MIRA
INFORM REPORT
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Report Date : |
08.02.2012 |
Note: Correct Name of the company is ‘JLC ELECTROMET
PRIVATE LIMITED’
IDENTIFICATION DETAILS
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Name : |
JLC ELECTROMET PRIVATE LIMITED |
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Formerly Known
As : |
JAIPUR LAMP COMPONENTS PRIVATE LIMITED |
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Registered
Office : |
Plot No. 153 A, Road No. 11–H, Vishwakarma Industrial Area, Jaipur –
302 012, Rajasthan |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
31.03.1984 |
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Com. Reg. No.: |
17-002959 |
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Capital
Investment / Paid-up Capital : |
Rs.2.750
Millions |
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CIN No.: [Company Identification
No.] |
U27017RJ1984PTC002959 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JPRJ00029B |
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PAN No.: [Permanent Account No.] |
AACFJ0230B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Ferrous and Non-Ferrous Metals. |
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No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (58) |
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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 2100000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal 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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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/ Factory : |
Plot No. 153 A, Road No. 11–H, Vishwakarma Industrial Area, Jaipur –
302 012, |
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Tel. No.: |
91-141-2330375 /2331215 |
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Fax No.: |
91-141-2330345 |
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E-Mail : |
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Website : |
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Branch Office : |
Located at: · New Delhi · Bangalore · Kolkata ·
Mumbai |
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Overseas Office : |
Located at: · Seoul, Korea · Taipei, Taiwan · Chonburi, Thailand · Tehran, Iran · Cairo, Egypt · Paris, France · London, UK · Lviy, Ukraine · Moscow, Russia · Istanbul, Turkey · New Jersey, USA · Pennsylvania, USA · Rhode Island, USA · Sao Paulo, Brazil · Bogota, Colombia · Eindhoven, Netherlands · Paranaque City, Philippines |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Kamal Singh Milap Chand Baid |
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Designation : |
Director |
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Address : |
D-113, Amba Bari, Jaipur – 302 012, |
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Date of Birth/Age : |
15.08.1947 |
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Qualification : |
B.E. |
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Date of Appointment : |
31.03.1984 |
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DIN No.: |
00313062 |
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Other Directorship :
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Name : |
Mrs. Ratna Kamal Singh Baid |
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Designation : |
Director |
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Address : |
D-113, Amba Bari, Jaipur – 302 012, |
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Date of Birth/Age : |
30.08.1949 |
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Date of Appointment : |
27.09.1988 |
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DIN No.: |
00313089 |
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Other Directorship :
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Name : |
Mr. Naveen Kamal Singh Baid |
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Designation : |
Director |
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Address : |
D-113, Amba Bari, Jaipur – 302 012, |
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Date of Birth/Age : |
26.10.1975 |
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Qualification : |
B.E. |
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Date of Appointment : |
30.09.1998 |
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DIN No.: |
00225870 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Kamal Singh Baid |
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134300 |
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Ratna Baid |
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32200 |
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Naveen Baid |
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92500 |
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Chitra Baid |
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6000 |
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Chitra Finance Private Limited, |
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10000 |
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Total |
