MIRA
INFORM REPORT
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Report Date : |
28.09.2007 |
IDENTIFICATION DETAILS
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Name : |
AJAY INDUSTRIAL CORPORATION |
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Registered Office : |
4561 First Floor – Deputy Ganj Sadar Bazar, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1961 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELA00081E |
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Legal Form : |
Partnership
concern with an unlimited liability of the partners |
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Line of Business : |
Manufacturers and
Exporters of Hand Pumps also producing the widest range of Flexible and UPVC
Pipes, Houses and Tubing |
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 240000 |
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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 concern having satisfactory track. Trade relations are fair.
Payment are usually correct and as per commitments. The concern can be
considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office / Head Office: |
4561, Dupty Ganj,
Sadar Bazar, |
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Tel. No.: |
91-11-23612204 /
23612206 / 23545307 / 23545463 / 23524366 |
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Fax No.: |
91-11-23536205 |
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E-Mail : |
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Website : |
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Status: |
Owned |
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Area : |
18,000 sq.fts. |
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Location : |
Commercial |
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Corporate
Office : |
13th
Floor, Gopal Dass Bhawan, |
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Factory 1: |
Hand Pumps,
Spares and Tools |
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Address : |
20/11, Site-IV,
Sahibabad, Uttar Pradesh |
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Tel. No.: |
91-120-2770679/2770233/2770339 |
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Fax No.: |
91-120-2770629 |
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E-Mail : |
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Location : |
Industrial |
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Factory 2 : |
PVC Pipes and
Fittings B-29 and 30,
Mayapuri Industrial Area, Phase – 1, |
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Tel. No.: |
91-11-28117056/51833114 |
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Fax No.: |
91-11-28115332 |
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E-Mail : |
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Location : |
Industrial |
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Factory 3 : |
25,Okhla
Industrial Estate, Phase-1, |
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Tel. No.: |
91-11-26911093/26922318 |
PARTNERS
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Name : |
Mr. S C Jain |
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Designation : |
Partner |
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Address : |
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Date of Birth/Age : |
Mr. Ajay Kumar
Jain |
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Qualification : |
Partner |
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Experience : |
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Date of Appointment : |
Mr. D. C. Jain |
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Partner |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and
Exporters of Hand Pumps also producing the widest range of Flexible and UPVC
Pipes, Houses and Tubing |
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Products : |
Ø
Refrigerator
Gaskets Ø
Flexible
Magnetic Strips Ø
Extrusion
Compounds Ø
UPVC
Pipes, Strainers & Casing Ø
CPVC
Plumbing System Ø
Hand
Pump Ø
Lay
Flat Hose Ø
Flexible
PVC Tubings Ø
Suction
Hose Ø
Drip/Micro/Landscape
and Rain Irrigation Systems Ø
Fogging
& Misting System Ø
Ø
Ø
Treadle
Pump Ø
Force
and Lift Hand Pump Ø
Ø
Ø
Treadle/Pedal |
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Exports : |
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Countries : |
Mongolia, Benin, Malawi,
Zambia, Zimbabwe, Botswana, Mozambique, Lesotho, Djibouti, Ethiopia, Sudan,
Kenya, Uganda, Rwanda, Tanzania, Somalia, Angola, Namibia, South Africa
Nigeria, Ghana, Ivory Coast, Egypt, Cameroon, Morocco, Senegal, Verde Island,
Turkey, Burkina Faso, Belize, Denmark, USA, Peru, Malaysia, Indonesia,
Singapore, Cambodia, Thailand, Lao PDR, Burma, Nepal, Pakistan, Afghanistan,
Bangladesh, Sri Lanka, Iraq, France etc. |
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Imports : |
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Products : |
Raw Material, Machinery |
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Countries : |
Europe, |
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Terms : |
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Selling : |
LC, DA and DP basis |
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Purchasing : |
DA and LC basis |
GENERAL INFORMATION
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No. of Employees : |
Around 350 |
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Bankers : |
Ø
Allahabad
Bank Ø
ICICI
Bank Limited Ø
HDFC Bank Ø
State
Bank of Ø
Punjab
National Bank |
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Banking
Relations : |
--- |
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Associates/Subsidiaries : |
Ø
Ajay
Poly Private Limited Ø
Precision Pipes And Profiles Company Limited |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 60.000 millions |
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Borrowed : |
--- |
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Total : |
Rs.60.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
620.000 |
350.000 |
250.000 |
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Profit/Loss for
the year |
NA |
NA |
5.875 |
Expected Sales (2007-08) : Around 30% more than previous year.
