MIRA
INFORM REPORT
|
Report Date : |
18.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
JAIN METAL COMPONENTS PRIVATE LIMITED |
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Registered Office : |
21/202, Thakur House, K.V Rajguru Marg, Girgam, Mumbai-400004,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.07.1994 |
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Com. Reg. No.: |
11-79533 |
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CIN No.: [Company
Identification No.] |
U27100MH199PTC079533 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMJ08911A |
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PAN No.: [Permanent
Account No.] |
AAACJ1181E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Wide Spectrum of Products |
RATING &
COMMENTS
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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 150000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Mr. Virendra Suncheti, Account Manager who is out of station will be
able to give required details in next week. Subject is a well established company having moderate Performance. Business
shows downward trend. Trade relations are fair. Payments are reported as slow
but correct. The company can be considered for normal business dealings with same
caution. |
LOCATIONS
|
Registered Office : |
21/202, Thakur House, K.V Rajguru Marg, Girgam, Mumbai-400004,
Maharashtra, India |
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E-Mail : |
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Website : |
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Factory : |
16-B (II) Heavy Industrial Area, Jodhpur-342003, Rajasthan, India |
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Tel. No.: |
91-291-2635164/ 65/ 66/ 67 |
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Fax No.: |
91-291-2741193/ 2744582 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Sohan Lal Jain |
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Designation : |
Director |
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Address : |
621, 11th Apal Road, Sardarpoura, Jodhpur-342003,
Rajasthan, India |
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Date of Birth/Age : |
18.01.1933 |
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Date of Appointment : |
08.07.1994 |
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Name : |
Mrs. Nanda Jain |
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Designation : |
Director |
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Address : |
621, 11th Apal Road, Sardarpoura, Jodhpur-342003,
Rajasthan, India |
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Date of Birth/Age : |
29.09.1966 |
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Date of Appointment : |
15.06.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2007
|
Names of Shareholders |
|
No. of Shares |
|
Sohanlal Jain |
|
58000 |
|
Manohar Jain |
|
66990 |
|
Narendra Jain |
|
67000 |
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Nanda Jain |
|
82760 |
|
Madan Kanwar Bhandari |
|
10 |
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Mahendra Prakash Jain |
|
25010 |
|
Sohan Lal Jain (HUF) |
|
59910 |
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Urmila Jain |
|
10 |
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Anjali Patwardhan |
|
10 |
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Deepak Mehta |
|
10 |
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Dinesh Kamini |
|
10 |
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Anubhuti Bhandari |
|
10 |
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Mohan Kanwar Mehta |
|
20 |
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Prasan Mal Patwa (HUF) |
|
10 |
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Pallavi Tatia |
|
10 |
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Jatin Patwa |
|
10 |
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Sunder Jain |
|
10 |
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Manju Jain |
|
10 |
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Sharad Patwardhan |
|
10 |
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Rahdulari Bhandari |
|
20 |
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Prakash Mal Jain |
|
10 |
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Sandeep Bhandari |
|
10 |
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Nikhil Jain |
|
9010 |
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Shruti Jain |
|
5000 |
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Nidhi Jain |
|
4500 |
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Sheela Jain |
|
1590 |
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Chandra Jain |
|
10 |
|
Nivnini Ent. Private Limited |
|
40 |
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Total |
|
380000 |
As on 25.07.2008
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List of Allottees |
|
No. of Shares Allotted |
|
Sohan Lal Jain |
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2222 |
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Narendra Kumar Jain |
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4444 |
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Mahendra Prakash Jain |
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1667 |
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Manohar Lal Jain |
|
1667 |
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Total |
|
10000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
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Percentage |
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Bodies corporate (not mentioned above) |
|
0.01 |
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Directors or relatives of directors |
|
99.99 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Wide Spectrum of Products |
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Products : |
·
Air Oil Assemlies ·
Automobiles ·
Biomedical ·
Electrical and Electronics ·
LPG value and Regular Settings ·
Hydraulic Pneumatic Fittings ·
Screws ·
Nuts and bolts ·
metric and British Threads ·
Flameproof Cable Glands and Accessories ·
Sprinklers and accessories ·
Pneumatic Fittings and Hydraulic Fittings ·
L.P.G. Valve Component ·
Regulator Components ·
Industry Valve and Regulator Components ·
Welding Torch Components ·
Automobile Components ·
Chamber Valves ·
Safety Valves ·
Hose Pipe Fittings ·
Connectors ·
Brushes ·
Switch Gear Components ·
Switches ·
Terminals ·
Medical Equipments Spares ·
Refrigeration Components ·
Controllers ·
Air and Oil pipe assemblies ·
Components for Defense ·
Railways ·
Mines ·
Power Plants |
GENERAL
INFORMATION
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No. of Employees : |
About 30 |
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Bankers : |
State Bank of India, Commercial Branch, E-4, Suvidha Complex, Shashtri
Nagar, Jodhpur-342003, Rajasthan, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Rajneesh Singhvi Chartered Accountant |
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Address : |
36-A, Suraj Nagar (East), Civil Lines, Jaipur-302006, Rajasthan, India |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
380000 |
Equity Shares |
Rs. 10/-
each |
Rs. 3.800
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 |
3.800 |
3.800 |
3.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
27.266 |
27.027 |
4.655 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
31.066 |
30.827 |
8.455 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.055 |
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2] Unsecured Loans |
8.819 |
17.863 |
18.008 |
