MIRA
INFORM REPORT
|
Report Date : |
15.03.2011 |
IDENTIFICATION DETAILS
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Name : |
JOGLEKAR REFRACTORIES PRIVATE LIMITED (w.e.f. 23.06.2010) |
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Formerly Known
As : |
JOGLEKAR REFRACTORIES AND CERAMICS PRIVATE LIMITED |
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Registered
Office : |
“Sukhakarta”, J-3, Shree Dattaguru Co-Operative Housing Society
Limited, Deonar, Mumbai – 400 088, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
15.01.1990 |
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Com. Reg. No.: |
11-055056 |
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CIN No.: [Company Identification
No.] |
U27200MH1990PTC055056 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ08632B |
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PAN No.: [Permanent Account No.] |
AAACJ4952H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Wholesaler of Burning Lance, Slide Gate System and Coated Pipe. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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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 157000 |
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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 |
LOCATIONS
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Registered Office : |
“Sukhakarta”, J-3, Shree Dattaguru Co-Operative Housing Society
Limited, Deonar, Mumbai – 400 088, |
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Tel. No.: |
91-22-27693133 |
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E-Mail : |
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Website : |
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Factory : |
R-627,
TTC Industrial Area, MIDC Rabale, P.O. Ghansoli, Navi Mumbai - 400
701, |
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Tel. No.: |
91-22-27693133 / 32982670 |
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Fax No.: |
91-22-27697701 |
DIRECTORS
As on 21.09.2010
|
Name : |
Mr. Meghan Yeshwant Joglekar |
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Designation : |
Managing Director |
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Address : |
“Sukhakarta”, J-13, Shree Dattaguru Co-Operative Housing Society
Limited, Deonar, Mumbai – 400 088, |
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Date of Birth/Age : |
12.07.1964 |
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Date of Appointment : |
15.01.1990 |
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DIN No.: |
00095756 |
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Name : |
Mrs. Anagha Meghan Joglekar |
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Designation : |
Additional Director |
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Address : |
“Sukhakarta”, J-13, Shree Dattaguru Co-Operative Housing Society Limited,
Deonar, Mumbai – 400 088, |
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Date of Birth/Age : |
28.09.1968 |
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Date of Appointment : |
01.12.2008 |
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DIN No.: |
02311874 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 21.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Meghan Yeshwant Joglekar |
|
120300 |
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Anagha Meghan Joglekar |
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20000 |
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Amogh Meghan Joglekar |
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10000 |
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Sanyukta Meghan Joglekar |
|
10000 |
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Sudhakar Achut Joglekar |
|
200 |
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Shashikant Achut Joglekar |
|
200 |
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Kshama Joglekar |
|
100 |
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Rupa Mohan Deshpande |
|
100 |
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Sadashiv Vishnu Gokhale |
|
200 |
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Rajiv Anant Sohony |
|
200 |
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Vijaya Puroshottam Date |
|
100 |
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Purshottam Krishna Date |
|
200 |
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Usha Chandrashekhar Deo |
|
200 |
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Ganpat Krishna Date |
|
200 |
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Yogeshwari Ranade |
|
200 |
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Vishwanath Ganesh Apte |
|
200 |
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Total |
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162400 |
As on 21.09.2010
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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 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Wholesaler of Burning Lance, Slide Gate System and Coated Pipe. |
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Products : |
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GENERAL INFORMATION
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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 : |
N.K. Kalra and Associates Chartered Accountants |
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Address : |
Shiv Kripa, 1st Floor, |
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Tel. No.: |
91-22-25293005/ 06 |
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Fax No.: |
91-22-25293008 |
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E-Mail : |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
395000 |
Equity Shares |
Rs.10/- each |
Rs.3.950 millions |
|
5000 |
15% Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.0.050 million |
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Total
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|
Rs.4.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
162400 |
Equity Shares |
Rs.10/- each |
Rs.1.624
millions |
