MIRA
INFORM REPORT
|
Report Date : |
28.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
JINDAL HOME PROUCTS PRIVATE LIMITED |
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Registered Office : |
Sarurpur Mod, Sohna Road (Village and Post Gaunchhi), Faridabad –
121004, Haryana. |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
13.11.1986 |
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Com. Reg. No.: |
55-26064 |
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CIN No.: [Company
Identification No.] |
U29309HR1986PTC026064 |
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IEC No.: |
0592053776 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKJ01442A |
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PAN No.: [Permanent
Account No.] |
AAACJ4030E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of LP and Oil Gas Stoves (Colloids) – Both
automatic and non automatic – with single, double, triple and Fourth business
brands : Jindal and Surya Classic. |
RATING &
COMMENTS
|
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. |
Small |
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Maximum Credit Limit : |
USD 5500 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track
records. The company profitability has improved and it has been successful in
wiping off all its previous losses.
Trade relations are fair. Payments are reported as slow but correct. The company can be considered good for small to mediocre business
dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. K.G. Jindal |
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Designation : |
Ch D and M.D. |
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Contact No.: |
91-129-2380002 |
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Date : |
18.08.2008 |
LOCATIONS
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Registered Office /Factory : |
Sarurpur Mod, Sohna Road (Village and Post Gaunchhi), Faridabad –
121004, Haryana, India |
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Tel. No.: |
91-129-2470431 / 2471432 / 2471433 / 2380002 |
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Fax No.: |
91-129-2234970 |
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E-Mail : |
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Website : |
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Area : |
1089 sq ft |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. K.S. Jindal |
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Designation : |
Director |
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Address : |
404, Sector 14, Faridabad |
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Date of Birth/Age : |
03.03.1933 |
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Qualification : |
BA, SAS, A/c WA ACS |
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Experience : |
54 Years |
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Date of Appointment : |
13.11.1986 |
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Name : |
Mrs. Madhu Jindal |
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Designation : |
Director |
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Address : |
404, Sector 14, Faridabad |
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Date of Birth/Age : |
23.11.1936 |
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Qualification : |
Undergraduate |
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Date of Appointment : |
13.11.1986 |
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Name : |
Mr. Subodh Jindal |
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Designation : |
Director |
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Address : |
404, Sector 14, Faridabad |
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Date of Birth/Age : |
26.04.1961 |
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Qualification : |
BSC |
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Experience : |
28 Years |
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Date of Appointment : |
13.11.1986 |
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Name : |
Mr. Amitabh Jindal |
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Designation : |
Director |
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Address : |
404, Sector 14, Faridabad |
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Date of Birth/Age : |
13.08.1962 |
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Date of Appointment : |
13.11.1986 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 29.09.2007
|
Names of Shareholders |
|
No. of Shares |
|
Jindal Gopal Krishan |
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5533 |
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Jindal Subodh |
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128 |
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Jindal Madhu |
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375 |
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Jindal Amitabh |
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94 |
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Jindal Gas Appliances Private Limited |
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1870 |
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Jindal Kitchen Equipments Private Limited |
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2000 |
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Total |
|
10000 |
AS ON 29.09.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
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Category |
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Bodies corporate |
|
38.70 |
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Directors or relatives of directors |
|
61.30 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of LP and Oil Gas Stoves (Colloids) – Both
automatic and non automatic – with single, double, triple and Fourth business
brands: Jindal and Surya Classic. |
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Products : |
Ř Single Burner
Gas Stove Ř Double Burner
Gas Stove Ř Three Burner Gas
Stove Ř Four Burner Gas
Stove Ř Cooking Gas
Components Ř Bulk Kitchen
Equipment |
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Exports : |
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Products : |
LP Gas Stoves. |
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Countries : |
Conga, Nigeria, Goa, Angelo, South Africa, Dubai, USA, West Indies and
Mozambique. |
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Terms : |
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Selling : |
Cash and L/C |
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Purchasing : |
Cash and L/C |
GENERAL
INFORMATION
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Customers : |
Wholesaler and OEM’s |
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No. of Employees : |
14 (Office – 4, Factory - 10) |
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Bankers : |
Ř State Bank of
Patiala, Faridabad, India Ř ICICI Bank Ř HDFC Bank Ř Citi Bank Ř Standard
Chartered Bank Ř Punjab National
Bank Ř Allahabad Bank |
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Facilities : |
CC Limit Rs.4.500 Millions (State Bank of Patiala) |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name 1 : |
Mr. S.M. Sharma Chartered Accountant |
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Address : |
27, Sector – 7A, Faridabad, India |
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Tel. No.: |
91- 129-2242083 |
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Name 2 : |
Mr. Rakesh Raj and Associates Chartered Accountant |
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Address : |
793, Sector – 7, Faridabad, India |
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Tel. No.: |
91- 129-2295407 |
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Associates/Subsidiaries : |
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Name : |
Jindal Gas Application (Private) Limited |
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Address : |
35-41, Mujesar, Faridabad, India |
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Line of Business
: |
LP Gas Stove Components. |
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Name : |
Jindal Kichen Equipment (Private) Limited |
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Address : |
Sarmpar, Sohna Road, Faridabad, India |
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Line of Business
: |
Kitchen Equipment (Bull) |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 100/- Each |
Rs.1.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 100/- Each |
Rs.1.000 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.100 |
0.092 |
0.057 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(0.232) |
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NETWORTH |
1.100 |
1.092 |
0.825 |
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LOAN FUNDS |
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1] Secured Loans |
4.869 |
