MIRA
INFORM REPORT
|
Report Date : |
24.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
JAYA HIND INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Mumbai-Pune Road, Akurdi, Pune – 411 035, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
11.01.1947 |
|
|
|
|
Com. Reg. No.: |
11-005480 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1450.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U7499PN1947PLC005480 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEJ05073F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACJ4268Q |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Fully Machined Pressure Die Casting, Auto-Electrical
Assemblies for Steering Systems, Automation Application. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 5300000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an well established company having a moderate track record.
The company is performing well and slowly wiping out its accumulated
losses. The capital base of the company seems to be strong. Trade relations
are reported to be fair. Business is active. Payments are slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another megatrend
happening. The World order is changing as economic power shifts from West to
East. According to McKinsey study, it took Britain more than 100 years to
double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ 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 DECLINED BY
|
Name : |
Mr. Sahasra Budhe |
|
Designation : |
Finance Head |
|
Contact No.: |
91-20-27473981 |
|
Date : |
23.08.2013 |
LOCATIONS
|
Registered Office / Factory 1 : |
|
|
Tel. No.: |
91-20-27473981/ 2 |
|
Fax No.: |
91-20-27474827 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
Urse Works, Maval District, Pune-410 506, |
|
Tel. No.: |
91-2114-237071/73 |
|
Fax No.: |
91-2114-237072 |
|
E-Mail : |
|
|
|
|
|
Factory 3 : |
Plot No.04, Sector1, PO Pithampur, District Dhar - 454775, Madhya Pradesh, India |
|
Tel. No.: |
91-7929-305051 |
|
Fax No.: |
91-7929-308025,26 |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Abhay Navalmal Firodia |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
Sanmitra 1328/2A, Ganeshkhind Road, Pune-411007, Maharashtra, India |
|
Date of Birth/Age : |
05.11.1944 |
|
Date of Appointment : |
29.09.2010 |
|
DIN No.: |
00025179 |
|
PAN No.: |
AAAPF9096K |
|
|
|
|
Name : |
Mr. Prasan Abhay Firodia |
|
Designation : |
Managing Director |
|
Address : |
Sanmitra 1328/2A, Ganeshkhind Road, Pune-411007, Maharashtra, India |
|
Date of Birth/Age : |
16.02.1979 |
|
Date of Appointment : |
29.09.2007 |
|
DIN No.: |
00029664 |
|
PAN No.: |
AADPF4269R |
|
|
|
|
Name : |
Ms. Shribala Sagar Chordia |
|
Designation : |
Director |
|
Address : |
37/1/4, Chorpadi, North Main Road, Pune-411036, Maharashtra, India |
|
Date of Birth/Age : |
01.07.1974 |
|
Date of Appointment : |
27.09.2008 |
|
DIN No.: |
00041557 |
|
|
|
|
Name : |
Ms. Indira Abhay Firodia |
|
Designation : |
Director |
|
Address : |
Sanmitra 132B/2A, Ganeshkhinds Road, Pune-411007, Maharashtra, India |
|
Date of Birth/Age : |
01.11.1949 |
|
Date of Appointment : |
29.09.2009 |
|
DIN No.: |
00035115 |
|
PAN No.: |
AADPF4270A |
|
|
|
|
Name : |
Mr. Mohanlal Girdharilal Chopda |
|
Designation : |
Director |
|
Address : |
12, Bhosale Nagar, Pune – 411007, Maharashtra, India |
|
Date of Birth/Age : |
13.08.1934 |
|
Date of Appointment : |
29.09.2007 |
|
DIN No.: |
00040868 |
|
|
|
|
Name : |
Mr. Pradeep Kanakmal Munot |
|
Designation : |
Director |
|
Address : |
427-Gultekdi, Pune-411037, Maharashtra, India |
|
Date of Birth/Age : |
06.01.1948 |
|
Date of Appointment : |
