MIRA
INFORM REPORT
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Report Date : |
18.05.2007 |
IDENTIFICATION DETAILS
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Name : |
JAIHIND INDUSTRIES LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
11.01.1947 |
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Com. Reg. No.: |
005480 |
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CIN No.: [Company
Identification No.] |
L74999PN1947PLC005480 |
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Legal Form : |
Public Limited Liability Company. Company share’s are listed on the
stock exchange |
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Line of Business : |
Manufacturer of Pressure Diecast components, Gravity Diecst
components, Cylinder Heads, Auto Electrical, Magnetos, AC Generators and lgnition
Coils, Automotive Clutches, Disc Brakes. |
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 2200000 |
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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
experience 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 : |
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Tel. No.: |
91-20-27473981/ 27473982 |
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Fax No.: |
91-20-27474827 |
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E-Mail : |
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Website : |
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Office : |
Urse village,Tal Maval, Dist. Pune |
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Tel. No.: |
91 2114 237071 |
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Fax No.: |
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Office : |
Industial Area No - 01 ,Sector No. 02 Mhow, Dist. Dhar |
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Office : |
Nurenberger Stresse 31, 91781 Weissenburg/ Beyern, |
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Tel. No.: |
91-49- 9141858 460 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Abhay Navalmal Firodia |
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Designation : |
Director |
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Address : |
Sanmitra 13B/2A |
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Date of Birth/Age : |
05.11.1944 |
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Date of Appointment : |
24.09.2004 |
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Name : |
Mr. Mohan girdharilal Chopda |
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Designation : |
Director |
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Address : |
12 Bhosale Nagar, Pune;411007, |
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Date of Birth/Age : |
13.08.1934 |
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Date of Appointment : |
24.09.2004 |
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Name : |
Mr. Mansukhla Chandmal Munot |
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Designation : |
Director |
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Address : |
A-1, |
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Date of Birth/Age : |
23.11.1937 |
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Date of Appointment : |
27.09.2005 |
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Name : |
Mr. Sunanda Sudhir Mehta |
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Designation : |
Director |
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Address : |
405 AD Scheme No:74, |
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Date of Birth/Age : |
04.07.1971 |
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Date of Appointment : |
27.09.2005 |
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Name : |
Mr. Shribala Sagar Chordia |
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Designation : |
Director |
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Address : |
37/1/4 ghorpadi, |
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Date of Birth/Age : |
01.07.1974 |
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Date of Appointment : |
27.09.2005 |
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Name : |
Mr. Harsha Abhay Firodia |
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Designation : |
Director |
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Address : |
Sanmitra 132 B/2A, |
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Date of Birth/Age : |
18.07.1977 |
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Date of Appointment : |
30.09.2003 |
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Name : |
Mr. Prasan Abhay firodia |
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Designation : |
Director |
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Address : |
Sanmitra 132 B/2A, |
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Date of Birth/Age : |
16.02.1979 |
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Date of Appointment : |
24.09.2004 |
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Name : |
Mr. shy Sumatikumar Navlakha |
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Designation : |
Director |
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Address : |
M-56 greater Kailash ?Part 1, |
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Date of Birth/Age : |
28.08.1938 |
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Date of Appointment : |
24.09.2004 |
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Name : |
Mr. Indira Abhay firodia |
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Designation : |
Director |
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Address : |
Sanmitra 132 B/2A, |
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Date of Birth/Age : |
01.11.1949 |
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Date of Appointment : |
30.09.2003 |
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Name : |
Mr. Venkataiah Nadipalli |
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Designation : |
Director |
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Address : |
Plot No; Rl:18, G-Block Chinchwad, Pune;411019, |
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Date of Birth/Age : |
08.08.1942 |
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Date of Appointment : |
30.10.2002 |
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Name : |
Mr. Kavita Chitranjain Sogani |
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Designation : |
Director |
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Address : |
C-6/11, HDFC Colony Chindhwad, Pune;411019, |
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Date of Birth/Age : |
06.04.1970 |
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Date of Appointment : |
15.01.2003 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Surajmal Motilal Munot |
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25000 |
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Venugopal Nandlal Dhoot |
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130000 |
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Rajkaumar MNandlal Dhoot |
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110000 |
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Pradipkumar Nandlal Dhoot |
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110000 |
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Shamala Sumatikumar navalakha |
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93200 |
