MIRA
INFORM REPORT
|
Report Date : |
24.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
JAYA HIND INDUSTRIES LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
11.01.1947 |
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Com. Reg. No.: |
11-5480 |
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CIN No.: [Company
Identification No.] |
U7499PN 1947PLC005480 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEJ05073F |
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PAN No.: [Permanent
Account No.] |
AAACJ4268Q |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturer of Fully Machined Pressure Die Casting, Auto-Electrical Assemblies
for Steering Systems, Automation Application. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 4700000 |
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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. There appears
to be some accumulated losses recorded by the company. 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Joshi |
|
Designation : |
Accounts Department |
LOCATIONS
|
Registered Office/ Factory 1 : |
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Tel. No.: |
91-20-27473981/ 2 |
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Fax No.: |
91-20-27474827 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
Industrial Area No.-01, Sector No. 02 Mhow, |
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E-Mail : |
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Factory 2 : |
Urse Works, Maval District, Pune-410 506, |
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Tel. No.: |
91-2114-237071/73 |
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Fax No.: |
91-2114-237072 |
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E-Mail : |
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Factory 3 : |
Pithampur, District Dhar - 452 002, Madhya Pradesh,
Idnia |
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Overseas Office : |
Nurenberger Stress 31, 91781
Weissenburg/ Beyern, |
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Tel. No.: |
0049 9141858 460 |
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E-Mail : |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Abhay Navalmal Firodia |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
Sanmitra 1328/2A, |
|
Date of Birth/Age : |
05.11.1944 |
|
Date of Appointment : |
29.09.2010 |
|
DIN No.: |
00025179 |
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|
Name : |
Mr. Mohanlal Girdharilal Chopda |
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Designation : |
Director |
|
Address : |
12, Bhosale Nagar, Pune – 411007, |
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Date of Birth/Age : |
13.08.1934 |
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Date of Appointment : |
29.09.2007 |
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DIN No.: |
00040868 |
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Name : |
Mr. Mansukhlal Chandmal Munot |
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Designation : |
Director |
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Address : |
A-28, |
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Date of Birth/Age : |
23.11.1937 |
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Date of Appointment : |
27.09.2008 |
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DIN No.: |
00044975 |
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Name : |
Ms. Sunanda Sudhir Mehta |
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Designation : |
Director |
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Address : |
27, Bhosale Nagar, |
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Date of Birth/Age : |
04.07.1971 |
|
Date of Appointment : |
27.09.2008 |
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DIN No.: |
00289624 |
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|
Name : |
Ms. Shribala Sagar Chordia |
|
Designation : |
Director |
|
Address : |
37/1/4, Chorpadi, |
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Date of Birth/Age : |
01.07.1974 |
|
Date of Appointment : |
27.09.2008 |
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DIN No.: |
00041557 |
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|
Name : |
Mr. Harsha Gautam Jain |
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Designation : |
Director |
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Address : |
L-19, |
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Date of Birth/Age : |
