MIRA
INFORM REPORT
|
Report Date : |
06.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
JAINAM TECHNOLOGIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
111/112 Bhaveshwar Complex Vidya Vihar (West), Mumbai-400086, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
07.08.2003 |
|
|
|
|
Com. Reg. No.: |
11-141654 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 0.100 million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U30007MH2003PTC141654 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ15732D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCJ3047Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Service Provider of IT related Products. |
|
|
|
|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 47000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. It has modest
scale of operation. Financial position of the company is still improving. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Mangesh |
|
Designation : |
Accounts Head |
|
Contact No.: |
91-22-65751546 |
|
Date : |
05.12.2012 |
LOCATIONS
|
Registered Office : |
111/112 Bhaveshwar Complex Vidya Vihar (West), Mumbai-400086,
Maharashtra, India |
|
Tel. No.: |
91-22-65751546 / 61558888 / 25094756 |
|
Fax No.: |
Not Divulged |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
DIRECTORS
As on 30.09.2012
|
Name : |
Mehul Vinodray Doshi |
|
Designation : |
Director |
|
Address : |
C-1, Vaibhav Apartment, Tilak Road, Ghatkopar
East, Mumbai- 400077, Maharashtra, India |
|
Date of Birth/Age : |
04.09.1975 |
|
Date of Appointment : |
07.08.2003 |
|
DIN No.: |
00284992 |
|
|
|
|
Name : |
Ami Doshi Mehul |
|
Designation : |
Director |
|
Address : |
C-1, Vaibhav Apartment, Tilak Road, Ghatkopar
East, Mumbai- 400077, Maharashtra, India |
|
Date of Birth/Age : |
25.10.1980 |
|
Date of Appointment : |
07.08.2003 |
|
DIN No.: |
00285005 |
KEY EXECUTIVES
|
Name : |
Mr. Mangesh |
|
Designation : |
Accounts Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Mehul Vinodray Doshi |
|
5000 |
|
Ami Doshi Mehul |
|
5000 |
|
Total |
|
10000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service Provider of IT related Products. |
GENERAL INFORMATION
|
Customers : |
End Users Banks ·
ABN AMRO Bank ·
Andhra Bank Finance and
Insurance Companies ·
ABN Asia Equities ·
Prudential ICICI ·
Birla Global Finance ·
Hathway Investment and Securities. (Raheja Group) ·
Eventures Energies and
Other Industries ·
Indian Oil Corporation Limited (Marketing and
Western Regional Office) ·
Nicholas Piramal (India) Limited ·
Cross Road ·
Navin Flourine Industries Government ·
Indian Navy ·
Maharashtra Hybrid Seeds Company Limited (MAHYCO) Miscellaneous ·
Indian Institute of Technology – Powai ·
The Ambassador ·
Ogilvy and Mather ·
Tata Memorial Hospital ·
Birla Copper and Aditya Birla Group Companies ·
Barc ·
Macmet India Limited ·
Colgate Palmolive Limited |
|
|
|
|
No. of Employees : |
50 (Approximately) |
|
|
|
|
Bankers : |
·
HDFC Bank Limited HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai -
400013, Maharashtra, India |
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Dinesh B Bhanushali and Company Chartered Accountants |
|
Address : |
A-9/101, Shastri Nagar CHS Limited, R. N. Gandhi Road, Vidyavihar
East, Mumbai- 400077, Maharashtra, India |
|
Tel. No.: |
91- 22-221027360 |
|
Mobile No.: |
91- 9821663911 |
|
E-Mail : |
|
|
PAN No.: |
ACAPB6030F |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs. 0.100 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs. 0.100 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
11.606 |
3.308 |
2.439 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
11.706 |
3.408 |
2.539 |
|
|
LOAN FUNDS |
|
|
|
|
|
|
42.117 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
42.117 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
53.823 |
3.408 |
2.539 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
22.784 |
0.000 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
46.068
|
0.145 |
0.660 |
|
|
Cash & Bank Balances |
10.185
|
3.141 |
3.043 |
|
|
Other Current Assets |
7.883
|
0.053 |
0.000 |
|
|
Loans & Advances |
0.000
|
1.282 |
1.844 |
|
Total
Current Assets |
64.136
|
4.621 |
5.547 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
18.878
|
0.018 |
1.858 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
14.219
|
1.195 |
1.150 |
|
Total
Current Liabilities |
33.097
|
1.213 |
3.008 |
|
|
Net Current Assets |
31.039
|
3.408 |
2.539 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
53.823 |
3.408 |
2.539 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
NA |
0.729 |
4.951 |
|
|
|
Other Income |
|
1.862 |
1.325 |
|
|
|
TOTAL (A) |
NA |
