MIRA
INFORM REPORT
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Report Date : |
08.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
JAIN HYDRAULICS PRIVATE LIMITED |
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Registered Office : |
10066, Multani Dhanda, Street No. 1, First Floor,
Paharganj, New Delhi – 110055 |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
19.05.1981 |
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Com. Reg. No.: |
55-11738 |
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CIN No.: [Company
Identification No.] |
U74899DL1981PTC011738 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELJ03573D |
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Legal Form : |
Private limited liability company. |
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Line of Business : |
Manufacturers of Hydraulic and Mechanical Machines |
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
32500 |
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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 company having
satisfactory track. Directors are reported as experienced, respectable and
resourceful businessmen. Their trade relations are fair. Payments are usually
correct and as per commitments. The company can be considered good for normal
business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
10066, Multani Dhanda, Street No. 1, First Floor,
Paharganj, New Delhi – 110055, India |
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Tel. No.: |
91-11-23629639/23610291/23523966/23629689 |
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Fax No.: |
91-11-25504343 |
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E-Mail : |
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Website : |
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Factory
1 : |
Plot
No. 86, Sector – 3, IMT-Manesar, Gurgaon |
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Tel.
No.: |
91-124-4369302
to 05 |
DIRECTORS
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Name : |
Mr. Ajay Kumar Jain |
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Designation : |
Managing Director |
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Address : |
A-209,
Vikas Puri, New Delhi – 110018 |
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Date of Birth/Age : |
16.08.1956 |
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Date of Appointment : |
01.01.1986 |
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Name : |
Mr. Ajay Jain |
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Designation : |
Director |
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Address : |
A-286 Vikas Puri, New Delhi –
110018 |
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Date of Appointment : |
05.08.2002 |
KEY EXECUTIVES
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Name
: |
Arun Kumar Arora |
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Designation
: |
Company Secretary |
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Address
: |
Flat No. 7, DDA Flats,
Mansarovar Park, Shahdara, Delhi - 110032 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
Percentage of Holding |
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Mr. Ajay Kumar Jain |
30,915 |
51.84% |
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Mr. Aditya Jain |
6,375 |
10.69% |
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Mr. Virender Kumar Jain |
20 |
0.03% |
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Mr. Baldev Bhatt |
20 |
0.03% |
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Mr. Ankit Jain |
280 |
0.47% |
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Mr. Sunil Kumar Gupta |
10 |
0.02% |
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Ms. Abha Gupta |
10 |
0.02% |
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Ms. Kanta Devi Gupta |
10 |
0.02% |
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Mr. Piyush Jain |
250 |
0.42% |
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Mr. Ajay Jain |
8,450 |
14.17% |
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Mr. Manoj Kumar Jain |
1,000 |
1.68% |
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Ms. Praveena Jain |
5,000 |
8.38% |
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Ms. Vibha Jain |
7,300 |
12.23% |
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TOTAL |
59,640 |
100.00% |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Hydraulic and Mechanical Machines |
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Products : |
v
Iron and Steel v
Foam v
Paper Scrap Hydraulic Baling Presses v
Shredders and Crushers v
Shearing Machine v
Other Hydraulic Presses Pumps v
Cylinders and Power Pumps v
Hydraulic Scrap Baling Presses v
Extra Heavy Duty Hydraulic Presses |
GENERAL
INFORMATION
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Bankers : |
v
Bank of India v
HDFC Bank Limited v
Standard Chartered Bank v
ICICI Bank Limited v
American Express Bank Limited v
Citi Bank |
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Facilities : |
Loan from Bank of India (loan against securities, hypothecation
of stocks and book debts) Standard Chartered Bank: Vehicle Loans (against Hypothecation of
cars) ICICI Bank Limited (against Hypothecation of Motorcycle) |
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Banking Relations : |
Satisfactory |
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Auditors : |
Raj kumar and Associates Chartered Accountants Rajendra Mansion, 19-A, Ansari Raod, Darya Ganj, New Delhi-
110002 |
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Tel. No.: |
91-11-23269841/23257493/23257676 |
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Fax No.: |
91-11-23253423 |
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E-Mail : |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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59,640 |
Equity Shares |
Rs. 100/- each |
Rs. 5.964 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.964 |
3.494 |
2.968 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.188 |
1.482 |
1.294 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.152 |
4.976 |
4.262 |
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LOAN FUNDS |
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1] Secured Loans |
14.731 |
5.507 |
4.784 |
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2] Unsecured Loans |
2.108 |
0.714 |
0.573 |
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TOTAL BORROWING |
