MIRA
INFORM REPORT
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Report Date : |
23.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
JAGADEESH IRON AND STEELS PRIVATE LIMITED |
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Registered
Office : |
D/23, MIDC, Miraj, Sangli-416410, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
26.08.2003 |
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Com. Reg. No.: |
11-01872 |
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Capital
Investment / Paid-up Capital : |
Rs.14.500
Millions |
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CIN No.: [Company Identification
No.] |
U27106PN2003PTC018272 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEJ05344D |
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PAN No.: [Permanent Account No.] |
AABCJ3466H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of S.I. and S.G. Iron Castings. |
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No. of Employees
: |
300 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
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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 200000 |
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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.
EXTERNAL AGENCY RATING
|
Agency Name |
Rating |
|
CARE |
BB |
Rating Explanations
|
AAA (Highest Safety) |
Instruments with this
rating are considered to have the highest degree of safety regarding timely servicing
of financial obligations. Such instruments carry lowest credit risk. |
|
AA (High Safety) |
Instruments with this
rating are considered to have high degree of safety regarding timely
servicing of financial obligations. Such instruments carry very low credit
risk. |
|
A (Adequate Safety) |
Instruments with this
rating are considered to have adequate degree of safety regarding timely
servicing of financial obligations. Such instruments carry low credit risk. |
|
BBB (Moderate Safety) |
Instruments with this
rating are considered to have moderate degree of safety regarding timely
servicing of financial obligations. Such instruments carry moderate credit
risk. |
|
BB (Moderate Risk) |
Instruments with this rating
are considered to have moderate risk of default regarding timely servicing of
financial obligations. |
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B (High Risk) |
Instruments with this
rating are considered to have high risk of default regarding timely servicing
of financial obligations. |
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C (Very High Risk) |
Instruments with this
rating are considered to have very high risk of default regarding timely
servicing of financial obligations. |
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D (Default) |
Instruments with this
rating are in default or are expected to be in default soon. |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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. Sanjay Kulkarni |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-9922425656 |
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Date : |
21.07.2012 |
LOCATIONS
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Registered Office / Foundry Division : |
D/23, MIDC, Miraj, Sangli-416410, Maharashtra, India |
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Tel. No.: |
91-233-2644942/2644943 |
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Mobile No.: |
91-9922425656 [Mr. Sanjay Kulkarni] |
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Fax No.: |
91-233-2644942 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Arvind Gangadhar Joshi |
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Designation : |
Director |
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Address : |
Othanil Colony, Plot No. 16, Pandharpur Road, Miraj-416410,
Maharashtra, India |
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Date of Birth/Age : |
22.05.1968 |
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Date of Appointment : |
26.08.2003 |
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Din No.: |
00421822 |
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Name : |
Mr. Kedar Gangadhar Joshi |
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Designation : |
Director |
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Address : |
Othanil Colony, Plot No. 16, Pandharpur Road, Miraj-416410,
Maharashtra, India |
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Date of Birth/Age : |
06.03.1970 |
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Date of Appointment : |
26.08.2003 |
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Din No.: |
00421952 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Kulkarni |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
No. of
Preferences Shares |
No. of Equity
Shares |
|
Arvind Gangadhar Joshi |
-- |
324997 |
|
Arvind Gangadhar Joshi |
150000 |
-- |
|
Kedar Gangadhar Joshi |
-- |
324997 |
|
Kedar Gangadhar Joshi |
150000 |
-- |
|
Savitha Girish Dongare |
-- |
1 |
|
Vanamala Suresh Dongare |
-- |
1 |
|
Amruta Narendrarao Kapare |
-- |
1 |
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Varadprasad C.H.G. |
-- |
1 |
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Gopalkrishna T. Murthy |
-- |
1 |
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Vaman Laxmanrao Nyalkalkar |
-- |
1 |
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Arvind Gangadhar Joshi with Kedar Gangadhar Joshi |
-- |
250000 |
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Kedar Gangadhar Joshi with Arvind Gangadhar Joshi |
-- |
250000 |
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Total |
300000 |
1150000 |
As on 30.09.2011
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Equity Share Breakup |
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Percentage of Holding |
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of S.I. and S.G. Iron Castings. |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS [AS ON 31.03.2011]
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Particulars |
Unit |
Actual
Production |
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Iron |
Tones |
3811.46 |
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Electricity |
Tones |
5310320 |
GENERAL INFORMATION
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Suppliers : |
·
Sesa God Limited |
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Customers : |
End Users ·
Mahendra Vehicle Manufacturing Limited |
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No. of Employees : |
300 [Approximately] |
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Bankers : |
State Bank of India, Miraj Branch, Sangli-416410, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Abhyankar and Company Chartered Accountants |
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Address : |
Sumangal, Opposite Collector Bunglow, North Shivaji Nagar,
Sangli-416416, Maharashtra, India |
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Pan No.: |
AAPPA1905M |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1200000 |
Equity Shares |
Rs.10/- each |
Rs.12.000 Millions |
|
300000 |
Preferences Shares |
Rs.10/- each |
Rs.3.000 Millions |
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Total |
|
Rs.15.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1150000 |
Equity Shares |
Rs.10/- each |
Rs.11.500
Millions |
|
300000 |
Preferences Shares |
Rs.10/- each |
Rs.3.000
Millions |
|
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Total |
|
Rs.14.500 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
14.500 |
14.500 |
14.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
37.551 |
25.521 |
22.064 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
52.051 |
40.021 |
36.564 |
