MIRA
INFORM REPORT
|
Report Date : |
9th
November, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
JAITEX
EXPORTS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
E-633,
MIA, 8th Road, Basni Phase – II, Jodhpur – 342 005, Rajasthan,
India |
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|
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|
Country : |
India |
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|
Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
14.09.1994 |
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Com. Reg. No.: |
17-8776 |
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CIN No.: [Company
Identification No.] |
U74994RJ1994PTC008776 |
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|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
JDHJ01134A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACJ3351Q |
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|
|
|
Legal Form : |
Private
Limited Liability Company |
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|
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Line of Business : |
Manufacturer,
Exporter and Trader of Wooden Furniture, Decorative PCS, Handicrafts,
Scarves, Home Furnishing, Bed Sides, Beeds, etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
30000 |
|
|
|
|
Status : |
Satisfactory
|
|
|
|
|
Payment Behaviour : |
Usually
Correct |
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|
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Trade relations are
fair. General financial position is satisfactory. Payments are usually
correct and as per commitments. The company can be considered normal for business
dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
E-633,
MIA, 8th Road, Basni Phase – II, Jodhpur – 342 005, Rajasthan,
India |
|
Tel. No.: |
91-291-2742630/
2740243 |
|
Mobile No.: |
91-9829023388 |
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Fax No.: |
91-291-2740241 |
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E-Mail : |
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Website : |
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Area : |
8000
sq. meters |
|
Location : |
Owned |
|
|
|
|
Factory
1 : |
E-633,
MIA, 8th Road, Basni Phase – II, Jodhpur – 342 005, Rajasthan,
India |
|
Tel.
No.: |
91-291-2742630/
2740243 |
|
Mobile
No. : |
91-9829023388 |
|
Fax
No.: |
91-291-2740241 |
|
E-Mail
: |
|
|
Area : |
8000
sq. meters |
|
Location : |
Owned |
|
|
|
DIRECTORS
|
Name : |
Mrs.
Sarla Minni |
|
Designation : |
Director
|
|
Address : |
E 93,
Shastri Nagar, Jodhpur – 342 003, Rajasthan, India |
|
Date of Birth/Age : |
30.03.1951 |
|
Qualification : |
Graduate
|
|
Date of Appointment : |
14.09.1994 |
|
|
|
|
Name : |
Mr.
Ashish Minni |
|
Designation : |
Director
|
|
Address : |
E 93,
Shastri Nagar, Jodhpur – 342 003, Rajasthan, India |
|
Date of Birth/Age : |
07.01.1984 |
|
Qualification : |
Graduate
|
|
Experience : |
10
Years |
|
Date of Appointment : |
16.04.2003 |
|
|
|
|
Name : |
Mr.
Subodh Minni |
|
Designation : |
Director
|
|
Address : |
E 93,
Shastri Nagar, Jodhpur – 342 003, Rajasthan, India |
|
Date of Birth/Age : |
11.02.1960 |
|
Qualification : |
Graduate
|
|
Experience : |
12
Years |
|
Date of Appointment : |
14.09.1994 |
|
|
|
|
Name : |
Mrs.
Siriya Devi Minni |
|
Designation : |
Director
|
|
Address : |
E 93,
Shastri Nagar, Jodhpur – 342 003, Rajasthan, India |
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Date of Birth/Age : |
09.09.1932 |
|
Date of Appointment : |
14.09.1994 |
|
|
|
|
Name : |
Mrs.
Sujata Minni |
|
Designation : |
Director
|
|
Address : |
E 93,
Shastri Nagar, Jodhpur – 342 003, Rajasthan, India |
|
Date of Birth/Age : |
07.01.1963 |
|
Date of Appointment : |
16.04.2003 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mr.
Subodh Minni |
|
11510 |
|
Mrs.
Sarla Minni |
|
5010 |
|
Mrs.
Siriya Devi Minni |
|
5010 |
|
Mr.
