MIRA
INFORM REPORT
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Report Date : |
29.04.2011 |
IDENTIFICATION DETAILS
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Name : |
JINDAL SPINNING MILLS LIMITED |
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Registered Office : |
G-3, Industrial Area, Panipat – 132103, Haryana |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
02.12.2008 |
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Com. Reg. No.: |
038568 |
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CIN No.: [Company
Identification No.] |
U17110HR2008PLC038568 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKJ02638G |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Blankets and Yarns |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 11308 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Sumit Jindal |
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Designation : |
Director |
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Contact No.: |
91-9896020380 |
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Date : |
27.04.2011 |
LOCATIONS
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Registered Office/ Factory : |
G-3, Industrial Area, Panipat – 132103, |
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Tel. No.: |
91-180-4006252/ 2654043/ 2654054/ 2654044 |
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Mobile No.: |
91-9896020380 (Mr. Sumit) 91-9416019726 (Mr. Sudhir Jindal) 91-9896151537 (Mr. Puneet) |
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Fax No.: |
91-180-4008537/ 91-22-66459077 |
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E-Mail : |
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Website : |
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Area : |
5000 Sq. Ft |
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Location : |
Owned |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Puneet Jindal |
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Designation : |
Director |
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Address : |
22, Sukhdev Nagar, Panipat, Haryana- 132103, |
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Date of Birth/Age : |
18.07.1983 |
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Qualification : |
MBA |
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Date of Appointments: |
02.12.2008 |
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Name : |
Mr. Sumit Jindal |
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Designation : |
Director |
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Address : |
22, Sukhdev Nagar, Panipat, Haryana- 132103, |
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Date of Birth/Age : |
02.03.1980 |
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Qualification : |
MBA |
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Date of Appointments: |
02.12.2008 |
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Name : |
Mr. Sudhir Kumar Jindal |
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Designation : |
Director |
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Address : |
22, Sukhdev Nagar, Panipat, Haryana- 132103, |
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Date of Birth/Age : |
26.06.1957 |
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Qualification : |
Graduate |
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Date of Appointments: |
02.12.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Sudhir Kumar |
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8500 |
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Sumit Jindal |
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8500 |
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Puneet Jindal |
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8500 |
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Pooja Jindal |
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8200 |
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Aditi Jindal |
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8000 |
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Anshu Jindal |
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8000 |
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Mukesh Kumar |
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300 |
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Total |
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50000 |
AS ON 30.09.2010
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Blankets and Yarns. |
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Products : |
·
Blankets ·
Yarns Woollen Blankets ·
Woollen Yarn ·
Military Blankets ·
Shoddy Yarn ·
Shoddy Blankets ·
Regenerated Acrylic Yarn ·
Relief Blankets ·
Wool Mix Yarn ·
Regenerated Acrylic Blankets ·
Shoddy Synthetic Yarn |
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Exports : |
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Products : |
Blankets and Yarns |
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Countries : |
·
·
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
·
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Manufacturer, End Users and OEM’s |
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No. of Employees : |
400 (in office) |
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Bankers : |
·
Oriental Bank of Commerce Overseas Branch, ·
Axis Bank ·
HDFC Bank ·
Yes Bank Limited |
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Facilities : |
CC- Rs.20.000 millions
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Dinesh Khurana and Associates Chartered Accountant |
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Address : |
SCO – 409, 2nd Floor, Mugal Canal, Karnal – 132001, |
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Mobile No.: |
91-9896204062/ 9315313000 |
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Email : |
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Memberships : |
SRTEPC |
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Associates/Subsidiaries : |
·
Jindal Fibers Address : Gandhidham, Activity: Manufacturer of Blankets and Yarns ·
Dharampal Wollen Industries Address: Activity: Manufacturer of Blankets and Yarns |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- Each |
Rs.2.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- Each |
Rs.0.500
million |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
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Particulars |
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31.03.2011 |
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Sales Turnover (Approximately) |
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210.000 |
Expected Sales (2011-2012) : Rs.210.000 Millions
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.500 |
0.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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2.327 |
0.260 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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2.827 |
0.760 |
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LOAN FUNDS |
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1] Secured Loans |
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37.823 |
2.838 |
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2] Unsecured Loans |
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18.271 |
6.054 |
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TOTAL BORROWING |
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56.094 |
8.892 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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58.921 |
9.652 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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18.721 |
2.106 |
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Capital work-in-progress |
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0.00 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERRED TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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22.368 |
9.155 |
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Sundry Debtors |
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46.383 |
7.664 |
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Cash & Bank Balances |
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0.608 |
3.041 |
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Other Current Assets |
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0.040 |
0.000 |
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Loans & Advances |
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1.529 |
0.196 |