27.09.2008 |
|
DIN No.: |
00044924 |
|
|
|
|
Name : |
Mr. Shyamala Sumatikumar Navlakha |
|
Designation : |
Director |
|
Address : |
M-56, Greater Kailash, Part-1, New Delhi-110048, India |
|
Date of Birth/Age : |
28.08.1938 |
|
Date of Appointment : |
29.09.2010 |
|
DIN No.: |
00188287 |
|
|
|
|
Name : |
Ms. Sunanda Sudhir Mehta |
|
Designation : |
Director |
|
Address : |
27, Bhosale Nagar, Range Hill Road, Pune – 411007, Maharashtra, India |
|
Date of Birth/Age : |
04.07.1971 |
|
Date of Appointment : |
27.09.2008 |
|
DIN No.: |
00289624 |
|
|
|
|
Name : |
Mr. Mohinder Singh Bhogal |
|
Designation : |
Whole Time Director |
|
Address : |
Plot No. 475, Sector 25, PCNT Nigdi, Pune-411044, Maharashtra, India |
|
Date of Birth/Age : |
01.04.1945 |
|
Date of Appointment : |
10.01.2007 |
|
DIN No.: |
01303503 |
|
|
|
|
Name : |
Mr. Harsha Gautam Jain |
|
Designation : |
Director |
|
Address : |
L-19, Green Park, Main New Delhi -110016, India |
|
Date of Birth/Age : |
18.07.1977 |
|
Date of Appointment : |
29.09.2009 |
|
DIN No.: |
00346134 |
KEY EXECUTIVES
|
Name : |
Mrs. Manali Yogesh Patwardhan |
|
Designation : |
Secretary |
|
Address : |
202, Waman Sahaniwas Co-operative Housing society, Cummins College Road,
Karve Nagar, Pune-411052, Maharashtra, India |
|
Date of Birth/Age : |
19.06.1983 |
|
Date of Appointment : |
01.09.2010 |
|
PAN No.: |
AGXPG0276F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Jayahind Investments Private Limited, India |
|
30851600 |
|
Abhay Navalmal Firodia |
|
11020636 |
|
Jayahind Investments Private Limited, India |
|
8500000 |
|
Indira Abhay Firodia |
|
4860000 |
|
Prasan Abhaykumar Firodia |
|
3968752 |
|
Abhay Navalmal Firodia |
|
3360000 |
|
Prasanna Holdings Private Limited, India |
|
2833812 |
|
Prasanna Abhaykumar Firodia |
|
2700000 |
|
Jamnabai Navalmal Firodia (Mr. Abhay Navalmal Firodia) |
|
2040000 |
|
Abhaykumar Navalmal Firodia |
|
1698400 |
|
Prasan Firodia |
|
1440000 |
|
Abhaykumar Firodia Jtly With Mrs. Indira Firodia |
|
1200000 |
|
Abhay N. Firodia Jtly With Mrs. Indira Firodia |
|
1200000 |
|
Abhaykumar Navalmal Firodia Jtly With Mr. Prakash Motilal Firodia |
|
1200000 |
|
Prasan Firodia |
|
749200 |
|
Ahmednagar Engineering Private Limited, India |
|
629000 |
|
Abhay Navalmal Firodia |
|
405000 |
|
Prasan Firodia |
|
308000 |
|
Prasanna Abhaykumar Firodia |
|
300000 |
|
Prasan Firodia |
|
272800 |
|
Shamala Sumatikumar Navalakha |
|
93200 |
|
Abhaykumar Navalmal Firodia |
|
88400 |
|
Prasan Firodia |
|
77000 |
|
Sumatikumar Navalakha |
|
30000 |
|
Surajmal Motilal Munot |
|
25000 |
|
Pramod Surajmal Munot |
|
25000 |
|
Karuna Pramod Munot |
|
25000 |
|
Mast Pranil Pramod Munot (Minor) |
|
25000 |
|
Vilas Chandmal Munot |
|
20000 |
|
Hemant Bansilal Bhandari Jtly With Mrs. Kama La Bansilal Bhandari |
|
20000 |
|
Kushalsumatikumar Navalakha |
|
16200 |
|
Mast Anoop Vilas Munot (Minor) |
|
14000 |
|
Manisha Vilas Munot |
|
4000 |
|
|
|
|
|
Total |
|
80000000 |
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
Jaya Hind Investments Private Limited, Pune, |
|
65000000 |
|
|
|
|
|
Total |
|
65000000 |
As on 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
53.52 |
|
Directors or relatives of Directors |
46.31 |
|
Other top fifty shareholders |
0.17 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Fully Machined Pressure Die Casting, Auto-Electrical Assemblies
for Steering Systems, Automation Application. |
||||||||
|
|
|
||||||||
|
Products : |
Pressure Die Castings ·
Engine Blocks ·
Transmission Cases ·
Oil Sump ·
Clutch housing ·
Timing Case over ·
Ladder Frame ·
Oil Cooler Head ·
VE Pump housing ·
Cylinder Head Cover ·