Ashish Minni |
|
26500 |
|
JVS
Traders Private Limited |
|
10000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Exporter and Trader of Wooden Furniture, Decorative PCS, Handicrafts,
Scarves, Home Furnishing, Bed Sides, Beeds, etc. |
|
|
|
|
Products : |
®
Wooden
Furniture ®
Decorative
PCS ®
Handicrafts ®
Scarves ®
Home
Furnishing ®
Bed
Sides ®
Beeds ®
Cotton
Handkerchives / Scarf ®
Silk
Handkerchives / Scarf ®
Viscose
. Chiffon Handkerchives/ Scarf |
|
|
|
|
Exports to : |
USA,
Spain, Italy, Switzerland, France, Germany, Finland, Netherlands and South
Africa |
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|
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Terms : |
|
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Selling : |
L/C
and Cash upto 60 days basis |
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|
|
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Purchasing : |
L/C
and Cash upto 60 days basis |
GENERAL
INFORMATION
|
Customers : |
®
Wholesalers
®
Foreign
Marketers ®
End
Users |
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|
|
|
No. of Employees : |
Around
120 |
|
|
|
|
Bankers : |
®
State
Bank of Bikaner and Jaipur Jodhpur, Rajasthan, India |
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Facilities : |
Credit
Limit: Rs. 5.000 millions |
|
|
|
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Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
Maheshwari
and Jain Chartered
Accountants Jodhpur,
Rajasthan, India |
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|
|
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Sister Concerns : |
®
Jaitex
India
Jodhpur, Rajasthan, India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity
Shares |
Rs. 10/- |
Rs. 1.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
58030 |
Equity
Shares |
Rs. 10/- |
Rs. 0.580 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.580 |
0.680 |
|
|
2] Share Application Money |
|
2.400 |
0.000 |
|
|
3] Reserves & Surplus |
|
4.289 |
4.185 |
|
|
NETWORTH |
|
7.269 |
4.865 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
1.661 |
3.478 |
|
|
2] Unsecured Loans |
|
2.513 |
1.475 |
|
|
TOTAL BORROWING |
|
4.174 |
4.953 |
|
|
DEFERRED TAX LIABILITIES |
|
0.367 |
0.294 |
|
|
|
|
|
|
|
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TOTAL |
|
11.810 |
10.112 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
|
5.954 |
6.110 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
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|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
2.214 |
2.306 |
|
|
Sundry Debtors |
|
5.450 |
4.600 |
|
|
Cash & Bank Balances |
|
0.257 |
1.606 |
|
|
Other Current Assets |
|
0.045 |
0.048 |
|
|
Loans & Advances |
|
0.171 |
0.899 |
|
Total Current Assets |
|
8.137 |
9.459 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
4.281 |
5.457 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total Current Liabilities |
|
4.281 |
5.457 |
|
|
Net Current Assets |
|
3.856 |
4.002 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
2.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
11.810 |
10.112 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
14.533 |
13.437 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
0.181 |
0.341 |
|
Provision
for Taxation |
|
0.077 |
0.133 |
|
Profit/(Loss)
After Tax |
|
0.104 |
0.208 |
|
|
|
|
|
|
Export
Value |
|
3.614 |
0.430 |
|
|
|
|
|
|
Total
Expenditure |
|
14.351 |
13.778 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
0.71 |
1.54 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
|
1.24 |
2.53 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
1.28 |
2.19 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
|
0.02 |
0.07 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
1.94 |
3.20 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
1.90 |
1.73 |
LOCAL AGENCY
FURTHER INFORMATION
Profile
Jaitex
Exports Private Limited has made an incredible presence
in India especially in the western region. From a relatively small beginning to
a multi million organization
today, it has been a long but youthful and rewarding journey.
Strength
It manufacture everything under one roof
with close supervision of highly skilled European and Indian Managers &
Technicians.
About Products
The company manufacture Wooden Handicraft Furniture and similar products such as Exclusive European and Indian Furniture, Antique Reproduction Furniture, such as Chairs, Tables, Almirahs, Cabinets, Racks, Shelves, Garden Rooms, Beds, Bedsides, Sideboards, Cupboards, and Screens. Besides these, whatever production of whatever required by customers is possible.
It mainly use the Seesham Wood, but as per demand and economical pricing Mango and Babool (Akasiya Wood) is also used. For Antique Reproduction Prouducts, 100-150 years old wood is used.
First, wood is treated chemically to remove termites and insects and then put to temperature for seasoning and removal of moisture. At different stages skilled supervisors control and monitor the process. The moisture is checked by Moisture Metre.
Every plank is checked by a group of
skilled workers and rejections are put out. The process is then followed by
Cutting, Plaining, Shaping and Assembling, Joining and finally Finishing,
Polishing, and Packing by providing different kinds of fittings such as
Wooden/Brass/Copper/Iron whatever specified by customers.
It manufactures everything under one roof (8000 Sq. Mts.) with close supervision of highly skilled European and Indian Managers and Technicians.
It maintain inventory levels of all
products in the most popular finish combinations. However, products that are
not in stock are still available for purchase. If you order a product that is
out of stock you will be notified within 2-3 business days of your approximate
delivery date. If your order is "time sensitive" we suggest calling
(91-291-2742630, 2740243) to ensure a product is in stock.
Trade
References:
®
Overseas
Trading Company, USA
®
Uetex
Computers Private Limited, jodhpur, Rajasthan, India
®
Shri
Gunpati Udhyog, jodhpur, Rajasthan, India
®
Star
Handicrafts Emporium, Saharanpur
®
Jangid
Art and Crafts, jodhpur, Rajasthan, India
Bankers
Charges Report as per Registry
Name of the Company : Jaitex Exports Private
Limited
Presented by : -- Mr. Subodh Minni, Director
|
1.