KEY RATIOS
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PARTICULARS |
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31.03.2005 |
PAT / Total Income
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(%)
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2.35 |
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Net Profit Margin
(PBT/Sales) |
(%) |
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2.35 |
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Return on Investment (ROI)
(PBT/Networth) |
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0.34 |
LOCAL AGENCY FURTHER INFORMATION
WEBSITE DETAILS:
Established
in 1961 the subject is an ISO 9002 certified company engaged in the business of
Manufacturers and Exporters of Hand Pumps also producing the widest rang of
Flexible and UPVC Pipes, Hoses and Tubing.
The
subject is also manufacturing polyester fibre reinforced lay flat hose and
supplier of Drip Micro Irrigation Systems, Landscape and Rain Gun Irrigation
systems, being manufactured under collaboration with M/s Telsco Industries Inc,
USA. The products which are being manufactured by the subject i.e. PVC Pipes,
Laterals, Screen Filters and Emitters are ISI marked.
Subject is the leading manufacturer
and pioneer in extrusion of thermoplastics-Rigid PVC pipes upto 250 mm dia,
Casing and strainers upto 250 mm dia, PVC Reinforced Suction Hoses upto 6
inches dia, Polyester Fiber Reinforced Lay Flat Hoses upto 6 inches dia, PVC
wire reinforced Hoses, PVC Nylon Braided Hoses, Garden Hoses, Decorative Shower
Tubing, Drip Micro And Landscape Irrigation Systems, Flexible Ferrite Magnets
and PVC Profiles, Extrusions and Sealing System for Refrigerattion, Automotive,
Building, Furniture, Electrical And Construction Industries.
The company is the largest manufacturer and exporter of
Handpumps, producing India Mark II ,
India Mark III (VLOM), India Mark III Modified ( 50 mm OTC), India mark II
Extra Deepwell Handpump, Afridev Deepwell Handpump, Tara Direct Action Shallow
Well Handpump, Force-lift Handpump, Treadle pump and other tailor made
handpumps as per customer requirement. Their manufacturing unit is accredited
with ISO-9002 Certification and
was the first unit of its kind to have achieved it.
Sophisticated manufacturing facilities with more than 300 workers backed by latest technologies and stringent Quality Control Systems have enabled over half a million pumps to work satisfactorily in more than 45 countries. Major export destinations have been Mongolia, Benin, Malawi, Zambia, Zimbabwe, Botswana, Mozambique, Lesotho, Djibouti, Ethiopia, Sudan, Kenya, Uganda, Rwanda, Tanzania, Somalia, Angola, Namibia, South Africa Nigeria, Ghana, Ivory coast, Egypt, Cameroon, Morocco, Senegal, Verde Island, Turkey, Burkina Faso, Belize, Denmark, USA, Peru, Malaysia, Indonesia, Singapore, Cambodia, Thailand, Lao PDR, Burma, Nepal, Pakistan, Afghanistan, Bangladesh, Sri Lanka, Iraq, France etc.
Their Company has been on an exclusive rate contract with
reputed organizations for many years for the supply of Deepwell handpumps and
spare parts and has also been approved by UNICEF and UNDP.
The whole range of
Ajay Industrial Corporation is the proud bearer of "SGS Gold Commerce Seal" awarded by SGSonSITE.Rating service, SGS Socíété Générale de Surveillance SA.