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275000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
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Category |
Percentage |
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Bodies corporate |
3.64 |
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Directors or relatives of Directors |
96.36 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Ferrous and Non-Ferrous Metals. |
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Products : |
·
Nickel Alloys ·
Glass Sealing and Controlled Expansion Alloys ·
Welding Wires ·
Electrical Resistance / Heating Element Alloys ·
Nickel-Chrome-Iron Alloys ·
Dumet Wires ·
Lamp Components and Alloys ·
Nickel-Iron Soft Magnetic Alloys ·
Alloys for Resistors, Shunts and Rheostats ·
Spark Plug Alloys ·
Clad Wires ·
Thermocouple Compensating and Extension Grade |
GENERAL INFORMATION
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No. of Employees : |
150 (Approximately) |
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Bankers : |
· Bank of Baroda, V.K.I. Area Branch, Jaipur - 302 021, Rajasthan, India ·
HDFC Bank |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
N.C. Dhadda and Company Chartered Accountants |
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Address : |
326, Dhadda Market, Johari Bazar, Jaipur – 302 003, Rajasthan, India |
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PAN.: |
AAAFN8250H |
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Associates : |
·
Supernick Alloys Private Limited CIN
No.: U31300RJ2010PTC032014 ·
Gem Electro Mechanicals Private Limited CIN
No.: U31300RJ1979PTC001967 ·
New Age Alloys Private Limited CIN
No.: U31300RJ2006PTC023546 ·
Gem Clad Wires Private Limited CIN
No.: U31300RJ1992PTC006596 |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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275000 |
Equity Shares |
Rs.10/- each |
Rs.2.750
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.750 |
2.750 |
2.750 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
539.558 |
380.648 |
255.800 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
542.308 |
383.398 |
258.550 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
94.771 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
94.771 |
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DEFERRED TAX LIABILITIES |
7.756 |
7.617 |
7.166 |
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TOTAL |
550.064 |
391.015 |
360.487 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
106.854 |
92.770 |
79.303 |
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Capital work-in-progress |
20.623 |
0.000 |
0.313 |
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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 |
394.146
|
212.547
|
105.924
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Sundry Debtors |
334.043
|
255.500
|
151.983
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Cash & Bank Balances |
117.959
|
94.449
|
159.366
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
23.185
|
32.943
|
26.162
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Total
Current Assets |
869.333
|
595.439
|
443.435
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Less : CURRENT LIABILITIES & PROVISIONS |
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Sundry Creditors |
307.825
|
141.344
|
107.235
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Other Current Liabilities |
132.609
|
136.138
|
30.560
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Provisions |
6.312
|
19.712
|
24.769
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Total
Current Liabilities |
446.746
|
297.194
|
162.564
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Net Current Assets |
422.587
|
298.245
|
280.871
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
550.064 |
391.015 |
360.487 |
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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 |
1850.372 |
|
1353.435 |
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Other Income |
NA |
|
0.020 |
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TOTAL (A) |
NA |
1204.043 |
1353.455 |
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EXPENSES |
|
|
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Cost of Materials |
|
999.110 |
1013.029 |
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Manufacturing and Other Expenses |
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|
176.725 |
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TOTAL (B) |
NA |
999.110
(including financial expenses) |
1189.754 |
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PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
163.701 |
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FINANCIAL
EXPENSES (D) |
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|
35.557 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
239.964 |
204.933 |
128.144 |
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DEPRECIATION/
AMORTISATION (F) |
13.085 |
9.605 |
8.818 |
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PROFIT BEFORE
TAX (E-F) (G) |
226.879 |
195.328 |
119.326 |
