MIRA
INFORM REPORT
|
Report Date : |
22.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
JAIN BROTHERS SANITATION
PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
12, SSI Industrial Area, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
25.03.1997 |
|
|
|
|
Com. Reg. No.: |
55-86086 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 11.572 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U26914DL1997PTC086086 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELJ04142F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Stainless Steel Kitchen Sinks. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 92000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 but correct. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office / Factory : |
12, SSI Industrial Area, GT
Karnal Road, New Delhi – 110 033, India |
|
Tel. No.: |
91-11-27693301-03 |
|
R I M : |
91-11-32589152 / 53 |
|
Fax No.: |
91-11-27693305 |
|
E-Mail : |
|
|
Website : |
http://www.jaynasinks.com, http://jainbrothers.tradeindia.com |
|
|
|
|
Shoowrooms: |
The Jayna Gallary C-65, First Floor, Sharda Puri, Mob No.: 91-9311868828 5 Koteshwar Palace, Jiwa Mahale Marg, Opposite Garware, Andheri
(West), Mumbai – 400 069, Tel No.- 91-22-26846565 |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr .Naresh Kumar Jain |
|
Designation : |
Director |
|
Address : |
BH -36, East Shalimar Bagh, |
|
Date of Birth/Age : |
05.12.1966 |
|
Date of Appointment : |
25.03.1997 |
|
DIN No.: |
00833524 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U26914DL1997PTC086086 |
JAIN
BROTHERS SANITATION PRIVATE LIMITED |
Director |
25-03-97 |
25-03-97 |
Active |
NO |
|
2 |
U45201DL2002PTC118004 |
MOHIL
ESTATES PRIVATE LIMITED |
Director |
12-12-02 |
12-12-02 |
Active |
NO |
|
3 |
U70102DL2007PLC161782 |
STARGOLD
ESTATE LIMITED |
Director |
09-04-07 |
09-04-07 |
Active |
NO |
|
4 |
U70109DL2008PTC177015 |
N R REALTORS
PRIVATE LIMITED |
Director |
22-04-08 |
22-04-08 |
Active |
NO |
|
Name : |
Mr. Satya Prakash Jain |
|
Designation : |
Director |
|
Address : |
BH -36, East Shalimar Bagh, |
|
Date of Birth/Age : |
11.11.1959 |
|
Date of Appointment : |
25.03.1997 |
|
DIN No.: |
00065273 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U26914DL1997PTC086086 |
JAIN
BROTHERS SANITATION PRIVATE LIMITED |
Director |
25-03-97 |
25-03-97 |
Active |
NO |
|
2 |
U45201DL2002PTC118004 |
MOHIL
ESTATES PRIVATE LIMITED |
Director |
12-12-02 |
12-12-02 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Satya Prakash Jain |
215100 |
|
Naresh Kumar Jain |
195100 |
AS ON 30.09.2010
|
Equity Shares
Break Up |
Percentage |
|
Bodies corporate |
3.02 |
|
Directors or relatives of Directors |
96.98 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Stainless Steel Kitchen Sinks. |
|
|
|
|
Products : |
·
Kitchen Sinks ·
Faucets ·
Floor ·
Drains ·
Wash Basins ·
·
Accessories ·
Globus Sqare |
|
|
|
|
Brand Names : |
‘JAYNA’ |
GENERAL INFORMATION
|
Bankers : |
·
Small Industries Development Bank of India,
Videcon Tower, E-1, Ground Floor, Rani Jhansi Road, Jhandewalan Extension,
New Delhi-110055, India ·
The
Bank of Rajasthan Limited, Sarai Pipal Thala, Adarsh Nagar, New Delhi – 110
033, Delhi, India ·
ICICI Bank Limited ·
Punjab National Bank ·
HDFC Bank |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S Chand Jain and Company Chartered Accountants |
|
Address : |
39/102 |
|
E-Mail : |
|
|
Pan No.: |
AAEPJ1390G |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1157200 |
Equity Shares |
Rs.10/- each |
Rs. 11.572
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
11.572 |
11.572 |
11.222 |
|
|
2] Share Application Money |
0.000 |
0.000 |
6.720 |
|
|
3] Reserves & Surplus |
11.523 |
11.377 |
0.328 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
23.095 |
22.949 |
18.270 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
11.128 |
5.641 |
4.773 |
|
|
2] Unsecured Loans |
31.933 |
18.783 |
16.962 |
|
|
TOTAL BORROWING |
43.061 |
24.424 |
21.735 |
|
|
DEFERRED TAX LIABILITIES |
0.524 |
0.085 |
0.212 |
|
|
|
|
|
|
|
|
TOTAL |
66.680 |
47.458 |
40.217 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
49.537 |
35.586 |
30.043 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
20.790
|
12.950 |
7.920
|
|
|
Sundry Debtors |
48.788
|
41.991 |
32.963
|
|
|
Cash & Bank Balances |
3.316
|
2.179 |
5.709
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
5.639
|
6.039 |
5.989
|
|
Total
Current Assets |
78.533
|
63.159 |
52.581 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
54.298
|
39.354 |
28.714 |
|
|
Other Current Liabilities |
4.250
|
9.200 |
11.850
|
|
|
Provisions |
2.842
|
2.733 |
1.843
|
|
Total
Current Liabilities |
61.390
|
51.287 |
42.407 |
|
|
Net Current Assets |
17.143
|
11.872 |
10.174
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
66.680 |
47.458 |
40.217 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
GROSS INCOME |
130.621 |
118.876 |
97.976 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
0.437 |
1.795 |
0.182 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(0.291) |
0.616 |
0.276 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.146 |
1.179 |
(0.094) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
-- |
1.02 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.34
|
1.82 |
0.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.08 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.55
|
3.30 |
3.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.28
|
1.23 |
1.24 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULT
During the year
the company has the Gross Income of Rs.130.622 Millions (Previous year Rs.
