MIRA
INFORM REPORT
|
Report Date : |
27.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
JALDHARA SMALL TOOLS PRIVATE LIMITED |
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Registered Office : |
416, Industrial Area A, Ludhiana-141003, Punjab |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.03.1978 |
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Com. Reg. No.: |
16-3820 |
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CIN No.: [Company
Identification No.] |
U38932PB1978PTC003820 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JLDJ00451D/ JLDJ00746E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Cutting Tools like Milling Cutters, Thread
Milling Cutters, Gear Cutters, Tool Bits, Gear Hobs, Special Blades and
Slitting Saws |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 100000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Mr. Vinay Jain, Director denied information on the ground that he do
not have time to comply our information requirements. Hence this report is
based on indirect secondary sources of information. Subject is a well established and reputed company having fine track.
Trade relations are fair. Financial position is satisfactory. Payments are
reported as correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. It can be regarded as a promising business partner in a medium to long
run. |
INFORMATION PARTED
BY
|
Name : |
Mr. Vinay Jain |
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Designation : |
Director |
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Date : |
25.08.2008 |
LOCATIONS
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Registered Office/ Head Office : |
416, Industrial Area A, Ludhiana-141003, Punjab, India |
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Tel. No.: |
91-161-2228187/ 5028066/ 42628188 |
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Mobile No.: |
91-9876323420 |
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Fax No.: |
91-161-2600476 |
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E-Mail : |
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Factory : |
Unit 1: Ludhiana Malerkotla Road, Malerkotla, District Sangrur, Idnia |
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Tel. No.: |
91-1675-263482 |
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Factory : |
Unit 2: Village Paharural, Chndigarh Road, Ludhiana, India |
DIRECTORS
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Name : |
Mr. Aman Joshi |
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Designation : |
Whole-time Director |
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Address : |
H. No. : 2879, Gurdev Nagar, Ludhiana-141001, Punjab, India |
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Date of Birth/Age : |
01.08.1976 |
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Date of Appointment : |
01.09.2002 |
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Name : |
Mr. Vinod Jain |
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Designation : |
Whole-time Director |
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Address : |
H. No. : 2879, Gurdev Nagar, Ludhiana-141001, Punjab, India |
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Date of Birth/Age : |
18.08.1946 |
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Date of Appointment : |
04.07.1983 |
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Name : |
Mr. Vinay Kumar Jain |
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Designation : |
Director |
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Address : |
H. No. : 2879, Gurdev Nagar, Ludhiana-141001, Punjab, India |
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Date of Birth/Age : |
19.03.1949 |
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Date of Appointment : |
10.11.1995 |
KEY EXECUTIVES
|
Name : |
Mr. Depesh Kumar |
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Designation : |
Company Secretary |
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Address : |
S.C.O. 111, Ground Floor, Mehak Tower, Near Kailash Cinema, Civil
Lines, Ludhiana-141001, Punjab, India |
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Mobile No. : |
91-9217756708 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Vinay Kumar Jain and Sons |
|
15600 |
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Vinod Kumar Jain and Sons |
|
15600 |
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K.C Jain |
|
1000 |
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Aman Jain |
|
84900 |
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Asha Rani |
|
42000 |
|
Vineet Jain |
|
85500 |
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Vinay Jain |
|
1080 |
|
Rashi Jain |
|
6000 |
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Leena Jain |
|
6000 |
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Princy Jain |
|
6000 |
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Ujwal Jain |
|
233000 |
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Vinod K. Jain |
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197500 |
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Vipul Jain |
|
10 |
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Shanti Parkash Jain and sons (HUF) |
|
10 |
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Total |
|
694200 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Cutting Tools like Milling Cutters,
Thread Milling Cutters, Gear Cutters, Tool Bits, Gear Hobs, Special Blades
and Slitting Saws |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Oriental Bank of Commerce, SSI Branch, Cheema Chowk, Ludhiana-141003,
Punjab, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Gupta Vigg and Company Chartered Accountant |
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Address : |
K-101, Kismat Comlex, G T Road, Ludhiana-141003, Punjab, India |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
900000 |
Equity Shares |
Rs. 10/- each |
Rs. 9.000 Millions |
|
100000 |
Preference Shares |
Rs. 10/- each |
Rs. 1.000 Millions |
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Total |
|
Rs. 10.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
694200 |
Equity Shares |
Rs. 10/-
each |
Rs. 6.942
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
6.942 |
6.942 |
6.942 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
14.409 |
11.015 |
8.384 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
21.351 |
17.957 |
15.326 |
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LOAN FUNDS |
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1] Secured Loans |
7.833 |
5.317 |
6.404 |
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2] Unsecured Loans |
7.066 |
6.854 |
6.981 |
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TOTAL BORROWING |
14.899 |
12.171 |
13.385 |
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DEFERRED TAX LIABILITIES |
0.360 |
0.434 |
0.000 |
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TOTAL |
36.610 |
30.562 |
28.711 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.360 |
5.683 |
6.325 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
23.106
|
16.716 |
12.226 |
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Sundry Debtors |
11.481
|
8.516 |
14.991 |
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Cash & Bank Balances |
0.251
|
0.502 |
1.160 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
4.145
|
4.206 |
2.043 |
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Total
Current Assets |
38.983
|
29.940 |
30.420 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
6.683
|
3.281 |
6.291 |
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Provisions |
2.050
|
1.780 |
1.743 |
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Total
Current Liabilities |
8.733
|
5.061 |
8.034 |
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Net Current Assets |
30.250
|
24.879 |
22.386 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
36.610 |
30.562 |
28.711 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
38.808 |
35.998 |
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Other Income |
|
0.260 |
0.208 |
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Total Income |
|
39.068 |
36.206 |
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Profit/(Loss) Before Tax |
|
5.404 |
4.343 |
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Provision for Taxation |
|
2.010 |
1.780 |
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Profit/(Loss) After Tax |
|
3.394 |
2.563 |
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Expenditures : |
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Depreciation & Amortization |
|
0.839 |
0.761 |
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Other Expenditure |
|
32.825 |
31.102 |
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Total Expenditure |
|
33.664 |
31.863 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
8.69
|
7.08 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
8.75
|
12.06 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.49
|
12.19 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.24 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.11
|
0.96 |
1.39 |
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Current Ratio (Current Asset/Current Liability) |
|
4.46
|
5.92 |
3.78 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
80017494 |
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Corporate
identity number of the company |
U38932PB1978PTC003820 |
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Name of the
company |
JALDHARA SMALL TOOLS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Ludhiana-141003,
Punjab, India |
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Type of charge |
Book Debts Immovable
Property Floating Charge |
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Particular of
charge holder |
Oriental Bank of Commerce, SSI Branch, Cheema Chowk, Ludhiana-141003,
Punjab, India |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
19.11.2007 |
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Amount secured by
the charge |
Rs. 14.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest PLR-1% i.e.