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TAX (H) |
81.053 |
70.480 |
40.513 |
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PROFIT AFTER TAX
(G-H) (I) |
239.964 |
124.848 |
78.813 |
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PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
370.289 |
245.441 |
166.628 |
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BALANCE CARRIED
TO THE B/S |
529.200 |
370.289 |
245.441 |
|
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Export Value |
1238.310 |
769.282 |
900.888 |
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Import Value |
NA |
NA |
842.181 |
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Earnings Per
Share (Rs.) |
872.59 |
454.00 |
287.00 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total
Income |
(%) |
NA
|
10.37
|
5.82
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.26
|
NA
|
8.81
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
23.24
|
28.38
|
22.82
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.42
|
0.51
|
0.46
|
|
|
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Debt Equity Ratio (Total Liability/Networth) |
|
0.82
|
0.78
|
1.02
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.95
|
3.42
|
2.72
|
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
Corporate
identity number of the company |
U27017RJ1984PTC002959 |
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Name of the
company |
JLC ELECTROMET
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No 153 A,
Road No 11-H, Vishwakarma Industrial Area, Jaipur – 302012, Rajasthan, India Email Id : nkshrimal@yahoo.co.in |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
90066942 |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
Bank of Baroda, VKI
Area Branch, Jaipur – 302001,
Rajasthan, India Email Id : indjai@bankofbaroda.com |
|
Nature of
instrument creating charge |
1. Supplemental
composite instrument of hypothecation of goods, Book Debts, moveable
machinery and Vehicles 2. Supplemental
Memorandum of entry for extension of Equitable Mortgage 3. Copy of Board
Resolution |
|
Date of
instrument Creating the charge |
09.01.2012 |
|
Amount secured by
the charge |
Rs.751.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @ 4.50%
above Base Rate i.e. 15.25% p.a. at present with monthly rest subject to
change from time to time Terms of
repayment Repayable on
demand Margin On Stock - 25% On Book Debts -
25% 10% Cash Margin
on LC and BG 10% on EPC Extent and
operation of the charge The charge will
operate as first charge to the extent of Rs.751.000 Millions to secure
followings limits granted to the company by the bank CC(H)- Rs.70.000
Millions , Sub limit: FCNR-B- (Rs.50.000 Millions) , Sub Limit of CC Limit-
(Rs.5.000 Millions),BP/BD (Doc/Clean) , EPC ( EPC Cum
FBP/FBD) - Rs.100.000 Millions Sub Limit
PSDL(INR/FC)-(Rs.5.000 Millions) Add. WC Limit
(Under Gold Card Scheme) - Rs.110.000 Millions (20% of Assessed
FB and NFB i.e. DALC Limit) Inland/Imp. FLCs
(DA/DP Usance upto 120 days)-Rs.470.000 Millions BG – 1.000 Million
Total 751.000
Millions Others Commission on
Inland/Imp. FLCs (DA/DP Usance upto 120 days) - 50% Concession on Inland LC. In respect of
FLC, 50% concession for transaction up to 10.000 Millions and no concession
above Rs.10.000 Millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First charge by
way of hypothecation of all stocks of raw material, semi finished and
finished goods, stock in process consumable goods, stores and spares, all
present and future book debts, demand
documentary bills and / or discounting of usance bills with usance period not
more than 90 days drawn on and / or accepted by the drawees arising out of
genuine sales transactions and all present and future movable plant,
machinery and all present and future current and fixed assets of the company as
a security to cover limits of Rs.751.000 Millions granted to the company by
the bank Equitable
Mortgage is extended on immovable property of the company comprising land and
building constructed or to be constructed, Fixed plant and machinery, erected or to be erected both present and
future situated at E-153 and E-153(A), E-154 and E-154 (A), B-142, Road
No.11-H VKI Area Jaipur, and E-862-863 Road No.14 VKI Area Jaipur to
secure Limits of Rs.751.000 Millions
granted to the Company by the Bank The above
security also cover a New Term Loan of Rs.54.000 Millions |
|
Particulars of
the present modification |
By this
modification limits has been enhanced to Rs.751.000 Millions (Rs. in Millions) CC(H)- Rs.70.000
, Sub limit: FCNR-B- (Rs.50.000) , Sub Limit of CC Limit- (Rs.5.000),BP/BD
(Doc/Clean) , EPC ( EPC Cum
FBP/FBD) - Rs.100.000 Sub Limit
PSDL(INR/FC)-(Rs.5.000) Add. WC Limit
(Under Gold Card Scheme) - Rs.110.000 (20% of Assessed
FB and NFB i.e. DALC Limit) Inland/Imp. FLCs
(DA/DP Usance upto 120 days)-Rs.470.000 BG – 1.000 Total 751.000 Other terms and
condition remain unchanged |
FIXED ASSETS
·
· Building
· Plant and Machinery
· Furniture
· 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.48.92 |
|
|
1 |
Rs.77.31 |
|
Euro |
1 |
Rs.64.12 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
58 |
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.