|
Report Date : |
23.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
JAYCO SAFETY PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
125, Neha Industrial Estate, Opposite Tata Steel, Off. Dattapada Road,
Borivali (East), Mumbai – 400 066, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
11.06.1997 |
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Com. Reg. No.: |
11-108709 |
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Capital
Investment / Paid-up Capital : |
Rs. 2.500 Millions |
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|
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CIN No.: [Company Identification
No.] |
U29270MH1997PTC108709 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ05573B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Safety Goods. |
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No. of Employees
: |
50 (in office + in factory ) – Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 31000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Sunil |
|
Designation : |
Director |
|
Contact No.: |
91-9619096862 |
|
Date : |
21.02.2012 |
LOCATIONS
|
Registered Office / Corporate Office : |
125, Neha Industrial Estate, Opposite Tata Steel, Off. Dattapada Road,
Borivali (East), Mumbai – 400 066, Maharashtra, India |
|
Tel. No.: |
91-22-28708444 / 23454962 |
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Mobile No.: |
91-9619096862 (Mr. Sunil Mehta) |
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Fax No.: |
91-22-23454962 |
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E-Mail : |
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Website : |
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Factory 1 : |
734-New GIDC, Gundlav, Dist. Valsad – 396 001, |
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Tel. No.: |
91-2632-329794 |
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Fax No.: |
91-2632-237152 |
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Location : |
Owned |
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Sales Office : |
82/84, Masjid Bunder Road, 2nd Floor, Near Satkar Hotel,
Mumbai-400003, Maharashtra, India |
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Tel. No.: |
91-22-23456395 / 23478089 |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Gulabrai R. Mehta |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
B-39, Shri Kedarnath Apartment, Khanderao Wadi, Borivali (West), Mumbai – 400092, |
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Date of Birth/Age : |
13.06.1933 |
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Date of Appointment : |
11.06.1997 |
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Date of Cession : |
25.10.2011 |
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DIN No.: |
00692335 |
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|
|
|
Name : |
Mr. Hemant G. Mehta |
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Designation : |
Managing Director |
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Address : |
A-31, Badrinath Apt., Khanderao Wadi, Borivali (West), Mumbai –
400092, Maharashtra, India |
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Date of Birth/Age : |
30.09.1956 |
|
Date of Appointment : |
11.06.1997 |
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DIN No.: |
00687785 |
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|
|
|
Name : |
Mr. Kamlesh G. Mehta |
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Designation : |
Director |
|
Address : |
A-304, Veena Sur, Mahavir Nagar, Kandivali (West), Mumbai – 400067, |
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Date of Birth/Age : |
11.08.1958 |
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Date of Appointment : |
11.06.1997 |
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DIN No.: |
00692402 |
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|
|
|
Name : |
Mr. Jayesh G. Mehta |
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Designation : |
Director |
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Address : |
D-415, Veena Sarang, Saibaba Extn., Road, Borivali (W), Mumbai –
400092, |
|
Date of Birth/Age : |
11.12.1961 |
|
Date of Appointment : |
11.06.1997 |
|
DIN No.: |
00688276 |
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|
|
|
Name : |
Mr. Sunil G. Mehta |
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Designation : |
Director |
|
Address : |
E-418, Veena Sarang, Borsapad Road, Saibaba Extinction, Road, Borivali
(W), Mumbai – 400092, Maharashtra, India |
|
Date of Birth/Age : |
03.03.1965 |
|
Date of Appointment : |
11.06.1997 |
|
DIN No.: |
01530219 |
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|
|
|
Name : |
Mr. Avnesh G. Mehta |
|
Designation : |
Director |
|
Address : |
B-39, Shri Kedarnath Apartment, Khanderao Wadi, |
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Date of Birth/Age : |
25.11.1966 |
|
Date of Appointment : |
11.06.1997 |
|
DIN No.: |
00692385 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Hement Gulabrai Mehta |
46,860 |
|
Jayesh Gulabrai Mehta |
46,560 |
|
Gulabrai Ratilal Mehta |
15,000 |
|
Avnesh Gulabrai Mehta |
46,760 |
|
Kamlesh Gulabrai Mehta |
46,560 |
|
Sunil Gulabrai Mehta |
46,760 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Safety Goods. |
GENERAL INFORMATION
|
No. of Employees : |
50 (in office + in factory ) – Approximately |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Hemendra B Shah Chartered Accountant |
|
Address : |
13, Pethewadi, Jambli Gally, Borivali (W), Mumbai – 400092, |
|
Tel. No.: |
91-22-28982105/28982123 |
|
Pan No.: |
AIUPS1348F |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Millions |
|
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|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500 Millions |
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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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.500 |
0.920 |
0.920 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5.272 |
3.908 |
2.846 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
7.772 |
4.828 |
3.766 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
13.564 |
9.667 |
3.868 |
|
|
