MIRA
INFORM REPORT
|
Report Date : |
03.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
JAGAN TUBES INFRA LIMITED |
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Formerly Known as: |
JAGAN TUBES LIMITED |
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Registered Office : |
SCF 18-19, 1st Floor, Sector 28 C, Chandigargh-160002 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Year of Establishment : |
29.07.1991 |
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Com. Reg. No.: |
53-11536 |
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CIN No.: [Company
Identification No.] |
U27106CH1991PLC011536 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLJ10743F |
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PAN No.: [Permanent
Account No.] |
AAACJ8505G |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Steel Tubes |
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 290000 |
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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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Sandeep |
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Designation : |
International Export Manager |
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Contact No.: |
91-9872300058 |
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Date : |
03.05.2008 |
LOCATIONS
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Registered Office : |
SCF 18-19, 1st Floor, Sector 28 C, Chandigargh-160002,
India |
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Mobile No.: |
91-9872300058 |
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E-Mail : |
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Website: |
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Area : |
3000 sq ft (Owned) |
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Factory : |
Villege Gholu Majra, Derabassi, Ambala Highway, Patiala,
Punjab-140506, India |
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Tel. No.: |
91-1762-281261/ 281262/ 281263 |
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Fax No.: |
91-01762-280720 |
DIRECTORS
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Name : |
Mr. Madan Mohan Singla |
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Designation : |
Managing Director |
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Date of Birth/Age : |
07.09.1964 |
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Date of Appointment : |
29.07.1991 |
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Mobile No.: |
91-9872300074 |
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Name : |
Mr. Vijay Singla |
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Designation : |
Director |
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Date of Birth/Age : |
28.12.1966 |
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Date of Appointment : |
29.07.1991 |
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Mobile No.: |
91-9872300075 |
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Name : |
Mr. Manjeet Singh |
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Designation : |
Vice President |
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Mobile No.: |
91-9872300078 |
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Name : |
Mr. Rakesh Garg |
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Designation : |
Director |
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Date of Birth/Age : |
08.01.1970 |
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Date of Appointment : |
29.07.1991 |
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Name : |
Mr. Mithan Lal Singla |
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Designation : |
Director |
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Date of Birth/Age : |
01.04.1942 |
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Date of Appointment : |
29.07.1991 |
KEY EXECUTIVES
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Name : |
Mr. O. P. Sharma |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 28.09.2005
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Names of Shareholders |
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No. of Shares |
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Mithan Lal Singla |
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87500 |
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Madan Mohan Singla |
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56800 |
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Vijay Singla |
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66200 |
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Rakesh Garg |
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49900 |
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Jagan Agro Limited |
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157000 |
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Madan Mohan Singhla HUF |
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48000 |
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Santosh Rani |
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93500 |
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Mithal Lal and Sons |
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40400 |
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Prem Lal |
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74600 |
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Vijay Singla HUF |
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43000 |
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Dhruv Singla |
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11500 |
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Bhawana Gupta |
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30000 |
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Chetan Singla |
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14600 |
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Abhishek Kumar Gupta |
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3000 |
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Deepak Garg |
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20900 |
Equity Share Breakup (Percentage of Total Equity)
As on 10.09.2007
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Category |
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Percentage |
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Foreign holdings (Foreign institutional invenstor(s), foreign
Companie(s) Foreign financial institution(s), Non- resident India(s) or
Overseas corporate bodies or Others |
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0.02 |
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Bodies Corporate (not mentioned above) |
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1.62 |
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Directors or relatives of directors |
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89.25 |
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Other top fifty (50) shareholders other than Listed above. |
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5.83 |
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Others |
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3.28 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Steel Tubes |
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Products : |
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Exports : |
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Countries : |
Africa and Europe |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
200 |
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Bankers : |
Punjab National Bank, Sector 26, Chandigarh- 160026, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. Kumar Gupta and Associates Chartered Accountant |
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Address : |
SCO No. 35, 1st floor, Madhya Marg Sector 26,
Chandigarh-160026, India |
CAPITAL STRUCTURE
As on 10.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2500000 |
Equity Shares |
Rs. 10/- each |
Rs. 25.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
2215810 |
Equity Shares |
Rs. 10/-
each |
Rs. 22.158
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
22.158 |
22.158 |
18.305 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
50.460 |
47.066 |
44.101 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
72.618 |
69.224 |
62.406 |
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LOAN FUNDS |
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1] Secured Loans |
89.581 |
58.207 |
28.162 |
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2] Unsecured Loans |