Engine mounting Bracket ·
Gravity Die Casting ·
Cylinder heads ·
Flywheel Housing ·
Turbo charge compressor housing ·
Intake Manifolds ·
Alternator Mounting Brackets Auto Components ·
AC Generator ·
Ignition Coil ·
Caliper Brake ·
Clutch cover ·
Clutch plate ·
Cylinder head cover assembly
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
· State Bank of India, CAG Branch, Voltas House, 23 JN Herdia Marg, Ballard Estate, Mumbai - 400 001, Maharashtra, India · Syndicate Bank, Chinchwad Branch, Pune · Canara Bank, Branch Pimpri Pune, Station Road, Pimpri Pune - 411018, Maharashtra, India · Central Bank of India, Foreign Bills Department, Guarantee Section, Ewart House, Sir Honi Mody Station, Fort, Mumbai – 400 023, Maharashtra, India · The Bank of Maharashtra Limited, Pimpri Branch, Pimpri, Pune – 411018, Maharashtra, India |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
P G Bhagwat Chartered Accountants |
|
Address : |
Suite No. 101-102, ‘Orchard’, Dr. Pai Marg, Baner, Pune-411045, |
|
PAN No.: |
AAAFB0762F |
|
|
|
|
Other Related
Parties : |
·
Force Motors Limited. (Formerly known as 'Bajaj
Temo Limited') ·
Man Force Trucks Private Limited (up to 28
March,2012) ·
Pinnacle Industries Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80000000 |
Equity Shares |
Rs.10/- each |
Rs.800.000 Millions |
|
75000000 |
8% Redeemable non cumulative preference shares |
Rs.10/- each |
Rs.750.000 Millions |
|
|
Total |
|
Rs.1550.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80000000 |
Equity Shares |
Rs.10/- each |
Rs.800.000
Millions |
|
65000000 |
8% Redeemable non cumulative preference shares |
Rs.10/- each |
Rs.650.000
Millions |
|
|
Total |
|
Rs.1450.000 Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1450.000 |
1450.000 |
|
(b) Reserves & Surplus |
|
(113.710) |
(182.339) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
1336.290 |
1267.661 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
521.155 |
631.264 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
110.944 |
90.547 |
|
(d) long-term provisions |
|
24.393 |
30.551 |
|
Total Non-current Liabilities (3) |
|
656.492 |
752.362 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
322.704 |
210.438 |
|
(b) Trade payables |
|
594.035 |
524.324 |
|
(c) Other current
liabilities |
|
384.891 |
271.396 |
|
(d) Short-term provisions |
|
4.433 |
3.531 |
|
Total Current Liabilities (4) |
|
1306.063 |
1009.689 |
|
|
|
|
|
|
TOTAL |
|
3298.845 |
3029.712 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1683.546 |
1688.663 |
|
(ii) Intangible Assets |
|
34.796 |
12.067 |
|
(iii) Capital
work-in-progress |
|
220.832 |
139.794 |
|
(iv) Intangible
assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
3.377 |
3.377 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
56.614 |
65.800 |
|
(e) Other Non-current assets |
|
0.000 |
0.765 |
|
Total Non-Current Assets |
|
1999.165 |
1910.466 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
410.460 |
294.176 |
|
(c) Trade receivables |
|
753.759 |
634.140 |
|
(d) Cash and cash
equivalents |
|
2.842 |
1.258 |
|
(e) Short-term loans and
advances |
|
132.261 |
189.298 |
|
(f) Other current assets |
|
0.358 |
0.374 |
|
Total Current Assets |
|
1299.680 |
1119.246 |
|
|
|
|
|
|
TOTAL |
|
3298.845 |
3029.712 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
1450.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
165.000 |
|
|
4] (Accumulated Losses) |
|
|
(451.741) |
|
|
NETWORTH |
|
|
1163.259 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
865.593 |
|
|
2] Unsecured Loans |
|
|
182.418 |
|
|
TOTAL BORROWING |
|
|