18.07.1977 |
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Date of Appointment : |
29.09.2009 |
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DIN No.: |
00346134 |
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Name : |
Mr. Prasan Abhay Firodia |
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Designation : |
Managing Director |
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Address : |
Sanmitra 1328/2A, |
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Date of Birth/Age : |
16.02.1979 |
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Date of Appointment : |
29.09.2007 |
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DIN No.: |
00029664 |
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Name : |
Mr. Shyamala Sumatikumar Navlakha |
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Designation : |
Director |
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Address : |
M-56, Greater Kailash, Part-1, New Delhi-110048, |
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Date of Birth/Age : |
28.08.1938 |
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Date of Appointment : |
29.09.2010 |
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DIN No.: |
00188287 |
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|
|
|
Name : |
Ms. Indira Abhay Firodia |
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Designation : |
Director |
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Address : |
Sanmitra 132B/2A, |
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Date of Birth/Age : |
01.11.1949 |
|
Date of Appointment : |
29.09.2009 |
|
DIN No.: |
00035115 |
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|
|
|
Name : |
Mr. Pradeep Kanakmal Munot |
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Designation : |
Director |
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Address : |
427-Gultekdi, Pune-411037, |
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Date of Birth/Age : |
06.01.1948 |
|
Date of Appointment : |
27.09.2008 |
|
DIN No.: |
00044924 |
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|
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|
Name : |
Mr. Mohinder Singh Bhogal |
|
Designation : |
Whole Time Director |
|
Address : |
Plot No. 475, Sector 25, PCNT Nigdi, Pune-411044, |
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Date of Birth/Age : |
01.04.1945 |
|
Date of Appointment : |
10.01.2007 |
|
DIN No.: |
01303503 |
KEY EXECUTIVES
|
Name : |
Mrs. Manali Yogesh Patwardhan |
|
Designation : |
Secretary |
|
Address : |
202, Waman Sahaniwas Co-operative Housing society, Cummins College
Road, Karve Nagar, Pune-411052, Maharashtra, India |
|
Date of Birth/Age : |
19.06.1983 |
|
Date of Appointment : |
01.09.2010 |
|
PAN No.: |
AGXPG0276F |
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|
Name : |
Mr. Joshi |
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Designation : |
Accounts Department |
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|
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|
Name : |
Ms. Kavita Chitranjain Sogani |
|
Designation : |
Secretary |
|
Address : |
C-6-11, HDFC Colony, Chinchwad, Pune-411019, |
|
Date of Birth/Age : |
06.04.1970 |
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Date of Appointment : |
15.01.2003 |
|
Date of Ceasing: |
09.04.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Equity Shares |
|
Surajmal Motilal Munot |
|
25000 |
|
Shamala Sumatikumar Navalakaha |
|
93200 |
|
Sumatikumar Navalakha |
|
30000 |
|
Anoop Vilas Munot |
|
14000 |
|
Vilas Chandmal Munot |
|
20000 |
|
Indira Abhay Firodia |
|
4860000 |
|
Prasanna Holdings Private Limited, Pune, |
|
1333812 |
|
Kushal Sumatikumar Navalakha |
|
16200 |
|
Ahmednagar Engineering Private Limited, Pune, |
|
629000 |
|
Hemant Bansilal Bhandari Jointly With Kamala Bansilal Bhandari |
|
20000 |
|
Pramod Surajmal Munot |
|
25000 |
|
Karuna Pramod Munot |
|
25000 |
|
Pranil Prmod Munot |
|
25000 |
|
Abhaykumar Navlamal Firodia |
|
1698400 |
|
Prasanna Abhaykumar Firodia |
|
2700000 |
|
Prasanna Abhaykumar Firodia |
|
300000 |
|
Abhaykumar Navalimal Firodia |
|
88400 |
|
Abhaykumar Firodia Jointly with Indira Firodia |
|
1200000 |
|
Manisha Vilas Munot |
|
4000 |
|
Jayahind Investments Private Limited, Pune, |
|
30851600 |
|
Abhay N Firodia |
|
17185636 |
|
Jamnabai Navalmal Firodia jointly with Abhay Navalmal Firodia |
|
2040000 |
|
Prasan Firodia |
|
6815752 |
|
Total |
|
70000000 |
|
|
|
|
|
