|
Report Date : |
20.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
J G SPONGE AND POWER PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Y-13/2-1st Floor, Loha Mandi, Naraina, New Delhi – 110028 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
06.08.2003 |
|
|
|
|
Com. Reg. No.: |
55-121655 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.8.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27109DL2003PTC121655 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELJ06056B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCJ4171D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Supplier of Textile Fabrics. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (13) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and Delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Financial
positions of the company is under severe pressure. Accumulated losses appears to be increasing over years. The company
has recorded an increase in its sales turnover during the current year. Business is active. Payments are reported to be slow and delayed. Initially, the company can be considered for business dealings on a
safe and secured 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 |
LOCATIONS
|
Registered Office : |
Y-13/2-1st Floor, Loha Mandi, Naraina, New Delhi – 110028,
India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Factory: |
BN-37, BN-42, industrial Area, Noida – 201301, Uttar Pradesh, India |
|
Tel. No.: |
91-120-3207141 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Karun Jueja |
|
Designation : |
Director |
|
Address : |
B- 2/134, Paschim Vihar, New Delhi – 110063, India |
|
Date of Birth/Age : |
22.12.1980 |
|
Date of Appointment : |
15.06.2004 |
|
DIN No.: |
00988771 |
|
|
|
|
Name : |
Mr. Arvind Batra |
|
Designation : |
Director |
|
Address : |
G-101, Kalkaji, New Delhi – 110019, India |
|
Date of Birth/Age : |
13.12.1961 |
|
Date of Appointment : |
02.05.2006 |
|
DIN No.: |
00988866 |
|
|
|
|
Name : |
Mr. Kunal Juneja |
|
Designation : |
Director |
|
Address : |
B- 2/134, Paschim Vihar, New Delhi – 110063, India |
|
Date of Birth/Age : |
07.08.1983 |
|
Date of Appointment : |
15.05.2010 |
|
DIN No.: |
03045765 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Ravinder Kumar Juneja |
|
5000 |
|
Ravish Goyal |
|
5000 |
|
Ashwani Kumar Gugani |
|
5000 |
|
Dalip Kumar Juneja |
|
305000 |
|
Karan Juneja |
|
116000 |
|
Arvind Batra |
|
325000 |
|
Bela Juneja |
|
29000 |
|
Raj Juneja |
|
10000 |
|
Kunal Juneja |
|
50000 |
|
|
|
|
|
Total |
|
850000 |
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 and Supplier of Textile Fabrics. |
|
|
|
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
M.S Ingot |
MT |
19710 |
8664.100 |
|
Runner and Risers |
MT |
NA |
216.365 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
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|
Bankers : |
Indian Overseas Bank, Rajendra Place, New Delhi – 110008, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs. in Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Garg Juneja and Company Chartered Accountants |
|
Address : |
C-254, Vikas Puri, New Delhi – 110018, India |
|
Tel No.: |
91-11-27183570 |
|
Mobile: |
91-9811084579 |
|
E-Mail.: |
|
|
PAN.: |
AACFG5342F |
CAPITAL STRUCTURE
After 30.09.2011
Authorised Capital : Rs.15.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.15.000
Millions
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
850000 |
Equity Shares |
Rs.10/- each |
Rs.8.500
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 |
8.500 |
5.000 |
5.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(109.744) |
(72.793) |
(54.739) |
|
|
NETWORTH |
(101.244) |
(67.793) |
(49.739) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
44.128 |
35.589 |
36.190 |
|
|
2] Unsecured Loans |
7.018 |
9.308 |
17.475 |
|
|
TOTAL BORROWING |
51.146 |
44.897 |
53.665 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(50.098) |
(22.896) |
3.926 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
28.714 |
27.291 |
26.039 |
|
|
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 |
41.774
|
24.100 |
37.211 |
|
|
Sundry Debtors |
18.378
|
32.055 |
50.400 |
|
|
Cash & Bank Balances |
0.384
|
1.712 |
0.008 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
17.128
|
12.528 |
9.989 |
|
Total
Current Assets |
77.664
|
70.395 |
97.608 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
137.615
|
115.283 |
104.261 |
|
|
Other Current Liabilities |
16.169
|
3.263 |
14.123 |
|
|
Provisions |
2.692
|
2.036 |
1.337 |
|
Total
Current Liabilities |
156.476
|
120.582 |
119.721 |
|
|
Net Current Assets |
(78.812)
|
(50.187) |
