MIRA
INFORM REPORT
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Report Date : |
04.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
JAY PUMPS PRIVATE LIMITED |
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Registered
Office : |
Jay House, B-1, Kumud Apartment, Dorminoz Pizza, Near Stadium Five, Navrangpura,
Ahmedabad– 380009, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
18.04.1994 |
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Com. Reg. No.: |
04-21839 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.811 Million |
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CIN No.: [Company Identification
No.] |
U29120GJ1994PTC021839 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMJO0275C |
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PAN No.: [Permanent Account No.] |
AAACJ4887H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Distributor of Pumps |
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No. of Employees
: |
32 (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 85000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
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.
INFORMATION PARTED BY
|
Name : |
Mr. Jayesh |
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Designation : |
Finance Department |
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Contact No.: |
91-79-26568373 |
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Date : |
03.11.2011 |
LOCATIONS
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Registered Office : |
Jay House, B-1, Kumud Apartment, Dorminoz Pizza, Near Stadium Five,
Navrangpura, Ahmedabad– 380009, Gujarat, India |
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Tel. No.: |
91-79-26561054/26568373/26561055 |
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Mobile No.: |
91-9979898213 (Mr. Hasmukhbhai Patel) |
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Fax No.: |
91-79-26443850 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Head Office : |
Near |
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Tel. No.: |
91-79-26561054 / 55 |
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Fax No.: |
91-79-26443850 |
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E-Mail : |
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Branch Office 1 : |
Located At 2nd Floor, Om Shubham Complex, |
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Tel No.: |
91-281-2462216/17 |
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Email : |
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Branch Office 2 : |
Located At : 2nd Floor, Om Shubham Complex, |
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Tel No.: |
91-261-6560135 |
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Email : |
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Grundfos Authorised Service Centre : |
Block 198/3, Dantail Industrial Estate, Gota Vadsar Road, Lapkaman, Near
Sardar Patel Ring Road, Ahmedabad Gujarat, India |
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Tel No : |
91-79-32924580 / 2764286155 |
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E-Mail : |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Hasmukhbhai Joitaram Patel |
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Designation : |
Director |
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Address : |
29, Royal Cresent, Thaltej, Ahmedabad – 380054, |
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Date of Birth/Age : |
01.06.1955 |
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Date of Appointment : |
18.04.1984 |
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DIN No.: |
00117464 |
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Other Directorship :
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Name : |
Mr. Pravin Joitaram Patel |
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Designation : |
Director |
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Address : |
9-B, Sentossa Park, Behind Hira Rupa Hall, Amboli Bopal Road, Amboli,
Makarba, Ahmedabad, Gujarat, India |
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Date of Birth/Age : |
16.12.1964 |
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Date of Appointment : |
18.04.1994 |
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DIN No.: |
00012444 |
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Other Directorship :
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Name : |
Mr. Varun Hasmukhbhai Patel |
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Designation : |
Director |
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Address : |
29, Royal Cresent, Thaltej, Ahmedabad – 380054, |
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Date of Birth/Age : |
25.07.1984 |
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Date of Appointment : |
01.02.2006 |
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DIN No.: |
00354030 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Jayesh |
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Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Hasmukhbhai Joitaram Patel |
|
7600 |
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Pravin Joitaram Patel |
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7600 |
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Joitram Ramchandra Patel |
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7800 |
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Joitiben Joitaram Patel |
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4500 |
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Savitaben Hasmukhbhai Patel |
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15000 |
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Shardaben Pravinbhai Patel |
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2500 |
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Hasmukh Joitaram Patel (HUF) |
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7500 |
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Hetal Hasmukhbhai Patel |
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16500 |
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Kinnari Vipul Chaudnari |
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100 |
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Varun Hasmukhbhai Patel |
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10000 |
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Alok Hasmukh Patel |
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1000 |
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Ruchi Pravin Patel |
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500 |
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Dadhichi Pravin Patel |
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500 |
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TOTAL |
|
81100 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
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Directors or relatives of Directors |
99.88 |
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Other top fifty shareholders |
0.12 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Distributor of Pumps |
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Products : |
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Terms : |
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Selling : |
Cash and Credit (30 Days) |
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Purchasing : |
Cash and Credit (30 Days) |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users , OEM’S
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No. of Employees : |
32 (Approximately) |
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Bankers : |
Dena Bank, Branch Navrangpura SSI , Near Swastic Char Rasta, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Ambalal Patel and Company Chartered Accountants |
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Address : |
1st Floor, Sapphire Business Centre, Above SBI Vadaj Branch,
Usmanpura, Ashram Road, Ahemdabad – 380013, Gujarat, India |
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PAN.: |
AABFA3490K |
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Address : Jay House, B-1, Kumud Apartment, Dorminoz Pizza, Near
Stadium Five, Navrangpura, Ahmedabad– 380009,
Address : Jay House, B-1, Kumud Apartment, Dorminoz Pizza, Near Stadium
Five, Navrangpura, Ahmedabad– 380009, |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
81100 |
Equity Shares |
Rs.10/- each |
Rs. 0.811
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.811 |
0.811 |
0.801 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
20.536 |
11.056 |
5.256 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
21.347 |
11.867 |
6.057 |
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LOAN FUNDS |
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1] Secured Loans |
3.513 |
8.500 |
6.037 |
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2] Unsecured Loans |
9.877 |
6.700 |
4.619 |
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TOTAL BORROWING |
13.390 |