4.289 |
5.292 |
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2] Unsecured Loans |
7.509 |
4.509 |
3.748 |
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TOTAL BORROWING |
12.378 |
8.798 |
9.040 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.075 |
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TOTAL |
13.478 |
9.890 |
9.941 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.805 |
0.919 |
0.979 |
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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 |
16.151
|
16.143 |
9.158 |
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Sundry Debtors |
0.517
|
0.330 |
1.428 |
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Cash & Bank Balances |
0.056
|
0.143 |
0.109 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1.226
|
1.604 |
0.408 |
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Total
Current Assets |
17.950
|
18.220 |
11.103 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
5.236
|
9.100 |
2.045 |
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Provisions |
0.041
|
0.149 |
0.096 |
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Total
Current Liabilities |
5.277
|
9.249 |
2.141 |
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Net Current Assets |
12.673
|
8.971 |
8.962 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
13.478 |
9.890 |
9.941 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
26.446 |
15.378 |
9.981 |
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Other Income |
0.077 |
0.000 |
0.060 |
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Total Income |
26.523 |
15.378 |
10.041 |
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Profit/(Loss) Before Tax |
0.049 |
0.109 |
0.086 |
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Provision for Taxation |
0.025 |
0.074 |
0.043 |
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Profit/(Loss) After Tax |
0.024 |
0.035 |
0.043 |
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Earnings in Foreign Currency : |
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Export Earnings |
0.173 |
NA |
NA |
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Commission Earnings |
0.000 |
NA |
NA |
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Other Earnings |
0.077 |
NA |
NA |
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Total Earnings |
0.250 |
NA |
NA |
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Expenditures : |
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Cost of Goods Sold |
23.135 |
0.000 |
0.000 |
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Administrative Expenses |
1.243 |
0.000 |
0.624 |
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Interest |
1.856 |
0.000 |
0.000 |
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Depreciation & Amortization |
0.127 |
0.142 |
0.156 |
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Other Expenditure |
0.113 |
15.127 |
9.175 |
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Total Expenditure |
26.474 |
15.269 |
9.955 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
0.09
|
0.23 |
0.43 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.19
|
0.71 |
0.86 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.26
|
0.57 |
0.71 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.10 |
0.10 |
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Debt Equity Ratio (Total Liability/Networth) |
|
16.05
|
16.53 |
13.55 |
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Current Ratio (Current Asset/Current Liability) |
|
3.40
|
1.97 |
5.19 |
LOCAL AGENCY
FURTHER INFORMATION
Trustseal Acceptance
Chart
|
Existence Verification |
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Name |
JINDAL HOME PRODUCT (PRIVATE) LIMITED |
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Address |
Sarurpur Mod, Sohna Road (Village and Post Gaunchhi), Faridabad –
121004, Haryana, India |
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Phone/ Mobile Numbers |
91-129-247043 / 2471432 / 33 |
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Fax Numbers |
91-129- 2475927 |
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Statutory Approvals |
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Legal Status of Firm |
Private Limited Company |
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Income Tax Registration |
AACJ4030E |
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Central Sales Tax Registration |
1305312 |
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State Sales Tax Registration |
1305312 |
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Service Tax Registration |
NA |
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VAT/ TIN Registration |
06391305312 |
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Excise Registration |
AAACJ4030EXM001 |
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Import Export Code |
0592053776 |
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Name of Bank |
State Bank of Patiala |
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Current Account Number |
55051790498 |
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Account Since |
November 1986 |
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Company ESI Reg. Number |
NA |
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RBI Code Number |
DIOO1400 |
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Credibility Factors |
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IndiaMART Client Since |
1999 |
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Trade Affiliations |
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SSI Registration |
051208255 |
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Export Promotion Council |
Engineering Export |
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Production Council |
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Chambers of Commerce Membership |
NA |
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D&B D-U-N-S Number |
NA |
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Govt. Recognised Export House Status |
NA |
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Other Affiliations |
NA |
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Standards & Certifications |
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Quality Management Systems |
NA |
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Environment Management Systems |
NA |
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Safety Certificates |
NA |
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Product Certificates |
NA |
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Other Certificates |
ISI Bureau of Indian Standard |
Form No.8
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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80001908 |
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Corporate identity
number of the company |
U29309HR1986PTC026064 |
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Name of the
company |
JINDAL HOME
PRODUCTION PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Sarurpur Mod, Sohna Road (Village and Post Gaunchhi), Faridabad –
121004, Haryana, India |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of loan
for overall limit dated 14.08.2007 |
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Date of instrument
Creating the charge |
14.08.2007 |
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Amount secured by
the charge |
Rs.6.000 Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest @2% over BPLR
with a minimum rate of @15% p.a. on monthly rests linked with BPLR on regular @3% over BPLR
with a minimum rate of @16% p.a. on monthly rests linked with BPLR on adhoc
limit Penal rate of
interest @2% p.a. over and
above the normal rate of interest Terms of
Repayment On demand Margin Raw material, SIP
and Finish Goods: 25%, Receivable – 50% Extent and
Operation of the charge First charge over
stock and receivable of the company |
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Short particulars
of the property charged |
Hypothecation of
raw material, stock in process, finish goods and receivable of the company
first charge over fixed assets of the company, both present and future.
Equitable mortgage by way of first charge over land and building of the
company at 36/20, 37/6/1 sarurpur
sohana road, faridabad msg. 1210 sq meter |
||||||
|
Particulars of
the present modification |
Limit of amount
secured increased from Rs.4.500 Millions to Rs.6.000 Millions Rate of Interest @2% over BPLR with a minimum rate of @15%
p.a. on monthly rests linked with BPLR on regular limit @3% over BPLR
with a minimum rate of @16% p.a. on monthly rests linked with BPLR on adhoc
limit Penal rate of
interest @2% p.a. over and
above the normal rate of interest |
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.43.73 |
|
UK Pound |
1 |
Rs.80.57 |
|
Euro |
1 |
Rs.64.29 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
34 |
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 |
|