MIRA INFORM REPORT
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Report Date : |
28.05.2011 |
IDENTIFICATION DETAILS
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Name : |
JHS TAIGENE ELECTRICAL COMPANY PRIVATE LIMITED |
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Registered Office : |
G-92, D-III, MIDC, Chinchwad, Pune-411019, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
25.09.1998 |
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Com. Reg. No.: |
11-012907 |
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Paid-up Capital : |
Rs. 31.000 Millions |
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CIN No.: [Company
Identification No.] |
U52334PN1998PTC012907 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEJ04616D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Exporter and Importer of Automobile Components, Spare Parts,
Accessories Including Storage Battery For Automobile Application And Auto
Servicing Garage Equipments. |
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No. of Employees : |
Not Available |
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 400000 |
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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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
G-92, D-III, MIDC, Chinchwad, Pune-411019, |
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E-Mail : |
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Warehouse : |
Gat No 436 A/2, Village Takwe Budruk Tal Maval, Vadgaon Maval, Pune
412106, |
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Tel. No.: |
91-2114-244024/244302/952114 (Local) |
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Fax No.: |
91-2114-244301 |
DIRECTORS
As On 30.09.2010
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Name : |
Mr. Arunkumar Hastimal Firodia |
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Designation : |
Director |
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Address : |
Swagat Plot No. 20l, SMT Pankunwar Firodia Path, Pune-411016, |
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Date of Birth/Age : |
23.03.1943 |
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Date of Appointment : |
30.09.1999 |
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DIN No.: |
00057324 |
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Name : |
Mr. Manish Mohan Motwani |
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Designation : |
Managing Director |
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Address : |
C 3 Abhimanshree Co Operative Housing Society, |
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Date of Birth/Age : |
02.10.1967 |
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Date of Appointment : |
17.03.2000 |
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DIN No.: |
00394860 |
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Name : |
Mr. Jiro Mutsuaki Saeki |
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Designation : |
Director |
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Address : |
No. 303-10, |
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Date of Birth/Age : |
20.12.1950 |
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Date of Appointment : |
28.09.2002 |
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Name : |
Mr. Ching Hui Chung |
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Designation : |
Director |
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Address : |
5F No. 20ll, Lane No. 50l, Tienmu West Rolad, |
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Date of Birth/Age : |
07.07.1960 |
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Date of Appointment : |
01.04.2000 |
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DIN No.: |
02209698 |
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Name : |
Mr. Lin Shang Chung |
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Designation : |
Director |
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Address : |
4-F No 12, LN 219 Sec 1 FU-Shing, |
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Date of Birth/Age : |
28.04.1928 |
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Date of Appointment : |
01.04.2000 |
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DIN No.: |
02209709 |
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Name : |
Mr. Kang Yea Chung |
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Designation : |
Director |
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Address : |
14 F No. 46, Twenty Changtdshing Dien, |
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Date of Birth/Age : |
18.10.1960 |
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Date of Appointment : |
01.04.2000 |
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Name : |
Mr. Sreenivasa Nittur Murthy |
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Designation : |
Director |
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Address : |
RM 85, Aishwarya G Block, MIDC, Sambhaji Nagar, Pune-411019, |
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Date of Birth/Age : |
14.11.1957 |
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Date of Appointment : |
10.09.2004 |
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Name : |
Mr. Ajit Yashwant Kkirapate |
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Designation : |
Director |
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Address : |
Block No. 20, Yashashree Swami Vivekanand Societyl, Sant Nagar,
Pune-411009, |
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Date of Birth/Age : |
14.11.1957 |
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Date of Appointment : |
30.09.2005 |
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Date of Ceasing: |
02.03.2009 |
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DIN No.: |
01381508 |
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Name : |
Mr. Manmohan Krishna Khera |
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Designation : |
Director |
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Address : |
Flat No. 1 and 3, Pride Plot No. 22, S.No. 80/2, |
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Date of Appointment : |
28.09.2004 |
KEY EXECUTIVES
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Name : |
Mrs. Katha Lalit Maheshwari |
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Designation : |
Company Secretary |
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Address : |
B 19 Bhavani Park, Near Food World, Aundh, Pune – 411007, |
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Date of Appointment : |
07.03.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Jaya Hind Sciaky Limited – |
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1395000 |
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Taigene Electric Machine Company Limited – Republic of |
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1395000 |
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Sojitz Taiwan Corporation – Republic of |
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31000 |
As On 30.09.2010
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Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
55.00 |
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Bodies corporate |
45.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Exporter and Importer of Automobile Components, Spare Parts,
Accessories Including Storage Battery For Automobile Application And Auto
Servicing Garage Equipments. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2010)
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Starter Motor |
Nos |
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90000 |
81981 |
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Fan Shroud Assly |
Nos |
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90000 |
135969 |
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Motor Assembly |
Nos |
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180000 |
11695 |
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Clutch Assembly |
Nos |
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* |
66 |
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Fan Motor |
Nos |
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120000 |
120423 |
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Alternator Housing |
Nos |
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1700000 |
31665 |
Note:
* Capacity included in 180000 (Motor Assembly)
Note: Installed capacity as certified by the
director and accepted by auditors.
