MIRA
INFORM REPORT
|
Report Date : |
13.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
JINDAL ELECTRONICS PRIVATE LIMITED |
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Registered
Office : |
50 Ambar Talab, Roorkee – 247 667, Uttarakhand |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
29.04.1977 |
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Com. Reg. No.: |
20-4410 |
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Capital
Investment / Paid-up Capital : |
Rs.0.902 million |
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CIN No.: [Company Identification
No.] |
U29300UR1977PTC004410 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter, Wholesaler and Distributor of Hydrogen Gas Power,
Flat Sensors, Spiral Strip Tubes etc.
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No. of Employees
: |
45 Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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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 10000 |
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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 : |
Subject is an old and established company having moderate track. There
appears to be some dip in the turnover of the company. Profitability of the
company is 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. |
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
|
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
|
Name : |
Mr. Rajiv Jindal |
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Designation : |
Chairman |
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Contact No.: |
91-9897023311 / 9897414444 |
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Date : |
09.07.2011 |
LOCATIONS
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Registered Office : |
50 Ambar Talab, Roorkee – 247 667, |
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Tel. No.: |
91-1332-262207 |
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Mobile No.: |
91-9897023311 (Mr. Rajiv Jindal) |
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Fax No.: |
91-1332-264553 |
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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 |
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Factory : |
15-16, Industrial Estate, Roorkee – 247667, |
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Tel. No.: |
91-1332-262207 / 263062 |
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Fax No.: |
91-1332-264553 |
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Area : |
1200 Sq. ft. |
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Location : |
Owned |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Rajiv Jindal |
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Designation : |
Director |
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Address : |
50 East Ambar Talab, Roorkee – 247 667, |
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Date of Birth/Age : |
15.03.1951 |
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Date of Appointment : |
29.04.1977 |
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DIN No. : |
02420018 |
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Name : |
Mrs. Renu Jindal |
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Designation : |
Director |
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Address : |
50 Ambar Talab, Roorkee – 247 667, |
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Date of Birth/Age : |
06.02.1958 |
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Date of Appointment : |
12.03.1986 |
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DIN No. : |
02420051 |
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Name : |
Mr. Neeraj Jindal |
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Designation : |
Director |
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Address : |
50, East Ambar Talab, Roorkee – 247 667, |
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Date of Birth/Age : |
03.01.1952 |
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Date of Ceasing : |
17.08.2009 |
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DIN No. : |
02419933 |
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Name : |
Ms. Abha Jindal |
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Designation : |
Director |
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Address : |
50, East Ambar Talab, Roorkee – 247 667, |
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Date of Birth/Age : |
26.10.1958 |
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Date of Ceasing : |
17.08.2009 |
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DIN No. : |
02420233 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Rajiv Jindal |
|
34285 |
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Renu Jindal |
|
10800 |
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Divya Deep Jindal |
|
24335 |
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Mili Jindal |
|
20750 |
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Total |
|
90170 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter, Wholesaler and Distributor of Hydrogen Gas
Power, Flat Sensors, Spiral Strip Tubes etc.