Ajay Industrial
Corporation is also the largest manufacturer and supplier of Drip Micro
Irrigation Systems, Landscape and Rain Gun Irrigation systems, being
manufactured under collaboration with M/s Telsco Industries Inc,
Ajay Group is the largest manufacturer of refrigerator door
sealing system (Door Gaskets) and are OEM supplier to all refrigerator manufacturers
in the country. They also manufacture PVC Door trim, Roofs Trim, WeatherStrips,
PVC Front and Rear windshield trimsand moldings, PVC body side molding and
other co-extruded PVC profiles for Automotive industry. They are OEM suppliers
to various automobiles manufacturers like M/s HONDA SIEL, M/s MARUTI
UDYOG LIMITED. to name a few. These products are manufactured in association
with M/s Tokai Kogyo Co
The entire systems are manufactured under one roof with state- of- art technology.
Their PVC Pipes, Laterals, Screen Filters and Emitters are ISI marked. All
their products meet International standards.
The company also manufactures and enjoys a significant
market share in Rigid UPVC Pipes, Casing/Strainers and Ribbed Well Screens.
Along with Rigid PVC items, AJAY also manufactures Flexible Transparent PVC
tubing, Garden Hoses, Nylon Reinforced suction and Delivery Hoses and Polyester
Fiber Reinforced Lay Flat Hoses in technical tie-up with M/s Industries Plastiche Lombarde S.R.L,
As a validation of their excellent quality and their exceptional services, the company has received several awards from many different agencies. To list a few
· Winners of the Largest Exporter Award for 5 years
·
·
All
AWARDS and RECOGNITION:
·
Govt. Of
· Largest Handpump Manufacturer in the World
· Exclusive Rate Contract With Organisations Like Unicef And Others For Supply Of Hand Pumps And Spares.
·
ISO 9002 Certified (First In
·
Bearer Of "Sgs Gold Commerce Seal"
·
Only company manufacturing the widest range of Hand
pumping, Spare parts, Accessories, UPVC Pipes, Strainers and Casings under a
single roof.
·
Winner Of All
·
Winner Of
·
Winner Of Largest Exporter Award Continuosly For 5
Year
Related Parties
Description (Subsidiaries, Joint-ventures, Affiliates)
Group Turnover: Rs. 600.000 Million approx as claimed
by the subject
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Associates/Subsidiaries : |
Ajay Poly Private Limited |
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Legal Status : |
Private Limited Company |
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Date of Incorporation : |
3rd June 1980 |
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Factory : |
B-2/30 Mohan Co-op Industrial Estate, Badarpur, |
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Tel No. : |
91-11-29892570/29894999 |
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E Mail : |
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Factory : |
25 Okhla Industrial Estate, Phase – III, |
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Tel No. : |
91-11-26838740/26839126 |
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Factory : |
17-B, Samrat Silk Mills Compounds, L.B.S. Marg, Vikhroli West Mumbai
4001079, |
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Factory : |
19-A, N.I.T. Faridabad, Haryana |
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Factory : |
28/A-3, Viswesvaraiya Industrial, Dodema Kundi, Mahadevpura Post, |
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Factiry : |
E-180 Phase –VII, Industrial Estate, SAS Nagar, Mohali 160059 |
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Factory : |
Gate No. 1330/1A/1 Taluka Shirur, Ghodnadi, Pune 412210 |
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Factory : |
C-31, Industrial Estate, Sanath Nagar, Andhra Pradesh |
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Factory : |
H-47, 49 Industrial Area, Shahjehapur, Dist. Alwar Rajasthan |
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The Company is one of the largest manufacturer and supplier of
Extruded Refrigeration Sealing Systems in |
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Name of the Company: |
Precision
Pipes and Profiles Company Limited |
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Legal Status : |
Deemed Limited Company |
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Date Of Incorporation : |
October 18, 1995 |
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Factory : |
70 Okhla Industrial Area, Phase – III, |
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Tel No. : |
91-11-26313121 |
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Factory : |
Refrigeration Division |
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Address : |
54-56 Okhla Industrial Estate, Phase – III, |
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Tel No. : |
91-11-26849672/26310711 |
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Fax : |
91-11-26311674 |
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E Mail : |
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Location : |
Industrial |
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Factory: |
Automobiles Division |
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Address : |
161 Okhla Industrial Estate, Phase-III, |
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Tel No. : |
91-11-26311294/26849369 |
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Fax : |
91-11-26822001 |
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E Mail : |
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Works |
B- 45, Phase – II, Greater Noida, Utter Pradesh |
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The Company has in its 25 years of existence in the plastic industry.
