MIRA
INFORM REPORT
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Report Date : |
02.08.2011 |
IDENTIFICATION DETAILS
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Name : |
JOGINDRA ENGINEERING WORKS PRIVATE LIMITED |
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Registered
Office : |
B – 6, 70, Rama Road, Near Najafgarh Road, New Delhi – 110015 |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
23.01.1985 |
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Com. Reg. No.: |
55-19926 |
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Capital
Investment / Paid-up Capital : |
Rs.6.700
millions |
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CIN No.: [Company Identification
No.] |
U71200DL1985PTC019926 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELJ04115G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of a wide range of Plastic Processing Machines. |
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No. of Employees
: |
22 (Approximately) (Office – 8 and Factory – 14) |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 30000 |
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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 established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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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. Shekhar |
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Designation : |
Accountant |
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Date : |
27.07.2011 |
LOCATIONS
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Registered Office : |
B – 6, 70, Rama Road, Near Najafgarh Road, New Delhi – 110015, India |
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Tel. No.: |
91-11-41427244/ 41427233/ 44/ 25442112/ 25153486/ 25453836/ 25441144 |
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Fax No.: |
91-11-41427244/ 33/ 25453836/ 25441144 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
A-586, Phase-I, RIICO Industrial Area, Bhiwadi,
District Alwar, |
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Tel. No.: |
91-149-3511773/ 4 91-1493-222774/ 222775 |
DIRECTORS
(AS ON 30.09.2010)
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Name : |
Mr. Bhupinder Kaur |
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Designation : |
Director |
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Address : |
14, E-6, DLF Phase - I, Gurgaon, Haryana - 122002 |
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Date of Birth/Age : |
30.01.1963 |
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Date of Appointment : |
14.04.2003 |
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Name : |
Mr. Joginder Singh |
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Designation : |
Director |
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Address : |
G -58, Bali Nagar, |
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Date of Birth/Age : |
30.08.1959 |
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Date of Appointment : |
23.01.1985 |
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Name : |
Mr. Mudarh Singh |
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Designation : |
Director |
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Address : |
14, E-6, DLF Phase - I, Gurgaon, Haryana - 122002 |
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Date of Birth/Age : |
30.08.1959 |
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Date of Appointment : |
23.01.1985 |
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Name : |
Mr. Pritpal Singh |
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Designation : |
Director |
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Address : |
E-32, Bali Nagar, |
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Date of Birth/Age : |
07.09.1963 |
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Date of Ceasing: |
11.06.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Shekhar |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2009)
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Names of Shareholders |
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No. of Shares |
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Joginder Singh Mudarh |
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245497 |
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Bhupinder Kaur |
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424500 |
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Surjit Kaur |
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1 |
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Jagjeet Singh Mudarh |
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1 |
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Pritpal Singh Mudarh |
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1 |
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Total |
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51000 |
AS ON 15.02.2010
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List of Allottees |
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No. of Shares Allotted |
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Joginder Singh Mudarh |
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210000 |
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Bhupinder Kaur |
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409000 |
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Total |
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619000 |
(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 of a wide range of Plastic Processing Machines. |
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Terms : |
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Selling : |
Cash and Credit (30-60 days) |
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Purchasing : |
Cash and Credit (30-60 days) |
GENERAL INFORMATION
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Customers : |
Dealers and Manufactures ·
St. Anthony's Industries Group
Private Limited- ·
Abdeen Trading and Industrial
Company- ·
Industria Prefabbricati
Cemento S.R.L.-Italy ·
Kunststoffe Und
Kunststoffnerar-Germany ·
Mortogg ·
Howlader PVC Pipes Limited- ·
Hassan Plastic Industries
Limited- ·
Holis Metal Industries
Limited- ·
Slapper Shoe Industries-Kenya ·
Fort Gloster India Limited- ·