Names of Shareholders |
|
No. of Preference
Shares |
|
Jaya Hind Investments Private Limited, Pune, |
|
75000000 |
|
Total |
|
75000000 |
Equity Share Breakup (Percentage of Total
Equity)
As on 30.09.2010
|
Category |
|
Percentage of Holding |
|
|
|
|
|
Bodies
corporate |
|
46.87 |
|
Directors
or relatives of directors |
|
52.93 |
|
Other
top fifty shareholders |
|
0.20 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Fully Machined Pressure Die Casting, Auto-Electrical
Assemblies for Steering Systems, Automation Application. |
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Products : |
Pressure Die Castings ·
Engine Blocks ·
Transmission Cases ·
Oil Sump ·
Clutch housing ·
Timing Case over ·
Ladder Frame ·
Oil Cooler Head ·
VE Pump housing ·
Cylinder Head Cover ·
Engine mounting Bracket ·
Gravity Die Casting ·
Cylinder heads ·
Flywheel Housing ·
Turbo charge compressor housing ·
Intake Manifolds ·
Alternator Mounting Brackets Auto Components ·
AC Generator ·
Ignition Coil ·
Caliper Brake ·
Clutch cover ·
Clutch plate ·
Cylinder head cover assembly
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Exports : |
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Products : |
Auto Electrical Assemblies |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Pressure and Gravity Die Casting |
Tonnes |
23257 |
16000 |
*7731 |
|
Flywheel Magneto System |
Nos. |
1550000 |
800000 |
232780 |
|
H.T. Coils |
Nos. |
200000 |
200000 |
711 |
|
Dies, Moulds, Jigs and Fixtures |
Nos. |
400 |
90 |
**50 |
|
Automotive Clutches |
Sets |
300000 |
70000 |
43313 |
|
Vehicle Bodies |
Nos. |
10000 |
4000 |
15474 |
|
Water Pump |
Nos. |
60000 |
60000 |
36763 |
|
Automotive Brakes |
Nos. |
54000 |
24000 |
51972 |
|
Trailer/ Tippers |
-- |
8000 |
-- |
-- |
* Includes 116 (154) Tonnes of casting produced for use in the production
of Magnetos and Water pump and 1,382 (1,433) Tonnes produced with the Customers
Materials.
** Out of which 10 (11) Dies Capitalised.
Installed Capacities as included above are those certified by the
Management and accepted by Auditors.
GENERAL INFORMATION
|
Customers : |
End Users ·
FIAT ·
TATA ·
Mahindra ·
Daimler Chrysler ·
GM ·
Maruti Suzuki ·
Ashok Leyland ·
Hero Honda ·
Swaraj Mazda ·
Lombarini ·
Man Force Truck Private Limited ·
Turbo Energy Limited ·
·
Borg Warner ·
AVTEC Limited ·
Autocomp Systems ·
Ford ·
POSH |
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Bankers : |
·
State Bank of ·
Syndicate Bank, Chinchwad Branch, Pune ·
Canara Bank, Branch Pimpri Pune, ·
Central Bank of India, Foreign Bills Department,
Guarantee Section, Ewart House, Sir Honi Mody Station, Fort, Mumbai – 400
023, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
P G Bhagwat Chartered Accountants |
|
Address : |
Suite No. 101-102, ‘Orchard’, Dr. Pai Marg, Baner, Pune-411045, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
70000000 |
Equity Shares |
Rs. 10/- each |
Rs.700.000 millions |
|
75000000 |
Preferences Shares |
Rs. 10/- each |
Rs.750.000 millions |
|
|
Total |
|
Rs.1450.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
70000000 |
Equity Shares |
Rs. 10/- each |
Rs.700.000 millions |
|
75000000 |
Preferences Shares |
Rs. 10/- each |
Rs.750.000 millions |
|
|
Total |
|
Rs.1450.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1450.000 |
1050.000 |
750.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
165.000 |
165.000 |
62.782 |
|
|
4] (Accumulated Losses) |
(451.741) |
(328.617) |
0.000 |
|
|
NETWORTH |
1163.259 |
886.383 |
812.782 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
865.593 |
869.825 |
967.314 |
|
|
2] Unsecured Loans |
182.418 |
151.728 |
305.303 |
|
|
TOTAL BORROWING |
1048.011 |
1021.553 |
1272.617 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2211.270 |
1907.936 |
2085.399 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1673.497 |
1657.337 |
1303.231 |
|
|
Capital work-in-progress |
84.546 |
80.245 |
254.981 |
|
|
|
|
|
|
|
|
INVESTMENT |
3.377 |
3.376 |
3.376 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
205.329
|
130.753
|
252.715
|
|
|
Sundry Debtors |
386.321
|
297.896
|
427.832
|
|
|
Cash & Bank Balances |
100.280
|
6.997
|
13.714
|
|
|
Other Current Assets |
0.339
|
0.282
|
0.317
|
|
|
Loans & Advances |
317.769
|
331.432
|
359.218
|
|
Total
Current Assets |
1010.038
|
767.360
|
1053.796
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
366.233
|
304.854
|
323.308
|
|
|
Other Current Liabilities |
132.142
|
189.681
|
97.203
|
|
|
Provisions |
61.813
|
105.847
|
109.474
|
|
