MIRA
INFORM REPORT
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Report Date : |
27.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
JAINSONS
INDUSTRIES |
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Registered Office : |
Basti
Bawa Khel, Kapurthala Road, Jalandhar –144021, Punjab, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1971 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JLDJOOO17D |
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PAN No.: [Permanent
Account No.] |
AAAFJ5878R |
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Legal Form : |
Partnership
concern with an Unlimited Liability of the Partners |
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Line of Business : |
Manufacturer,
Trader and Exporter of Sanitary Pipe Fittings |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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
35,000 |
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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 a well-established Concern having satisfactory track. Trade relations are
fair. General Financial Position is satisfactory. Payments are usually
correct and as per commitments. The
Concern can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office : |
Basti
Bawa Khel, Kapurthala Road, Jalandhar –144021, Punjab, India |
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Tel. No.: |
91-181-5093433 |
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Mobile No.: |
91-9814888333 |
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Fax No.: |
91-181-2650642 |
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E-Mail : |
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Website : |
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Area : |
4,000
sq.mt. |
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Location : |
Owned |
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PARTNERS
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Name : |
Mr.
Ashok Jain |
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Designation : |
Partners |
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Address : |
Jalandhar |
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Date of Birth/Age : |
53
years |
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Qualification : |
B.Tech |
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Experience : |
20
years |
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Name : |
Mr.
Rakesh Jain |
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Designation : |
Partners |
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Address : |
Jalandhar |
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Date of Birth/Age : |
50
years |
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Qualification : |
M.A |
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Experience : |
16
years |
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Name : |
Mr.
Kimtilal Jain |
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Designation : |
Partners |
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Address : |
Jalandhar |
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Date of Birth/Age : |
58
years |
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Qualification : |
Graduate |
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Experience : |
25
years |
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Name : |
Mr.
Desraj Jain |
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Designation : |
Partners |
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Address : |
Jalandhar |
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Date of Birth/Age : |
85
years |
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Qualification : |
High
School |
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Experience : |
55
years |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer,
Trader and Exporter of Sanitary Pipe Fittings |
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Exports to : |
U.K,
Ethopia, Turky, Srilanka, Egypt etc. |
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Imports from : |
China
& Korea |
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Terms : |
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Selling : |
L/C,
Credit and cash (30 days) |
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Purchasing : |
L/C,
Credit and cash (30 days) |
GENERAL
INFORMATION
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Customers : |
Local
& Foreigners, Retailers and End Users |
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No. of Employees : |
90 |
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Bankers : |
Canara
Bank, Mai HiraGate, Jalandhar |
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Facilities : |
Rs.15.000
Millions |
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Banking Relations : |
Satisfactory |
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Auditors : |
Mr. R
D Sharma & Company, Chartered
Accountants Jalandhar |
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Sister Concerns: |
Jainsons
Malleables Jalandhar |
CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs.8.500
Millions |
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Borrowed : |
--- |
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Total : |
Rs.
8.500 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
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Particulars |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
75.000 |
72.500 |
70.000 |
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Profit/ for the year |
3.850 |
3.600 |
3.500 |
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LOCAL AGENCY
FURTHER INFORMATION
Trade
References:
Ø
Winchester
Procurement U.K.
Ø
Hagbes
Plc - Rthopia
Company Profile:
Ø
They
strive to be a shining star in the field of Malleable Galvanised Pipe fitting
for Natural gas Transmission Progressive, innovative & profitable
Organisation in the field of the Malleable Galvanised Pipe fittings serving
customers through high quality & cost effective products & services
with concern for people & safety.
Ø
The
following are the main concern in achieving their mission
Ø
To
their customer, they are committed to provide world standard product
maintaining reasonable liquidity to fulfil their financial obligations to them.
Ø
To
their employees, they are committed to provide a dynamic developmental
environment for achieving personal to the excellence & growth & there
by creating a highly motivate work force with a sense of belongingness
organisation.
Ø
To
the society, they are committed to being a responsible corporate citizen by
following their obligations to the society at large & also by maintaining
high level of safety measure in their products.
History
Performance With Excellence
Mr. Des Raj Jain, founder of Jainsons Industries started production in
1971 of Malleable pipe fittingwith production of 0.15 MT daily with a small
capital of Rs. 10,000/- (US$2000). As the time passed by, the owners with their
intellectual skills and full devotion has taken the company to a recognizable
standard and presently company is producing 4 M T of fitting daily and have
plans to increase the production up to 5 M T daily within this year Further we
are engaged in marketing of forged brass valves namely Ball Valves, Gate
Valves, Jolly Check Valves, Foot Valves as well as fancy bathroom fittings.
Howsoever their local market share is about 3% only. Their Product range
is Elbow. Tee, Socket, union, Hex nipple, Plug, Caps, Cross, Reducer Elbow,
Reducer Socket, Reducer tee etc. from size1/2’’ to 6’’ and they are supplying
almost 25% production to Compressed natural Gas distribution companies and are
looking for similar customers for expansion at Jainsons their Vision is:
Ø
To
provide development environment to their employees to achieve personal
excellence and growth.
Ø
To
provide their customers, World standard products with reasonable prices.
Ø
To
contribute to the society a healthy environment by being a responsible
corporate corporate citizen, with high level of safety standard and
professional management.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
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
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Indian Rupees |
|
US
Dollar |
1 |
Rs. 44.64 |
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UK
Pound |
1 |
Rs.86.51 |
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Euro |
1 |
Rs.58.62 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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46 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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