1048.011 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2211.270 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1673.497 |
|
|
Capital work-in-progress |
|
|
84.546 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
3.377 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
205.329
|
|
|
Sundry Debtors |
|
|
386.321
|
|
|
Cash & Bank Balances |
|
|
100.280
|
|
|
Other Current Assets |
|
|
0.339
|
|
|
Loans & Advances |
|
|
317.769
|
|
Total
Current Assets |
|
|
1010.038
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
366.233
|
|
|
Other Current Liabilities |
|
|
132.142
|
|
|
Provisions |
|
|
61.813
|
|
Total
Current Liabilities |
|
|
560.188
|
|
|
Net Current Assets |
|
|
449.850
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2211.270 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4146.709 |
3093.737 |
1756.411 |
|
|
|
Other Income |
38.790 |
104.427 |
130.887 |
|
|
|
TOTAL (A) |
4185.499 |
3198.164 |
1887.298 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2406.191 |
1793.584 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(38.314) |
(100.716) |
1704.208 |
|
|
|
Employee benefit expense |
535.543 |
418.031 |
|
|
|
|
Other expenses |
861.986 |
660.488 |
|
|
|
|
Exceptional items |
(35.651) |
(17.998) |
|
|
|
|
TOTAL (B) |
3729.755 |
2753.389 |
1704.208 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
455.744 |
444.775 |
183.090 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
125.606 |
107.978 |
87.239 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
330.138 |
336.797 |
95.851 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
261.510 |
232.376 |
218.875 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
68.628 |
104.421 |
(123.024) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.101 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
68.628 |
104.421 |
(123.125) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(400.017) |
(504.438) |
(381.295) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(331.389) |
(400.017) |
(451.742) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
201.746 |
120.271 |
75.147 |
|
|
TOTAL EARNINGS |
201.746 |
120.271 |
75.147 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
400.306 |
185.455 |
6.686 |
|
|
|
Components |
104.070 |
77.275 |
71.294 |
|
|
|
Capital Goods |
32.246 |
15.317 |
103.576 |
|
|
|
Machinery Spares, Tools & Others |
16.217 |
10.993 |
0.000 |
|
|
TOTAL IMPORTS |
552.839 |
289.040 |
181.556 |
|
|
|
|
|
|
|
|
|
|
Earnings /(Loss)
Per Share (Rs.) |
0.92 |
1.49 |
(1.76) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.64
|
3.27 |
(6.52) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.65
|
3.38 |
(7.00) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.23
|
3.62 |
(4.58) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.08 |
(0.11) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.63
|
0.66 |
0.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.00
|
1.11 |
1.80 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
Rs. In Millions
|
Particular |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
Current maturities of long-term debt |
186.523 |
186.000 |
NA |
|
|
|
|
|
|
Sr. No. |
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 |
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
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 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 |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
OPERATIONS
The financial year 2011-12 proved out to be quite an eventful year for the Company. The Company has grown by 34% compared to the financial year 2010-11 by achieving a turnover of Rs. 4146.709 Millions.
