MIRA
INFORM REPORT
|
Report Date : |
16.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
JYOTI ARCHITECTURAL PRODUCTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
12 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
17.08.2005 |
|
|
|
|
Com. Reg. No.: |
11-155389 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36100MH2005PTC155389 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Distributor of Hardware Furniture Fittings. |
|
|
|
|
No. of Employees
: |
12 (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 |
|
Maximum Credit Limit : |
USD 64000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Dilip Swarupchand Sanghvi |
|
Designation : |
Director |
|
Contact No.: |
91-9324017902 |
|
Date : |
14.01.2012 |
LOCATIONS
|
Registered Office : |
12 |
|
Tel. No.: |
91-22-28560183/24621000/24621004/677014661 |
|
Mobile No.: |
91-9324017902 (Mr. Dilip Swarupchand Sanghvi) |
|
Fax No.: |
91-22-67701661
/67701662 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Administrative Office : |
A-111 Sagar Tech Plaza, A K Road, Sakinaka Junction, Andheri East,
Mumbai – 400072, Maharashtra, India |
|
Tel. No.: |
91-22-24621000/04 |
|
Fax No.: |
91-22-67701661
|
|
E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Dilip Swarupchand Sanghvi |
|||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||
|
Address : |
1305, Vindhyachal, Neelkanth Vally, Ghatkopar, Mumbai – 400077, |
|||||||||||||||||||||||||||
|
Date of Birth/Age : |
03.01.1952 |
|||||||||||||||||||||||||||
|
Date of Appointment : |
17.08.2005 |
|||||||||||||||||||||||||||
|
DIN No.: |
01110497 |
|||||||||||||||||||||||||||
|
Other Directorship:
|
||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Name : |
Mr. Nitul Dilip Sanghvi |
|||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||
|
Address : |
1305, Vindhyachal, Neelkanth Vally, Ghatkopar, Mumbai – 400077, |
|||||||||||||||||||||||||||
|
Date of Birth/Age : |
21.11.1979 |
|||||||||||||||||||||||||||
|
Date of Appointment : |
17.08.2005 |
|||||||||||||||||||||||||||
|
DIN No.: |
01583524 |
|||||||||||||||||||||||||||
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Dilip Swarupchand Sanghvi |
|
75000 |
|
Ms. Jyoti Dilip Sanghvi |
|
75000 |
|
Mr. Nitul Dilip Sanghvi |
|
50000 |
|
Mr. Sanghvi Dilip Tanvi |
|
50000 |
|
|
|
|
|
Total |
|
250000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Distributor of Hardware Furniture Fittings. |
|
|
|
|
Products : |
Interior Decorative Products |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Customers : |
Wholesaler and Retailers
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
12 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
Bank of India, Sakinaka Branch, Sagar Tech Plaza, Andheri Kurla Road,
Sakinaka, Andheri (East), Mumbai – 400072, Maharashtra, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Pabari Gokani and Company Chartered Accountant |
|
Address : |
J/4, “Mangal Kunj” Opp indraprasth Shopping Centre, |
|
PAN.: |
AADPP8300R |
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 |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500
Millions |
|
|
|
|
|
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 |
2.500 |
2.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
13.525 |
10.525 |
7.596 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
16.025 |
13.025 |
10.096 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
11.413 |
4.906 |
2.125 |
|
|
2] Unsecured Loans |
18.994 |
18.946 |
15.185 |
|
|
TOTAL BORROWING |
30.407 |
23.852 |
17.310 |
|
|
DEFERRED TAX LIABILITIES |
(0.019) |
(0.004) |
0.015 |
|
|
|
|
|
|
|
|
TOTAL |
46.413 |
36.873 |
27.421 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2.244 |
2.416 |
2.341 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
42.433
|
19.110
|
14.345 |
|
|
Sundry Debtors |
39.868
|
28.837
|
23.464 |
|
|
Cash & Bank Balances |
1.291
|
1.064
|
0.539 |
|
|
Other Current Assets |
0.272
|
0.273
|
0.271 |
|
|
Loans & Advances |
1.751
|
1.478
|
1.672 |
|
Total
Current Assets |
85.615
|
50.762 |
40.291 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
38.952
|
14.066
|
13.051 |
|
|
Other Current Liabilities |
2.494
|
0.886
|
0.700 |
|
|
Provisions |
0.000
|
1.353
|
1.471 |
|
Total
Current Liabilities |
41.446
|
16.305 |
15.222 |
|
|
Net Current Assets |
44.169
|
34.457
|
25.069 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.010 |
|
|
|
|
|
|
|
|
TOTAL |
46.413 |
36.873 |
27.421 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
GROSS SALES |
167.737 |
118.363 |
