MIRA
INFORM REPORT
|
Report Date : |
06.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
JAIN BROTHERS SANITATION
PRIVATE LIMITED |
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Registered Office : |
12 SSI Industrial Area GT
Karnal Road, Delhi – 110 033 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
25.03.1997 |
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Com. Reg. No.: |
55-86086 |
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CIN No.: [Company
Identification No.] |
U26914DL1997PTC086086 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELJ04142F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of stainless steel kitchen sinks. |
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/normal. |
Small |
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Maximum Credit Limit : |
USD 183744 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track records. Profit
margin is under severe pressure. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
12, SSI Industrial Area, GT
Karnal Road, New Delhi – 110 033, India |
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Tel. No.: |
91-11-27693301-04 |
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R I M : |
11-32589152 /53 |
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Fax No.: |
91-11-27693305 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr .Naresh Kumar Jain |
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Designation : |
Director |
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Address : |
BH -36, East Shalimar Bagh, Delhi – 110 088, Delhi , India |
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Date of Birth/Age : |
05.12.1966 |
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Date of Appointment : |
25.03.1997 |
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Name : |
Mr. Satya Prakash Jain |
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Designation : |
Director |
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Address : |
BH -36, East Shalimar Bagh, Delhi – 110 088, Delhi , India |
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Date of Birth/Age : |
11.11.1959 |
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Date of Appointment : |
25.03.1997 |
KEY EXECUTIVES
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Name : |
S K Gupta and Company |
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Designation : |
Company Secretaries |
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Address : |
4/1732, Bhola Nath Nagar, Mahavir Block, Shahdara, Delhi – 110032,
India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Satya Prakash Jain |
|
165100 |
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Mr. Naresh Jain |
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145100 |
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Mrs. Radha Kishan Jain |
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5000 |
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Mr. Ram Murti Jain |
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5000 |
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Mrs. Rani Jain |
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75000 |
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Mr. Sushil Jain |
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5000 |
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Mrs. Usha Jain |
|
5000 |
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N K Jain and song (HUF) |
|
2000 |
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R K Jain and song (HUF) |
|
10000 |
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S P Jain and Song (HUF) |
|
2000 |
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Mrs. Deepti Jain |
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70000 |
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Mr. Balwant Rai Jain |
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30000 |
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Mr. Bhullan Ram Jain |
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15000 |
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Mrs Kusum Jain |
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10000 |
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Mr. Pawan Jain |
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35000 |
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Mrs. Premwati Jain |
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20000 |
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Mrs, Saroj Jain |
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10000 |
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Mrs. Sudha Jain |
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10000 |
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Vardan Enterprises Private Limited |
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50000 |
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Mrs. Veena Jain |
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35000 |
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Total
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704200 |
Equity Share Break – up (Percentage of Total Equity)
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Sr.
