MIRA
INFORM REPORT
|
Report Date : |
27.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
JADHAO GEARS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
D9/2, D10 and D11, M.I.D.C. Area, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
08.01.2008 |
|
|
|
|
Com. Reg. No.: |
11-177528 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.30.500
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29130MH2008PTC177528 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NGPJ01738C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCJ0437B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Gin Machines. |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 301000 |
|
|
|
|
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. Arun Kumar |
|
Designation : |
Vice President |
|
Contact No.: |
91-8655480765 |
|
Date : |
26.05.2012 |
LOCATIONS
|
Registered Office/ Factory : |
D9/2, D10 and D11, M.I.D.C. Area, |
|
Tel. No.: |
91-721-2520807/ 2521382/ 2522967/ 2520807/ 2522078 |
|
Mobile No.: |
91-8655480765 (Mr. Arun Kumar) |
|
Fax No.: |
91-721-2521382/ 2522078/ 2520807 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1100 sq ft |
|
Location : |
Leased |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Sanjay Shankarrao Jadhao |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
“Saiee Bunglow”, 1/7, Mangilal
Plots, Opposite IMA Hall, |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
03.03.1962 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Qualification : |
B.E. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
08.01.2008 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
01833719 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mrs. Smita Sanjay Jadhao |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
“Saiee Bunglow”, 1/7, Mangilal
Plots, Opposite IMA Hall, |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
17.04.1964 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Qualification : |
M.A. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
08.01.2008 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00958717 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Arun Kumar |
|
Designation : |
Vice President |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Sanjay Shankarrao Jadhao |
|
2550000 |
|
Smita Sanjay Jadhao |
|
500000 |
|
Total
|
|
3050000 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Gin Machines. |
|
|
|
|
Products : |
v Engineering Goods v DR Gin Machines v Cotton Bale Presses v Cotton Handling Systems v Alloy Steel Castings v Precision Machined Components v Sheet Metal Components v Electrical Panels |
|
|
|
|
Exports : |
|
|
Products : |
v DR Gin Machines v Cotton Bale Presses v Cotton Handling Systems v Alloy Steel Castings v Precision Machined Components v Sheet Metal Components v Electrical Panels |
|
Countries : |
v
v
|
|
|
|
|
Terms : |
|
|
Selling : |
Advance/ Payment against delivery |
|
|
|
|
Purchasing : |
Advance/ Payment against delivery |
GENERAL INFORMATION
|
Suppliers : |
v
Manjula Steel Corporation, Mumbai v
Prathamesh Enterprises, v
National Engineering Industries Limited, Jaipur v
S.S. Industries, v
Nutan Suppliers, v
Electro Steel Engineering Company, Mumbai v
Eagle Weight Instruments ( v
Jyoti Paints Limited, Ahmedabad v
Eureka Forbes Limited, Pune v
Kwality Forge, v
Ganga Iron and Steel Trading Company Limited, v
Kothari Belting Company, v
Diamond Hone Tubes, Mumbai v
Chintamani Industries, v
V.L. Motors, |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Customers : |
End Users v
Fortune Cotton and Agro Industries Gourampur v
M.M. Patel and Company, v
N.K. Fibers, Ghosapur (Beed) v
Unique Cotton, Lakmeshwar, Gadag (Karnataka) v
v
Poshak Feeds ( v
NSL Textiles Limited, v
Vijay Industries, Bailhongal v
Sai Venkata Agro Industries Private Limited,
Manchirial v
Gima Manufacturing Private Limited, Hinganghat v
Metro Hardware, Jalgaon v
Durgeshwari Fibers, Parbhani v
National Cotton Fibers, Andersul, v
Jalaram Cotton and Proteins Limited, Jasdan v
Harman Cotex, Khargone (Madhya Pradesh) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
200 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
v
HDFC Bank Limited, v
Axis Bank Limited, v
Small Industries Development Bank of India,
National Insurance Building, S.V. Patel Marg, Kingsway, Nagpur – 440 001,
Maharashtra, India v
Jijau Commercial Co-Operative Bank Limited |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
V.S. Jadhao Associates Chartered Accountants |
|
Address : |
1st Floor, Naole Complex, Near |
|
Tel. No.: |
91-721-2572957 |
|
Mobile No.: |
91-9422855135 |
|
E-Mail : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AAPPJ7510D |
|
|
|
|
|
v
V.S. Jadhao Associates v
Gukss Industries v
Jadhao Gears v
Jadhao Icons v
Jadhao Steel Alloys v
Jadhao Agro Agencies v
Jadhao Associates v
Jadhao Engineers v
Jadhao International |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3050000 |
Equity Shares |
Rs.10/- each |
Rs.30.500 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3050000 |
Equity Shares |
Rs.10/- each |
Rs.30.500
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 |
30.500 |
30.500 |
1.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
44.673 |
31.113 |
0.024 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
75.173 |
61.613 |
1.024 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
117.056 |
60.714 |
0.000 |
|
|
2] Unsecured Loans |
4.682 |
22.583 |
27.033 |
