MIRA
INFORM REPORT
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Report Date : |
04.10.2011 |
IDENTIFICATION DETAILS
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Name : |
JAISONS INDUSTRIES |
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Registered
Office : |
Basti Bawa Khel, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
28.10.1971 |
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Com. Reg. No.: |
03161095677 |
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Capital
Investment / Paid-up Capital : |
Rs.25.000 Millions |
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TIN No.: |
031610954677 |
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IEC No.: |
3093005159 |
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PAN No.: [Permanent Account No.] |
AAAFJ5878R |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
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Line of Business
: |
Manufacturing and trading of Malleable Galvanized Pipe Fittings for
Natural Gas Transmission, Water Supply and Fire Fighting. Ours is a progressive,
Innovative and profitable organization in the filed of the Malleable
Galvanized pipe fittings serving the needs of customers thorough high quality
and cost effective products and services with concern for people and safety. |
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No. of Employees
: |
90 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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 100000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established partnership concern having satisfactory track.
Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The concern can be considered normal 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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. Ajit |
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Designation : |
Manager |
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Contact No.: |
91-181-5093433 |
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Date : |
30.09.2011 |
LOCATIONS
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Registered Office / Factory : |
Basti Bawa Khel, |
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Tel. No.: |
91-181-5093433
/ 2651431 / 2651733 / 6545333 |
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Mobile No.: |
91-9814088333
(Mr. Rakesh Jain) |
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Fax No.: |
91-181-2650642 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Branch Office: |
203, Ankita Apartments, 43, |
PARTNERS
|
Name : |
Mr. Ashok Jain |
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Designation : |
Partner |
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Address : |
386, lajpat Nagar, Jalandhar 144001, |
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Date of Birth/Age : |
60 Years |
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Qualification : |
M A |
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Experience : |
35 Years |
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Name : |
Mr. Rakesh Jain |
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Designation : |
Partner |
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Address : |
386, lajpat Nagar, Jalandhar 144001, |
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Date of Birth/Age : |
55 Years |
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Qualification : |
B. Tech |
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Experience : |
30 Years |
KEY EXECUTIVES
|
Name : |
Mr. Ajit |
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Designation : |
Manager |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and trading of Malleable Galvanized Pipe Fittings for
Natural Gas Transmission, Water Supply and Fire Fighting. Ours is a
progressive, Innovative and profitable organization in the filed of the
Malleable Galvanized pipe fittings serving the needs of customers thorough
high quality and cost effective products
and services with concern for people and safety. |
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Products : |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 Days) |
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Purchasing : |
Cash and Credit (30 Days) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
90 (Approximately) |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
Not Available |
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Sister Concern : |
Jaisons Malleables, Jalandhar, Line of Business
: Ferrous Casting and CPVC Fittings
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CAPITAL STRUCTURE
As on 31.03.2011
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Capital Investment : |
|
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Owned : |
Rs.25.000 Millions (Estimated) |
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Borrowed : |
-- |
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Total : |
Rs.25.000
Millions (Estimated) |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
31.03.2011 |
31.03.2010 |
|
Sales Turnover (Approximately) |
|
220.000 |
200.000 |
The above information has been parted by Mr. Ajit.
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCES
- Gujarat Gas
Company Limited,
- Mahanagar Gas
Limited,
- Indraprastha Gas Limited
WEBSITE DETAILS
They strive to be a shining star in the field of
Malleable Galvanized Pipe Fittings for Natural Gas Transmission, Water Supply
and Fire Fighting. Ours is a progressive, innovative and profitable
organization in the field of the Malleable Galvanized pipe fittings serving the
needs of customers through high quality and cost effective products and
services with concern for people and safety.
The following are the main concern in achieving our mission.
·
To our customer, they are committed to provide
world standard products maintaining reasonable liquidity to fulfill our
financial obligations to them.
·
To our employees, they are committed to provide a
dynamic developmental environment for achieving personal excellence and growth
and thereby creating a highly motivate work force with a sense of belongingness
to the organization.
·
To the society, they are committed to being a
responsible corporate citizen by following our obligations to the society at
large and also by maintaining high level of safety measure in our products.
PERFORMANCE WITH EXCELLENCE
Mr. Des Raj Jain,
founder of Jainsons Industries started production in 1971 of Malleable Pipe Fittings with
production of 0.15 MT daily with a small capital of Rs.10000/- (US$2000). As
the time passed by, the owners with their intellectual skills and full devotion
has taken the company to a recognizable standard and presently company is
producing 12 MT of fittings daily and have plans to increase the production up
to 16 MT daily within this year. Further they are engaged in marketing of
forged brass valves namely Ball Valves, Gate Valves, Jolly Check Valves, Foot
Valves as well as DUCTILE IRON FIRE FIGHTING FITTINGS, UL/FM
APPROVED..
Howsoever their local market share is about 3%
only. Their product range is Elbow. Tee, Socket, union, Hex Nipple, Plug, Caps,
Cross, Reducer Elbow, Reducer Socket, Reducer Tee etc. from size ˝" to
6" and they are supplying almost 50% production to Compressed Natural Gas
Distribution companies and are looking for similar customers for expansion. At
Jainsons their vision is:
- To provide development
environment to their employees to achieve personal excellence and growth.