50.231 |
53.629 |
52.940 |
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TOTAL BORROWING |
139.812 |
111.836 |
81.102 |
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DEFERRED TAX LIABILITIES |
0.353 |
0.557 |
0.662 |
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TOTAL |
212.783 |
181.617 |
144.170 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
39.002 |
37.922 |
37.813 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.528 |
0.528 |
0.528 |
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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 |
55.274
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47.798 |
29.473 |
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Sundry Debtors |
129.423
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93.498 |
59.934 |
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Cash & Bank Balances |
0.846
|
1.203 |
3.986 |
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Other Current Assets |
0.000
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0.000 |
0.889 |
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Loans & Advances |
54.477
|
41.953 |
25.900 |
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Total
Current Assets |
240.020
|
184.452 |
120.182 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
54.019
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31.800 |
12.715 |
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Provisions |
12.748
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9.485 |
1.781 |
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Total
Current Liabilities |
66.767
|
41.285 |
14.496 |
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Net Current Assets |
173.253
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143.167 |
105.686 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.143 |
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TOTAL |
212.783 |
181.617 |
144.170 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
676.615 |
537.992 |
574.802 |
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Other Income |
0.652 |
0.697 |
8.569 |
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Total Income |
677.267 |
538.689 |
583.371 |
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Profit/(Loss) Before Tax |
5.841 |
4.820 |
1.997 |
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Provision for Taxation |
2.564 |
1.776 |
0.792 |
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Profit/(Loss) After Tax |
3.277 |
3.044 |
1.205 |
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Earnings in Foreign Currency : |
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Sale of goods manufactured |
57.628 |
51.352 |
114.766 |
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Sale of goods traded |
0.000 |
0.000 |
27.819 |
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Total Earnings |
57.628 |
51.352 |
142.585 |
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0.48 |
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Expenditures : |
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Raw Material Consumed |
576.059 |
428.905 |
448.071 |
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Purchases made for re-sale |
44.582 |
56.915 |
26.785 |
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Consumption of stores and spares parts |
7.778 |
14.039 |
15.054 |
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Increase/(Decrease) in Finished Goods |
[0.782] |
[10.085] |
[2.473] |
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Salaries, Wages, Bonus, etc. |
1.155 |
0.974 |
0.591 |
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Managerial Remuneration |
1.800 |
1.512 |
1.512 |
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Payment to Auditors |
0.019 |
0.025 |
0.025 |
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Interest |
6.244 |
4.518 |
1.482 |
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Insurance Expenses |
0.241 |
0.374 |
0.301 |
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Power & Fuel |
8.442 |
7.885 |
7.166 |
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Depreciation & Amortization |
3.053 |
3.022 |
2.816 |
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Other Expenditure |
22.835 |
25.785 |
80.044 |
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Total Expenditure |
671.426 |
533.869 |
581.374 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.48
|
0.56 |
0.20 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.86
|
0.89 |
0.34 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.09
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2.16 |
1.26 |
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Return on Investment (ROI) (PBT/Networth) |
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0.08
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0.06 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.84
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2.21 |
1.53 |
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Current Ratio (Current Asset/Current Liability) |
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3.59
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4.46 |
8.20 |
LOCAL AGENCY
FURTHER INFORMATION
Trustseal Acceptance
Chart
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Statutory Approvals |
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Income Tax Registration |
AAACJ8505G |
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VAT/ TIN Registration |
03281076502 |
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Name of Bank |
Punjab National Bank |
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Current Account Number |
3249008700001709 |
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Credibility Factors |
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IndiaMART Client Since |
5 Years |
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Trade Affiliations |
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SSI Registration |
16/10/121/82/PMT/88 dated 13.07.1992 |
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Standards & Certifications |
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Quality Management Systems |
ISO-9001-2000 NS-EN ISO9001-2000 ISO-2000 Valid upto 1.01.2009 |
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
80015423 |
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Corporate identity
number of the company |
L27106CH1991PLC011536 |
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Name of the
company |
JAGAN TUBES
LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
SCF 18-19, 1st Floor, Sector 28 C, Chandigargh-160002,
India |
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Type of charge |
Movable Property Others |
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Particular of
charge holder |
Punjab National Bank, Sector 26, Chandigarh- 160026, India |
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Nature of description
of the instrument creating or modifying the charge |
Agreement for
DD Clean (BP/BD) dated 20.10.2006 First charge
Hypothecation – Hypothecation of movable assets forming part of Fixed/Block
Assets dated 20.10.2006 |
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Date of
instrument Creating the charge |
20.10.2006 |
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Amount secured by
the charge |
Rs. 1.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per Bank’s
guidelines Terms of
Repayment As per Bank’s guidelines Margin N.A. Extent and
Operation of the charge N.A. Others N.A. |
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Short particulars
of the property charged |
Prime Security :
Government cheques/duty drawback Cheques/drafts/cheques representing genuine trade
transactions. Collateral security: First charge on block assets of the
company. Comprising of Plant and machinery, DG sets, transformers, voltage
stabilizers, pollution control equipments and miscellaneous assets. |
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Date of latest modification
prior to the present modification |
15.09.2005 |
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Particulars of
the present modification |
The limit has
been increased from Rs. 1.000 Millions to Rs. 2.500 Millions. Other terms and
conditions remain the same. |
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 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.42.24 |
|
UK Pound |
1 |
Rs.83.26 |
|
Euro |
1 |
Rs.65.58 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--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 |
|