118.876 Millions). The accounts for the year ended 31st March,2011 show the Net
Profit of Rs.0.145 Million (Previous year Net Profit of Rs. 1.179 Millions)
after providing Provision for Taxation of Rs. 0.148 (Previous year Rs. 0.744
Millions) and Provisions for deferred tax of Rs.(0.440 Millions) (previous year
of Rs. 0.127 Millions)
FORM 8
|
Corporate
identity number of the company |
U26914DL1997PTC086086 |
|
Name of the
company |
JAIN BROTHERS SANITATION PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
12, SSI Industrial Area, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
property Movable property
(not being pledge) |
|
Particular of
charge holder |
Small Industries Development Bank of India, Videcon Tower, E-1, Ground
Floor, Rani Jhansi Road, Jhandewalan Extension, New Delhi-110055, India |
|
Nature of
instrument creating charge |
Loan Agreement
dated March 07, 2011 / Deed of Hypothecation dated March 07, 2011 and
Declaration and Undertaking for mortgage by way of deposit of Title Deeds
dated March 14, 2011 executed by the company in favour of SIDBI for creation
of charge on movable / immovable assets of the company. |
|
Date of instrument
Creating the charge |
14.03.2011 |
|
Amount secured by
the charge |
Rs. 50.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest SIDBI's PLR-100
bps rising or falling there with, monthly rests on the principal amt of the
Loan O/s from time to time. The current SIDBI PLR being 11.00 % and current
effective ROI being 10%pa Terms of repayment The loan shall be
repayable in 72 monthly installment commencing after 12 months from the date of
first disb comprising of First 5 installment of Rs 0.525 million each, 6th to
17th installment of Rs. 0.575 million each, 18th to 29th installment of
Rs.0.650 million each, 30th to 41st installment of Rs.0.700 million each,
42nd to 53rd installment of Rs. 0.750 million each, 54th to 71st installment
of Rs. 0.800 million each and last 72nd installment of Rs. 0.875 million. The
payment of such installment shall be 10th of each month each year. Margin 30.89% of the
Project Cost i.e. Rs. 72.350 millions Promoter's
contribution of Rs. 22.350 millions (Rs.12.500 millions by way of Share
Capital / Share Premium and Rs. 9.850 millions by way of Interest Free
Unsecured Loans) Extent and operation of the charge The charge
operates as a first charge on the movable / immovable properties of the
company of the Borrower in favour of SIDBI to secure the due repayment and
discharge by the company to SIDBI of its term loan of Rs.12.500 millions
together with all dues payable in terms of Letter of Intent dated Feb.17, 2011
/ Loan Agreement dated Mar.07, 2011 / Terms and Conditions of Sanction, as
may be amended / modified from time to time. Other The loan is also
inter alia secured by Personal guarantees of Shri Satya Prakash Jain; Shri
Naresh Kumar Jain, Smt Rani Jain and
Smt Usha Jain |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation of all movables assets, including plant & machinery, equipments, misc. fixed assets, etc, of the borrower's project whether installed or not and whether now lying loose and which have been or proposed to be acquired under the scheme at Plot No.370-371-372, HSIIDC Industrial Estate, Phase - IV, Kundli - 131028, District Sonepat (Haryana) in such form as may be required by SIDBI. Equitable mortgage
of freehold rights of the immovable property bearing Plot No.370-371-372,
HSIIDC Industrial Estate, Phase - IV, Kundli - 131028, Dist Sonepat (Haryana)
admeasuring 5400 sq mtrs in the name of the borrower in such form as may be
required and acceptable by SIDBI. |
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. 51.71 |
|
|
1 |
Rs. 81.41 |
|
Euro |
1 |
Rs. 69.88 |
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 |
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 |
|
|
|
--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 |
|
30 |
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.