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LOAN FUNDS |
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1] Secured Loans |
99.227 |
58.328 |
56.292 |
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2] Unsecured Loans |
3.778 |
2.911 |
2.171 |
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TOTAL BORROWING |
103.005 |
61.239 |
58.463 |
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DEFERRED TAX LIABILITIES |
0.229 |
0.229 |
0.229 |
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TOTAL |
155.285 |
101.489 |
95.256 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
66.240 |
54.468 |
61.267 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
6.982 |
8.885 |
6.377 |
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DEFERREX TAX ASSETS |
1.203 |
1.641 |
0.180 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
37.409
|
24.158 |
12.417 |
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Sundry Debtors |
66.234
|
36.780 |
20.763 |
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Cash & Bank Balances |
0.123
|
0.264 |
0.071 |
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Other Current Assets |
1.600
|
0.842 |
2.074 |
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Loans & Advances |
7.855
|
4.726 |
4.431 |
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Total
Current Assets |
113.221
|
66.770 |
39.756 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
18.941
|
17.205 |
7.630 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
13.420
|
13.070 |
4.710 |
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Total
Current Liabilities |
32.361
|
30.275 |
12.340 |
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Net Current Assets |
80.860
|
36.495 |
27.416 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.016 |
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TOTAL |
155.285 |
101.489 |
95.256 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
274.500 |
179.145 |
148.761 |
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Other Income |
1.289 |
1.257 |
0.596 |
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|
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TOTAL |
275.789 |
180.402 |
149.357 |
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Less |
EXPENSES |
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|
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Office Expenses |
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Administrative Expenses |
261.504 |
170.490 |
147.364 |
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Advertising Expenses |
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TOTAL |
261.504 |
170.490 |
147.364 |
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PROFIT / (LOSS)
BEFORE TAX |
14.285 |
9.912 |
1.993 |
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Less |
TAX |
2.256 |
5.850 |
0.386 |
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PROFIT / (LOSS)
AFTER TAX |
12.029 |
4.062 |
1.607 |
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Less |
APPROPRIATIONS |
|
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Transfer to General Reserve |
10.000 |
3.500 |
8.000 |
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Earnings /
(Loss) Per Share (Rs.) |
8.29 |
3.53 |
1.10 |
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Particulars |
|
|
31.03.2012 |
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Sales Turnover [Approximately] |
|
|
340.000 |
Expected Sales (2012-13) : Rs.340.000 Millions.
The above information has been parted by Mr. Sanjay Kulkarni.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.36
|
2.25 |
1.07 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.20
|
5.53 |
1.34 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.95
|
8.18 |
1.97 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.25 |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.60
|
2.29 |
1.94 |
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Current Ratio (Current Asset/Current Liability) |
|
3.50
|
2.20 |
3.22 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
18.941
|
17.205 |
7.630 |
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
No |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
Yes |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
No |
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17) Major suppliers |
Yes |
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18) Major customers |
Yes |
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19) Payments terms |
Yes |
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20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
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22) Litigations that the firm / promoter involved in |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if applicable |
Yes |
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29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
Yes |
PERFORMANCE:
The performance of the company during this
year has improved as compared to previous year. Inspite of the highly
competitive market, a widened market share has been covered by the company. The
sales turnover has increased from Rs.179.145 Millions in the year ended
31.03.2010 to Rs.274.500 Millions in the year ended 31.03.2011. During the
year, the company has earned profit of Rs.14.285 Millions as compared to
previous year profit Rs.9.912 Millions out of this Rs.10.000 Millions were
transferred to general reserve as compared to that of last year Rs.3.500
Millions.
PROSPECT FOR THE CURRENT YEAR:
During the year, they are proud to mention
that the company has succeeded in maintaining its existing production levels.
The trend continues in current year. The position of the orders booked is
satisfactory and the company looks forward to the further with confidence.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U27106PN2003PTC018272 |
|
Name of the
company |
JAGADEESH IRON
AND STEELS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
D/23, MIDC, Miraj, Sangli-416410, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property
[not being pledge] Floating Charge Immovable
Property |
|
Particular of
charge holder |
State Bank of India, Miraj Branch, Sangli-416410, Maharashtra, India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
1) Letter of
Arrangement 2) Supplemental
Agreement of Loan-Cum-Hypothecation Both the
documents create single charge |
|
Date of instrument
Creating the charge |
29.11.2010 |
|
Amount secured by
the charge |
Rs.5.000 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per agreement. Terms of
Repayment As per agreement. Margin As per agreement. Extent and
Operation of the charge First Charge. The
charge will remain in operation until full repayment of principal, interest,
costs, commission, fees, charges, penalties, etc. |
|
Short particulars
of the property charged |
Stock of raw
material, work-in-process and finished goods situated at D-23, MIDC, Miraj –
416410 Book-debts. Plant and
Machinery situated at D-23, MIDC, Miraj - 416410. Land and Building
at Plot No.D-23, MIDC, Miraj Land and Building
at CS No 3/B, Plot No.16, Ekveera Bunglow, Othenel Colony, Miraj Land and Building
at Plot No.C-29/A, C-30 and C-39 (Revised Plot No. 48, 53 and 54 at G M
Industrial Estate, Miraj Land and Building
at Plot No.D-68, MIDC, Miraj – 416410 Hypothecation of
Assets created out of Bank Finance - Stocks and Book-Debts Hypothecation of
Machinery and Assets to be purchased out of Bank Finance |
FIXED ASSETS:
·
Plant and Machinery
·
Building
·
Furniture and Fixtures
·
Vehicles Lorries
·
Vehicle Offices
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.55.15 |
|
|
1 |
Rs.86.57 |
|
Euro |
1 |
Rs.67.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
|
44 |
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.