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P G Bhagwat Chartered Accountant |
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Address : |
Suit 101-102, Orchard Dr. Pal Marg, Baner, Pune-411045, |
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Tel. No.: |
91-20-27290771/27291772/27291773 |
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Fax No.: |
91-20-27290774 |
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E-mail : |
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Website : |
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Pan No.: |
AAAFB0762E |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3250000 |
Equity Shares |
Rs. 10/- each |
Rs. 32.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3100000 |
Equity Shares |
Rs. 10/-
each |
Rs. 31.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
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 |
31.000 |
31.000 |
31.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
70.754 |
57.994 |
58.951 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
101.754 |
88.994 |
89.951 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
26.061 |
41.252 |
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2] Unsecured Loans |
16.702 |
18.125 |
1.000 |
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TOTAL BORROWING |
16.702 |
44.186 |
42.252 |
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DEFERRED TAX LIABILITIES |
3.462 |
5.485 |
6.382 |
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TOTAL |
121.918 |
138.665 |
138.585 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
52.383 |
78.653 |
83.048 |
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Capital work-in-progress |
7.246 |
19.410 |
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 |
18.862
|
15.480
|
14.307 |
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Sundry Debtors |
66.382
|
45.272
|
57.944 |
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Cash & Bank Balances |
15.098
|
2.059
|
10.210 |
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Other Current Assets |
3.174
|
3.552
|
3.602 |
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Loans & Advances |
13.880
|
20.127
|
12.666 |
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Total
Current Assets |
117.396
|
86.490
|
98.729 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
50.600
|
36.195
|
31.599 |
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Other Current Liabilities |
4.507
|
9.693
|
11.593 |
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Provisions |
0.000
|
0.000
|
0.000 |
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Total
Current Liabilities |
55.107
|
45.888
|
43.192 |
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Net Current Assets |
62.289
|
40.602
|
55.537 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
121.918 |
138.665 |
138.585 |
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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 |
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Other Income |
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TOTAL |
158.451 |
136.100 |
149.136 |
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Less |
EXPENSES |
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Administrative Expenses |
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Advertising Expenses |
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Financial Expenses |
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TOTAL |
143.058 |
127.463 |
130.017 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15.393 |
8.637 |
19.119 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.593 |
10.254 |
9.302 |
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PROFIT BEFORE
TAX (E-F) (G) |
10.800 |
(1.617) |
9.817 |
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Less |
TAX (I) |
(1.960) |
(0.660) |
1.725 |
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PROFIT AFTER TAX
(G-I) (J) |
12.760 |
(0.957) |
8.092 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
54.794 |
55.751 |
49.472 |
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Less |
APPROPRIATIONS |
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Interim Dividend |
0.000 |
0.000 |
1.550 |
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Additional Tax on Dividend |
0.000 |
0.000 |
0.263 |
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|
BALANCE CARRIED
TO THE B/S |
67.554 |
54.794 |
55.751 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
55.659 |
59.813 |
61.309 |
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TOTAL EARNINGS |
55.659 |
59.813 |
61.309 |
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IMPORTS |
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Raw Materials and Components |
20.739 |
9.663 |
9.826 |
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Capital Goods |
5.708 |
14.577 |
3.592 |
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Others |
0.090 |
0.233 |
0.000 |
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TOTAL IMPORTS |
26.537 |
24.473 |
13.418 |
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Earnings Per
Share (Rs.) |
4.12 |
(0.31) |
2.61 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.05
|
(0.70)
|
5.43 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.36
|
(0.98)
|
5.40 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
(0.02)
|
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.71
|
1.01
|
0.95 |
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Current Ratio (Current Asset/Current Liability) |
|
2.13
|
1.88
|
2.29 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered office of the company has been shifted from D 1 Block, Plot
No. 18/ 1 Chinchwad, Pune-411019,
Outlook:
The company performance during the financial year 09-10 was
satisfactory.
