MIRA
INFORM REPORT
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Report Date : |
14.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
JAIHIND PROJECTS LIMITED |
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Registered Office : |
5th Floor, shanty Arcade,132 Ft. Ring Road, Nr. Saptak
Party Plot, Naranpura Ahmedabad Gujarat-380013 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23.12.1985 |
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Com. Reg. No.: |
008338 |
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CIN No.: [Company
Identification No.] |
U45201GJ1985PLC008338 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMJ00153G |
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PAN No.: [Permanent
Account No.] |
AAACJ9366R |
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Legal Form : |
Public Limited Liability Company. The Company shares are listed on the
stock exchange. |
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Line of Business : |
Civil Engineering |
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 550000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is well-established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
5th Floor, shanty Arcade,132 Ft. Ring Road, Nr. Saptak
Party Plot, Naranpura Ahmedabad Gujarat-380013 |
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Tel No: |
91-79-27498175 , 27461256, 27436091, 66077500 , 66077600 |
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Fax No: |
91-79-27436169 , 66077555 |
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Corporate Office : |
9th Floor, Madhuram Complex, Opp.R.T.O.Keshavnagar, Near
Subhash Bridge, Ahmedabad-380 027 |
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Branches : |
Planet Millennium, A-10, Fitth Floor, Flat-502, Pimple Saudagar, Pune-411
027 |
DIRECTORS
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Name : |
Mr. Prakash L. Hinduja |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Dinesh L. Hinduja |
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Designation : |
Director(Commercial) |
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Name : |
Mr. Lallan R. Pandey |
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Designation : |
Executive director |
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Name : |
Mr. Dinesh P. Lalwani |
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Designation : |
Director |
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Name : |
Mr. Devraj Arjnani |
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Designation : |
Director |
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Name : |
Mr. Shankar Tolani |
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Designation : |
Director |
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Name : |
Kishor and Company |
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Designation : |
Relative to director |
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Name : |
Smt. N.P.Hinduja |
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Designation : |
Relative to Director |
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Name : |
Shri Sainath Protein Limited |
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Designation : |
An Associate Company |
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Name : |
Laltech Engg. Projects Limited |
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Designation : |
Director holds Substantial interest |
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Name : |
DCOM Systems Limited |
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Designation : |
Director holds Substantial |
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Name : |
Jaihind Permacoat Engg.Private Limited |
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Designation : |
An Associates Company |
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Name : |
Mr. Sanjay Pandey |
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Designation : |
Relative Director |
MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoters, Relatives & Associate Companies |
2397600 |
46.93 |
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Public |
2466600 |
48.28 |
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NRI/ FII's/ OCB's |
225300 |
4.41 |
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Banks and Mutual Rinds |
-- |
-- |
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Domestic Companies |
19100 |
0.38 |
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Others |
-- |
-- |
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Total |
5108600 |
100 |
BUSINESS DETAILS
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Line of Business : |
Civil Engineering |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
Total :400 (Full Time:300 ; Pay roll:100) |
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Bankers : |
Canara Bank Sabarmati Branch, Ahmedabad |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N.K.. Aswani and Company Chartered Accountant |
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Address : |
Ahmedabad |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5500000 |
Equity Shares |
Rs.10/- each |
Rs.55.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5108600 |
Equity Shares |
Rs.10/- each |
Rs.51.086
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
51.086 |
51.086 |
51.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
88.637 |
78.544 |
73.500 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
139.723 |
129.630 |
124.600 |
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LOAN FUNDS |
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1] Secured Loans |
50.618 |
39.664 |
44.300 |
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2] Unsecured Loans |
15.786 |
10.246 |
18.600 |
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TOTAL BORROWING |
66.404 |
49.910 |
62.900 |
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DEFERRED TAX LIABILITIES |
18.071 |
16.076 |
0.000 |
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TOTAL |
224.198 |
195.616 |
187.500 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
129.463 |
84.010 |
