MIRA
INFORM REPORT
|
Report Date : |
16.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
JAIN
PERIPHERALS PRIVATE LIMITED |
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Registered Office : |
Office
No. 3, Building No. 59, Shakuntla Building, Nehru Place, New Delhi – 110019 |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
28.06.2001 |
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Com. Reg. No.: |
55-111462 |
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CIN No.: [Company
Identification No.] |
U52392DL2001PTC111462 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKJ02234B |
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PAN No.: [Permanent
Account No.] |
AAACJ9590R |
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Legal Form : |
Private
limited liability company |
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Line of Business : |
Distributors
and Suppliers of Computer Peripherals, Hardware and Software. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
10000 |
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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 a 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
|
Registered Office : |
Office
No. 3, Building No. 59, Shakuntla Building, Nehru Place, New Delhi – 110019,
India |
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Mobile
No.: |
91-9350183760 |
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E-Mail
: |
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Website
: |
http://www.jpplindia.com [Under
Construction] |
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Branches
: |
207,
Ganapati Arkit, Gurudwara Road, Gurgaon – 122001, Haryana, India |
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Tel.
No.: |
91-124-4033891
/ 6328603 / 6304710 |
DIRECTORS
|
Name : |
Mr.
Manish Jain |
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Designation : |
Director
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Address : |
297,
Sector 15, Part – I, Gurgaon, Haryana |
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Date of Appointment : |
28.06.2001 |
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Name : |
Mr.
Neeraj Jain |
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Designation : |
Director
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Address : |
207
Ganpati Arcade, Gurdwara Road, Gurgaon, Haryana |
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Date of Appointment : |
28.01.2001 |
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Name : |
Mr.
Lokesh Jain |
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Designation : |
Director
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Address : |
H-19/52,
Sector 7, Rohini, New Delhi |
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Date of Appointment : |
28.01.2001 |
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Date of Change : |
10.01.2004 |
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Name : |
Mr.
Ravinder Jain |
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Designation : |
Director
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Address : |
3203,
Opposite DMC Market, Paharganj, New Delhi – 110055 |
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Date of Birth/Age : |
28.06.2001 |
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Date of Change : |
10.01.2004 |
KEY EXECUTIVES
|
Name
: |
Mr.
Manish Dhawan |
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Designation
: |
Chief
Executive Officer |
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Mobile
No. : |
91-9811119101 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Mr.
Manish Jain |
61000 |
64.89 % |
|
Mr.
Lokesh Jain |
3000 |
3.19 % |
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Mr.
Ravinder Jain |
3000 |
3.19 % |
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Mr.
Neeraj Jain |
3000 |
3.19 % |
|
Ms.
Manisha Jain |
24000 |
25.53 % |
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Total |
94000 |
100.00 % |
BUSINESS DETAILS
|
Line of Business : |
Distributors
and Suppliers of Computer Peripherals, Hardware and Software. |
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Products : |
Computer
Peripherals Printers Software
[Microsoft] |
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Terms : |
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Purchasing : |
CAD
Basis |
GENERAL
INFORMATION
|
Bankers : |
Oriental
Bank of Commerce, B-Block, Sushant Lok-I, Gurgaon 122001, Haryana State
Bank of Saurashtra, 19 Housing Board Colony, Gurgaon |
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Facilities : |
Cash
credit : Rs. 12.000 Millions from Oriental Bank of Commerce as per
Hypothecation agreement dated November 2, 2006. It is secured against
Stock-in-Trade, Book Debts, Book debts, Furniture and Fixture of the company.
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Banking Relations : |
Satisfactory
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Auditors : |
Sandeep
Kumal and Associates Chartered
Accountants 99
Sector 15, Part – I, Gurgaon – 122001, Haryana |
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Tel. No.: |
91-124-2321695 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
100000 |
Equity
Shares |
Rs. 10/- each |
Rs. 1.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
94000 |
Equity
Shares |
Rs. 10/- each |
Rs. 0.940 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
0.940 |
0.500 |
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2] Share Application Money |
|
0.660 |
0.000 |
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3] Reserves & Surplus |
|
0.728 |
0.344 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
2.328 |
0.844 |
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LOAN FUNDS |
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1] Secured Loans |
|
2.481 |
0.940 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
2.481 |
0.940 |
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DEFERRED TAX LIABILITIES |
|
0.030 |
0.000 |
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TOTAL |
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4.839 |
1.784 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
1.425 |
0.756 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.014 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
9.044 |
3.544 |
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Sundry Debtors |
|
8.643 |
12.095 |
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Cash & Bank Balances |
|
0.026 |
0.198 |
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Other Current Assets |
|
0.000 |
0.214 |
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Loans & Advances |
|
0.254 |
0.134 |
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Total Current Assets |
|
17.967 |
16.185 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
14.338 |
15.032 |
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Provisions |
|
0.221 |
0.152 |
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Total Current Liabilities |
|
14.559 |
15.184 |
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Net Current Assets |
|
3.408 |
1.001 |
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MISCELLANEOUS EXPENSES |
|
0.006 |
0.013 |
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TOTAL |
|
4.839 |
1.784 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
98.951 |
73.410 |
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Profit/(Loss)
Before Tax |
|
0.650 |
0.363 |
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Provision
for Taxation |
|
0.266 |
0.157 |
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Profit/(Loss)
After Tax |
|
0.384 |
0.206 |
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Total
Expenditure |
|
103.305 |
75.792 |
KEY
RATIOS
|
PARTICULARS |
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|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
|
|
0.39 |
0.28 |
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Net
Profit Margin (PBT/Sales) |
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|
0.66 |
0.50 |
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Return
on Total Assets (PBT/Total
Assets} |
|
|
1.98 |
1.21 |
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Return
on Investment (ROI) (PBT/Networth) |
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|
16.51 |
24.37 |
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Current
Ratio |
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1.23 |
1.07 |
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Quick
Ratio |
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|
0.61 |
0.83 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
|
1.07 |
1.11 |
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Current
Liabilities / Networth |
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|
6.25 |
17.99 |
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Fixed
Assets / Networth |
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0.61 |
0.90 |
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Average
Collection days |
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32.18 |
60.49 |
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Account
Receivables Turnover |
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11.34 |
6.03 |
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Inventory
Turnover |
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10.84 |
20.59 |
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Assets
Turnover |
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68.77 |
96.56 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
- Cycle
- Car
- Refrigerator
- Water Machine
- Furniture and Fixture
- Motor Cycle
The
subject has shifted their Registered Office from D-14/192 Sector 7, Rohini, New
Delhi, India to the above mentioned address with effect from 07.08.2006.