16.839 |
6.221 |
5.357 |
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DEFERRED TAX LIABILITIES |
0.701 |
0.372 |
0.185 |
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Others |
0.060 |
0.000 |
0.000 |
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TOTAL |
25.752 |
11.569 |
9.804 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
17.590 |
4.950 |
2.422 |
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INVESTMENT |
1.767 |
1.686 |
1.364 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
14.285
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5.378 |
3.660 |
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Sundry Debtors |
5.503
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14.651 |
6.608 |
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Cash & Bank Balances |
1.360
|
0.518 |
0.471 |
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Other Current Assets |
0.802
|
0.968 |
0.544 |
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Loans & Advances |
2.175
|
0.291 |
0.768 |
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Total Current Assets |
24.125
|
21.806 |
12.051 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
17.316
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16.923 |
6.045 |
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Provisions |
0.451
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Total Current Liabilities |
17.767
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16.923 |
6.045 |
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Net Current Assets |
6.358
|
4.883 |
6.006 |
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MISCELLANEOUS EXPENSES |
0.037 |
0.050 |
0.012 |
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TOTAL |
25.752 |
11.569 |
9.804 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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Sales Turnover [including other income] |
77.908 |
53.530 |
30.861 |
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Profit/(Loss)
Before Tax |
1.152 |
0.893 |
0.493 |
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Provision
for Taxation |
0.445 |
0.338 |
0.194 |
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Profit/(Loss)
After Tax |
0.707 |
0.555 |
0.299 |
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Total
Expenditure |
74.758 |
51.709 |
29.591 |
KEY
RATIOS
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
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PAT / Total Income |
(%) |
0.91
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1.04 |
0.97 |
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Net
Profit Margin (PBT/Sales) |
(%) |
1.74
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1.75 |
1.71 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
1.62
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3.13 |
3.11 |
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Return
on Investment (ROI) (PBT/Networth) |
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8.67
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0.18 |
0.12 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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2.07
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4.65 |
2.68 |
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Current
Ratio (Current
Asset/Current Liability) |
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1.36
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1.29 |
1.99 |
LOCAL AGENCY
FURTHER INFORMATION
It is engaged in the business of Manufacturers and Exporters of
Hydraulic Baling Presses, Scrap Processing Machines and other types of hydraulic
machines.
It is also dealing in Parker brand Hydraulics, Rexroth Bosch and
Parker.
Subject has recently diversified and developed Bio-medical waste
sterilisation equipment for hazardous medical waste, it sterilise first into
lumps then shreds into small pieces which becomes non-toxic waste.
Subject is an authorised distributor for Rexroth Bosch, Hydraulic
Pumps, Valves and Other products.
It exports its finished products and also sells in the domestic
market.
PROFILE:
Subject is a leading manufacturer, supplier and exporter of
Hydraulic Scrap Baling Presses, Extra Heavy Duty Hydraulic Presses, Shredders
& Crushers, Shearing Machines and Hydraulic Presses.
It was formed more than 25 years ago. Earlier, it used to manufacture small
Hydraulic Baling Presses for building Iron and Steel Scrap. At that time these
machines were largely imported from other countries.
Since then its market share has considerably grown to reach a commendable
level, which was made possible through rigorous Research & Development
(R&D) efforts.
Today, the company is a well known name in the field of Scrap Processing
Machines used for ferrous and non-ferrous scrap, cotton waste, paper waste or
any other waste material, pressing and bundling. With unparalleled quality, the
company currently manufactures a large range of rigid, robust and trouble free
machines.
A strong after sales network has been in place to ensure the highest level of
customer satisfaction. Moreover, the company has clients across India, Sri
Lanka, Malaysia, Bangladesh, Nepal, South Africa and Middle East, etc. It is
also a distributor for Mico Bosch's Hydraulic Pumps, Valves and other products.
Mico Bosch is the leading name in the world of Hydraulics. The company has its marketing partners in
Middle East, North Africa, Europe, etc.
Subject has further diversified its
Hydraulic product range. Now it has also developed bio-medical waste
sterlization equipment and hazardous medical waste. It is also fully able to
meet any requirement of international buyers.
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.44.42 |
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UK Pound |
1 |
Rs.85.79 |
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Euro |
1 |
Rs.57.80 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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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 |
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 |
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47 |
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 |
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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 |
|
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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