MIRA
INFORM REPORT
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Report Date : |
25.09.2007 |
IDENTIFICATION DETAILS
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Name : |
JINDAL DYECHEM INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
110, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
05.06.1978 |
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Com. Reg. No.: |
009047 |
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CIN No.: [Company
Identification No.] |
U74899DL1978PTC009047 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELJ01244F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of all types of dyestuffs, Pigments and dyeing
auxiliaries. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 1830000 |
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Status : |
Good |
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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 fine track. Available
information indicates high financial responsibility of the company.
Fundamentals are strong and healthy. Payments are always correct and as per
commitments. The company can be considered good for any normal business dealings at
usual trade terms and conditions. It can be considered as a promising business partner in a medium to
long – run. |
LOCATIONS
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Registered Office : |
110, |
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Tel. No.: |
91-11-23411800 / 3355399 |
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Fax No.: |
91-11-23411801 / 3411794 |
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E-mail : |
DIRECTORS
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Name : |
Mr. Banwari Lal Jindal |
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Designation : |
Director |
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Address : |
133, Sunder Nagar, |
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Date of Birth/Age : |
28.08.1924 |
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Date of Appointment : |
05.06.1978 |
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Name : |
Mr. Jai Prakash Jindal |
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Designation : |
Director |
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Address : |
188, Golf Links, |
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Date of Birth/Age : |
01.12.1949 |
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Date of Appointment : |
05.06.1978 |
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Name : |
Mr. Surender Kumar Jindal |
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Designation : |
Director |
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Address : |
133, Sunder Nagar, |
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Date of Birth/Age : |
20.02.1955 |
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Date of Appointment : |
25.07.2000 |
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Name : |
Shri Krishan Jindal |
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Designation : |
Director |
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Name : |
Mr. Jag Mohan Jindal |
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Designation : |
Director |
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Name : |
Anu Jindal |
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Designation : |
Directors |
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Date of Birth/Age : |
05.03.1956 |
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Date of Appointment : |
01.08.05 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Jai Prakash Jindal |
1100 |
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Mr. Banwari Lal Jindal |
1150 |
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Mr. Surender Kumar Jindal |
1099 |
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Mr. Anu Jindal |
1100 |
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Mrs. Kusum Jindal |
1100 |
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Mrs. Kasturi Devi Jindal |
1150 |
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Aditi Jindal |
300 |
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Prachi Jindal |
1100 |
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Neha Jindal |
300 |
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Chavi Jindal |
1100 |
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Chandrashekhar Agarwal |
1 |
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Jindal Exports and Imports |
37100 |
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Jindal Art Glass INNNVS Private Limited |
1060 |
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Praveen Building Construction Company Private Limited |
340 |
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Total |
48000 |
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Equity Share Breakup
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Sr. No. |
Category |
Percentage |
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1. |
Bodies Corporate |
80.20 |
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2. |
Directors or Relatives of Directors |
19.80 |
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Total |
100 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of all types of dyestuffs, Pigments and dyeing auxiliaries. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, |
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Facilities : |
---- |
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Banking Relations
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Good |
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Auditors : |
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Name : |
K.K. Bajaj Chartered Accountant |
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Address : |
Flat No. 4, 9, |
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Holding Company : |
Jindal Exports And Imports Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Share |
Rs.100/- Each |
Rs.5.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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48000 |
Equity Share |
Rs.100/- Each |
Rs.4.800
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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4.800 |
4.800 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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452.790 |
375.566 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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457.590 |
380.366 |
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LOAN FUNDS |
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1] Secured Loans |
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711.111 |
405.452 |
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2] Unsecured Loans |
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392.471 |
626.889 |
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TOTAL BORROWING |
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1103.582 |
1032.341 |
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DEFERRED TAX LIABILITIES |
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33.015 |
0.720 |
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TOTAL |
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1594.187 |
1413.427 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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164.981 |
55.774 |
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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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332.952 |
345.929 |
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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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579.095 |
76.868 |
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Sundry Debtors |
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0.754 |
497.454 |
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Cash & Bank Balances |
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2261.068 |
1575.089 |
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Other Current Assets |
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135.151 |
4.602 |
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Loans & Advances |
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588.371 |
673.500 |
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Total
Current Assets |
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3564.439 |
2827.513 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2372.240 |
1738.965 |
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Provisions |
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95.945 |
76.824 |
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Total
Current Liabilities |
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2468.185 |
1815.789 |
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Net Current Assets |
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1096.254 |
1011.724 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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1594.187 |
1413.427 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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7.80 |
7.48 |
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Current Ratio (Current Asset/Current Liability) |
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1.44 |
1.55 |
LOCAL AGENCY FURTHER INFORMATION
Form – 8
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Corporate
identity number (CIN) Foreign company registration number |
U74899DL1978PTC009047 |
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Name of the
Company |
JINDAL DYECHEM INDUSTRIES PRIVATE LIMITED |
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Address |
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This form is for |
Modification of
Charge |
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Type of Charge |
Book Debts Movable Property Floating Charge |
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Particulars of
the charge holder |
CIN :
L65920MH1994PLC080618 Name : HDFC Bank
Limited Address : HDFC
Bank House, Senapati Bapat Marg, Lower Parel (w), Mumbai – 400 013, E-Mail : amit.porwal@hdfcbank.com |
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Nature or
description of the instruments creating or modifying the charge |
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Amount secured by
the charge |
Rs.90.000
millions |
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Brief of the
principal terms and conditions |
a. Rate of Interest : 90 %PA Penal Interest :
@ 2% PA in addition to interest rates as mentioned above for all overdue /
delays of any money payable (principal as well as interest) Interest will be
calculated on 365 days basis or as stipulated by the bank from time to time. b. Terms of
Payments Interest :
Payable on Monthly Basis. Principal :
Payable on Demand or as Stipulated by the bank from time to time c. Margin As per stipulated
by the bank d. Extent and
operation of the charge 1. Subservient charge
on stocks 2. first charge
on book debts e. Others 1. Subservient
Charge on stocks 2. First Charge
on book Debts. |
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Short Particulars
of the Property charged |
1. Subservient
Charge on stocks 2. First Charge
on book Debts. |
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Particular of the
present modification |
Amount Secured by
the charge has been increased from Rs.65.000 millions to Rs.90.000 millions |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.70 |
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1 |
Rs.80.10 |
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Euro |
1 |
Rs.56.09 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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PAID-UP CAPITAL |
1~10 |
8 |
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OPERATING SCALE |
1~10 |
8 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
9 |
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--LEVERAGE |
1~10 |
9 |
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--RESERVES |
1~10 |
9 |
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--CREDIT LINES |
1~10 |
9 |
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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 |
YES |
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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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76 |
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
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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 |
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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. |
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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