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(Of the above 81200 shares of Rs.10/- each were allotted on fully paid bonus
shares by capitalization of profits)
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 |
1.624 |
1.624 |
1.654 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
37.732 |
29.724 |
28.310 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
39.356 |
31.348 |
29.964 |
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LOAN FUNDS |
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1] Secured Loans |
0.096 |
0.600 |
13.570 |
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2] Unsecured Loans |
2.740 |
2.740 |
2.830 |
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TOTAL BORROWING |
2.836 |
3.340 |
16.400 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.001 |
0.042 |
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TOTAL |
42.192 |
34.689 |
46.406 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.601 |
6.980 |
9.230 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.077 |
0.076 |
0.081 |
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DEFERREX TAX ASSETS |
0.035 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
8.692
|
10.245 |
6.004 |
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Sundry Debtors |
29.465
|
21.791 |
34.633 |
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Cash & Bank Balances |
8.323
|
4.708 |
11.071 |
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Other Current Assets |
0.160
|
0.210 |
0.142 |
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Loans & Advances |
12.536
|
7.632 |
9.461 |
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Total
Current Assets |
59.176
|
44.586 |
61.311 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
9.240
|
8.904 |
12.277 |
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Other Current Liabilities |
2.303
|
1.245 |
2.795 |
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Provisions |
12.154
|
6.804 |
9.144 |
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Total
Current Liabilities |
23.697
|
16.953 |
24.216 |
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Net Current Assets |
35.479
|
27.633 |
37.095 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
42.192 |
34.689 |
46.406 |
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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 |
119.425 |
115.790 |
110.936 |
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Other Income |
0.649 |
0.977 |
10.910 |
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TOTAL (A) |
120.074 |
116.767 |
121.846 |
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Less |
EXPENSES |
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Manufacturing Expenses |
88.183 |
89.693 |
87.832 |
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Administrative Expenses |
11.455 |
8.033 |
17.428 |
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Selling Expenses |
3.427 |
6.647 |
3.716 |
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Donation |
0.017 |
0.010 |
0.015 |
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Loss on |
0.014 |
0.075 |
(0.026) |
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TOTAL (B) |
103.096 |
104.458 |
108.965 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
16.978 |
12.309 |
12.881 |
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Less |
FINANCIAL
EXPENSES (D) |
0.978 |
1.249 |
1.759 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
16.000 |
11.060 |
11.122 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.778 |
0.935 |
1.110 |
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PROFIT BEFORE
TAX (E-F) (G) |
15.222 |
10.125 |
10.012 |
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Less |
TAX (H) |
5.314 |
3.663 |
3.535 |
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PROFIT AFTER TAX
(G-H) (I) |
9.908 |
6.462 |
6.477 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
15.617 |
14.110 |
10.423 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
7.500 |
4.000 |
2.500 |
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Interim/ Proposed Dividend |
1.624 |
0.816 |
0.248 |
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Tax on Dividend |
0.276 |
0.139 |
0.042 |
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BALANCE CARRIED
TO THE B/S |
16.125 |
15.617 |
14.110 |
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Earnings Per
Share (Rs.) |
61.01 |
NA |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.25
|
5.53 |
5.32 |
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Net Profit Margin (PBT/Sales) |
(%) |
12.75
|
8.74 |
9.03 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
23.14
|
19.64 |
14.19 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.32 |
0.33 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.67
|
0.65 |
1.36 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.50
|
2.63 |
2.53 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
The upswing in the fortunes of Steel companies as well as Foundries has
meant that they are in a situation of increasing demand. The medium term
prospects for the industry seem good and they are poised to take advantage of
this. The tie-up with some foreign raw material suppliers from
They have achieved a turnover of Rs.119.400 millions this is higher than
the previous year by Rs.3.600 millions. This is not a significant increase but
by restructuring the prices and having better and leaner practices. They have
recorded an excellent net profit of Rs.9.908 millions.
TURNOVER TARGETS:
For the 2010-2011, they have targeted a
Manufacturing activities turnover of Rs.140.000 millions. Against Rs.119.400
millions which was in 2009-2010. With the buoyancy in the steel sector and
foundries this growth should be achievable.
FIXED ASSETS:
·
·
Land for New Pune Factory
·
·
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipments
·
Office Premises at Vakola
·
Computer
·
Electronic Equipments
·
Vehicles
·
Factory Tools
·
Research Equipment
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.45.15 |
|
|
1 |
Rs.72.59 |
|
Euro |
1 |
Rs.62.95 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
47 |
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.