Jacquart Plast Industry-France
·
KLJ Polymers Limited- ·
·
Aravali Pipes Limited-Hisar ·
Oriplast Limited-Balasore ·
Ajay Polymers-Nepal · Uniplast Limited-Noida, etc. |
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No. of Employees : |
22 (Approximately) (Office – 8 and Factory – 14) |
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Bankers : |
· State Bank of India, Commercial Branch, Nazafgarh, New Delhi –
110 015, India · State Bank of India, Bhiwadi · HDFC Bank · ICICI Bank · ABN Amro Bank ·
Punjab National Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institute: |
· Rajasthan Financial Corporation, Udyog Bhawan, RIICO Chowk, Alwar-301019, Rajasthan, India |
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Auditors : |
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Name : |
Khiwani and Company Chartered Accountants |
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Address : |
23/26, 2nd Floor, Main Market, |
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Tel. No.: |
91-11-25714542 / 25758388 |
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Fax No.: |
91-11-42481491 |
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E-Mail : |
CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
750000 |
Equity shares |
Rs.10/- each |
Rs.7.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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670000 |
Equity shares |
Rs.10/- each |
Rs.6.700
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
6.700 |
0.510 |
0.510 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.627 |
0.342 |
0.411 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
7.327 |
0.852 |
0.921 |
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LOAN FUNDS |
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1] Secured Loans |
5.789 |
10.110 |
12.768 |
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2] Unsecured Loans |
6.925 |
11.618 |
10.235 |
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TOTAL BORROWING |
12.714 |
21.728 |
23.003 |
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DEFERRED TAX LIABILITIES |
0.302 |
0.119 |
0.064 |
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TOTAL |
20.343 |
22.699 |
23.988 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
22.670 |
20.004 |
18.202 |
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Capital work-in-progress |
0.186 |
0.000 |
0.162 |
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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 |
15.631 |
14.988 |
10.418 |
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Sundry Debtors |
4.541 |
3.970 |
5.201 |
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Cash & Bank Balances |
3.918 |
1.236 |
2.355 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
2.726 |
2.198 |
2.563 |
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Total
Current Assets |
26.816
|
22.392
|
20.537
|
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditor |
18.272 |
11.785 |
6.901 |
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Other Current Liabilities |
18.531 |
7.353 |
7.593 |
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Provisions |
0.526 |
0.559 |
0.419 |
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Total
Current Liabilities |
29.329
|
19.697 |
14.913 |
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Net Current Assets |
(2.513)
|
2.695 |
5.624 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
20.343 |
22.699 |
23.988 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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|
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Income |
67.025 |
36.788 |
39.773 |
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Other Income |
0.933 |
0.739 |
1.566 |
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TOTAL (A) |
67.958 |
37.527 |
41.339 |
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Less |
EXPENSES |
|
|
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|
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TOTAL (B) |
64.430 |
33.567 |
37.416 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3.528 |
3.960 |
3.923 |
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Less |
FINANCIAL
EXPENSES (D) |
1.868 |
2.829 |
2.952 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.660 |
1.131 |
0.971 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.106 |
1.005 |
0.776 |
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PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
0.554 |
0.126 |
0.195 |
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Less |
TAX (H) |
0.269 |
0.195 |
(0.115) |
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PROFIT/ (LOSS) AFTER TAX (G-H) (I) |
0.285 |
(0.069) |
0.310 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
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Export Earnings |
2.546 |
3.397 |
6.334 |
|
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TOTAL EARNINGS |
2.546 |
3.397 |
6.334 |
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IMPORTS |
|
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Raw Materials/ Machineries for Trading |
2.714 |
NIL |
NIL
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TOTAL IMPORTS |
2.714 |
NIL
|
NIL
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Earnings Per
Share (Rs.) |
2.24 |
(1.36) |
6.08 |
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Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
90.000 |
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The above information has been parted by Mr. Shekhar.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.42
|
(0.18)
|
0.75
|
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Net Profit Margin (PBT/Sales) |
(%) |
0.83
|
0.34
|
0.49
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.12
|
0.30
|
0.50
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.15
|
0.21
|
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Debt Equity Ratio (Total Liability/Networth) |
|
5.74
|
48.62 |
41.17 |
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|
Current Ratio (Current Asset/Current Liability) |
|
0.91
|
1.14 |
1.37 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The registered office of the company has been shifted from G-58, Bali
Nagar, Delhi – 110015, India to present address w.e.f. 20.08.2008.