No. |
Category |
Percentage |
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1 |
Directors or relatives of Directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of stainless steel kitchen sinks. |
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Products : |
· Symphony · Jubilee · Galaxy · Neptune |
GENERAL INFORMATION
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Bankers : |
Address: Sarai
Pipal Thala, Adarsh Nagar, New Delhi – 110 033
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
S Chand Jain and Company Chartered Accountants |
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Address : |
39/102 Bhagwati Building, Community Centre, Wazirpur, Delhi – 110 052,
India |
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Email : |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity shares |
Rs. 10/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
704200 |
Equity shares |
Rs. 10/-
each |
Rs. 7.042
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
7.042 |
7.042 |
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2] Share Application Money |
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4.077 |
3.526 |
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3] Reserves & Surplus |
|
0.366 |
0.214 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
11.485 |
10.782 |
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LOAN FUNDS |
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1] Secured Loans |
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5.056 |
0.430 |
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2] Unsecured Loans |
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4.331 |
2.233 |
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TOTAL BORROWING |
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9.387 |
2.663 |
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DEFERRED TAX LIABILITIES |
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0.251 |
0.343 |
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TOTAL |
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21.123 |
13.788 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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8.570 |
7.060 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.779 |
3.302 |
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Sundry Debtors |
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21.410 |
7.402 |
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Cash & Bank Balances |
|
3.787 |
3.518 |
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Other Current Assets |
|
0.128 |
0.050 |
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Loans & Advances |
|
4.472 |
4.812 |
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Total
Current Assets |
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31.576 |
19.084 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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18.710 |
12.335 |
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Provisions |
|
0.317 |
0.029 |
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Total
Current Liabilities |
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19.027 |
12.364 |
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Net Current Assets |
|
12.549 |
6.720 |
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MISCELLANEOUS EXPENSES |
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0.004 |
0.008 |
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TOTAL |
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21.123 |
13.788 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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49.821 |
24.357 |
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Other Income |
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0.249 |
0.181 |
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Total Income |
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50.070 |
24.538 |
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Profit/(Loss) Before Tax |
|
0.377 |
0.144 |
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Provision for Taxation |
|
0.317 |
0.029 |
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Profit/(Loss) After Tax |
|
0.060 |
0.115 |
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Expenditures : |
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Total Expenditure |
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49.693 |
24.394 |
KEY RATIOS
|
PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
|
0.12 |
0.46 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
0.75 |
0.59 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.93 |
0.55 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.03 |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.49 |
2.42 |
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Current Ratio (Current Asset/Current Liability) |
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1.65 |
1.54 |
LOCAL AGENCY
FURTHER INFORMATION
|
Corporation identity number or foreign company registrations number of
the company |
U26914DL1997PTC086086 |
|
Name of the company |
JAIN BROTHERS SANITATION PRIVATE LIMITED |
|
Address |
12, SSI Industrial Area, GT Karnal Road, New Delhi – 110 033, India |
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This Form is for |
Creation of charge |
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Type of Charges |
· Book debts · Movable property |
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Particular of the charge holder
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The Bank of Rajasthan Limited Address: Sarai Pipal Thala, Adarsh Nagar, New
Delhi – 110 033 Email : rundelhi@rajbank.com |
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Nature or description of the instrument creating charge |
· Agreement of hypothecation of machinery and goods · Agreement for hypothecation of book debts · Security for all advances and loans · General Letter of hypothecation for inland /Foreign bills purchased and for advances against bills in course of collection · Hypothecation of goods secure a demand cash credit |
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Date of the instrument creating charge |
23.01.2007 |
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Amount Secure by the charge |
Rs. 14.500 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate
of interest: Equal to the bank Prime Rate, present
minimum @ 13.50% p.a on monthly basis rests, subject to changes made by the
bank from time to time. Terms
of repayment: Payable on demand Account to be reviewed by the bank in an years
Margin: Against stock – 25%, against Book debts
-50%, against Letter of credit -30% Extent and operation of the charge Full and continuous operations Others: Charge created to secure repayment of the credit facilities of Rs. 14.500
millions granted to the company , as detailed hereunder:- · CCH (stock / Book Debts) Rs. 7.000 millions Sub limit : CC
(Book Debts) Rs. 2.000 millions · Import LC (DA / DP) Rs.7.500 millions Sub limit :
DALC Rs. 3.500
millions |
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Short particulars of the property charged (including location of the property) |
· All products , goods and movable property of all kinds include stock of stainless Steel Sinks etc which is now or hereinafter from time to time shall be brought in stored or be in About the company premises / Godown at Delhi or wherever else · All book debts outstanding moneys receivable claims and bills now due and owing in the course business by any person, firm, company or by government / local / public body authority · All present and future machinery, plants,etc, · Goods covered by documents accompanying the bills |
WEBSITE DETAILS:
The company is one of the renowned makers of JAYNA
brand stainless steel kitchen sinks in the country. Ever since its inception a decade
back, it has been continuously redefining the market with products that bear
the distinct hallmark of superior quality, thoughtful functionality and above
all, world class design.