2] Unsecured Loans |
24.170 |
24.417 |
21.262 |
|
|
TOTAL BORROWING |
37.734 |
34.084 |
25.130 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
45.506 |
38.912 |
28.896 |
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|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
10.055 |
9.167 |
8.149 |
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Capital work-in-progress |
0.102 |
0.530 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.001 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
11.927
|
13.476
|
11.342 |
|
|
Sundry Debtors |
29.001
|
23.451
|
21.090 |
|
|
Cash & Bank Balances |
8.229
|
3.275
|
1.688 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
2.879
|
1.601
|
1.723 |
|
Total
Current Assets |
52.036
|
41.803 |
35.843 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
13.138
|
9.953
|
11.576 |
|
|
Other Current Liabilities |
1.840
|
1.626
|
2.162 |
|
|
Provisions |
1.720
|
1.020
|
1.370 |
|
Total
Current Liabilities |
16.698
|
12.599 |
15.108 |
|
|
Net Current Assets |
35.338
|
29.204
|
20.735 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.011 |
0.011 |
0.011 |
|
|
|
|
|
|
|
|
TOTAL |
45.506 |
38.912 |
28.896 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
SALES |
113.098 |
81.432 |
67.788 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
3.198 |
2.636 |
2.246 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.134 |
0.954 |
0.928 |
|
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|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2.064 |
1.682 |
1.318 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.700 |
0.620 |
0.520 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
|
1.364 |
1.062 |
0.798 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.908 |
2.846 |
2.048 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
5.272 |
3.908 |
2.846 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.000 |
0.000 |
0.370 |
|
|
TOTAL EARNINGS |
0.000 |
0.000 |
0.370 |
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Trading Goods |
1.010 |
0.164 |
NA |
|
|
TOTAL IMPORTS |
1.010 |
0.164 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.48 |
11.54 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
1.82
|
2.07 |
1.94 |
|
|
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.32
|
3.30 |
2.99 |
|
|
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|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.35 |
0.34 |
|
|
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
7.00
|
9.67 |
10.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.12
|
3.32 |
2.37 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
13.138 |
9.953 |
11.576 |
NOTE
Registered office address has been shifted from B-40 Shri Kedarnath Apartmentkhanderao
Wadi, Simpoli Cross Road Boriwali
(West), Mumbai – 400092, Maharashtra, India to the present address
w.e.f.15.11.2011.
FORM 8
|
Corporate
identity number of the company |
U29270MH1997PTC108709 |
||||||
|
Name of the
company |
JAYCO SAFETY
PRODUCTS PRIVATE LIMITED |
||||||
|
Address of the registered
office or of the principal place of
business in |
B-40 Shri
Kedarnath Apartmentkhanderao Wadi, |
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|
This form is for |
Modification of
charge |
||||||
|
Type of charge |
Immovable
property |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
Extension of
equitable mortgage |
||||||
|
Date of
instrument Creating the charge |
17.03.2011 |
||||||
|
Amount secured by
the charge |
Rs. 15.000
Millions |
||||||
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest Interest as
determined by the bank from time to time. Terms of repayment On demand Margin As per sanction
terms. Extent and operation of the charge To secure an aggregate
limit of Rs.15.000 Millions granted by the bank to the company as under :- Nature of
facility
limit Cash credit (hypothecation) :
Rs.15.000 Millions
W/W Bills discounting
(usance) : (Rs.1.000 Million)
W/W Letter of
guarantee : (Rs.1.000 Million) |
||||||
|
Short particulars
of the property charged (Including location of the property) |
(I)
Extension
of equitable mortgage in favour of the bank in respect of the company's
immovable property viz. All that Unit No.125, on the 1st floor, admeasuring
about 427 sq. Ft. Built up area in the building known as Neha Industrial
Estate at Neha Industrial Premises Co-Operative Society Limited, Magathane
Village, Off. Dattapada Road, Borivali (East), Mumbai - 400 066, leasehold
land bearing survey No.134, H. No.1 Part Hissa No.2, Part, Cts No.68 C,
admeasuring 4247 sq. Yards or 3551.00 sq. Mtrs. Thereabouts at Village
Magathane, Borivli, in Greater Mumbai in registration sub district of Bandra district suburban district greater
Mumbai. (II)
Creation
of equitable mortgage in favour of the bank in respect of the company's
immovable properties viz. (1)
All that
Plot No.735 admeasuring about 930 sq. Mtrs. In the industrial area at Village
Gundlav, Taluka Valsad, District Valsad, land bearing Survey No.68/p Village
Gundlav, Taluka Valsad, District Valsad. (2)
All that
Plot No. 734 admeasuring about 930 sq. Mtrs. In the industrial area at
Village Gundlav, Taluka Valsad, District Valsad, land bearing Survey No.68/P
Village Gundlav, Taluka Valsad, District Valsad. |
||||||
|
Charge
identification number of the charge to be modified |
10076143 |
||||||
|
Date of
instrument modifying the charge |
04.12.2009 |
||||||
|
Particulars of
the present modification |
Extension /
Creation of Equitable Mortgage In Favour of The Bank In Respect of - (1) Unit
No.125 In The Building Known As Neha Industrial Estate At Neha Industrial
Premises Co-Operative Society Limited, Magathane Village, Off Dattapada Road,
Borivali (East), Mumbai-400066 (2) Plot Nos.734 and 735 In The Industrial
Area At Village Gundlav, Taluka Valsad, District Valsad As Security For An
Aggregate Amount of Rs.15.000 millions Granted By The Bank to The Company
Together With Interest, Costs, Expenses Etc. Payable Thereon. |
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 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. 49.24 |
|
|
1 |
Rs. 76.74 |
|
Euro |
1 |
Rs. 65.16 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
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.