TRADE REFERENCE:
· JASOP Enterprises, Delhi
· Efkay Electrical, Delhi
OPERATIONS:
The company achieved a Turnover of Rs.67.025 Millions during the current
year as against a turnover of Rs.36.788 Millions during the previous year.
During the year the company is able to achieve Pre Tax Profits of
Rs.55.398 Million as against Pre Tax Profit of Rs.0.126 Millions in previous
year.
The company’s products have been well received in the market and company
has been able to procure goods orders for the subsequent year and is hopeful of
doing much better in the coming year.
Bankers Charges Report
as per Registry
|
Corporate
identity number of the company |
U71200DL1985PTC019926 |
|
Name of the
company |
JOGINDRA ENGINEERING WORKS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B-6, 70 Rama Road, New Delhi – 110015, India |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Immovable Property Book Debts Movable Property Others: Hypothecation of Plant and Machinery |
|
Particular of
charge holder |
Rajasthan Financial Corporation, Udyog Bhawan, RIICO Chowk, Alwar-301019, Rajasthan, India |
|
Nature of instrument
creating charge |
Short term loan
agreement between the financial corporation and borrower. |
|
Date of
instrument Creating the charge |
13.10.2010 |
|
Amount secured by
the charge |
Rs.7.100 Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest 11.50% Terms of
Repayment Short Term Loan
shall be repayable in 82 months including the moratorium period not exceeding
5 months. 82 equated monthly
installments of Rs.130800/-. First 5 cheques shall be towards interest only
and remaining are against principal and interest through post dated cheques. Margin As per bank norms Extent and
Operation of the charge Equitable
mortgage by deposit of title documents of the land, building and
hypothecation of plant and machinery situated at Plot No. 586, IA, Bhiwandi,
District Aliwar, Rajasthan By Assignment of
all books, outstanding monies, receivables and claims, bills contracts,
investments right and assets |
|
Short particulars
of the property charged |
Equitable
mortgage by deposit of title documents of the land, building and
hypothecation of plant and machinery |
FIXED ASSETS:
S
Air Conditioner
S
Camera
S
Computer
S
Lap Top
S
Cycle
S
DG. Sets
S
Inverter
S
Fan
S
Furniture and Fixtures
S
Machinery
S
Mobile Phone
S
Office Equipment
S
Pager
S
Scooter
S
Printer
S
Electric Installation
S
Television
S
Tools and Appliances
S
Typewriter
S
Weighing Scale
S
Building
S
Land
WEBSITE DETAILS:
PROFILE:
Subject is a manufacturer of a wide range of Plastic Processing
Machines, namely Heating Cooling Mixers, Ribbon Blenders for compounding of Dry
Blends, for Rigid/Plasticized PVC for processing of (Pipes, Cables, Footwear’s,
Blow Moulding), Thermoplastics, ABS, PE, PP, EVA, Ceramics, Pharmaceuticals,
Chemicals, Colours and Food Stuffs, Red Mud processing etc. Besides, the
company is also manufacturing Deflashers, Sand and Shoot Blasting Machines and
Textile Processing Plant and Machinery.
Subject established in 1959, has touched new horizons. The continuous R
& D, strict quality control and adoption of latest technology have resulted
in the development and production of new generation machineries indigenously. A
planned and scientific approach in managing and organizing the operation at
each manufacturing stage has led to great achievement in upgrading efficiency,
reducing down times ultimately resulting in repeat orders from the leader in
this industry.
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.44.05 |
|
|
1 |
Rs.72.40 |
|
Euro |
1 |
Rs.63.46 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
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.