(22.113) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(50.098) |
(22.896) |
3.926 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
359.025 |
213.527 |
245.148 |
|
|
|
Other Income |
0.193 |
9.614 |
0.826 |
|
|
|
TOTAL (A) |
359.218 |
223.141 |
245.974 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
302.512 |
152.306 |
207.381 |
|
|
|
Manufacturing and Other Expenses |
83.434 |
69.586 |
66.954 |
|
|
|
Office and Administrative Expenses |
1.581 |
1.122 |
1.525 |
|
|
|
Increase/Decrease in stock |
2.330 |
12.553 |
(3.326) |
|
|
|
TOTAL (B) |
389.857 |
235.567 |
272.534 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(30.639) |
(12.426) |
(26.560) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.428 |
4.081 |
3.888 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
(35.067) |
(16.507) |
(30.448) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.772 |
1.434 |
1.401 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX (E-F) (G) |
(36.839) |
(17.941) |
(31.849) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.112 |
0.139 |
0.160 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX (G-I) (J) |
(36.951) |
(18.079) |
(32.009) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(72.793) |
(54.714) |
(22.705) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(109.744) |
(72.793) |
(54.714) |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss)
Per Share (Rs.) |
(43.47) |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(10.29)
|
(8.10) |
(13.01) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(10.26)
|
(8.40) |
(12.99) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(47.43)
|
(25.49) |
(36.63) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.36)
|
(0.26) |
(0.64) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(2.05)
|
(2.44) |
(3.49) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.50
|
0.58 |
0.82 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U27109DL2003PTC121655 |
|
Name of the
company |
J G SPONGE AND
POWER PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Y-13/2-1st
Floor, Loha Mandi, Naraina, New Delhi – 110028, India Email: garg_juneja@hotmail.com |
|
This form is for
|
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
80044031 |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
Indian Overseas
Bank, Rajendra Place, New Delhi – 110008, India Email: pusaabr@delsco.iobnet.co.in |
|
Nature of
instrument creating charge |
F 110E Letter of
Hypothecation (for Securing Machineries/ Vehicles/ Goods/ Book Debts) and F
379a Confirmation Letter for Supplementary Mortgage ,F-379c Confirmation
Letter. |
|
Date of
instrument Creating the charge |
26.03.2012 |
|
Amount secured
by the charge |
Rs.60.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest F 110E letter of hypothecation (for securing machineries/ vehicles/
goods/ book debts) and f 379a confirmation letter for supplementary mortgage
,f-379c confirmation letter. Terms of Repayment Payable on demand as per sanction terms and bank norms Margin 25% on stock and 50% on book debts. Extent and Operation of the charge The hypothecated assets and equitable mortgage of property to secure
Cash Credit limit of Rs.60.000 Millions sanctioned by Indian Overseas Bank to
M/s.J G Sponge And Power Private Limited. Others Personal
Guarantee of : a) Mr. Karun
Juneja b) Mr. Arvind
Batra c) Mr. Kunalj
Juneja d) Mr. Dalip
Juneja |
|
Short
particulars of the property or asset(s) charged (including complete address
and location of the property) |
First charge on
paid stocks, book debts, plant and machinery both present and future of Iron
and Steel and Ingots etc. and Block assets of the company. Equitable
mortgage of property Situated at BN-37 to BN-42, and CN-91 to CN-100,
Industrial Area Phase III, Masoori Gulawathi Road, Ghaziabad (Uttar Pradesh)
in the name of company. Equitable mortgage
of property Situated at Plot No. 19, Khasara No.83/10, Mundka Delhi in the
name of Shri. Dalip Juneja |
|
Date of
instrument modifying the charge |
18.11.2011 |
|
Particulars of
the present modification |
By this
modification of charge the aggregate credit limit stands modified to
Rs.60.000 Millions ( Rs. 10.000 Millions Adhoc Cash Credit for the period of
75 days payable on or before 07.06.2012. and Excisting terms and condition of
last sanction shall remain unaltered and to be complied with. |
Fixed Assets:
·
Land
·
Building
·
Moulds/CI Casting
·
Plant & Machinery
·
Car A/c
·
Computer
·
Mobile Phone
·
Scooter
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.55.39 |
|
|
1 |
Rs.86.74 |
|
Euro |
1 |
Rs.68.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
13 |
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.