90.400 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
0.364 |
0.364 |
1.400 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.846 |
2.599 |
2.300 |
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Sundry Debtors |
168.642 |
95.956 |
149.800 |
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Cash & Bank Balances |
16.826 |
9.103 |
6.700 |
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Scurity Deposit and FDR’s with Bank |
107.993 |
110.039 |
0.000 |
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Loans & Advances |
120.823 |
105.208 |
182.600 |
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Total
Current Assets |
417.130 |
322.905 |
341.400 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
322.759 |
211.663 |
58.900 |
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Provisions |
0.000 |
0.000 |
187.400 |
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Total
Current Liabilities |
322.759 |
211.663 |
246.300 |
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Net Current Assets |
94.371 |
111.242 |
95.100 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.600 |
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TOTAL |
224.198 |
195.616 |
187.500 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
624.062 |
522.420 |
462.400 |
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Other Income |
0.000 |
0.000 |
4.600 |
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Total Income |
624.062 |
522.420 |
467.000 |
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Profit/(Loss) Before Tax |
19.232 |
11.088 |
0.000 |
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Provision for Taxation |
(8.495) |
(5.100) |
0.000 |
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Profit/(Loss) After Tax |
10.736 |
5.988 |
0.000 |
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Imports : |
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Raw Materials |
4.758 |
0.000 |
0.000 |
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Purchase of Fixed Assets |
12.951 |
0.000 |
0.000 |
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Total Imports |
17.709 |
0.000 |
0.000 |
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Expenditures : |
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Administrative Expenses |
85.540 |
73.904 |
69.000 |
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Raw Material Consumed |
163.715 |
122.531 |
124.200 |
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Power and fuel |
0.000 |
0.000 |
23.500 |
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Other Manufacturing Expenses |
0.000 |
0.000 |
11.900 |
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Employee cost |
0.000 |
0.000 |
203.300 |
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Miscellaneous Expenses |
0.000 |
0.000 |
3.600 |
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Director Remuneration |
3.455 |
1.350 |
0.000 |
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Payment to Auditors |
0.045 |
0.034 |
0.000 |
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Payments to and Provision for Employees,
Labour And Sub-contractor |
263.895 |
233.274 |
0.000 |
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Financial Expenses |
10.790 |
9.747 |
0.000 |
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Preliminary Expenses Written off |
0.00 |
0.565 |
0.000 |
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Other Expenditure |
68.523 |
63.074 |
0.000 |
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Total Expenditure |
595.963 |
504.479 |
435.500 |
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QUARTERLY
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PARTICULARS |
30.06.2006 |
30.09.2006 |
31.12.2006 |
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Type |
1st Qtr |
2nd Qtr |
3rd Qtr |
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Sales Turnover |
222.900 |
150.400 |
250.400 |
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Other Income |
01.000 |
01.000 |
01.100 |
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Total Income |
223.900 |
151.400 |
251.500 |
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Total Expenditure |
213.700 |
140.600 |
233.100 |
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Operating Profit |
10.200 |
10.800 |
18.400 |
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Interest |
02.800 |
03.200 |
03.600 |
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Gross Profit |
07.400 |
07.600 |
14.800 |
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Depreciation |
03.000 |
03.400 |
03.300 |
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Tax |
00.200 |
00.100 |
00.300 |
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Reported PAT |
04.200 |
04.100 |
11.200 |
200606 Result has been calculated by Capitaline and not published by the company.Extra Ordinary Items have not been calculated for the Quarter
200609 Notes EPS is Basic and Diluted 1. These Financial results were taken on record by the Board of Directors in its meeting held on October 31st 2006. 2. Provision for Taxation will be made at the end of the year. 3. The Company has received 10 complaints for quarter ended September 30, 2006 and out of which 8 complaints pending. 4. Quarterly figures have been regrouped / rearranged wherever necessary. 5. The Company is engaged in project work therefore no segment wise results are given.
200612 Notes Expenditure Includes Consumption of Raw
Material Rs 79.464 million Staff / Sub-Contractor Rs 111.559 million Other
Expenditure Rs 41.981 million Status of Investor Complaints for the quarter
ended December 31, 2006 Complaints Pending at the beginning of the quarter Nil
Complaints received during the quarter 02 Complaints disposed off during the
quarter 01 Complaints unsolved at the end of the quarter 01 Tax Indicates
Provision for Fringe Benefit Tax EPS is Basic and Diluted 1. These Financial
results were taken on records by the Board of Directors in its meeting held on
January 31, 2007. 2. Quarterly figures have been regrouped / rearranged
wherever necessary. 3. The Company has only one reportable segment. 4.
Provision for taxation and Deferred Tax Liability will be made at the end of
the year.
