1. Summary Information
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Country |
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Company Name |
J S AUTO CAST FOUNDRY INDIA PRIVATE LIMITED |
Principal Name 1 |
Mr. Subramaniam Jeevanantham |
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Status |
Satisfactory |
Principal Name 2 |
Mr. Jeevanantham Shanthinimala |
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Registration # |
18-011284 |
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Street Address |
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Established Date |
20.08.2004 |
SIC Code |
-- |
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Telephone# |
Not Available |
Business Style 1 |
Manufacturer |
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Fax # |
Not Available |
Business Style 2 |
Supplier |
|
Homepage |
Product Name 1 |
Graded Green Sand Mould
Ductile |
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|
# of employees |
Not Available |
Product Name 2 |
Gray Iron (Ferrous)
Machine Components |
|
Paid up capital |
Rs.20,597,680/- |
Product Name 3 |
-- |
|
Shareholders |
Directors or
relatives of Directors – 100% |
Banking |
Axis Bank
Limited |
|
Public Limited Corp. |
No |
Business Period |
8 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ba (42) |
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Related
Company |
|||
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Relation
|
Country
|
Company
Name |
CEO |
|
Associates |
-- |
Sakthi Auto Ancillary Private Limited |
--- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
59,563,000 |
Current Liabilities |
44,445,000 |
|
Inventories |
11,601,000 |
Long-term Liabilities |
89,580,000
|
|
Fixed Assets |
127,337,000 |
Other Liabilities |
14,459,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
148,484,000 |
|
Invest& other Assets |
60,000 |
Retained Earnings |
29,479,000 |
|
|
|
Net Worth |
50,077,000 |
|
Total Assets |
198,561,000 |
Total Liab. & Equity |
198,561,000 |
|
Total Assets (Previous Year) |
167,214,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
409,613,000 |
Net Profit |
5,389,000 |
|
Sales(Previous yr) |
320,894,000 |
Net Profit(Prev.yr) |
6,030,000 |
MIRA
INFORM REPORT
|
Report Date : |
13.03.2012 |
IDENTIFICATION DETAILS
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Name : |
J S AUTO CAST FOUNDRY INDIA PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
20.08.2004 |
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Com. Reg. No.: |
18-011284 |
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Capital
Investment / Paid-up Capital : |
Rs.20.598 Millions |
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CIN No.: [Company Identification
No.] |
U27310TZ2004PTC011284 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the manufacture and supply of graded green sand
mould ductile and gray iron (ferrous) machined components. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
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 : |
Slow but 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
slow but correct. The company can be considered for small 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) |
|
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A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
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Tel. No.: |
Not Available |
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Mobile No.: |
91-9788851019 (P Vijaya Kumar) 91-9788851016 (S. Gnanasekaran) |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory : |
SF No 165/1 Sembagounddenpudur, Kuppepalayam Coimbatore – 641107, |
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Tel. No.: |
91-422-2653758/ 2653787 |
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Fax No.: |
91-422-2654753 |
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E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Subramaniam Jeevanantham |
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Designation : |
Managing director |
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Address : |
No:B-20, |
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Date of Birth/Age : |
25.02.1968 |
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Date of Appointment : |
01.10.2008 |
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DIN No.: |
00004167 |
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Other Directorship:
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Name : |
Mr. Jeevanantham Shanthinimala |
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Designation : |
Whole-time director |
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Address : |
No:B-20, |
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Date of Birth/Age : |
21.06.1968 |
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Date of Appointment : |
01.10.2008 |
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DIN No.: |
00004156 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Subramaniam Jeevanantham |
|
1048268 |
|
Jeevanantham Shanthinimala |
|
209000 |
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 : |
Subject is engaged in the manufacture and supply of graded green sand
mould ductile and gray iron (ferrous) machined components. |
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Products : |
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PRODUCTION STATUS
As on 31.03.2011
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Particulars |
Unit |
Actual
Production |
|
MF |
Qty |
111144 |
|
Case |
Qty |
118409 |
|
Accent Manifold |
Qty |
19069 |
|
PA Kappa |
Qty |
53305 |
|
PB Kappa |
Qty |
187008 |
|
Manifold Exhaust PA Episition |
Qty |
30828 |
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Spindle RH 6080020 |
Qty |
39425 |
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Spindle RH 6080010 |
Qty |
38380 |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial
Institution : |
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Auditors : |
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Name : |
V Chandramouli Chartered Accountants |
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Address : |
339, Variety Hall Road, Opposite Central Bank of |
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PAN.: |
AAMPC4992K |
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Associates : |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2250000 |
Equity Shares |
Rs.10/- each |
Rs.22.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2059768 |
Equity Shares |
Rs.10/- each |
Rs.20.598
Millions |
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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 |
20.598 |
20.598 |
20.598 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
29.479 |
24.089 |
18.059 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
50.077 |
44.687 |
38.657 |
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LOAN FUNDS |
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1] Secured Loans |
64.580 |
33.499 |
43.618 |
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2] Unsecured Loans |
25.000 |
22.500 |
22.500 |