The company is one of the largest supplier of Automotive Extruded Parts in
India catering to most multinational companies and also manufacturing
specialized Injection Moulded parts primarily for Automotive exterior
applications. The automotive division of the company has been the winner of
the “ Best Vendor Awards” continually year-after-year from almost all its
customers for its exceptional performance in all areas. The product range includes
a wide range of extruded profiles and extruded plastic products. The company
also manufactures specialized/custom PVC extruded profiles in all
configurations including Rigid/Flexible/Co-extrusion being supplies to major
domestic as well as international customers. |
OTHER INFORMATION:
·
Ajay Group (Head Office)
Contact Person :Mr. Sharat Chand Jain
Address : 4561 Deputy Ganj Sadar Bazar,
Phone No: +(91)-(11)-23545291/26946767/26849672/26910777
Fax No: +(91)-(11)-23536205/26311671
Email : ppp@del3.vsnl.net.in
·
Refrigerator Gaskets,
Rigid Profiles, Flexible Profiles, TPE/TPV Seals, Specialty Tubing, PVC
Extrusion Compounds Domestic (India) Contact: Mr. Swaminathan International
Contact: Anuj Jain Add: 54/56 Okhla Industrial Estate, Ph-3 New Delhi-110020,
India
Phone No: 91-11-26849672, 26310771
Fax No: 91-11-26311671
Email: ajaypoly@del3.vsnl.net.in
·
All Handpumps, Spares and
Tools
Contact: Mr. Akhil Jain
Address: 20/11, Site IV, Sahibabad Industrial Area,
Phone No: 91-120-2770679, 2770233
Fax No: 91-120-2770629
Email: ajaypump@mantraonline.com
·
CPVC Pipes And Fittings
Contact: Mr. Vivek Dua
Address: 54 Okhla Industrial Estate, Ph-3, New Delhi-110020 , India
Phone No: +(91)-11-55484046, 26332275
Fax No: +(91)-11-26311671
Email: ajaycpvc@vsnl.net, ajaycpvc@gmail.com
·
Flexible Ferrite Magnetic
Strips, Magnetic Powders / Compounds
Contact: Mr. Nitin Jain
Address: 54/56 Okhla Industrial Estate, Ph-3 New Delhi-110020, India
Phone No: 91-98102 58626
Fax No: 91-11-26311671, 23536205
Email: ajaypoly@del3.vsnl.net.in , nitinjain_ppp@hotmail.com
·
UPVC Pipes, Flexible
Tubing, Suction Hose, Layflat Hose
Contact: Mr. S.C. Jain
Address: 4561 Deputy Ganj, Sadar bazaar, Delhi-110006,
Phone No : 91-11-23545291/23612204
Fax No: +(91)-11-23536205
Email: ppp@del3.vsnl.net.in
·
Automotive Extruded and
Molded Products
Contact: Mr. Abhishek Jain
Address: 161 Okhla Industrial Estate, Ph-3 New Delhi-110020,
Phone No: 91-11-26849369, 51609030
Fax No: 91-11-26822001
Email: info@ppapco.com
·
Drip, Micro, Landscape
And Rain Sprinkler Irrigation products
Contact: Mr. R.B. Khachne
Address: 20/11, Site IV, Sahibabad Industrial Area,
Phone No: +(91)-120-2775338, 2779898
Fax No: +(91)-120-2770629
Email: aajayirridrip@vsnl.net
·
Fogging / Misting Systems
Contact: Mr. Vijay Kumar Kohlia
Address: 20/11, Site IV, Sahibabad Industrial Area,
Phone No: 91-120-2775338, 2779898
Fax No: 91-120-2770629
Email: ajayirridrip@vsnl.net
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.39.75 |
|
|
1 |
Rs.80.33 |
|
Euro |
1 |
Rs.56.24 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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. |
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 |
|