MIRA
INFORM REPORT
|
Report Date : |
12.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
JUGAI IRON AND STEEL PRIVATE LIMITED |
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Registered
Office : |
Plot No. D-81/B, Miraj M I D C, Miraj 416410, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
03.02.2006 |
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Com. Reg. No.: |
021953 |
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Capital Investment
/ Paid-up Capital : |
Rs.1.000 million |
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CIN No.: [Company Identification
No.] |
U27109PN2006PTC021953 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
KLPJ01087C |
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PAN No.: [Permanent Account No.] |
AABCJ7334A |
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Legal Form : |
Private Limited Liability Company
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Line of Business
: |
Manufacturer of C I Castings |
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No. of Employees
: |
100 Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (15) |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track records. There
appears huge accumulated losses recorded by the company. However, trade relations
are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a 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.
INFORMATION PARTED BY
|
Name : |
Mr. Subhash Mane |
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Designation : |
Accounts Manager |
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Contact No.: |
91-233-2645104 |
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Date : |
01.03.2012 |
LOCATIONS
|
Registered Office /Factory: |
Plot No. D-81/B, Miraj M I D C, Miraj 416410, Maharashtra, India |
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Tel. No.: |
91-233-2645104 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Sharad V Hosur |
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Designation : |
Director |
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Date of Birth/Age : |
01.05.1968 |
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Date of Appointment : |
03.02.2006 |
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DIN No.: |
00414627 |
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Name : |
Mr. Alok S Kore |
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Designation : |
Director |
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Date of Birth/Age : |
25.10.1982 |
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Date of Appointment : |
03.02.2006 |
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DIN No.: |
00414635 |
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Name : |
Mr. Baburao Yarazarvi |
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Designation : |
Director |
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Date of Birth/Age : |
10.07.1946 |
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Date of Appointment : |
03.02.2006 |
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DIN No.: |
00780391 |
KEY EXECUTIVES
|
Name : |
Mr. Subhash Mane |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Mr. Sharad V Hosur |
3000 |
|
Mr. Alok S Kore |
5100 |
|
Mr. Baburao Yarazarvi |
900 |
|
Ms. Ujwala S Hosur |
1000 |
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Total |
10000 |
AS ON 30.09.2011
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
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|
Directors or relatives of directors |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of C I Castings |
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Terms : |
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Selling : |
Credit (45 Days) |
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Purchasing : |
Credit (45 Days) |
GENERAL INFORMATION
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Customers : |
·
Wholesaler ·
Mahindra and Mahindra ·
Bajaj |
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No. of Employees : |
100 Approximately |
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Bankers : |
Rajarambapu Sahakari Bank Limited, Peth Gaonbagh Branch, Sangli 416416, Maharashtra, India |
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Facilities : |
·
Cash Credit Rs. 10.000 millions ·
Term Loan Rs. 6.000 millions |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
D S Palkar and Company Chartered Accountant |
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Address : |
30/A, Abhyankar Complex, Amarai Road, Sangli 416416, Maharashtra,
India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
45000 |
Equity Shares |
Rs. 100 each |
Rs.4.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs. 100 each |
Rs.1.000 million |
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 |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(1.361) |
(0.090) |
(0.428) |
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NETWORTH |
(0.361) |
0.910 |
0.572 |
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|
LOAN FUNDS |
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1] Secured Loans |
10.958 |
3.135 |
3.124 |
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2] Unsecured Loans |
6.600 |
6.400 |
6.400 |
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TOTAL BORROWING |
17.558 |
9.535 |
9.524 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
17.197 |
10.445 |
10.096 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.737 |
5.919 |
5.729 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.508 |
0.415 |
0.591 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.470
|
0.778 |
0.410 |
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Sundry Debtors |
13.466
|
5.234 |
3.827 |
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Cash & Bank Balances |
1.129
|
0.897 |
0.113 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
0.000
|
0.822 |
1.368 |
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Total
Current Assets |
17.065
|
7.731 |
5.718 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
7.748
|
2.385 |
1.044 |
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Provisions |
1.396
|
1.270 |
0.934 |
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Total
Current Liabilities |
9.144
|
3.655 |
1.978 |
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Net Current Assets |
7.921
|
4.076 |
3.740 |
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MISCELLANEOUS EXPENSES |
0.029 |
0.035 |
0.036 |
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TOTAL |
17.197 |
10.445 |
10.096 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
44.426 |
17.672 |
14.854 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
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PAT / Total Income |
(%) |
NA
|
NA
|
NA
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA
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NA
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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NA
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NA
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Return on Investment (ROI) (PBT/Networth) |
|
NA
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NA
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NA
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Debt Equity Ratio (Total Liability/Networth) |
|
(73.96)
|
14.49 |
20.10 |
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Current Ratio (Current Asset/Current Liability) |
|
1.86
|
2.11 |
2.89 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS ARE NOT AVAILABLE
Note:
Registered office of the company has been shifted from A/P: Kavathe Mahankal,Tal: Kavathe Mahankal, Sangli, Maharashtra, India to the present address w.e.f. 15.06.2010.
PERFORMANCE
During the year, the Company achieved turnover of Rs. 44.425 millions in
the year ended 31-03-2010 as compared to previous year of Rs. 17.672 millions
PROSPECTS FOR THE CURRENT YEAR
The Directors have taken steps for improving the quality and decided to
give emphasis on marketing and to strengthen the internal controls. In view of
this, the directors are hopeful of achieving better results for the current
year. The position of the orders booked is satisfactory and the Company looks
forward to the future with confidence.
FORM 8
|
Corporate
identity number of the company |
U27109PN2006PTC021953 |
|
Name of the
company |
JUGAI IRON AND STEEL PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Plot No. D-81/B, Miraj M I D C, Miraj 416410, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
property |
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Particular of charge
holder |
Rajarambapu Sahakari Bank Limited, Peth Gaonbagh Branch, Sangli 416416, Maharashtra, India Email: pgassociate@rediffmail.com |
|
Nature of
instrument creating charge |
Mortgage Deed |
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Date of
instrument Creating the charge |
16.03.2011 |
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Amount secured by
the charge |
Rs. 3.500
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 10.50% p.a. Terms of repayment Repayment within
7 years. Margin 25% Extent and operation of the charge Other Terms &
Conditions as per Agreement. |
|
Short particulars
of the property charged (Including location of the property) |
Mortgage of Land
& building situated at Plot No. D 81/B, MIDC Miraj, Dist - Sangli. |
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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 |
Yes |
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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 |
-- |
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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 |
-- |
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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 |
-- |
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17) Major suppliers |
No |
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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 |
No |
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28) Incorporation details, if applicable |
-- |
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29) Last accounts filed at ROC |
-- |
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30) Major Shareholders, if available |
-- |
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] 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.50.02 |
|
|
1 |
Rs.79.01 |
|
Euro |
1 |
Rs.66.18 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--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 |
|
15 |
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.