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TOTAL BORROWING |
89.580 |
55.999 |
66.118 |
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DEFERRED TAX LIABILITIES |
12.603 |
10.299 |
9.100 |
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TOTAL |
152.260 |
110.985 |
113.875 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
127.337 |
105.276 |
102.714 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
11.601
|
11.359 |
10.428 |
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Sundry Debtors |
39.228
|
22.348 |
14.755 |
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Cash & Bank Balances |
6.658
|
3.133 |
4.546 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
13.677
|
25.017 |
22.212 |
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Total
Current Assets |
71.164
|
61.857 |
51.941 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
41.900
|
50.522 |
39.506 |
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Other Current Liabilities |
2.545
|
4.236 |
0.000 |
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Provisions |
1.856
|
1.471 |
1.375 |
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Total
Current Liabilities |
46.301
|
56.229 |
40.881 |
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Net Current Assets |
24.863
|
5.628 |
11.060 |
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MISCELLANEOUS EXPENSES |
0.060 |
0.081 |
0.101 |
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TOTAL |
152.260 |
110.985 |
113.875 |
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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 |
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Sales |
409.613 |
320.894 |
311.768 |
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Other Income |
2.113 |
0.692 |
NA |
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TOTAL (A) |
411.726 |
321.586 |
NA |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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NA |
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Advertising Expenses |
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TOTAL (B) |
372.104 |
289.018 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
39.622 |
32.568 |
36.959 |
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Less |
FINANCIAL
EXPENSES (D) |
20.150 |
15.247 |
18.656 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
19.472 |
17.321 |
18.303 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.951 |
8.651 |
7.281 |
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PROFIT BEFORE
TAX (E-F) (G) |
9.521 |
8.670 |
11.022 |
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TAX (H) |
4.160 |
2.640 |
5.175 |
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PROFIT AFTER TAX
(G-H) (I) |
5.389 |
6.030 |
5.847 |
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Earnings Per
Share (Rs.) |
2.62 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.31
|
1.88 |
NA |
|
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Net Profit Margin (PBT/Sales) |
(%) |
2.32
|
2.70 |
3.54 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.80
|
5.19 |
7.13 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.19 |
0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.71
|
2.51 |
2.75 |
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Current Ratio (Current Asset/Current Liability) |
|
1.54
|
1.10 |
1.27 |
LOCAL AGENCY FURTHER INFORMATION
OPERATION
During the year 2010-11, their company’s domestic sales from Rs.320.900 millions
to Rs.409.600 millions, registering a growth of 28%
Due to continuation of recession the growth year on year was that much
impressive
In 2010-11 due to effective cost control measures carried out by the
company, the profit before interest and deprecation has gone upto to Rs.20.150
millions from Rs.15.016 millions, and profit after tax has upto Rs.5.389
millions for the year ended 31.03.2011 as against Rs.6.030 millions in the
earlier year which was due to higher incidence for provision for taxation.
FORM 8
|
Corporate
identity number of the company |
U27310TZ2004PTC011284 |
|
Name of the
company |
J S AUTO CAST
FOUNDRY INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Email : ganravi@gmail.com |
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
10243476 |
|
Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
Indian Bank, R S Puram Branch, 188-189, D B Road, Coimbatore – 641002,
Tamilnadu, India Email: rspuram@indianbank.co.in |
|
Nature of instrument
creating charge |
01 Agreement of
hypothecation of movables - D 101 |
|
Date of
instrument Creating the charge |
16.12.2011 |
|
Amount secured by
the charge |
Rs.115.354
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest TL of Rs.25.000
millions - BR + 3.25% +1% (15%) pa Existing FBWC of Rs.67.500 millions – BR +
3.25% + 0.5% (14.5%) TLs (I TO VI) of
Rs.22.854 millions – BR + 3.25% + 1% LC (CG) sub limit Rs.25.000 millions -
as per norms Terms of
Repayment WC limits -
repayable on demand TL of Rs.25.000
millions - repayable in 60 monthly installments from
the due date of LC without any holiday period Margin TL of Rs.25.000
millions - 25% Import LC (CG)
sub limit to TL - 10% Extent and
Operation of the charge Hypothecation of
the entire stocks and receivables as on 31.10.11 amounting to Rs.109.864
millions Hypothecation of machinery to
purchased / reimbursed valued at Rs.101.256 millions, hypothecation of
machinery purchased or reimbursed for sanction of TL of Rs.9.500 millions
(Rs.13.334 millions ) and Hypothecation of machinery to be acquired INR
Rs.25.000 millions and entire plant
and machineries both present and future./ Others Personal
guarantee of directors and guarantors. EM of 23.75 cents of land with
building at S F No 2581/C Palladam Town owned by Mrs. Sundaramabal market
value of Rs11.900 millions ( as on 11.05.07) |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of
the entire stocks viz raw materials, SFG, FG consumables and receivables as on 31.10.2011 amounting
to Rs.109.864 millions Charge on entire
plant and machineries both present and future and Hypothecation of entire
current assets of the company including receivables and such other movables
as detailed in the deeds of Hypothecation Charge on entire
fixed assets of the company machinery, land and building at S.F.No.165/1, Kuppepalayam
village, |
|
Date of
instrument modifying the charge |
17.08.2011 |
|
Particulars of the
present modification |
The overall
credit limits extended to the company stand enhanced to Rs.115.354 millions
in view of the sanction of term loan of Rs.25.000 millions with a sub limit
of the same amount as Import LC (CG). Other terms and conditions remain same
and unchanged. |
FIXED ASSETS
- Land
- Building
- Computer
- Electrical
Fitting
- Plant and
Machinery
- Furniture and
Fixture
- Lab Equipment
- Office Equipment
- Patterns
- Tools and Measuring Equipment
- Vehicles
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.49.94 |
|
|
1 |
Rs.78.25 |
|
Euro |
1 |
Rs.65.40 |
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 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
42 |
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.