124.276 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4.781 |
4.775 |
4.968 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.433 |
0.456 |
0.436 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
4.348 |
4.319 |
4.532 |
|
|
|
|
|
|
|
Less |
TAX |
1.346 |
1.335 |
1.463 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
3.002 |
2.984 |
3.070 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
12.008 |
11.94 |
12.28 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.95
|
8.50
|
11.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.33
|
0.44 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.48
|
1.25
|
1.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.07
|
3.11
|
2.64 |
LOCAL AGENCY FURTHER INFORMATION
|
Check list by Info Agents |
Available in Reports ( Yes/No) |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
-- |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
No |
|
-- |
|
No |
|
No |
|
No |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
-- |
|
-- |
|
Yes |
|
No |
|
-- |
|
-- |
|
No |
|
-- |
|
-- |
|
-- |
OPERATIONS
The Company's turnover has increased to Rs.167.737 millions during the Financial Year. The Net Profits has also increased to Rs.3.002 millions during the Financial Year
COMPANY PROFILE
Subject was incorporated under the Companies Act, 1956 on 17th August 2005. The Company is engaged in the trading of Hardware Items and Interior and Exterior Décor Products.
FORM 8
|
Corporate
identity number of the company |
U36100MH2005PTC155389 |
|
Name of the
company |
JYOTI ARCHITECTURAL PRODUCTS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
12, Gold Mohur Building1st Flr |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10142805 |
|
Type of charge |
|
|
Particular of
charge holder |
Bank of India, Sakinaka
Branch , Sagar Tech Plaza , Andheri Kurla Road , Sakinaka, Andheri (East),
Mumbai – 400072, Maharashtra, INDIA |
|
Nature of
instrument creating charge |
Supplemental deed
of hypothecation |
|
Date of
instrument Creating the charge |
30.04.2011 |
|
Amount secured by
the charge |
Rs.20.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest:
4% over BR
presently 13.50% p.a. with monthly rests or at such other rate/s of interest
as may be notified by the bank from time to time. Terms of
Repayment: On Demand Margin: 25% against Raw material
and Finished goods; 40% against Book Debts outstanding of 2 or 3 months or as
required by the bank form time to time. Extent and
Operation of the charge: Security in
favour of Bank as first charge for due payment of all monies including the
principal sums/interest/commission, costs, charges and expenses and all other
moneys, whatsoever due owing and payable by the borrower to Bank under or in
respect of or in connection with or in
anywise concerning or relating to the said facilities agreed to be granted or
granted by the Bank to the borrower as aforesaid and Also for due repayment
of all present and future Continued in (e) Others Others: indebtedness and
liabilities of the borrower to the Bank of any kind in any manner whether
solely or jointly, primary or collateral, accrued or accruing with all
relative interest/commission, charges, costs (between Advocate and client)
and expenses. Revised Facility
and Limits: Cash Credit Limit : 1) Hypothecation .of Stocks Rs.10.000
millions 2) Hypothecation
of Book debts - Rs.20.000 millions Total Max:
Rs.20.000 millions. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
a) All tangible
movable machineries and plant both present and future whereversoever situate b) All tangible
movable properties and assets and stocks of whatsoever nature of the Borrower
(both present and future) situate at Mumbai or wherever else c) All present and
future book debts, outstanding, money receivables, claims, bills which are
now due and owing or which may any time hereafter during the continuance of
this security become due and owing to the Borrower. |
|
Date of
instrument modifying the charge |
16.06.2010 |
|
Particulars of
the present modification |
2nd Modification.
The principal amount of charge on hypothecated assets is enhanced from
Rs.12.000 millions to Rs.20.000 millions.
Revised Limits: Cash Credit Limit: 1) Hypothecation of Stocks Rs.10.000 millions
2) Hypothecation of Book debts - Rs.20.000
millions Total Max:
Rs.20.000 millions |
FIXED ASSETS
- Air
Conditions
- Computer
- Motor Car
- Sony DSC
Camera
- Furniture
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.51.43 |
|
|
1 |
Rs.79.10 |
|
Euro |
1 |
Rs.66.17 |
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.