MIRA INFORM REPORT
|
Report Date : |
12.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
JAGRUTI RUBBER ENTERPRISES PRIVATE LIMITED |
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Registered
Office : |
21 P D Estate Reva Bhai Estate, Amraiwad, Ahmedabad – 380023, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
20.11.1995 |
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Com. Reg. No.: |
04-028166 |
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Capital
Investment/ Paid-up Capital: |
Rs. 0.221 million |
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CIN No.: [Company Identification
No.] |
U67120GJ1995PTC028166 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMJ00174G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Conveyor Belt and Accessories Belt. |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 15000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The
profitability of the company appears to be low. However, trade relations are
reported to be fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for business dealing with some
caution. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
INDIAN ECONOMIC OVERVIEW
|
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.
LOCATIONS
|
Registered Office : |
21, P D Estate, Reva Bhai Estate, Amraiwadi, Ahmedabad – 380023, |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory: |
20, Jagruti Estate, Near Revabhai Estate, Opp. Ishwarkrupa Weigh Bridge,
C T M Cross Roads, N H – 8, Ahmedabad – 380026, Gujarat, India |
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Tel. No.: |
91-79-25860166 / 25851055 |
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Fax No.: |
91-79-25851044 |
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Email: |
DIRECTORS
As on 30.09.2012
|
Name : |
Mr. Ramesh Maftlal Patel |
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Designation : |
Director |
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Address : |
B No.60, Aangan Bunglows, B/H. Kankaria, Maninagar, N S Bank, Jashoda
Nagar, Maninagar, Ahmedabad – 380008, |
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Date of Appointment : |
20.11.1995 |
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DIN No.: |
01083071 |
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Name : |
Mr. Jagdishbhai Maftlal Patel |
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Designation : |
Director |
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Address : |
13, Aagan Twin Bunglows, B/H. J K Auto Mobiles, Jashoda Chokdi,
Ahmedabad – 382445, Gujarat, India |
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Date of Appointment : |
20.11.1995 |
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DIN No.: |
03246932 |
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Name : |
Mr. Jayantibhai Chhaganbhai Patel |
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Designation : |
Director |
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Address : |
56, Aangan Bunglow, Near Jasoda Nagar Chokdi Maninagar (East),
Ahmedabad – 382445, Gujarat, India |
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Date of Appointment : |
20.11.1995 |
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DIN No.: |
02797319 |
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Name : |
Mr. Teerthsinh Fatesinh Chauhan |
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Designation : |
Director |
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Address : |
59, Aagan Twin Bunglows, B/H. J K Auto Mobiles, Jasoda Nagar Chokdi CTM,
Ahmedabad – 382445, Gujarat, India |
|
Date of Appointment : |
20.11.1995 |
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DIN No.: |
03246935 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Ramesh Mafatlal Patel |
|
8840 |
|
Teerthsinh Fatesinh Chauhan |
|
5967 |
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Jayantibhai Chhaganbhai Patel |
|
5083 |
|
Jagdishbhai Mafatlal Patel |
|
2210 |
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Total |
|
22100 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2012
|
Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Conveyor Belt and Accessories Belt. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
HDFC Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution: |
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Auditors : |
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Name : |
Rajesh Jesalpura and Company Chartered Accountant |
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Address : |
40, Mitramilan Society, Mirambica Road, Naranpura, Ahmedabad-380013,
Gujarat, India |
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Mob. No.: |
91-9428041255 |
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Pan No.: |
ABVPJ5677L |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
22100 |
Equity Shares |
Rs.10/- each |
Rs. 0.221
million |
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Terms / Rights attached to Equity Shares
The company is having only one class of equity shares having par value
of Rs. 10/- each
Reconciliation of the shares outstanding at the beginning and at the end
of the reporting period
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Particulars |
No. |
Rs. In millions |
|
Equity Shares |
|
|
|
At the beginning of the period |
22100 |
0.221 |
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Add: New issue during the period |
0 |
0.000 |
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Outstanding at the end of period |
22100 |
0.221 |
Details of shareholders holding more than 5% shares in the company
|
Name of the Shareholders |
Percentage Holding 31.03.2012 |
|
Rameshbhai M Patel |
25 % |
|
Jagdishbhai M Patel |
25 % |
|
Jayantibhai C Patel |
25 % |
|
Tirthsinh F Chauhan |
25 % |