KEY RATIOS
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Debt-Equity Ratio |
0.47 |
0.48 |
0.52 |
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Long Term Debt-Equity Ratio |
0.47 |
0.48 |
0.52 |
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Current Ratio |
1.30 |
1.40 |
1.36 |
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TURNOVER RATIOS |
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Fixed Assets |
4.15 |
4.22 |
3.93 |
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Inventory |
229.59 |
211.55 |
220.19 |
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Debtors |
4.69 |
4.22 |
2.86 |
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Interest Cover Ratio |
2.15 |
1.83 |
1.62 |
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Operating Profit Margin(%) |
7.23 |
6.56 |
7.01 |
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Profit Before Interest And Tax Margin(%) |
5.79 |
5.25 |
5.43 |
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Cash Profit Margin(%) |
3.16 |
2.60 |
2.79 |
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Adjusted Net Profit Margin(%) |
1.73 |
1.29 |
1.21 |
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Return On Capital Employed(%) |
19.64 |
15.78 |
14.99 |
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Return On Net Worth(%) |
8.58 |
5.76 |
5.05 |
STOCK PRICES
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Face Value |
Rs.10.00 |
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High |
Rs.43.95 |
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Low |
Rs.43.95 |
LOCAL AGENCY
FURTHER INFORMATION
OPERATIONS
During the year under review, the Company's income was Rs. 624.062 Millions against Rs.522.420 Millions during the previous year. There was increase in income on account of boom in infrastructure. The Company has increased its strength by acquiring the plant and machineries and equipments to cope up with the development in the economy in the industry particularly in the field of infrastructure and capital goods. Besides this the skilled personnel has also been increased to cope up with the development and expansion of the Company for fulfilling its commitments.
During the year, the ir Company has bagged various contracts worth over Rs. 766.772 Millions as under:
GAIL (India) Ltd. 2260.97 Laying Cross Country Pipeline and Associated Facilities for Thulandi-Phulpur Project
(SPREAD-II) GAIL (India) Ltd. 2345.84 Laying & Construction of 12" Diameters x 72 KM 6" (9 KM)/ 4" (6KM) Pipeline, Terminal and Associated Facilities for Natural Gas Supply Pipeline for Kelarus-Malanpur Pipeline Projects in M.P. Region. GAIL (India) Ltd. 2897.01 Laying of Vijaypur-Kota Pipeline Project of
GAIL - Section II. Essar Project Limited 163.90 COT Piping And Mechanical Erection FUTURE PLANS &
DIVERSIONS
The Company is continuing to improve its performance because of its management's total focus on key strategic initiatives. Apart from this, the management has been aggressively examining the process by taking full advantage of technology to drive down costs across the organization to generate additional funds to fuel growth. The initiative has been successfully implemented by outstanding work force of the Company to which the Board acknowledges its appreciation and gratitude.
Fixed Assets:
Land and Building
Office Equipments
Cellular Phone
Plant and Machinery
Construction Vehicle
Furniture
Computer
Dead Stock
Overview
The company. started as Jaihind Welding Works, a small metals and welding workshop in Rajkot in the year 1963 by the late Mr. Lalchand Hinduja. His zeal, leadership and dedication to work led his larger clients entrusting him to take on projects of a larger size, leading him to build a team of technocrats and engineers to focus and take on oil & gas pipeline projects against competition from major engineering firms. In the coming decades, this entrepreneur from a remote city went on to execute some of the longest pipeline projects in the country.
The company is at a threshold today where it goes from being a small national player to a globally competitive engineering construction projects company through an organization backed by an excellent team of committed workforce, technocrats and managers with proven track records; efficient, high technological equipments; sophisticated management information systems and all the necessary resources required to become a more trusted and reliable partner to their valued clients.
The company remains committed to its guiding principles of:
Quality: THE COMPANY is a certified ISO 9002 organization and entrusted by global and Indian multinational clients in various industries for its reliability.
Health & Safety: THE COMPANY realizes its manpower is its strongest asset and values it by entrusting stringent Health & Safety standards for its workforce, who works in some of the most challenging terrains and environment.
Project Management: THE COMPANY has a very good record of executing the most demanding projects in the allotted time frame and completion ahead of schedule because of their project management skills. THE COMPANY uses sophisticated project management tools to ensure accuracy in project management at all stages.
Company Projects is built on the teamwork of its workforce. Working for Company requires people who are determined, skilled, quality conscious and team players who have demonstrated effectiveness and dedication to seeing the work through.
With a diverse workforce, Company prides itself in its ability to work with and
maximize participation of local communities and manpower in the diverse
geographic areas it is involved in to create a socially and economically
responsible work culture. Company has over 300 full time employees on their pay
roll and over 100 contractual employees.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.41.89 |
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UK Pound |
1 |
Rs.84.17 |
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Euro |
1 |
Rs.56.93 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
55 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|