MIRA
INFORM REPORT
|
Report Date : |
22.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
JAY WATER MANAGEMENT PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
"Jay House", Stadium Circle, Navrangpura, Ahmedabad –
380009, Gujarat |
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|
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|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
18.05.2006 |
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|
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|
Com. Reg. No.: |
04-048280 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.221 Million |
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|
|
|
CIN No.: [Company Identification
No.] |
U29197GJ2006PTC048280 |
|
|
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|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Trader of Solar Water Heater and Geyser. |
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|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 79000 |
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|
|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered for business dealing 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.
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services sector
activity witnessed a moderate improvement in November over the previous month,
even while indicating the fifth successive monthly contraction, according the
HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
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
Management Non-Cooperative (91-79-26561051)
LOCATIONS
|
Registered Office / Head Office : |
"Jay House", Stadium Circle, Navrangpura, Ahmedabad – 380009,
Gujarat, India |
|
Tel. No.: |
91-79-26561051 |
|
Fax No.: |
91-79-26443850 |
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E-Mail : |
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|
Website : |
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International
Standard Warehouse and Service Center : |
Block 198/3, Dantali Industrial Estate, Gota-Vadsar Road, Lapkaman, Near Sardar Patel Ring Road, Ahmedabad, Gujarat, India |
|
Tel. No.: |
91-79-32924580 |
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|
|
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Branch Office : |
Located · Rajkot · Surat · Vadodara ·
Delhi |
DIRECTORS
As on 01.07.2013
|
Name : |
Mr. Hasmukhbhai Joitaram Patel |
|
Designation : |
Director |
|
Address : |
29, Royal Crescent Thaltej, Ahmedabad:380 059, Gujarat,
India |
|
Date of Birth/Age : |
01.06.1955 |
|
Date of Appointment : |
18.05.2006 |
|
DIN No.: |
00117464 |
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|
|
|
Name : |
Mr. Pravinbhai Jyotram Patel |
|
Designation : |
Director |
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Address : |
9-B, Sentossa Park, Behind Hira Rupa Hall, Ambli Bopal
Road, Ambli-Makarba, Ahmedabad, Gujarat, India |
|
Date of Birth/Age : |
16.12.1964 |
|
Date of Appointment : |
18.05.2006 |
|
DIN No.: |
00012444 |
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|
|
|
Name : |
Mr. Gaurav Amratlal Patel |
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Designation : |
Director |
|
Address : |
14, Heritage Lots, Thaltej Shilaj Road, Thaltej,
Ahmedabad, Gujarat, India |
|
Date of Birth/Age : |
01.09.1974 |
|
Date of Appointment : |
18.05.2006 |
|
DIN No.: |
00054742 |
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|
|
|
Name : |
Mr. Varun Hasmukh Patel |
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Designation : |
Director |
|
Address : |
29, Royal Crescent Thaltej, Ahmedabad:380 059, Gujarat,
India |
|
Date of Birth/Age : |
25.07.1984 |
|
Date of Appointment : |
16.08.2012 |
|
DIN No.: |
00354030 |
KEY EXECUTIVES
|
Name : |
Mr. Jatin Shah |
|
Designation : |
Head of Accounts |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 01.07.2013
|
Names of Shareholders |
|
No. of Shares |
|
Hasmukh Joitaram Patel |
|
3100 |
|
Alok Hasmukh Patel |
|
2000 |
|
Gaurav Amratlal Patel |
|
4000 |
|
Pravin Joitaram Patel |
|
3000 |
|
Hasmukhbhai Joitaram Patel (Huf) |
|
500 |
|
Pravinbhai Joitaram Patel (Huf) |
|
900 |
|
Dhara Gaurav Patel |
|
2000 |
|
Joitaram Ramchandra Patel |
|
500 |
|
Hetal Hasmukhbhai Patel |
|
500 |
|
Joitiben Joitaram Patel |
|
500 |
|
Savitaben Hasmukhbhai Patel |
|
500 |
|
Shardaben Pravinbhai Patel |
|
500 |
|
Varun Hasmukhbhai Patel |
|
2000 |
|
Kinnari Vipul Chaudhary |
|
100 |
|
Dadhichi Pravin Patel |
|
2000 |
|
Total |
|
22100 |
As on 01.07.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
99.55 |
|
Other top fifty shareholders |
0.45 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Solar Water Heater and Geyser. |
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|
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Products : |
· Solar/Gas Water Heater System · Water Softners · RO Systems · Pipe · Cables |
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Agencies Held : |
Solart |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
· Dena Bank, Navrangpura Branch , Swastik char Rasta, C.G Road,, Ahmedabad - 380009, Gujarat, India ·
ICICI Bank Limited |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
--- |
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Auditors : |
