progress amounting to Rs. 3.115 millions and processing unit is expected to start the operation after the first half of financial year 2009-10.
FORM 8
|
Corporate
identity number of the company |
U20212MH2008PTC180898 |
|
Name of the
company |
JAWAHAR SAW MILLS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
47, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) Floating charge Current and fixed
assets |
|
Particular of
charge holder |
Corporation Bank, Mandvi Branch, 221/223 Samuel Street, Masjid,
Mumbai - 400003, Maharashtra, India Email: info@ca-adlalwani.com |
|
Nature of
instrument creating charge |
1.Supplemental
Common Deed Of Hypothecation Of Movables/Assets/Debts 2.Continuity
Letter (All The Above
Agreement Constitute A Single Charge) |
|
Date of
instrument Creating the charge |
31.12.2010 |
|
Amount secured by
the charge |
Rs. 547.500
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate Of Interest As Stipulated By
Bank From Time To Time Terms Of Repayment As Stipulated By
Bank From Time To Time Margin As Stipulated By
Bank From Time To Time Extent And Operation Of The Charge First
Charge(Present And Future)-Total Limit Rs.547.500 Millions(CC/WCDL/FCDL/TRL/ECB =Rs.480.000
Millions, Term Loan=Rs.67.500 Millions (Sub Limit
-CC=Rs.150.000 Millions, B.G.=10.000 Millions) And /Or As
Stipulated By Bank From Time To Time Other As Stipulated By
Bank From Time To Time |
|
Short particulars
of the property charged (Including location of the property) |
First charge(present and future on following assets) (1)hypotheation of of all stock /goods /inventory /products /store/tools kept at borrower place/premises /factory /godown/etc or whereeverelse or in transit (2)hypothecation of all book debts and receivables (3)hypothecation of all current,movable and fixed assets including plant and machinery and other movable assets and hypothection of all the assets purchased out of bank finance (4)EMG of plot of land bearing S.No.47/4 (b) Adm.0-20.0 h.r area, s.no 50/1, adm. 0.91.2 h r area s.no.51/1, adm. 0.38.5 h.r area, 51/2, 51/3, savroli kharpada road, village dhamani, taluka khalapur Dist.raigad - 410 202 & building thereon. |
|
Particulars of
the present modification |
By This
Modification Limit Enhanced To Rs.547.500 millions. (CC/WCDL/FCDL/TRL/ECB
=Rs.480.000 millions, Term Loan=Rs.67.500 millions (SUB LIMIT -CC=Rs.150.000
millions, B.G.=10.000 millions), Securities Are Continued As Given By
Original Charge As Well As By Modifications, Terms And Conditions As Per
Agreement Attached And As Per Sanction Letter Of The Bank. |
FIXED ASSETS:
· Land
· Office Gala
· Shed
·
· Plant and Machinery
· Office Equipment
· Furniture and Fixture
· Motor Care
· Vehicles
· Motor Cycle
· Computers and Software
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.44.77 |
|
|
1 |
Rs.73.45 |
|
Euro |
1 |
Rs.64.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
YES |
|
--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.