As per the of the company, including its
register of shareholders/Members and other declarations received from the
shareholders regarding beneficial interest, the above shareholding represents
both legal and beneficial ownership of shares
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
0.221 |
0.221 |
0.221 |
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2] Share Application Money |
1.085 |
1.085 |
1.085 |
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3] Reserves & Surplus |
2.491 |
1.684 |
0.997 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.797 |
2.990 |
2.303 |
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LOAN FUNDS |
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1] Secured Loans |
0.293 |
0.223 |
0.335 |
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2] Unsecured Loans |
8.912 |
9.539 |
5.418 |
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TOTAL BORROWING |
9.205 |
9.762 |
5.753 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
13.002 |
12.752 |
8.056 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.425 |
0.793 |
0.882 |
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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 |
0.069 |
0.061 |
0.035 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
|
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Inventories |
11.400
|
13.332 |
13.594 |
|
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Sundry Debtors |
40.561
|
43.075 |
36.440 |
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Cash & Bank Balances |
0.931
|
0.669 |
2.374 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
2.764
|
1.707 |
2.920 |
|
Total
Current Assets |
55.656
|
58.783 |
55.328 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
34.698
|
|
47.005 |
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Other Current Liabilities |
9.355
|
7.562 |
|
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Provisions |
0.095
|
0.005 |
1.184 |
|
Total
Current Liabilities |
44.148
|
46.885 |
48.189 |
|
|
Net Current Assets |
11.508
|
11.898 |
7.139 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
13.002 |
12.752 |
8.056 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
|
|
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Income |
172.615 |
157.295 |
134.016 |
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Other Income |
0.316 |
0.122 |
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TOTAL (A) |
172.931 |
157.417 |
134.016 |
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|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
142.018 |
130.977 |
|
|
|
|
Other Manufacturing Expenses |
10.545 |
9.569 |
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|
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Employee Benefit Expenses |
3.734 |
2.170 |
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|
|
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Other Expenses |
13.100 |
13.529 |
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|
|
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TOTAL (B) |
169.397 |
156.245 |
133.132 |
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|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3.534 |
1.172 |
0.884 |
|
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|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
2.039 |
0.051 |
0.027 |
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.495 |
1.121 |
0.857 |
|
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|
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.321 |
0.189 |
0.158 |
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|
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|
PROFIT BEFORE
TAX (E-F) (G) |
1.174 |
0.932 |
0.699 |
|
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|
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|
Less |
TAX (H) |
0.367 |
0.246 |
0.394 |
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|
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|
PROFIT AFTER TAX
(G-H) (I) |
0.807 |
0.686 |
0.305 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.482 |
0.796 |
0.750 |
|
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|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
0.221 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
0.038 |
|
|
BALANCE CARRIED
TO THE B/S |
2.289 |
1.482 |
0.796 |
|
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|
|
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|
|
|
Earnings Per
Share (Rs.) |
36.52 |
31.06 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.47 |
0.44 |
0.31 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.68 |
0.59 |
NA |
|
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.06 |
1.56 |
1.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31 |
0.31 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
14.05 |
18.95 |
23.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26 |
1.25 |
1.15 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
- |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
No |
OPERATIONS
The company has achieved sales and other
income of Rs.172.931 millions during the year (Previous Year Rs. 157.295) Sales
during the year has been increased by 9.94% as compared to previous year. The
company has earned profit before tax of Rs. 1.174 millions (Previous Year
Profit Rs. 0.932 million) during the year which is higher as compared to
previous year but on account of Increase in material prices and increase in
overheads the profit was reduced.
FIXED ASSETS:
- Building
- Plant and
Machineries
- Furniture
- Computers
- 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.54.32 |
|
|
1 |
Rs.87.36 |
|
Euro |
1 |
Rs.70.36 |
INFORMATION DETAILS
|
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 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.