Subject
is an Authorised Dealer for the following companies [Hardware, Computer
Peripherals and Software]
- Samsung India
- Microsoft
- Epson India
India has enormous opportunities emerging from globalization and consequent lowering of tariff barriers. Information Technology has given India formidable brand equity in the global markets. The Indian Software Industry has been moving up the value chain as well. Indian software companies have a unique distinction of providing efficient software solutions with cost and quality as an advantage by using state-of-the-art technology. Through joint efforts of Government and the Industry, Software Development and IT Enabled Services have emerged as niche opportunities for India in the global context. The Government has been making continuous efforts to make India a front-runner in the age of Information revolution. India today has the advantages of skilled manpower base, active and healthy competition amongst states in attracting investment in infrastructure as well as framing IT applications in areas such as e-governance, e-learning, e-commerce, entrepreneurship, software exports growth and a large potential in the domestic market. Information Technology Act dealing with Cyber Security, Cyber Crime and other information security related legal aspects is in place. Through a policy of sustained R&D in cutting edge technology we hope to further increase and broad base our exports while also expanding the domestic market.
India has the potential to develop and manufacture Electronics/IT Hardware for the global markets and gain higher global share besides meeting the country's future requirement in the converging areas of information, communication and entertainment. As a result of technological convergence, at the infrastructure, services and industry level there has been a tremendous up-surge in new products and also consolidation in the underlying industries through acquisitions and mergers.
Consequent shift has been from monopoly of Government as service provider to private entry in telecom to promote competition and establishing a neutral regulatory agency. The essence of the convergence spirit and the vitality of changes have led to lowering of tariffs, plentiful availability of bandwidth at increasingly lower cost, competition and growth in technology.
Sales of Personal Computers [PC] crossed 3.6 million units during the year 2004-05, registering a growth of 20 %. Sales in 2005-06 are expected to cross 4.7 million units. The growth in PC sales is largely attributed to increased IT consumption by industry verticals and corporate sectors such as Telecom, Banking and financial services, manufacturing and IT enabled services. Apart from there traditional sectors, higher consumption is also being witnessed in SMEs, IT training institutes and other computer centric small enterprises. In addition, the trend of increased PC purchases in households, smaller towns and cities is continuing. The department has conducted a study on ‘Improving PC penetration in the country’. The report envisages a seven fold growth in the domestic IT market by 2008 with annual PC sales at 28 million.
The software an services industry continue to be dominating factor in the overall growth of the Indian industry. In 2004-05, the Indian software and services industry exports witnessed a healthy growth, with total exports reaching Rs. 801800 millions an increase of 37 % over the previous financial year. This segment will continue to show a robust growth and the total value of software and services export is estimated at Rs. 1032000 millions in 2005-06, an increase of 29 % in Rupee terms and 32 % in dollar terms. The business process outstanding ITES-BPO sector has emerged a key driver of growth for the Indian software and services industry. The ITES-BPO industry is likely to grow by about 37 % in 2005-06 to reach US$ 6.3 billion. In 2004-05, the Indian ITES-BPO industry grew by 48 % to US$ 4.6 Billion.
The desktop PC market grossed (2.34 million) units registering
a growth of 36 per cent over the same period, last fiscal. The buoyant IT
consumption witnessed in the second-half of 2004-05 continued in the first-half
of 2005-06, resulting in a significant market
growth. With sound macroeconomic condition and buoyant buying sentiment in the market, PC sales are expected to touch 4.7 million units in Fiscal
2005-06.
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.44.31 |
|
UK
Pound |
1 |
Rs.86.82 |
|
Euro |
1 |
Rs.57.29 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|