Apart from increased sales, the Company has been able to move up the value chain by offering critical products like Cylinder Blocks, Cylinder Heads and Bed Plates, in machined condition. The qualitative change in product mix has started reflecting in the bottom-line in addition to top line as well.
The Company has been selected as a strategic supplier by two of its major customers, being the fastest growing automotive OEMs in India. The Company has added new customers to the portfolio during the year. During the year under report, the Company has bagged two major orders and it is expected to generate additional revenue of Rs. 540.000 Millions in coming years.
In view of substantial additions made by the Company in the facilities at Urse to establish larger capacities to manufacture Pressure Die Casting and Gravity Die Casting, the charge of depreciation stands increased from Rs. 232.300 Millions for 2010-2011 to Rs. 261.500 Millions for the year 2011-2012 representing an additional charge to the Profit and Loss Account of Rs. 29.200 Millions.
Looking at extremely encouraging performance for last two years, the Company has chalked out an ambitious plan to achieve a turnover of Rs.10000.000 Millions in next 5 years. This growth target obviously throws challenges to the entire team, especially due to impending slowdown in the market, and scarcity of skilled manpower faced by the manufacturing industry. However, looking at Company’s strengths and macro level opportunities in the market, the proposed growth target looks distinctly achievable.
In view of absence of profits, after depreciation, interest and tax, accumulated losses, the Board of Directors of The Company is not in a position to recommend payment of any dividend on preference shares or equity shares issued by the Company.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Long-Term
Borrowings |
|
|
|
Deferred sales tax loan |
135.855 |
138.063 |
|
Deposits from directors |
220.500 |
145.000 |
|
Intercorporate deposits |
5.600 |
21.656 |
|
Deposits from others |
19.825 |
0.000 |
|
Total |
381.780 |
304.719 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U74999PN1947PLC005480 |
|
Name of the
company |
JAYA HIND INDUSTRIES LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Mumbai-Pune Road, Akurdi, Pune – 411 035, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
80052456 |
|
Type of charge |
· Book debts · Movable property (not being pledge) ·
Floating charge |
|
Particular of
charge holder |
State Bank of India, CAG Branch, Voltas House, 23 JN Herdia Marg,
Ballard Estate, Mumbai-400 001, Maharashtra, India |
|
Nature of
instrument creating charge |
First
Supplemental Joint Deed Of Hypothecation Dated 8th February, 2012 |
|
Date of
instrument Creating the charge |
08.02.2012 |
|
Amount secured by
the charge |
Rs.738.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per sanction
letter of participating banks Terms of Repayment On demand Margin As per sanction
letter of participating banks Extent and Operation of the charge State Bank of
India- 403.500 Millions Canara Bank-
334.500 Millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Stock of raw materials, stock-in-progress, semi finished and finished goods, stores and spares not relating to plant and machinery(consumable stores and spares) All book debts, bills receivables, and other movable properties (excluding such movable properties as are permitted by the said banks ) of the company and others |
|
Date of
instrument modifying the charge |
16.02.2009 |
|
Particulars of
the present modification |
By joint deed of
hypothecation dated 8th February, 2012, the total working capital limits has
been enhanced from Rs. 402.500 Millions to Rs. 738.000 Millions. |
FIXED ASSETS:
- Buildings
- Plant and Machinery
- Electrical Installation
- Dies, Jigs and Fixture
- Furniture and Equipments
- Vehicles
- Computers
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 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 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.64.69 |
|
|
1 |
Rs.100.80 |
|
Euro |
1 |
Rs.86.30 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
36 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.