Total
Current Liabilities |
560.188
|
600.382
|
529.985
|
|
|
Net Current Assets |
449.850
|
166.978
|
523.811
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2211.270 |
1907.936 |
2085.399 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1756.411 |
1323.190 |
1652.920 |
|
|
|
Other Income |
130.887 |
99.776 |
139.747 |
|
|
|
TOTAL |
1887.298 |
1422.966 |
1792.667 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
1122.835 |
977.079 |
1144.429 |
|
|
|
Other Expenditure |
704.779 |
672.589 |
714.877 |
|
|
|
Expenditure included in above items
capitalized` |
(36.167) |
(27.233) |
(35.547) |
|
|
|
Depreciation in respect of earlier year
written back |
0.000 |
0.000 |
(439.904) |
|
|
|
TOTAL |
1791.447 |
1622.435 |
1383.855 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
95.851 |
(199.469) |
408.812 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
218.875 |
176.255 |
149.058 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(123.024) |
(375.724) |
259.754 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.101 |
0.674 |
87.304 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(123.125) |
(376.398) |
172.450 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(328.617) |
(4.897) |
(177.347) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(451.742) |
(381.295) |
(4.897) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Direct Export |
75.147 |
95.449 |
NA |
|
|
|
Deemed Export |
0.000 |
4.969 |
NA |
|
|
TOTAL EARNINGS |
75.147 |
100.418 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
6.686 |
0.000 |
NA |
|
|
|
Stores & Spares |
71.294 |
17.989 |
NA |
|
|
|
Capital Goods |
103.576 |
152.864 |
NA |
|
|
TOTAL IMPORTS |
181.556 |
170.853 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
(1.76_ |
(9.31) |
11.38 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(6.52) |
(26.45) |
9.62
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(7.00) |
(28.40) |
15.71
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.58) |
(15.50) |
11.02
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.11) |
(0.42) |
0.32
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.38 |
1.83 |
2.22
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.80 |
1.28 |
1.99
|
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCES:
- Maruthi
- Hero Honda
OPERATIONS
In spite of the effect of global economic slowdown, which commenced from
the year 2008, on the first half of the financial year under report, the
Company could achieve a turnover of Rs.1887.200 Millions as against a turnover
of Rs.1422.900 Milions for the year 2008-09, representing an overall increase
of 32.63%.
The performance of the Company in the various business during the year
under report was as under :-
|
Division |
Sales turnover Achieved (Rs. in Millions) |
Increase/Decrease in percentage over Rs. sales turnover of 2008-09 |
|
Pressure Die Casting (PDC) |
1056.838 |
61.91% |
|
Gravity Die Casting (GDC) |
310.014 |
54.18% |
|
Auto Electricals |
102.170 |
(56.42%) |
|
Other |
418.276 |
34.26% |
The cash profit for the year under report was Rs.9.58 crores compared to
loss of Rs.19.94 crores for the year 2008-09.
During the year under report, the Company could develop business
relations with new customers like ZF India Private Limited, JCB India Limited.
All development efforts in respect of supply of castings/auto parts to these
new customers are completed and commercial supplies, in reasonable volumes,
have commenced from April, 2010.
With these additions the Company has achieved the status of being a
component supplier to all major Indian and foreign automobile manufacturers
having manufacturing facilities in India, except for very few. This
diversification, across the automobile market, is expected to assist the
Company to withstand the segment-wise changes in that
industry. It is expected that the benefit of efforts of establishing
relationships with auto manufacturers for a variety of products will yield good
results in the coming years.
In view of substantial additions made by the Company in the facilities
at Urse to establish larger capacities to manufacture PDC and GDC, the charge
of depreciation stands increased from Rs.176.200 Millions for 2008-09 to
Rs.218.800 Millions for the year 2009-10, representing an additional charge to
the Profit and Loss Account of Rs. 42.600 Millions. In spite of such higher
charge of depreciation, the profit/loss for the year under report stands
substantially improved if compared to the results of financial year 2008-09.