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Jinendra Hirachand Munot |
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10000 |
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Hirachand Ratanchand Munot |
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270000 |
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RameshChandra Ramnath Dhoot (HUF) |
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50000 |
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Jamnabai Navalmal firodia |
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510000 |
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Ahmednagar Engineering Private Limited |
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385000 |
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Prasanna Holding Private Limited |
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638812 |
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Vikram Prakash firodia |
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130000 |
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Harsha abhaykumar firodia |
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300000 |
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Prasanna Abhaykumar firodia |
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675000 |
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Abhaykumar Firodia |
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300000 |
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Jayahind Investments Private Limited |
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212900 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pressure Diecast components, Gravity Diecst components,
Cylinder Heads, Auto Electrical, Magnetos, AC Generators and lgnition Coils,
Automotive Clutches, Disc Brakes. |
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Products : |
MAN DaimlerChrysler Hydro GM Maruti Suzuki Ford Borg Warner Tata Mahindra Force Hero Honda Mico Bosch Ashok Leyland Swaraj Mazda Fiat Posh Turbo Energy Limited |
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Exports : |
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Countries : |
Germay |
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Imports : |
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Countries : |
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PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Pressure and Gravity Die Casting |
Tonnes |
15257 |
8000 |
5961 |
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Flywheel Magneto System |
Nos. |
1550000 |
800000 |
632750 |
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H. T. Colls |
Nos. |
200000 |
200000 |
95006 |
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Dies Moulds jigs and fixture |
Nos. |
200 |
60 |
62 |
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Automotive Clutches |
Nos |
10000 |
65000 |
102704 |
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Vehicles Bodies |
Nos. |
10000 |
4000 |
1696 |
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Water Pump |
Nos. |
60000 |
60000 |
44275 |
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Automotive Brakers |
Nos. |
24000 |
24000 |
7002 |
GENERAL INFORMATION
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Suppliers : |
Abhay Auto Deeshanil Packing Manufacturing Private Limited Geeta Gloves, Deshav Industries Menar Auto Components Private Limited Morya Industries Maruti Produsts Nilesh Leather works Poona Brush Company Polychrome Engineers Precicison Engineering Industries Saidurga Enterprises The Sangli Froging Metal Industries Private Limited |
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No. of Employees : |
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Bankers : |
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Facilities : |
Item no.(a) is secured by hypothecation of Stock of Raw Materials,
Stock –in Process, stores, Finished Goods and Book Debts, Present and future. Item no. (b) is secured by an exclsive charge by way of hypothecation of specific items
of machinery, including machinery purchased under the said scheme.
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Messrs P.G. Bhagwat Chartered Accountant |
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Address : |
Suite No:101-102, Orchard, Dr. Pai Marg, Baner, Pune;411045, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
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35000000 |
Preference Shares |
Rs.10/- each |
Rs.350.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
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35000000 |
Preference Shares |
Rs.10/- each |
Rs.350.000 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 |
450.000 |
450.000 |
200.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
106.005 |
237.871 |
235.414 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
556.005 |
687.871 |
435.414 |
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LOAN FUNDS |
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1] Secured Loans |
594.588 |
29.776 |
34.547 |
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2] Unsecured Loans |
189.776 |
186.275 |
115.080 |
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TOTAL BORROWING |
784.364 |
216.051 |
149.627 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1340.369 |
903.922 |
585.041 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
676.030 |
301.770 |
193.050 |
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Capital work-in-progress |
45.173 |
30.592 |
10.999 |
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INVESTMENT |
3.376 |
3.376 |
3.376 |
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DEFERREX TAX ASSETS |
38.824 |
18.338 |
16.546 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
163.303
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141.721 |
89.500 |
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Sundry Debtors |
304.327
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243.376 |
205.879 |
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Cash & Bank Balances |
11.010
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16.526 |
130.929 |
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Other Current Assets |
19.495
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7.460 |
5.620 |
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Loans & Advances |
356.715
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480.647 |
100.495 |
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Total
Current Assets |
854.850
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889.730 |
532.423 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
225.437
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276.955 |
118.714 |
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Provisions |
52.447
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62.932 |
52.639 |
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Total
Current Liabilities |
277.884
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339.887 |
171.353 |
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Net Current Assets |
576.966
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549.843 |
361.070 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1340.369 |
903.919 |
585.038 |
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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 |
1228.619 |
1077.904 |
961.310 |
