MIRA
INFORM REPORT
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Report Date : |
24.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
JOGINDRA ENGINEERING WORKS PRIVATE LIMITED |
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Registered Office : |
70, Rama Road, New Delhi-110 015 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.01.1985 |
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Com. Reg. No.: |
55 - 19926 |
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CIN No.: [Company
Identification No.] |
U00000DL1985PTC019926 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELJ04115G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of a wide range of Plastic Processing Machines. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
USD 3000 |
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Status : |
Moderate |
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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 slightly moderate track records.
Profit margin of the company is under severe pressure. Payments are usually
correct and as per commitments. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
70, Rama Road, New Delhi-110015, India |
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Tel. No.: |
91-11-25442112, 25153486, 41427233,
41427244 |
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Fax No.: |
91-11-25453836, 25441144 |
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E-Mail : |
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Website: |
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Factory / Works : |
A-586, Phase-I, RIICO Industrial Area,
Bhiwadi, District Alwar, Rajasthan, India |
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Tel. No.: |
91-1493-222774, 222775 |
DIRECTORS
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Name : |
Mr. Bhupinder Kaur |
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Designation : |
Director |
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Address : |
G -58, Bali Nagar, New Delhi – 110 015, India |
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Date of Birth/Age : |
30.01.1963 |
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Date of Appointment : |
14.02.2003 |
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Name : |
Mr. Joginder Singh |
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Designation : |
Director |
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Address : |
G -58, Bali Nagar, New Delhi – 110 015, India |
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Date of Birth/Age : |
30.08.1959 |
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Date of Appointment : |
23.01.1985 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
Equity Shares Breakup (Percentage of Total Equity):
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of a wide range of Plastic Processing Machines. |
GENERAL
INFORMATION
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Customers : |
·
St. Anthony's Industries
Group Private Limited-Colombo ·
Abdeen Trading and
Industrial Company-Palestine ·
Industria Prefabbricati
Cemento S.R.L.-Italy ·
Kunststoffe Und
Kunststoffnerar-Germany ·
Mortogg Singapore Pte.
Limited-Singapore ·
Howlader PVC Pipes
Limited-Bangladesh ·
Hassan Plastic Industries
Limited-Nigeria ·
Holis Metal Industries
Limited-Israel ·
Slapper Shoe
Industries-Kenya ·
Fort Gloster India
Limited-Calcutta ·
Jacquart Plast
Industry-France ·
KLJ Polymers Limited-New
Delhi ·
Cairo Industrial
Company-Egypt, ·
Aravali Pipes
Limited-Hisar ·
Oriplast Limited-Balasore ·
Ajay Polymers-Nepal ·
Uniplast Limited-Noida, etc. |
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No. of Employees : |
20 |
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Bankers : |
·
State Bank
of India Address:
Commercial Branch, Nazafgarh, New Delhi – 110 015, India ·
HDFC Bank ·
ICICI Bank ·
ABN Amro
Bank ·
Punjab
National Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/S Khiwani and Company Chartered Accountants |
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Address : |
23/26, 2nd Floor, Main Market, East Patel Nagar, New
Delhi-110 008. |
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Tel. No.: |
91-11-25714542 / 25758388 |
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E-Mail : |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity shares |
Rs. 10/- each |
Rs. 1.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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51000 |
Equity shares |
Rs. 10/-
each |
Rs. 0.510
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.510 |
0.510 |
0.510 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.101 |
0.509 |
0.225 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
0.611 |
1.019 |
0.735 |
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LOAN FUNDS |
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1] Secured Loans |
19.873 |
8.375 |
2.019 |
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2] Unsecured Loans |
6.964 |
6.813 |
4.314 |
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TOTAL BORROWING |
26.837 |
15.188 |
6.333 |
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DEFERRED TAX LIABILITIES |
0.369 |
0.221 |
0.159 |
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TOTAL |
27.817 |
16.428 |
7.227 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
16.422 |
12.632 |
2.927 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
7.602 |
7.985 |
4.234 |
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Sundry Debtors |
3.726 |
1.012 |
0.889 |
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Cash & Bank Balances |
9.513 |
2.579 |
2.409 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
1.580 |
1.241 |
1.097 |
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Total
Current Assets |
22.421
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12.817 |
8.629 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
10.446 |
8.756 |
5.387 |
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Provisions |
0.584 |
0.273 |
0.033 |
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Total
Current Liabilities |
11.030 |
9.029 |
5.420 |
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Net Current Assets |
11.391 |
3.788 |
3.209 |
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MISCELLANEOUS EXPENSES |
0.004 |
0.008 |
1.091 |
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TOTAL |
27.817 |
16.428 |
7.227 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
41.485 |
23.440 |
18.309 |
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Other Income |
0.543 |
1.624 |
0.868 |
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Total Income |
42.028 |
25.064 |
19.177 |
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Profit/(Loss) Before Tax |
0.085 |
0.586 |
0.423 |