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Total
Current Assets |
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70.928 |
20.056 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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29.119 |
12.401 |
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Other Current Liabilities |
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1.663 |
0.175 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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30.782 |
12.576 |
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Net Current Assets |
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40.146 |
7.480 |
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MISCELLANEOUS EXPENSES |
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0.054 |
0.066 |
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TOTAL |
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58.921 |
9.652 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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150.370 |
11.454 |
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Other Income |
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5.752 |
0.001 |
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TOTAL (A) |
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156.122 |
11.455 |
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Less |
EXPENSES |
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Purchases |
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90.376 |
4.364 |
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Direct Expenses |
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43.235 |
5.470 |
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Administrative Expenses |
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15.644 |
1.187 |
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Preliminary Expenses Written off |
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0.013 |
0.017 |
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TOTAL (B) |
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149.268 |
11.038 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
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6.854 |
0.417 |
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Less |
FINANCIAL
EXPENSES (D) |
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3.140 |
0.156 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
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3.714 |
0.261 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
1.646 |
0.001 |
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PROFIT BEFORE
TAX (E-F) (G) |
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2.068 |
0.260 |
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Less |
TAX (I) |
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0.000 |
0.000 |
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PROFIT AFTER TAX
(G-I) (J) |
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2.068 |
0.260 |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
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PAT / Total Income |
(%) |
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1.32 |
2.27 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.38 |
2.27 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.31 |
1.17 |
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Return on Investment (ROI) (PBT/Networth) |
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0.73 |
0.34 |
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Debt Equity Ratio (Total Liability/Networth) |
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30.73 |
28.25 |
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Current Ratio (Current Asset/Current Liability) |
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2.30 |
1.59 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
Previously it was in the name of Jindal Wollen
Industries which was a partnership firm now it has been changed to Limited from
December 2008 in the name of Jindal Spinning Mills Limited
FORM 8:
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Corporate
identity number of the company |
U17110HR2008PLC038568 |
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Name of the
company |
Jindal Spinning
Mills Limited |
|
Address of the registered
office or of the principal place of
business in |
G-3, Industrial
Area, Panipat – 132103, |
|
This form is for |
Creation of charge |
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Type of charge |
Movable property (not being pledge) Book debts Others - Foreign Documentary Demand/ Usance Bill. |
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Particular of
charge holder |
·
Oriental Bank of Commerce Overseas Branch, |
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Nature of
instrument creating charge |
Agreement of
hypothecation of assets (Loan Doc-1). |
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Date of
instrument Creating the charge |
14.12.2009 |
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Amount secured by
the charge |
Rs.45.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: Rate of Int.12%
P.A. with monthly rests on CC Limit. PLR-2.50% as per RBI
Directives/Head Office guidelines issued from time to time or As per Fedai
rules for Packing Credit Limit and FDBP/FUDBP Limit. Terms of
repayment: Repayment on
Demand. Margin: 25% for Cash
Credit Limit and Packing Credit Limit. Nil --- for
FDBP/FUDBP. Extent and
Operation of the charge: Overall Credit
Facilities of Rs.45.000 Millions (Cash Credit Limit of Rs.1.000 Million,
FDBP/FUDBP Limit of Rs.20.000 Millions and Packing Credit Limit of Rs.24.000
Millions) against Hypothecation of Stocks, Receivables, Foreign Documentary
Demand/ Usance Bill and Other Current Assets Present and Future of the
Company. Others: Penal Interest @
2% Per Annum over and above the rate on overdrawn portion shall be
applicable. |
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Particulars of
the property charged |
Hypothecation of
Stock of Raw Material, Stock in Process, Finished Goods, Stores and Spares,
Receivables and other Current Assets (Present and Future) of the Company. Advance shall be covered under whole Turn Over Packing Credit Guarantee obtained by the Bank from ECGC and premium be borne by the Company. Foreign Documentary Demand/ Usance Bill having maximum usance of 180 Days accompanied by the Airway Bills/Bill of Lading and drawn under irrevocable Letter of Credit/ Confirmed orders only. |
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Corporate
identity number of the company |
U17110HR2008PLC038568 |
|
Name of the
company |
Jindal Spinning
Mills Limited |
|
Address of the
registered office or of the principal place of business in |
G-3, Industrial Area,
Panipat – 132103, |
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This form is for |
Modification of
charge |
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Type of charge |
Book Debts Movable Property Others |
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Particular of
charge holder |
ORIENTAL BANK OF
COMMERCE |
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Nature Of
Instrument Creating Charge |
Supplemental
Agreement To Secure Credit / Loan Facilities (Loan Doc-13). |
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Date of
instrument Creating the charge |
05/03/2011 |
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Amount secured by
the charge |
Rs.55.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate Of Int. Base
Rate+5.50%=15%P.A. For Cc Limit, Base Rate+1.00%=10.50%P.A. For Pcl/ Fdbp And
Base Rate+1.25%=10.75%P.A.For Fudbp Other Rates As May Be Specified By The
Bank From Time To Time. Terms of
Repayment Repayment On
Demand. Margin 25% For Cash
Credit Limit And Packing Credit Limit. Nil---Fdbp/Fudbp
Limit. Extent and
Operation of the charge 100%. Others Penal Interest @
2% Per Annum. |
|
Short particulars
of the property charged |
Hypothecation Of
Stock Of Raw Material, Stock In Process, Finished Goods, Stores and Spares
and Receivables Etc. Hypothecation Of Foreign Documentary Demand/Usance Bills
Having Maximum Usance Of 90 Days Accompanied By Airways Bills/Bills Of Lading
And Drawn Under Irrevocable Letter Of Credit/Confirm Order Only. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.33 |
|
|
1 |
Rs.74.13 |
|
Euro |
1 |
Rs.65.78 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--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 |
|
|
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--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 |
|
27 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.