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Other Income |
101.866 |
107.866 |
126.225 |
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Total Income |
1330.485 |
1185.770 |
1087.450 |
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Profit/(Loss) Before Tax |
(150.645) |
24.525 |
110.866 |
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Provision for Taxation |
0.000 |
11.407 |
31.153 |
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Profit/(Loss) After Tax |
(150.645) |
13.118 |
79.713 |
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Earnings in Foreign Currency : |
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Export Earnings |
0.000 |
8.649 |
6.751 |
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Commission Earnings |
0.000 |
2.360 |
3.301 |
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Other Earnings |
0.000 |
0.000 |
0.000 |
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Total Earnings |
0.000 |
11.009 |
10.052 |
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Imports : |
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Raw Materials |
0.000 |
13.894 |
4.952 |
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Stores & Spares |
0.000 |
23.844 |
16.092 |
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Capital Goods |
0.000 |
120.874 |
32.999 |
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Others |
0.000 |
0.000 |
0.000 |
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Total Imports |
0.000 |
158.612 |
54.043 |
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Expenditures : |
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Raw Material Consumed |
753.481 |
671.021 |
625.466 |
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Purchases made for re-sale |
0.000 |
0.000 |
0.000 |
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Consumption of stores and spares parts |
56.648 |
42.095 |
0.000 |
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Increase/(Decrease) in Finished Goods |
(20.083) |
(13.936) |
0.000 |
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Salaries, Wages, Bonus, etc. |
166.299 |
137.811 |
0.000 |
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Managerial Remuneration |
4.622 |
5.031 |
0.000 |
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Payment to Auditors |
0.108 |
0.075 |
0.000 |
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Interest |
22.502 |
6.886 |
0.000 |
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Insurance Expenses |
2.538 |
2.408 |
0.000 |
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Power & Fuel |
123.586 |
96.739 |
0.000 |
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Depreciation & Amortization |
238.816 |
100.385 |
62.590 |
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Other Expenditure |
132.610 |
112.758 |
299.152 |
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Total Expenditure |
1481.175 |
1161.273 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
(11.32)
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1.10 |
7.33 |
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Net Profit Margin (PBT/Sales) |
(%) |
(12.26)
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2.27 |
11.53 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(9.84)
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2.05 |
0.15 |
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Return on Investment (ROI) (PBT/Networth) |
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(0.27)
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0.03 |
0.25 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.49
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0.49 |
0.39 |
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Current Ratio (Current Asset/Current Liability) |
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3.07
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2.61 |
3.10 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
JAIHIND INDUSTRIES LIMITED |
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Presented By |
Canara Bank,
Pimpri Branch |
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1) Date and description of instrument creating the change |
Joint Deed of Hypothecation dated |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.93.500
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All the stock of
raw Materials, semi-finished, finished goods, and Packing materials now lying
or stored in the factories fo the company situated at Bombay- Pune, Road,
Skurdi Pune-35, or any time herein after belonging to the company and all the
present and future book debts outstanding, money receivables, claims, bills
and contracts belonging to the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
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6) Date and brief description of instrument modifying the charge |
Supplemental
common Hypothedation dated |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The Present Third
modification is for enchancement by Canara Bank of total limit from Rs.79.500
Millions to rs. 229.500 Millions as under:
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Fixed Assets:
Lease hold Land
Building
Plant and Machinery
Electrical Installation
Electric fitting
Dies Jigs and Fixture
Vehicles
Computer
As per Web Site:
Their Founder Shri Navalmal Kundanmal Firodia - Freedom Fighter
and and dedicated Gandhian. participated in the Freedom struggle joining
the Non-cooperation Movement in 1932
and the Quit India Movement in 1942.His vision of an independent and
industrially strong nation inspired his many achievements. He pioneered the
automotive industry in
MILESTONES
- 1948-
Initiated Auto-rickshaw and scooter projects in collaboration with
- 1964- Opened
a new plant for Pressure Die Casting at Akurdi,
- 1969-
Revolutionized the market with the first moped,Luna.
- 1989-
Collaborated with
- 1997-
Installed the country's largest pressure die casting machine at Urse,
- 1998-
Collaborated with
- 1999-
Implemented SAP R/3 - ERP System.
- 2001 -
Received ISO 9002:1994 certification
- 2003-
Received the ISO 9001:2000 certification
Tool Room Capacity expansion - 2004-
Partnership with
TQM started under the guidance of Mr.Masatoshi Iwasaki of JUSE, - 2005-
Partnership with Bridge
Aluminium Die Casting Capacity increased to 25000 tons per annum
Awarded TS 16949 : 2002 - 2006- Machining
set up for supplying fully machined castings from Akurdi plant. Technical
cooperation with MEISSNER for Tool design, development and production of
gravity die cast tooling.
End-to-end solution provider
Strong
believer in cross-functional approach towards every process.
FEATURES OF THE COMPEL PROGRAMME
Comprehensive
Management Platform for export logistic
Lead time
definition Alerts
& notification
Monitoring Traceability
of all relevant documents
Gated process stored
for future reference
Plant Layout
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URSE PLANT Total Plot
Area
24.46 Acres Total Built up
Area
12.18 Acres Commissioning
1997 |
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AKURDI PLANT Total Plot
Area
5.00 Acres Total Built up
Area 2.25 Acres Commissioning
1964 |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.40.90 |
|
|
1 |
Rs.80.78 |
|
Euro |
1 |
Rs.55.18 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
9 |
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PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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 |
|