MIRA
INFORM REPORT
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Report Date : |
13.05.2011 |
IDENTIFICATION DETAILS
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Name : |
JYOTI ARCHITECTURAL PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
12 |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation
: |
17.08.2005 |
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Com. Reg. No.: |
11-155389 |
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Capital
Investment / Paid-up Capital : |
Rs 5.000 Millions |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacture and Distributor of Hardware Furniture Fittings. |
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No. of Employees
: |
12 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 52090 |
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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
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Ms. Deepa |
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Designation : |
Accounted |
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Date : |
09.05.2011 |
LOCATIONS
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Registered Office : |
12 |
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Tel. No.: |
91-22-28560183 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Branches : |
A-111 Sagar Tech Plaza, A K Road, Sakinaka Junction, Andheri East,
Mumbai – 400072, Maharashtra, India |
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Tel. No.: |
91-22-24621000/04 |
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Fax No.: |
91-22-67701661
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Email : |
DIRECTORS
AS ON 29.09.2010
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Name : |
Mr. Dilip Swarupchand Sanghvi |
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Designation : |
Director |
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Address : |
1305, Vindhyachal, Neelkanth Vally, Ghatkopar, Mumbai – 400077, |
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Date of Birth/Age : |
03.01.1952 |
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Date of Appointment : |
17.08.2005 |
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Name : |
Mr. Nitul Dilip Sanghvi |
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Designation : |
Director |
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Address : |
1305, Vindhyachal, Neelkanth Vally, Ghatkopar, Mumbai – 400077, |
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Date of Birth/Age : |
21.11.1979 |
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Date of Appointment : |
17.08.2005 |
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Name : |
Ms. Jyoti Dilip Sanghvi |
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Designation : |
Director |
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Address : |
1305, Vindhyachal, Neelkanth Vally, Ghatkopar, Mumbai – 400077, |
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Date of Birth/Age : |
13.03.1953 |
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Date of Appointment : |
17.08.2005 |
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Name : |
Mr. Sanghvi Dilip Tanvi |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Ms. Deepa |
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Designation : |
Accounted |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
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Names of Shareholders |
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No. of Shares |
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Mr. Dilip Swarupchand Sanghvi |
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75000 |
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Ms. Jyoti Dilip Sanghvi |
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75000 |
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Mr. Nitul Dilip Sanghvi |
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50000 |
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Mr. Sanghvi Dilip Tanvi |
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50000 |
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Total |
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250000 |
AS ON 29.09.2010
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Category |
Percentage |
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Bodies corporate |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture and Distributor of Hardware Furniture Fittings. |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
12 (Approximately) |
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Bankers : |
Bank of India, Sakinaka Branch, Sagar Tech Plaza, Andheri Kurla Road,
Sakinaka, Andheri (East), Mumbai – 400072, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Pabari Gokani and Company Chartered Accountant |
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Address : |
J/4, “Mangal Kunj” Opp indraprasth Shopping Centre, |
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Associates/Subsidiaries : |
--- |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500
Millions |
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Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500
Millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
Expected Sales (2011-2012) : Rs. 167.700 Millions
The above information has been parted by Ms. Deepa.