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|
Name : |
Ambalal Patel and Company Chartered Accountants |
|
Address : |
1st Floor, Sapphire Business Centre, Above SBI Vadaj Branch, Usmanpura,
Ashram Road, Ahmedabad – 380013, Gujarat, India |
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PAN No.: |
AABFA3490K |
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Enterprise over
which Key Management Personnel and their relative exercise significant
influence with whom transaction have taken place during the year: |
· Jay Pumps Private Limited · Jay Water Limited ·
V2 Impex |
CAPITAL STRUCTURE
As on 01.07.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22100 |
Equity Shares |
Rs.10/- each |
Rs.0.221
Million |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
0.221 |
0.221 |
0.221 |
|
(b) Reserves & Surplus |
19.721 |
14.492 |
8.151 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
19.942 |
14.713 |
8.372 |
|
|
|
|
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|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
9.022 |
13.123 |
6.249 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
9.022 |
13.123 |
6.249 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
8.814 |
7.820 |
6.231 |
|
(b) Trade payables |
27.434 |
21.084 |
20.936 |
|
(c) Other current
liabilities |
8.674 |
7.669 |
5.491 |
|
(d) Short-term provisions |
2.959 |
3.113 |
2.403 |
|
Total Current Liabilities (4) |
47.881 |
39.686 |
35.061 |
|
|
|
|
|
|
TOTAL |
76.845 |
67.522 |
49.682 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
9.698 |
12.136 |
5.749 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.385 |
0.063 |
0.064 |
|
(d) Long-term Loan and Advances |
0.136 |
0.075 |
0.075 |
|
(e) Other Non-current assets |
0.469 |
0.805 |
0.000 |
|
Total Non-Current Assets |
10.688 |
13.079 |
5.888 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
42.147 |
21.666 |
23.646 |
|
(c) Trade receivables |
19.462 |
29.778 |
17.285 |
|
(d) Cash and cash
equivalents |
0.858 |
0.397 |
0.674 |
|
(e) Short-term loans and
advances |
3.283 |
2.321 |
2.189 |
|
(f) Other current assets |
0.407 |
0.281 |
0.000 |
|
Total Current Assets |
66.157 |
54.443 |
43.794 |
|
|
|
|
|
|
TOTAL |
76.845 |
67.522 |
49.682 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
256.738 |
232.503 |
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
256.738 |
232.503 |
172.924 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
245.755 |
221.707 |
165.101 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
245.755 |
221.707 |
165.101 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
10.983 |
10.796 |
7.823 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3.140 |
1.345 |
0.566 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
7.843 |
9.451 |
7.257 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.536 |
3.034 |
2.304 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
5.307 |
6.417 |
4.953 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
12.392 |
6.752 |
2.376 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.700 |
0.700 |
0.500 |
|
|
|
Dividend |
0.066 |
0.066 |
0.066 |
|
|
|
Tax on Dividend |
0.011 |
0.011 |
0.011 |
|
|
BALANCE CARRIED
TO THE B/S |
16.922 |
12.392 |
6.752 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
240.13 |
290.36 |
224.11 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.07
|
2.76 |
2.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.26
|
14.01 |
14.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.64 |
0.87 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.89
|
1.42 |
1.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38
|
1.37 |
1.25 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
Rs. In Millions
|
Particular |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Current maturities of long-term debt |
|
|
|
|
1) ICICI Bank (Accord Car) |
0.501 |
0.499 |
0.452 |
|
2) ICICI Bank (Civic Car) |
0.401 |
0.399 |
0.361 |
|
3) ICICI Bank (Range Rover) |
1.662 |
1.510 |
0.055 |
|
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 |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
OPERATION
The company enjoys good position in the market. The Company has recorded a turnover of Rs.256.738 Millions as against Rs.232.503 Millions in the previous year. The company has earned net profit after tax of Rs.5.307 Millions against Rs.6.417 Millions in previous year.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and advances
from related parties |
|
|
|
From Directors |
4.530 |
1.135 |
|
From Shareholders |
2.825 |
7.757 |
|
Total |
7.355 |
8.892 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10258629 |
16/12/2010 |
10,000,000.00 |
DENA BANK |
NAVRANGPURA BRANCH, SWASTIK CHAR RASTA, C.G ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
B02535615 |
* Date of charge modification
FIXED ASSETS
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office equipment
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.61.54 |
|
|
1 |
Rs.101.08 |
|
Euro |
1 |
Rs.83.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
NTH |
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 |
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 |
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 |
|
44 |
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.