|
|
TOTAL BORROWING |
121.738 |
83.297 |
27.033 |
|
|
DEFERRED TAX LIABILITIES |
13.628 |
9.512 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
210.539 |
154.422 |
28.057 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
136.173 |
136.653 |
19.848 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
10.124 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.000 |
1.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
97.947
|
20.598 |
0.000 |
|
|
Sundry Debtors |
19.431
|
12.713 |
0.000 |
|
|
Cash & Bank Balances |
4.534
|
14.780 |
0.239 |
|
|
Other Current Assets |
71.985
|
26.327 |
0.000 |
|
|
Loans & Advances |
5.520
|
14.560 |
0.075 |
|
Total
Current Assets |
199.417
|
88.978 |
0.314 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
38.609
|
58.524 |
2.222 |
|
|
Other Current Liabilities & Provisions |
87.452
|
13.700 |
0.027 |
|
Total
Current Liabilities |
126.061
|
72.224 |
2.249 |
|
|
Net Current Assets |
73.356
|
16.754 |
(1.935) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.010 |
0.015 |
0.020 |
|
|
|
|
|
|
|
|
TOTAL |
210.539 |
154.422 |
28.057 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
496.962 |
508.376 |
0.090 |
|
|
|
Other Income |
|
0.680 |
|
|
|
|
TOTAL |
496.962 |
509.056 |
0.090 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
NA |
459.968 |
0.053 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
459.968 |
0.053 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
NA |
49.088 |
0.037 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
17.999 |
0.013 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
13.560 |
31.089 |
0.024 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.45 |
25.89 |
0.24 |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
700.000 |
|
|
|
|
|
Expected Sales (2012-2013): Rs.1000.000 millions
The above information has been parted by Mr. Arun Kumar (Vice
President).
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.73
|
6.11 |
26.67 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
9.66 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
21.76 |
0.18 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.80 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.30
|
2.52 |
28.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.58
|
1.23 |
0.14 |
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 |
Yes |
|
5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
background |
Yes |
|
8) No. of
employees |
Yes |
|
9) Name of person
contacted |
Yes |
|
10) Designation
of contact person |
Yes |
|
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 |
Yes |
|
15) Capital in
the business |
Yes |
|
16) Details of
sister concerns |
Yes |
|
17) Major
suppliers |
Yes |
|
18) Major
customers |
Yes |
|
19) Payments
terms |
Yes |
|
20) Export / Import
details (if applicable) |
Yes |
|
21) Market
information |
-- |
|
22) Litigations
that the firm / promoter involved in |
-- |
|
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 |
FINANCIAL RESULTS:
The company has made Sales and Other Income of Rs.496.962 millions and
incurred a Net Profit after Tax of Rs.13.560 millions during the year ended 31st
March, 2011.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U29130MH2008PTC177528 |
|
Name of the
company |
JADHAO GEARS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
D9/2, D10 and D11, M.I.D.C. Area, E-Mail: jadhao_gears@rediffmail.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Any interest in immovable property Book Debts Movable Property (not being pledge) Others (Stocks) |
|
Particular of
charge holder |
State Bank of E-Mail: emailroc@rediffmail.com |
|
Nature of description
of the instrument creating or modifying the charge |
Agreement of Loan
cum Hypothecation |
|
Date of
instrument Creating the charge |
27.03.2012 |
|
Amount secured by
the charge |
Rs.75.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest rate of
2.50% above the basic rate which is presently 10.00% with minimum of 12.50%
p.a. with monthly rest Penal interest
of max of 2.00% in addition to the
agreed rate in case of default Terms of
Repayment: As agreed by the
Borrower Company with the Bank from time to time Margin: As agreed by the
Borrower Company with the Bank from time to time Extent and
Operation of the charge: At the request of
the Borrower Company the Bank has sanctioned Cash Credit Limit for Rs.75.000
millions with sub limit of Bank Guarantee
of Rs.30.000 millions against First charge and hypothecation of entire
stock of raw materials, finished goods, stocks in process, stores and spares,
packing materials of the unit at their factory premises or at some other
places including good in transit, outstanding moneys, book debts, receivables
of the Company both present and future |
|
Short particulars
of the property charged |
First charge and
hypothecation of entire stock of raw materials, finished goods, stocks in
process, stores and spares, packing materials of the unit at their factory
premises or at some other places including good in transit, outstanding
moneys, book debts, receivables of the Company both present and future. |
FIXED ASSETS:
v Land
v
v Plant and Machinery
v Electrical Equipment
v Furniture and Fixture
v Office Equipment
v Computer and Software
v Wind Mill 1.25 MW
v Motor Vehicle
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.57.07 |
|
|
1 |
Rs.88.95 |
|
Euro |
1 |
Rs.71.40 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.