2.591 |
6.276 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
NA |
0.553 |
3.091 |
|
|
|
Increase / Decrease in Stock |
|
0.000 |
0.036 |
|
|
|
Administrative Expenses |
|
0.752 |
0.825 |
|
|
|
Auditor’s Remuneration |
|
0.025 |
0.025 |
|
|
|
TOTAL (B) |
NA |
1.330 |
3.977 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
1.261 |
2.299 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
0.004 |
0.007 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
1.257 |
2.292 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
NA |
1.257 |
2.292 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
NA |
0.388 |
0.708 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
NA |
0.869 |
1.584 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
2.439 |
0.855 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
3.308 |
2.439 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
NA |
86.89 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
33.54 |
25.24 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
172.43 |
46.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
27.20 |
41.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Net worth) |
|
NA
|
0.37 |
0.90 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Net worth) |
|
6.43
|
0.36 |
1.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.94
|
3.81 |
1.84 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditors (Other than small scale industrial Undertaking |
|
|
|
|
|
18.878 |
0.018 |
1.858 |
|
For Expenses |
|
0.000 |
0.000 |
|
Total |
18.878
|
0.018 |
1.858 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of
Establishment |
Yes |
|
2] |
Locality of
the firm |
Yes |
|
3] |
Constitutions
of the firm |
Yes |
|
4] |
Premises
details |
No |
|
5] |
Type of
Business |
Yes |
|
6] |
Line of
Business |
Yes |
|
7] |
Promoter's
background |
Yes |
|
8] |
No. of
employees |
Yes |
|
9] |
Name of
person contacted |
Yes |
|
10] |
Designation
of contact person |
Yes |
|
11] |
Turnover of
firm for last two years |
Yes |
|
12] |
Profitability
for last two years |
Yes |
|
13] |
Reasons for
variation <> 20% |
------ |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital in
the business |
Yes |
|
16] |
Details of
sister concerns |
No |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
Yes |
|
19] |
Payments
terms |
Yes |
|
20] |
Export /
Import details (if applicable) |
No |
|
21] |
Market
information |
------ |
|
22] |
Litigations that
the firm / promoter involved in |
------ |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
No |
|
25] |
Conduct of
the banking account |
------ |
|
26] |
Buyer visit
details |
------ |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last accounts
filed at ROC |
Yes |
|
30] |
Major
Shareholders, if available |
Yes |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
No |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U30007MH2003PTC141654 |
|
Name of the company |
JAINAM TECHNOLOGIES PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
111/112 Bhaveshwar Complex Vidya Vihar (West), Mumbai-400086,
Maharashtra, India Email: navins@jainamtech.com
|
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable property |
|
Particular of charge holder |
HDFC Bank
Limited HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai -
400013, Maharashtra, India Email: RBBform8@hdfcbank.com
|
|
Nature of instrument creating charge |
Memorandum Recording Past Transactions of Creation of Mortgage by
Delivery of Title Deeds. |
|
Date of instrument Creating the charge |
09.11.2012 |
|
Amount secured by the charge |
Rs. 53.300 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest Interest at the rate as may be communicated by the Bank from time to
time. Terms of Repayment On demand. Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge The Company created an equitable mortgage by way of deposit of title
deeds in respect of its immovable properties as stated under item No.15 as
security for the due repayment of Rs. 53.300 Millions by the Company
including principal amount of the Facility, interest, liquidated damages,
costs, charges and expenses etc. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Immovable Property situated at Office No. 501, 5th Floor, Neelkanth
Corporate Park Village Kirol Vidyavihar (W), Mumbai - 400 086. Immovable Property situated at Office No. 502, 5th Floor, Neelkanth
Corporate Park Village Kirol Vidyavihar (W), Mumbai - 400 086. |
FIXED ASSETS
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 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.54.56 |
|
|
1 |
Rs.87.89 |
|
Euro |
1 |
Rs.71.52 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.