Today, it boasts of one of the most sophisticated manufacturing and in-house
designing facilities in the country. Be it single, double bowl combinations or
deep bowl/ drainer versions, 100% scratch resistant sinks or designer
creations, JAYNA's wide array of impeccable offerings are nothing but
reflections of its steadfast focus product perfection that is backed by an
excellent dealership network across country. Jayna products are available at
all leading sanitary and hardware stores across country.
Starting from the use of the finest quality, 100% Non-magnetic, rust proof
AISI-304, grade 18/8, Stainless Steel to the addition of cutting -edge features
like deep bowls, DMD and splash or sound reduction technologies. Today, JAYNA
has one of the most extensive range of premium quality kitchen sinks and wash
basins to offer in India. 45 Models in over 130 different Sizes/ dimensions.
Their highly acclaimed SCRATCH NO series, a series of stainless steel so
unique that it resists the scratch mark completely ensuring a flawless clean,
hygienic look in the kitchen for years to come.
The efforts of
providing world class Quality to its valued customers has been recognized with ISO:
9001 certifications along with certifications from Bureau of Indian
Standards to use the standards mark ISI on their manufacturing products.
No wonder, be it interior decorators, building experts, home makers or just
housewives, everyone who's looking for the best value for their money prefer to
choose sinks from the wide JAYNA range. Jayna's huge success in
the Indian Market goes to the indomitable spirit that constantly strives to win
customers heart through products that offer more in terms of form, function and
value.
In today's dynamic world, change is the only constant. From
the snazziest cars to the hi-tech gadgets, everything in the life reflects the
mood of the changing times. The kitchen is not far behind. Thanks to new age
manufacturers, now its also totally in sync with the evolved tastes and
choices. Subject is an ISO 9001:2000 certified
company and a renowned manufacturer and supplier of a premium
range of Stainless Steel Kitchen Sinks, Wash Basins, Lavatory Pans, and
many other allied products.
Ever since their inception more than a decade back, they
have been continuously redefining the market trend launching innovative
products that bear the distinct hallmarks of superior quality, smart
functionality and, above all, world class design. At The Company, customer
satisfaction is the first and foremost concern for all of them, and
they endeavor to cater to the craze for products which are unique in terms of
form and function, and which are available at some exciting price.
Product Range
Blending innovative design with unmatched quality, they deal
in a fantastic range of Stainless Steel Products which are of
world class quality. Since the inception, their products have been hot favorite
among numerous interior decorators, building makers and housewives for their
exquisite design and best performance. The company is the manufacturer of
the following range of products-
·
Stainless Steel
Kitchen Sinks
·
Wash Basins
·
Lavatory Pans.
They offer their products in a variety of finishes such as
glossy, matt, linen/anti-scratch and dual, and a range of their selected models
are available with the most reliable ISI mark.
Quality Assurance
Quality is the core of The company
existence. Utmost attention is given to each and every aspect of the production
process- right from the use of the finest quality stainless steel (100
% non-magnetic, rust proof AISI-304, grade 18/8) to addition of
cutting-edge features like deep bowls, DMD and splash or sound reduction
technologies. As a result of their utmost importance upon maintaining the
supreme grade quality level with all their products, and stringent quality
control measures, they have successfully created a niche for their selves as
the most reliable brand in their field. The credit of their success goes to
their uncompromising attitude to quality and their indomitable spirit that
constantly strives to win the trust of their customers.
Infrastructure
Jain Brother Sanitation Private Limited is equipped with a robust
infrastructure which is the backbone of the company empowering it with advanced
facilities for the production of world class products, maintaining
international quality standard, continual improvement of the products, and thus
to exceed the expectation level of its customers. Besides, they are also
enriched with the dedicated service of a highly skilled team of experienced
professionals who give them a cutting edge over their competitors in the industry.
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.39.47 |
|
UK Pound |
1 |
Rs.80.59 |
|
Euro |
1 |
Rs.56.18 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
30 |
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 |
|