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Products : |
·
Bearing Temperature
Detectors ·
Refrigerated Hydrogen
Gas Dryer ·
Flat Sensors ·
Spiral Strip Tubes ·
Thermocouples ·
Junction Boxes ·
Rotor Temperature
Indicator ·
Thermocouple Head ·
Heat Exchangers ·
Ceiling Fans ·
Solder Wires ·
Bar ·
Flux ·
Welding Machine (Arc ,
Mini plasma, Mig, Tig) ·
Special Purpose Welding
Machine ·
Teflon Wire/Cable ·
Aluminium Die Castings ·
Power Supply Unit Also, they are OEM service providers for the following products ·
Generators ·
Motors ·
Control Gears ·
Hydro Turbines and
Steam Gas ·
Traction ·
TCS and RTDs. |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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GENERAL INFORMATION
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No. of Employees : |
45 Approximately |
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Bankers : |
·
Canara Bank Branch Anaj Mandi, Roorkee – 247 667, ·
HDFC Bank ·
ICICI Bank Limited ·
Punjab National Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sharma Jitender Kumar Chartered Accountant |
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Address : |
S-524, Main Vikas Marg, Shakarpur, |
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Associates/Subsidiaries : |
Rajiv Jindal Electronics, Uttarakhand
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CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
90170 |
Equity Shares |
Rs.10/- each |
Rs.0.902
million |
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 |
0.902 |
0.902 |
0.902 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.556 |
1.167 |
0.895 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.458 |
2.069 |
1.797 |
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LOAN FUNDS |
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1] Secured Loans |
4.601 |
7.196 |
7.000 |
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2] Unsecured Loans |
1.998 |
1.998 |
1.998 |
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TOTAL BORROWING |
6.599 |
9.194 |
8.998 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
9.057 |
11.263 |
10.795 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.842 |
3.718 |
3.468 |
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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 |
0.254
|
0.426 |
0.485 |
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Sundry Debtors |
11.825
|
11.560 |
12.636 |
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Cash & Bank Balances |
0.489
|
0.077 |
0.308 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.290
|
1.655 |
1.924 |
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Total
Current Assets |
12.858
|
13.718 |
15.353 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
5.356
|
3.096 |
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Other Current Liabilities |
2.093
|
2.747 |
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Provisions |
0.194
|
0.330 |
0.209 |
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Total
Current Liabilities |
7.643
|
6.173 |
8.026 |
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Net Current Assets |
5.215
|
7.545 |
7.327 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
9.057 |
11.263 |
10.795 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Turnover / Other Income |
|
29.694 (Due to
Recession) |
40.294 (Turnover) |
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TOTAL |
|
29.694 |
NA |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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Financial Expenses |
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TOTAL |
|
28.452 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
1.242 |
1.308 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.685 |
0.528 |
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PROFIT BEFORE
TAX |
|
0.557 |
0.780 |
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Less |
TAX |
|
0.168 |
0.508 |
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PROFIT AFTER TAX
(G-H) |
|
0.389 |
0.272 |
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EARNINGS IN
FOREIGN CURRENCY |
|
NA |
0.155 |
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IMPORTS |
|
NA |
2.160 |
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Earnings Per
Share (Rs.) |
|
14.96 |
-- |
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Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
35.000 |
Expected Sales (2011-2012) : Rs.40.000 millions
The above information has been parted by Mr. Rajiv Jindal
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.31
|
NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
1.94 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.34
|
4.47 |
NA |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.38 |
NA |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
5.79
|
7.43 |
9.47 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.68
|
2.22 |
1.91 |
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCES
·
BHEL
·
Nelco Power House
·
NTPC
FORM 8
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
90277756 |
|
Corporate
identity number of the company |
U29300UR1977PTC004410 |
|
Name of the
company |
JINDAL
ELECTRONICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
50 Ambar Talab, Roorkee – 247 667, |
|
Type of charge |
·
Book Debts ·
Others o
Secured Demand Bills and bank guarantee |
|
Particular of
charge holder |
Canara Bank Branch Anaj Mandi, Roorkee – 247 667, |
|
Nature of
description of the instrument creating or modifying the charge |
Sanction Letter,
Agreement for Secured Demand Bills, Agreement Re: Advances against Book Debts
as prime Security, draft of ledtd to be used where additional limit is
guarantee on the very security |
|
Date of
instrument Creating the charge |
15.04.2008 |
|
Amount secured by
the charge |
Rs.8.650 millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 13% Terms of
Repayment No change Margin In case of
Secured Demand Bills : 25% In case of Book
Debts : 40% In case of Bank
Guarantee : 25% Extent and
Operation of the charge 100% i.e. the charge
shall operate to the extent of Rs.8.650 millions plus interest and additional interest, if
any accrued thereon. Others Nil |
|
Short particulars
of the property charged |
(1) EMT of Land
and Building situated at 15-16, Industrial Estate, Roorkee (2) Hypothecation
of Plant and Machinery (3) Hypothecation
of Book Debts (4) Pledge of
Bank Deposit / Demand Bill (4) Personal
guarantee of directors |
|
Date of latest
modification prior to the present modification |
11.07.2005 |
|
Particulars of the
present modification |
The overall limit
has been increase from Rs.7.650 millions to Rs.8.650 millions with increase
of Book debts from Nil to Rs.1.000
million. |
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 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.44.69 |
|
|
1 |
Rs.70.87 |
|
Euro |
1 |
Rs.62.25 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.