The Company expects further improvement, in this respect, during the current
financial year, considering the trends prevalent in the first quarter of the
current financial year 2010-11.
Constant changes and upward bias in the prices of Aluminium, being the
basic raw material used by the Company, the performance of the Company, in
spite of achievement of higher turnover, could not result in profit, after
charging interest and depreciation. Considering the practices and the trends in
the auto component industry, any increase in revenue realization from sale of
manufactured parts so as to offset increase in raw material prices has certain
lead time and this cost, during the intervening period, affects the
profitability of the Company. This is what has happened in the year under
report.
The Company has taken all measures such as recycling of material,
Quality Circles, yield optimization to optimally use the raw material and
reduce wastage so as to control the cost of material effectively.
In view of absence of profits, after depreciation, interest and tax, the
Board of Directors of the Company is not in a position to recommend payment of
any dividend on preference shares or equity shares issued by the Company.
Contingent Liabilities:
|
Particulars |
31.03.2010 Rs.
in Millions |
|
Taxation and other matters |
67.509 |
|
Sales bills discounted |
13.024 |
|
Out of Which |
|
|
Bills since realized (up to 22.06.2010) |
10.653 |
Bankers Charges
Report as per Registry
|
Name of the company |
JAYA HIND SCIAKY
LIMITED |
|
Presented By |
Syndicate Bank, Chinchwad Branch, Pune |
|
1) Date and description of instrument creating the change |
1. Composite
Hypothecation Agreement dated 18th February, 2005. 2. Charge and
Hypothecation of Book Debts Agreement
dated 18th February, 2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 105.500
Millions (SOD – Rs. 25.000
Millions, Bank Guarantee – Rs. 12.500 Millions with Sub Limit ILC / FLC Rs.
7.500 Millions, TL – Rs. 68.000 Millions) |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
1. Stock and Raw
Material Work in Progress, Finished Goods, Trade Receivable. 2. Various
Machines Purchased to be purchased. 3. Existing
Machineries with W.D.V as on 31.03.2004 Rs. 43.544 Millions |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
: 11% p.a. being Nil % over and above Banks PLR Repayment of Term
Loan Rs. 0.005 Million to be repaid in 48 equal monthly installments of Rs.
1.758 Millions per month due on or before as per sanction letter dated
09.10.2004 |
|
5) Name and Address and description of the person entitled to the charge. |
Syndicate Bank, Chinchwad Branch, Pune |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80052456 |
|
Corporate
identity number of the company |
U7499PN 1947PLC005480 |
|
Name of the company
|
JAYA HIND INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
State Bank of |
|
Nature of
description of the instrument creating or modifying the charge |
Joint Deed of Hypothecation |
|
Date of
instrument Creating the charge |
16.02.2009 |
|
Amount secured by
the charge |
Rs. 402.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest A per Sanction
letter of the bank Terms of
Repayment As per sanction
letter of the bank Margin As per sanction
letter of the bank Extent and
Operation of the charge The working
Capital facilities Rs. 402.500 Millions |
|
Short particulars
of the property charged |
Hypothecation of
whole of the current assets of the company namely, stocks in process,
semi-finished and finished goods, raw material stores and spares not relating
to plant and machinery (consumable stores and spares), bills receivables and
book debts, both present and future. |
|
Particulars of
the present modification |
By present joint
deed of Hypothecation dated 16.02.2009 with the Working Capital facilities
has been increased from Rs. 322.500 Millions to Rs. 402.500 Millions |
FIXED ASSETS:
- Buildings
- Plant and Machinery
- Electrical Installation
- Dies, Jigs and Fixture
- Furniture and Equipments
- Vehicles
- Computers
WEBSITE DETAILS:
CORPORATE PROFILE:
The Founder Shri
Navalmal Kundanmal Firodia - Freedom Fighter and dedicated Gandhian. participated
in the Freedom struggle joining the
Non-cooperation Movement in 1932 and the Quit India Movement in 1942.His
vision of an independent and industrially strong nation inspired his many
achievements. He pioneered the automotive industry in
MILESTONES:
- 2010 : Received the ISO 14001 and OHSAS 18001
Certification.