ABRIDGED BALANCE
SHEET
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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 |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
10.524 |
7.596 |
4.526 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
13.024 |
10.096 |
7.026 |
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LOAN FUNDS |
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1] Secured Loans |
4.906 |
2.125 |
2.443 |
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2] Unsecured Loans |
18.946 |
15.185 |
14.279 |
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TOTAL BORROWING |
23.852 |
17.310 |
16.722 |
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DEFERRED TAX LIABILITIES |
(0.004) |
0.015 |
0.023 |
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TOTAL |
36.872 |
27.421 |
23.771 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.418 |
2.341 |
2.165 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
19.110
|
14.345 |
11.550 |
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Sundry Debtors |
28.837
|
23.464 |
27.533 |
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Cash & Bank Balances |
1.064
|
0.539 |
0.678 |
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IT Refund Receivable |
0.271
|
0.271 |
0.000 |
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Loans & Advances |
1.477
|
1.672 |
1.685 |
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Total
Current Assets |
50.759
|
40.291 |
41.446 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
14.066
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13.051 |
17.728 |
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Other Current Liabilities |
0.886
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0.700 |
0.731 |
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Provisions |
1.353
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1.471 |
1.401 |
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Total
Current Liabilities |
16.305
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15.222 |
19.860 |
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Net Current Assets |
34.454
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25.069 |
21.586 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.010 |
0.020 |
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TOTAL |
36.872 |
27.421 |
23.771 |
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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 |
118.362 |
124.276 |
116.689 |
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Other Income |
16.230 |
14.719 |
14.358 |
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TOTAL |
134.592 |
138.995 |
131.047 |
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Less |
EXPENSES |
NA |
NA |
NA |
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TOTAL |
NA |
NA |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
4.774 |
4.968 |
4.815 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.455 |
0.436 |
0.329 |
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PROFIT BEFORE
TAX |
4.319 |
4.532 |
4.485 |
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Less |
TAX |
1.335 |
1.462 |
1.462 |
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NET PROFIT OF
THE YEAR |
2.984 |
3.070 |
3.023 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.20
|
3.26 |
3.42 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.50
|
11.24 |
10.82 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.44 |
0.63 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.25
|
1.50 |
2.82 |
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Current Ratio (Current Asset/Current Liability) |
|
3.11
|
2.64 |
2.08 |
LOCAL AGENCY FURTHER INFORMATION
Operations:
The Company's turnover has decreased to Rs. 118.362 Millions during the
Financial Year. The Net Profits has also decreased to Rs. 2.984 Millions during
the Financial Year.
Fixed Assets:
- Air
Conditions
- Computer
- Motor Car
- Sony DSC
Camera
- Furniture
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Corporate
identity number of the company |
U36100MH2005PTC155389 |
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Name of the
company |
JYOTI ARCHITECTURAL PRODUCTS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
12 GOLD MOHUR BUILDING1ST FLR MUMBAI - 400002 |
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This form is for |
Modification of
charge |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
Bank of India,
Sakinaka Branch , Sagar Tech Plaza , Andheri Kurla Road , Sakinaka, Andheri
(East), Mumbai – 400072, Maharashtra, INDIA |
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Nature of
instrument creating charge |
Supplemental deed
of Hypothecation |
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Date of
instrument Creating the charge |
16.06.2010 |
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Amount secured by
the charge |
12.000 millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest: 2% over BOIBPLR presently 14% p.a. with monthly rests or at
such other rate/s of interest as may be notified by bank from time to time. Terms of Repayment: On Demand. Margin: 25% against Raw material &
Finished goods ; 40% against Book Debts outstanding of 2 or 3 months OR As
specified by the bank form time to time . Extent and Operation of the charge: Security in favour of Bank as first
charge for due payment of all monies including the principal
sums/interest/commission, costs, charges & expenses & all other
moneys, whatsoever due owing and payable by the borrower to Bank under or in
respect of or in connection with or in
anywise concerning or relating to the said facilities agreed to be granted
&/or granted by the Bank to the borrower as aforesaid & Also for due
repayment of all present & future Continued in (e) Others Others: indebtedness & liabilities of the borrower to the Bank of any
kind in any manner whether solely or jointly, primary or collateral, accrued
or accruing with all relative interest/commission, charges, costs (between
Advocate & client) & expenses. Revised Facility & Limits: Cash Credit
Limit : 1) Hyp.of Stocks Rs.1.200 million, 2) Hyp.of Book debts - Rs.1.200
million Total Max.: Rs. Rs.1.200 million |
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Short particulars
of the property charged |
1) a) All
tangible movable machineries and plant both present & future wherever situated b) All tangible movable
properties and assets of whatsoever nature (both present & future) at
Contd.in (ii)&(iii) 2) Mumbai or
wherever else c) All present & future book debts, outstanding, money
receivables, claims,bills which are now due and owing or which may any time 3) hereafter
during the continuance of this security become due and owing to the Borrower.
Details as per Supplemental deed attached. |
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.44.79 |
|
|
1 |
Rs.73.19 |
|
Euro |
1 |
Rs.63.59 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
|
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|
--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.