- To provide their
customers, world standard products with reasonable prices.
- To contribute to the
society a healthy environment by being a responsible corporate citizen,
with high level of safety standard and professional management.
COMPANY DATA
The Company is producing Galvanized Malleable
Cast Iron Fittings i.e. Elbows, Tee, Socket, Union, Hex Nipple, Plug, Caps,
Cross, Reducer Elbow, Reducer Socket, Reducer Tee etc. from size ˝" to
6" for water supply, pipe joints in sanitary and for distribution of piped
Compressed Natural Gas in house holds. Standards followed are as per IS :
1879, BS-143 and ANSI B-16.3, EN-10242, ISO 9001 : 2008. They have been supplying pipe
fittings for last five years for piped gas to M/s. Gujarat Gas Co. Ltd., Surat
( a British Gas Subsidiary), M/s. Mahanagar Gas Ltd., Mumbai ( a Joint Venture of
GAIL and BPCL Delhi), Indraprastha Gas Ltd., New Delhi and GAIL India Ltd.
Delhi as well as to Delhi Metro Rail Corporation, Delhi and Adani Gas Ltd,
Ahmedabad. Moreover their Black Ductile Iron Screwed fittings duly approved by
UL/FM have been approved at following Projects in
·
Tata Housing
·
ITC's Today Hotel
Project in Bengaluru as well as in
·
·
·
EROS Group's 2 Five
Star Hotels coming up in NCR Region –
a).
b). Mayur Vihar
·
Wipro group, Gurgaon
·
Toshiba – Chennai
·
TRIL – Chennai
·
·
Marriot Hotel,
·
Westin Hotel, Gurgaon
etc
·
Nokia India Pvt. Ltd.,
Sriperumpudur (Tamil Nadu)
·
Their fittings have
been approved for Common Wealth Games Project too
The quality policy of the company is to provide safer, reliable and quality products
at competitive prices to their customers by continuously improving their
technology and systems comparable to International Standards. Company has got
in house facilities for chemical and physical testing of raw castings, annealed
castings and galvanized castings. Pipe fittings for gas are subjected to a
pneumatic test pressure of 15 Kg/cm2 while fully immersed in water. At JSI
the following Quality Objectives are set:
- To be a customer
driven company.
- To excel in the chosen
fields of business
Their quality system
has been certified as per ISO 9001:2008 thru UL/FM.
The company has an annual installed capacity of
3500 MT at present company is expecting to utilize 80% of its capacity i.e.
2800 MT and reserve 20% of its unutilized capacity for exports. The company has
wide range of products with size ˝" to 6". The products are tested at
hydraulic pressure of 300 lbs./inch2 /20 Kgs/cm2. Cost Iron,
Steel Scrap and H.G. Zinc are used in making the products. All facilities are
under single roof and at present no subcontracting is done.
PRODUCTION EQUIPMENT
The Company has installed the following machinery
and equipment : -
- One Induction furnace
350 K
- Four Shot Blasting
Machines, complete with cleaning capacity 3 MT daily each.
- Five Annealing
Furnaces Oil Fired with 20 MT Capacity per Batch.
- Five Grinding
Attachment for Grinding @ 20 MT per attachment per single shift.
- One Oil Fired
Galvanizing Furnaces with capacity 1 MT per hour.
- Eight Gear Machines
2" Threading capacity 100 K.G. each per hour.
- 2" Size Automatic
Gear Machines Double type with capacity 500 K.G. each/daily .
- Five Drill Machines up
to 2" capacity.
- Eight Lathe Machines
4˝’.
- Four Lathe Machines
6’.
- Three Generator Sets
15 KVA and 125 KVA / 600 KVA.
- And many more being
added on regular basis
INFRASTRUCTURE (WORKING ENVIRONMENT)
The company is a member of Indian Standards
Institute (Bureau of Indian Standards) and is taking guidance for manufacturing
and testing of Malleable Fittings.
Moreover company is registered with Central
Institute of Hand Tools, Jalandhar having test facilities of each and every
type including calibration facilities of all type of gauges and instruments.
The company is also registered with National Small Industries Corporation and Small
Industries Services Institute,
The company quality system has been certified as
per ISO 9001: 2008.
The Company has fully paid up capital of
Rs.38.000 Millions (US$ 800000) with a turnover of Rs.198.000 Millions
(US$ 3.22 Million) and profit of Rs.12.000 Millions (US$ 240000). The
investment made by family depositors is Rs.45.000 Millions (US$ 9,50,000) as on
31st of March 2010. Growth rate of the company over the last three years is
20%.
The Company is planning to achieve a turnover
above Rs.220.000 Millions (US$ 5.00 Million) in the current year and is
planning to make exports up to Rs.100.000 Millions (US$ 2 Million) in the
current year 2010-2011.
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.49.42 |
|
|
1 |
Rs.76.72 |
|
Euro |
1 |
Rs.65.85 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.