15.200 |
10.656 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
34.737 |
27.067 |
16.713 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.294 |
6.514 |
6.405 |
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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 |
0.444 |
0.233 |
0.133 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
26.788
|
15.027
|
17.642 |
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Sundry Debtors |
22.156
|
12.338
|
6.680 |
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Cash & Bank Balances |
0.901
|
0.827
|
0.636 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
3.808
|
2.610
|
2.221 |
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Total
Current Assets |
53.653
|
30.802 |
27.179 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
15.328
|
3.803
|
7.114 |
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Other Current Liabilities |
5.637
|
3.275
|
7.890 |
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Provisions |
5.689
|
3.404
|
2.000 |
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Total
Current Liabilities |
26.654
|
10.482 |
17.004 |
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Net Current Assets |
26.999
|
20.320 |
10.175 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
34.737 |
27.067 |
16.713 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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Other Income |
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TOTAL |
207.123 |
178.731 |
103.460 |
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Less |
EXPENSES |
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Office Expenses |
190.097 |
167.930 |
96.703 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
190.097 |
167.930 |
96.703 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
17.026 |
10.801 |
6.757 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
2.069 |
1.674 |
1.385 |
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PROFIT BEFORE
TAX |
14.957 |
9.127 |
5.372 |
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Less |
TAX |
5.195 |
3.113 |
1.955 |
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PROFIT AFTER TAX
|
9.762 |
6.014 |
3.437 |
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Prior Period Tax
Adjustment |
0.002 |
(0.024) |
(0.020) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9.181 |
3.881 |
1.901 |
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Less |
APPROPRIATIONS |
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Proposed / Interim Dividend |
0.243 |
0.162 |
0.801 |
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Tax on Proposed / Interim Dividend |
0.040 |
0.028 |
0.136 |
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Transfer to General Reserve |
1.000 |
0.500 |
0.500 |
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|
BALANCE CARRIED
TO THE B/S |
17.662 |
9.181 |
3.881 |
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Earnings Per
Share (Rs.) |
120.42 |
74.64 |
42.71 |
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Expected Sales (2011-2012): Rs.250.000 Millions
The above information has been parted by Mr. Jayesh (Finance Department)
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.71
|
3.36
|
3.30 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
29.54
|
24.45
|
15.99 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.70
|
0.76
|
0.88 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.88
|
2.16
|
4.56 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.01
|
2.93
|
1.59 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
in millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors
|
|
|
|
|
Due to micro and small enterprises |
0.000 |
0.000 |
0.000 |
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Due to others |
15.328 |
3.803 |
7.114 |
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Total |
15.328 |
3.803 |
7.114 |
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Check list by Info Agents |
Available in Reports ( Yes/No) |
|
Yes |
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Yes |
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Yes |
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Yes |
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Yes |
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Yes |
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-- |
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Yes |
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Yes |
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Yes |
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Yes |
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No |
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-- |
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Yes |
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No |
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Yes |
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Yes |
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Yes |
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Yes |
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-- |
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-- |
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-- |
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Yes |
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Yes |
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-- |
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-- |
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No |
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-- |
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-- |
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-- |
FORM 8:
|
Corporate
identity number of the company |
U29120GJ1994PTC021839 |
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|
Name of the
company |
JAY PUMPS PRIVATE
LIMITED |
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|
Address of the
registered office or of the principal place of business in |
Jay House, B-1, Kumud Apartment, Dorminoz Pizza, Near Stadium Five,
Navrangpura, Ahmedabad– 380009, Gujarat, India Email : info@jaypumps.com |
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|
This form is for |
Modification
of Charge |
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|
Charge
identification (ID) number of the charge to be modified |
90102337 |
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|
Type of charge |
|
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|
Particular of
charge holder |
Dena Bank, Branch Navrangpura SSI , Near Swastic Char Rasta, Email : navran@denabank.co.in |
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Nature of
instrument creating charge |
Unattested
memorandum of modification of hypothecation agreement from companies |
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Date of
instrument Creating the charge |
23.06.2011 |
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Amount secured by
the charge |
Rs. 7.500
Millions |
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|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Cash Credit Hypothecation
- Base Rate + 4.75% p.a. with montly rest Terms of
Repayment: Cash Credit
Hypothecation - Repayable on demand Margin : On Stocks - 25% On Book-debts -
50% Bank Guarantee -
25% Extent and
operation of the charge: First and exclusive
charge of Dena Bank |
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|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All stocks of raw
materials, goods in process and finished goods, consumable stores and spares,
packing materials etc. Both present and future All tangible movable properties and assets
of the borrower of whatsoever nature incl. plant, machinery, tools and
accessories ,stores, spares, relating to plant and machinery, furniture,
articles, office equipments All present and
future book debts, o/s moneys, receivables, claim bills etc. and movable
assets and properties |
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|
Date of
instrument modifying the charge |
|
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|
Particulars of
the present modification |
By way of this modification
the amount of credit facilities stands enhanced from Rs. 6.000 Millions to
Rs. 7.500 Millions
(Rs in Millions)
|
TRADE REFERENCES
- Runforce India Private Limited
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FIXED ASSETS:
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Conditioners
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- Cycle
- Fingerprints
Device
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- Honda City
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Furniture
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(Land)
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Microwave
- Storage
System
- Television
- Wagnor Car
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.49.37 |
|
|
1 |
Rs.78.50 |
|
Euro |
1 |
Rs.67.59 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
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.