- 2009: April - " Best Development
Partner " Award from Mahindra and Mahindra. August -
Productionization of Cylinder Block through High Pressure Die Cast
Process.
- 2008: Best Foundry - 2008 (Large Scale
Sector) Award from ALUCAST. Technical License Agreement signed with Kolben
Schmidt Aluminium Technologie Ag (KSAT Ag) for manufacture of Aluminium
Engine blocks, Bed Plates and Cylinder Blocks
- 2007: Aluminum High Pressure Die Casting
capacity increased to 25,000 tonnes per annum. Added five new casting
cells in the range of 850 to 3200 tonnes locking force. .
- 2006: Machining set up for supplying fully
machined castings from Akurdi plant. Technical cooperation with MEISSNER
for Tool design, development and production of gravity die cast tooling.
- 2005: Partnership with Bridge Aluminum. Aluminum Die casting capacity increased
to 18,000 tonnes per annum.
Awarded the TS 16949:2002 Certification. - 2004: Partnership with Heck and Becker for
large High Pressure Casting Dies.
TQM started under the guidance of Mr. Masatoshi Iwasaki of JUCE,
- 2003: Received the ISO 9001 : 2000
certification. Tool room capacity expansion.
- 2001 :Received the ISO 9002 : 1994
certification.
- 1999 : Implemented SAP R/3 - ERP System.
- 1998 : Collaborated with
- 1997 :Installed the country's largest
pressure die casting machine at Urse in Pune
- 1989 :Collaborated with
- 1969 :Revolutionized the market with the
first moped, Luna.
- 1964 :Opened a new plant for Pressure Die
Casting at Akurdi, Pune.
- 1948 : Initiated auto-rickshaw and scooter
projects in collaboration with
Management:
Jaya Hind Industries Limited is part of US$ 350 million (Rs. 30000.000
Millions) strong ‘Firodia Group of Industries’. This Group is primarily engaged
in manufacturing of Small, Medium and Heavy commercial vehicles, Agricultural
Tractors and special passenger transportation vehicles. Dr. Abhay Firodia is
Chairman of the group, ably supported by his son, Mr. Prasan Firodia as
Managing Director.
Jaya Hind Industries is a closely held, non listed Private company in
which Firodia Family holds majority shares.
News and Events:
Pune: 4th August 2010. Jaya Hind Industries has been conferred the
prestigious international OHSAS 18001 certification from TUV. The certificate
is awarded for conformance to the stringent Occupational Health and Safety Management
System. The certification was received by Mr. Prasan Firodia, Managing
Director, Jaya Hind from Mr. Milind Shende, of TUV.
The ISO 14001 certification is yet another feather in Jaya Hind’s cap.
The ISO 14001 procedures represent best management practices as defined by
consensus amongst the representatives of more than 50 international standards
bodies.
Speaking on the occasion Mr. Prasan Firodia said,
“This is indeed a great achievement for JHI. Implementing occupational
safety, healthy working environment norms in Pressure Die Casting has been our
main priority. We are proud to be the second company in
This recognition came hot on heels of the ‘KAIZEN - Vendor Performance
award for 2009-10’ bestowed by Maruti Suzuki. The award was received by Mr. M.
V. Khandekar, Deputy Divisional Manager – Sales on behalf of JHI at a
glittering ceremony held in the Hotel Leela Kempinski at Gurgaon, on 31st July,
2010.
The same day, saw JHI winning yet another recognition – the ‘Yellow
Belt’ instituted by ‘Mahindra Institute of Quality. It was awarded to Mr. Omkar
Kulkarni, Deputy Manager – Quality Assurance, JHI, in recognition of his
contribution in resolving various quality issues.
Winning awards in rapid succession not only recognizes the dedication of
Team Jaya Hind Industries to manufacturing efforts and support services but
also in implementing safety systems and procedures.
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.44.96 |
|
|
1 |
Rs.73.57 |
|
Euro |
1 |
Rs.63.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--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.