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TOTAL BORROWING |
8.819 |
17.863 |
18.063 |
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DEFERRED TAX LIABILITIES |
0.115 |
0.148 |
0.201 |
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TOTAL |
40.000 |
48.838 |
26.719 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
25.502 |
23.804 |
1.671 |
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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 |
5.420
|
7.639 |
14.603 |
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Sundry Debtors |
12.262
|
12.990 |
16.871 |
|
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Cash & Bank Balances |
0.582
|
2.444 |
0.456 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
3.675
|
7.305 |
3.770 |
|
Total
Current Assets |
21.939
|
30.378 |
35.700 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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Current Liabilities |
7.441
|
5.344 |
10.652 |
|
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
7.441
|
5.344 |
10.652 |
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Net Current Assets |
14.498
|
25.034 |
25.048 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
40.000 |
48.838 |
26.719 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
16.428 |
30.124 |
40.000 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
16.428 |
30.124 |
40.000 |
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Profit/(Loss) Before Tax |
0.236 |
0.086 |
0.127 |
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Provision for Taxation |
0.088 |
0.030 |
0.053 |
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Profit/(Loss) After Tax |
0.148 |
0.056 |
0.074 |
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Earnings in Foreign Currency : |
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Export Earnings |
NA |
0.675 |
NA |
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Imports : |
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Import Value |
0.441 |
0.358 |
NA |
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Expenditures : |
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Material Purchased and Consumed |
8.247 |
19.728 |
0.000 |
|
|
Manufacturing Expenses |
5.395 |
5.623 |
0.000 |
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Excise Duty |
0.992 |
2.451 |
0.000 |
|
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Administrative Expenses |
1.207 |
1.655 |
0.000 |
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Interest |
0.134 |
0.386 |
0.000 |
|
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Depreciation & Amortization |
0.217 |
0.195 |
1.294 |
|
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Other Expenditure |
0.000 |
0.000 |
38.579 |
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Total Expenditure |
16.192 |
30.038 |
39.873 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.90
|
0.19 |
0.19 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.44
|
0.29 |
0.31 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.50
|
0.16 |
0.34 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.00 |
0.02 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.52
|
0.75 |
3.39 |
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Current Ratio (Current Asset/Current Liability) |
|
2.95
|
5.68 |
3.35 |
LOCAL AGENCY
FURTHER INFORMATION
Operations:
During the year, turnover and other income amounted to Rs. 16.428
Millions as compared to Rs. 30.124 Millions of previous year. Net profit after
tax is Rs. 0.148 Million ass compared to a profit of Rs. 0.056 Million during
the previous year.
During the year the company has invested Rs. 1.915 Million in Plant and
Machinery to increase its production capacity.
In order to strengthen the financial resources of the company, the
Directors do not recommend the payment of dividend for the year ended
31.03.2007.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
10064144 |
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Corporate
identity number of the company |
U27100MH199PTC079533 |
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Name of the
company |
JAIN METAL COMPONENTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
21/202, Thakur House, K.V Rajguru Marg, Girgam, Mumbai-400004, Maharashtra,
India |
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Type of charge |
Immovable
Property Others |
|
Particular of
charge holder |
State Bank of India, Commercial Branch, E-4, Suvidha Complex, Shashtri
Nagar, Jodhpur-342003, Rajasthan, India |
|
Nature of
description of the instrument creating or modifying the charge |
Letter of
Arrangement Dated 10.09.2008 Supplemental
Agreement of Loan cum Hypothecation dated 10.09.2008 Extension of
Equitable Mortgage dated 10.09.2008 |
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Date of
instrument Creating the charge |
10.09.2008 |
|
Amount secured by
the charge |
Rs. 9.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest @ 1.50% above
SBAR (SBAR = 13.75%) rising or falling therewith on daily products with monthly
rests. Present effective rate 15.25% p.a. Terms of
Repayment Sanctioned for a
Period of 12 Months Margin Cash Credit
(Stocks) – 25% Cash Credit (
Book Debts) – 50% Receivables Cover
Days – 60 Days EPC, BG and ILC –
25% Extent and Operation
of the charge The Charge is
operational by way of hypothecation of stocks, receivables and other current
assets by way of equitable mortgage of factory land and building of the unit |
|
Short particulars
of the property charged |
Hypothecation of
stocks, receivables and other current assets. Equitable
Mortgage of factory land and building of the unit Equitable
Mortgage of residential building at Plot No. 218, Masuriya, Section 7
Extension Jodhpur Personal
Guarantee of the Directors |
|
Name of the company |
JAIN METAL COMPONENTS PRIVATE LIMITED |
|
Presented By |
Mr. N K Jain |
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1) Date and description of instrument creating the change |
25.01.1996
Agreement for Cash Credit Hypothecation of Goods and book Debts |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 8.000
Millions |
|
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, Stock in Process, Finished goods and receivables |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 2.75%
above SBAR or minimum 19.25% Margin on R M 25% , Finished Goods 30% Goods in
Process 20% |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of India, Commercial Branch, E-4, Suvidha Complex, Shashtri
Nagar, Jodhpur-342003, Rajasthan, India Earlier, the company was enjoying all facilities at State Bank of
India, Main Branch Jodhpur, Now being availed at State Bank of India,
Commercial Branch, Shastri Nagar, Jodhpur |
|
6) Date and brief description of instrument modifying the charge |
i) 26.06.2001 General Agreement for grant of
small industrial advance and Hypothecation of Movables, book Debts and other
assets ii) 26.06.2001
Agreement for grant of small industrial advances (Ancillary Agreement No. 1)
Hypothecation of goods, book debts, movables and other assets iii) 26.06.2004
Agreement for grant of small industrial advances (Ancillary Agreement No. 3)
Advances against receivables and bills in the course of collection iv) 26.06.2001
Agreement for grant of small industrial advances (Ancillary Agreements No. 6)
Letter of Credit, Guarantees and indemnities. |
|
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. |
The original
charge of Rs. 8.000 Millions modified on dated 05.05.1998 and now further
modified on 26.06.2001 with an increase of credit facilities form Rs. 8.000
Millions to Rs. 25.500 Millions by an increase of LC facilities form Rs.