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U52334PN1998PTC012907 |
|
Name of the
company |
JHS TAIGENE ELECTRICAL COMPANY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
G-92, D-III, MIDC, Chinchwad, Pune-411019, |
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the modified |
10004876 |
|
Type of charge |
|
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Particular of
charge holder |
The Hongkong and Shanghai Banking Corporation Limited, 52/60 Mahatma
Gandhi Road, Fort, Mumbai-400001, Maharashtra, India |
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Nature of
instrument creating charge |
Second
supplemental hypothecation Agreement witnessing the decrease in amount of
charge from Rs. 65.000 Millions to Rs. 16.500 Millions and Release of charge on the borrowers
movable assets and stocks of die cast division |
|
Date of
instrument Creating the charge |
01.07.2009 |
|
Amount secured by
the charge |
Rs. 16.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As specified in
principal agreement/ original charge Terms of
Repayment As specified in
principal agreement Margin As specified by the
Bank from time to time Extent and
Operation of the charge Hypothecated
assets, described and defined in the principal agreement of hypothecation
dated 02.06.2006, First supplemental hypothecation agreement dated
28.07.2007, Second supplemental hypothecation agreement dated 01.07.2009 in
favoure of the bank shall stand hypothecation excluding die cast division for
the credit facilities thereby agreed to be given and/ or continued to
the borrower by the bank upto the
maximum limit of Rs. 16.500 Millions |
|
Short particulars
of the property charged |
Borrowers
Tangible and movable assets (excluding die cast division) Whether stored in
the borrower factories premises or godowns. All the borrower
stocks (Excluding die cast division) All the borrowers
stocks, whether stored in borrowers factories, godown, premises or in
premises of borrowers agent or held in bonded warehouse at GAT No. 436-A/1,
Takwe Budruk, Taluka Mawal Pune-412016 Borrowers present
and future book debts (Excluding die cast divisors) |
|
Particulars of
the present modification |
Decrease in the
amount of charge from Rs. 65.000 Millions
to Rs. 16.500 Millions and release of charge on the borrowers movable
assets and stocks of die cast division |
|
Name of the company |
JHS TAIGENE ELECTRICAL COMPANY PRIVATE LIMITED |
|
Presented By |
Canara Bank, Pimpril Branch, Pune |
|
1) Date and description of instrument creating the change |
Common Hypothecation Agreement dated 16.12.2002 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 43.700 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 |
Hypothecation of machinery worth- Rs. 12.540 Millions and stock in trade, raw materials, finished goods, present and future and book debts at present Rs. 10.720 Millions |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Cash Credit – Rs. 7.500 Millions Letter of Credit – Rs. 10.000 Millions Bank Guarantee- Rs. 10.000 Millions Term Loan – Rs. 16.200 Millions Interest- OCC- 13.50% p.a. Margin- 30T Term Loan – 2% above PLR with min of 13.5% p.a. Repayment: 16 equal quarterly installment so Rs. 1.013 Millions beginning after six months from the date of disbursement plus interest as and when due. |
|
5) Name and Address and description of the person entitled to the charge. |
Canara Bank, Pimpri Branch, Umed Bhavan, |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
Fixed Assets:
·
Building
·
Plant and Machinery
·
Furniture
·
Computer
·
Vehicles
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.45.21 |
|
|
1 |
Rs.74.30 |
|
Euro |
1 |
Rs.64.40 |
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 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--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.