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Provision for Taxation |
(0.323) |
0.301 |
0.157 |
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Profit/(Loss) After Tax |
(0.408) |
0.285 |
0.266 |
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Earnings in Foreign Currency : |
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Total Earnings |
0.724 |
4.529 |
NA |
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Imports : |
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Total Imports |
N
A |
0.170 |
0.498 |
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Expenditures : |
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Depreciation & Amortization |
0.480 |
0.335 |
0.236 |
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Financial Charges |
1.866 |
0.746 |
0.462 |
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Other Expenditure |
39.597 |
23.397 |
18.056 |
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Total Expenditure |
41.943 |
24.478 |
18.754 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.97
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1.13 |
1.38 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.20
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2.50 |
2.31 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.37
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4.57 |
4.90 |
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Return on Investment (ROI) (PBT/Networth) |
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0.13
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0.57 |
0.57 |
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Debt Equity Ratio (Total Liability/Networth) |
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61.97 |
23.76 |
7.37 |
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Current Ratio (Current Asset/Current Liability) |
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2.03 |
1.41 |
0.59 |
LOCAL AGENCY FURTHER
INFORMATION
FORM 8:
|
Corporation identity number or foreign company registrations number of
the company |
U00000DL1985PTC019926 |
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Name of the company |
JOGINDRA ENGINEERING WORKS |
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Address |
New Delhi – 110 015, India |
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This Form is for |
Creation of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder
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State Bank of India Address: Commercial Branch, Nazafgarh, New
Delhi – 110 015, India Email ID: sbi.04078@co.in
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Nature or description of the instrument creating charge |
SME – 2 Agreement of loan cum
hypothecation |
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Date of the instrument creating charge |
08.06.2006 |
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Amount Secure by the charge |
Rs. 3.500 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate
of Interest: 0.75% above SBAR Min 11.50% p.a with
monthly rests. |
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Description of the property charge whether it is a charge on |
A Charge on Immovable properties, Plant and Machinery, Furniture and Fixtures, Book Debts, Stock in Trade |
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Particulars of the Property charged
(including location of the property) |
Hypothecation of entire current assets
including stock and receivables of the company. |
WEBSITE DETAILS:
The company is a leading manufacturer of a wide range of Plastic
Processing Machines, namely Heating Cooling Mixers, Ribbon Blenders for compounding
of Dry Blends, for Rigid/Plasticized PVC for processing of (Pipes, Cables,
Footwears, Blow Moulding), Thermoplastics, ABS, PE, PP, EVA, Ceramics,
Pharmaceuticals, Chemicals, Colours and Food Stuffs, Red Mud processing etc.
Besides, the company is also manufacturing Deflashers, Sand and Shoot Blasting
Machines and Textile Processing Plant and Machinery.
The company, established in 1959, has touched new horizons. Their
continuous R and D, strict quality control and adoption of latest technology have
resulted in the development and production of new generation machineries
indigeneously. A planned and scientific approach in managing and organizing the
operation at each manufacturing stage has led to great achievement in upgrading
efficiency, reducing down times ultimately resulting in repeat orders from the
leader in this industry.
· Jogindra’s Manufacturing Technology
The company has played an important role in
the expansion and development of Plastic Industry. Almost every leading
Processing house in India in this field is their client. Their continuous R and
D and strict quality control matching International Standards has enabled them
to add a feather to their cap, by way of exporting new generation machinery to
other parts of globe. To mention a few of their valuable National and
International clients are :
·
St. Anthony's Industries
Group Private Limited-Colombo
·
Abdeen Trading and
Industrial Company-Palestine
·
Industria Prefabbricati
Cemento S.R.L.-Italy
·
Kunststoffe Und
Kunststoffnerar-Germany
·
Mortogg Singapore Pte.
Limited-Singapore
·
Howlader PVC Pipes
Limited-Bangladesh
·
Hassan Plastic Industries Limited-Nigeria
·
Holis Metal Industries
Limited-Israel
·
Slapper Shoe
Industries-Kenya
·
Fort Gloster India
Limited-Calcutta
·
Jacquart Plast
Industry-France
·
KLJ Polymers Limited-New
Delhi
·
Cairo Industrial
Company-Egypt,
·
Aravali Pipes Limited-Hisar
·
Oriplast Limited-Balasore
·
Ajay Polymers-Nepal
·
Uniplast Limited-Noida, etc.]
AGENTS
· Jacquart Plast Industry, France.
· Athens Impo-Expo, Greece.
· Profile Extrusion Services, Australia.
The Company Heating Cooling Mixers have the proven record of being the
best in performance and are highly acclaimed in the Plastic Industry. The
mixers are used in processing of dry blend in the area of Rigid and Plasticized
PVC, thermoplastics, ABS, PE, PP for drying Blending and Wet Coating, Ceramics,
Dyes and Colours, Pharmaceuticals and other allied industries.
It is a combination of High Speed Mixer and Cooling Mixer. The material
in high speed mixer during mixing
operation is heated by utilization of frictional heat and then
transferred to the cooling mixer in order to always keep it in free flowing
conditions, suitable for storage, transport and subsequent process.
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.39.57 |
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UK Pound |
1 |
Rs.78.93 |
|
Euro |
1 |
Rs.56.85 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
YES |
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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 |
|
40 |
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. |
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 |
|