2.000 Millions Rs. 5.000 Millions and B.G facilities form Rs. 0.500 Million
Rs. 15.000 Millions Other
Modifications: i)
The rate of
interest with a minimum of 15% p.a. for CC stocks, For EPC upto 180 days 9%
p.a. beyond 180 days upto 270 days 12.5% ii)
Both way
full inter-changeability form C.C Stock
to EPC and vice versa. iii)
Both way inter-changeability
of Rs. 1.500 Millions from C.C Stock to Bills and vice versa. |
Fixed Assets:
·
Dri Resorts
·
Land (Leasehold)
·
Building
·
Furniture and Fixtures
·
Office Equipments
·
Plant and Machinery
·
Data Processing and Machines
·
Electric Fittings And EQU
·
Testing Equipments
·
Vehicles
Profile:
They at JMC (an ISO 9001 Certified Company) believe that
total satisfaction of the customer is of prime importance by building
successful business, inter-dependable relationship and everlasting faith. They
therefore, incessantly strive to provide the customer the topmost quality and
ultimately the highest level of customer satisfaction.
Established by three technocrats in Jodhpur, Rajasthan
(India), the Engineering Division of JMC manufactures precision machined metal
components, which to the needs of various Industries like Oil and Gas,
Electrical, Electronics, Automobile, Refrigerator, Hydraulic and Pneumatic
fittings, Power generation and Bio-medical industries.
The
Venture
ISCON group of industries was first established in the year
1978 in the name of Jain Metal Components (JMC) by three Technocrats to
manufacture High Precision Machined Components, sub-assemblies, and assemblies
for varied engineering industries.
The company expanded and diversified over the time and today has manufacturing
facilities at four different locations in Jodhpur (INDIA). Spread over more
than 1,50,000 sq. ft. land area and about 75,000 sq. ft. architecturally
supported built up are categorized as Engineering Division, Medical Division,
Ophthalmic Division and OEM Design and Manufacturing Division.
Entire manufacturing activities are carried adhering Good Manufacturing
Practices (GMP) in class 1,00,000 and 10,000 Clean rooms as may be required.
About 300 employees support the company, which includes Engineers,
Technologists, Machinist, Designers, Tool Makers and Plastic Technologists who
are specialist in their field, The entire group industries are ISO 9001-2000
certified having CE certification granted on most of the medical and surgical
products.
Achievements:
The company is a
winner of five distinguished awards namely :
·
Second Best Productivity Award of Rajasthan.
·
Second Best National Award for Quality in 1988.
·
Udyog Ratna Award by Delhi Surgical Association.
·
Pritam Singh Bhatia Memorial Udyog Award.
·
State Excellence Export Award by Govt. of Rajasthan.
JMC manufacturers a
wide spectrum of products namely :
Fasteners : Screws, nuts and bolts, metric and British
Threads. Flameproof Cable Glands and Accessories, Sprinklers and accessories,
Pneumatic Fittings and Hydraulic Fittings, L.P.G. Valve Components and
Regulator Components, Industry Valve and Regulator Components, Welding Torch
Components, Automobile Components, Chamber Valves, Safety Valves, Hose Pipe
Fittings, Connectors, Brushes, Switch Gear Components, Switches, Terminals,
Medical Equipments Spares, Refrigeration Components, Controllers, Air and Oil
pipe assemblies, Components for Defense, Railways, Mines, Power Plants etc.
JMC is an approved supplier to various State Government, Central Government
(including Defense and Railways), WHO, UNICEF, DANPCB. It's products are
exported to USA, U.K, Middle East and many Asian Countries.
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.49.68 |
|
UK Pound |
1 |
Rs.74.64 |
|
Euro |
1 |
Rs.62.58 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
38 |
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 |
|