12.25% at Present subject to change as per RBI/ HO Guidelines issued form
time to time. Terms of
Repayment Credit Liability Margin In case of Cash
Credit – 25% of the Stocks and Book debts In case of demand
draft – Nil In case of Letter
of credit – 25% of unencumbered duly discharged FDR/ CDR Extent and
Operation of the charge Hypothecation of
entire stocks of raw materials, WIP and finished goods consisting of round,
flat and rectangular bars of steel ingots or any other material lying at
baorrower’s place of business or in transit and all the receivables. Equitable
mortgage of self occupied factory land and building First charge on
the block of assets of the company (present and future) Others All the credit
facilities are to be secured by way of following personal guarantee:
|
|
Short particulars
of the property charged |
Factory Land and
Building measuring 29 Kanal- 31 Marla ( 18482 70sq. yards) comprising of
three Title deeds ( 10K-3M, 12K-10M and 7K-8M) at Village Pahruwal, Near
Budewal Sugar Mill, Kohara Chd Road, Ludhiana Factory Land and Building
measureing 17 bighas 2 biswas ( 17100 sq yards) comprising of two title deds
( 8 bighas 11 biswas and 8 bighas 11 biswas) at Village Gaunspura Tech.
Malerkotta |
|
Particulars of
the present modification |
Increase in
credit facility form Rs. 11.500 Millions to Rs. 14.500 Millions |
|
Name of the company |
JALDHARA SMALL TOOLS PRIVATE LIMITED |
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Presented By |
Mr. Vinay Kumar
Jain – Executive Director |
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1) Date and description of instrument creating the change |
Agreement dated 07.10.1986
for Rs. 2.300 Millions limit enhanced Rs. 2.500 Millions on 12.11.1986 and
also modified on 26.07.1994 10.06.1997, 17.07.1997, 21.09.1999 and further
modified on 05.11.2003 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.300 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 |
Hypothecation of
Raw Material i.e. H.S. Steel. Stock in Process and Finished Goods at
Malenkatal |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
12.1% p.a., Margin 25%, Repayable on demand extent of operations- 100% |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
Patiala, Miller Ganj Branch, Ludhiana |
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6) Date and brief description of instrument modifying the charge |
Corporate
Guarantee given by the Company in favour of the bank on behalf of us. Jaldhara
Tools and Alloy Steel Corporation in respect of their Credit facilities of
Rs. 7.500 Millions is withdrawn, Further Cah Credit Limit is enhanced from
Rs. 3.500 Millions to Rs. 4.500 Millions and Fresh Credit Limit of Export
Packing Credit of Rs. 1.500 Millions given now the total credit facilities of
the Company are as under. |
|
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. |
C/C
(Hypothecation) Rs. 4.500 Millions FLC Rs. 1.400
Millions DD ( Clear) Rs.
0.200 Million EPC Rs. 1.500
Millions Total : Rs. 7.600
Millions The charge of
Rs.7.600 Millions is further secured on Collateral Security by way of
Equitable Mortgage of Land and Building situated of Village Enterprises,
Malerkatala |
AS PER WEBSITE
Profile
At
Subject, they manufacture and export standard and customized Cutting Tools to
smoothen industrial manufacturing process. They are a trustworthy name in providing
complete solutions to all the cutting, shaping and finishing industrial needs
since the last 30 years.
They use finest quality raw material and state-of-the-art-technology to produce
best quality cutting tools. The technical experts continuously upgrade
themselves with the upcoming technologies to design and manufacture more
specific and precision tools.
They have won laurels for manufacturing specialized tooling in the most cost
effective manner. The team works hand in hand with the customers to identify
and understand their cutting needs and then providing the solution accordingly.
The Expertise
- High skill
acquired over decades.
- Computer
aided design for all products.
- Expertise in
use of various grades of HIGH SPEED STEEL.
- In house heat
treatment facility
Quality
Quality is the forte and they do not leave any stone unturned to ensure
best quality in the products. All the products display quality Features:
- Meet global
quality standards
- Manufactured
with the finest quality raw material
- Latest heat
treatment facility
- Thoroughly
checked and tested at every manufacturing stage
- Tools capable
of performing intricate cutting tasks neatly
Infrastructure
They boast of a comprehensive infrastructure to support the production in a
cost effective manner. The technocrats teamed with a well experienced R and D
faculty and skilled workforce put dedicated efforts to manufacture products
that live up to customers' expectations.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.07 |
|
UK Pound |
1 |
Rs.81.26 |
|
Euro |
1 |
Rs.64.71 |
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 |
NO |
|
--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 |
|