Date and description of the instrument creating or evidencing the charge
|
Letter
of hypothecation and bills purchase/ discount agreement dated 27.02.1996 |
|
2.
Amount secured by the charge /amount
owing on security of the charge |
Rs.
2.500 millions |
|
3.
Short Particular of the property charged. If the property acquired is subject to
change date of acquisition of property should be
given
|
Hypothecation
over stocks of raw materials, stock in process and finished goods and bills
discounting. |
|
4.
Gist of the terms and conditions and extent and operation of the charge. |
Interest
: 13% Repayment
: on demand Margin
(for stocks) : 10% |
|
5.
Names, address and description of the
persons entitled to charge |
State
Bank of Bikaner and Jaipur Industrial
Estate, Jodhpur, Rajasthan, India |
|
6.
Date and brief description of instrument modifying the charge |
Letter
confirming deposit of title documents on 30.07.2004 |
|
7.
Particular of modification specifying the terms and conditions or the extent
or operation of the charge in which modification is made and the details of modification |
Banks charges extended over additional
land measuring 1518.47 sq. meters, acquired by the company and situated at
E-633, MIA, 8th Road, Basni Phase – II, Jodhpur – 342 005,
Rajasthan, India by deposit of title documents of land. |
Name of the Company : Jaitex Exports Private
Limited
Presented by : -- Mr. Subodh Minni, Director
|
1.
Date and description of the instrument creating or evidencing the charge
|
Deed
of Guarantee for overall limit dated 29.03.2005 |
|
2.
Amount secured by the charge /amount
owing on security of the charge |
Rs.
1.500 millions |
|
3.
Short Particular of the property charged. If the property acquired is subject to
change date of acquisition of property should be
given
|
Equitable
Mortgage of Immovable Properties of the company. Land and Building situated
at E 633, MIA, Phase II, Basni, Jodhpur, Rajasthan, India |
|
4.
Gist of the terms and conditions and extent and operation of the charge. |
Corporate
guarantee and equitable mortgage of immovable properties of the company
against cash credit (hypothecation) limit to Jaitex Prints, Jodhpur,
Rajasthan, India |
|
5.
Names, address and description of the
persons entitled to charge |
State
Bank of Bikaner and Jaipur Industrial
Estate, Jodhpur, Rajasthan, India |
|
6.
Date and brief description of instrument modifying the charge |
NA |
|
7.
Particular of modification specifying the terms and conditions or the extent
or operation of the charge in which modification is made and the details of modification |
NA |
Name of the Company : Jaitex Exports Private
Limited
Presented by : -- Mr. Subodh Minni, Director
|
1.
Date and description of the instrument creating or evidencing the charge
|
Letter
of hypothecation and bills purchase/ discount agreement dated 27.02.1996 |
|
2.
Amount secured by the charge /amount
owing on security of the charge |
Rs.
2.500 millions |
|
3.
Short Particular of the property charged. If the property acquired is subject to
change date of acquisition of property should be
given
|
Hypothecation
over stocks of raw materials, stock in process and finished goods and bills
discounting. |
|
4.
Gist of the terms and conditions and extent and operation of the charge. |
Interest
: 13% Repayment
: on demand Margin
(for stocks) : 10% |
|
5.
Names, address and description of the
persons entitled to charge |
State
Bank of Bikaner and Jaipur Industrial
Estate, Jodhpur, Rajasthan, India |
|
6.
Date and brief description of instrument modifying the charge |
Agreement
of hypothecation of goods and assets, agreement of loan for overall limit and
letter regarding the grant of individual limit within the overall limit dated
26.12.2001 |
|
7.
Particular of modification specifying the terms and conditions or the extent
or operation of the charge in which modification is made and the details of modification |
i) credit limit enhanced to Rs. 5.000
millions. ii) Interest rates revised to :
a) EPC: upto 180 days 8% and beyond 180 to 270 days 11%
b) OP basis: 8%
c) DA basis: upto 90 days 8% and beyond 90 and upto 6 months 11%
d) subject to revision as per Bank/ RBI time
to time iii) Margins : 10% iv) other terms and conditions remains
unaltered. |
Contact
E-633
M.I.A. Phase II Basni, Jodhpur – 342005, Rajasthan, India
Phone
No.: 91-291-2742630/ 2740243
Fax No.: 91-291-2740241
Mobile No.: 98290 23388
Contact Person: Mr. Subodh Minni, Managing Director
Email : info@jaitexports.com
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
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.44.90 |
|
UK
Pound |
1 |
Rs.85.91 |
|
Euro |
1 |
Rs.57.78 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|