MIRA
INFORM REPORT
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Report Date : |
06.08.2007 |
IDENTIFICATION
DETAILS
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Name : |
JANAGAL EXPORTS PRIVATE LIMITED |
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Registered Office : |
1048 / 1, Vishwakarma Colony, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.07.2003 |
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Com. Reg. No.: |
026152 |
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CIN No.: [Company
Identification No.] |
U51311PB2003PTC026152 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JLDJ00763A |
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PAN No.: [Permanent
Account No.] |
AABCJ2666H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Hosiery Goods |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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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 11940 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track records.
Trade records are fair. Payments are usually Correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
1048 / 1, Vishwakarma Colony, |
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Tel. No.: |
91-161-2220001 / 2220002 |
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Mobile No.: |
91-9317937370 |
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Fax No.: |
91-161-2220003 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Malkiat Chand |
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Designation : |
Director |
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Address : |
253B / A Basti Bahi, Mani Singh, Jagraon, |
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Date of Appointment : |
01.07.2003 |
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Name : |
Mr. Balwinder Pal |
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Designation : |
Director |
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Address : |
253B / A Basti Bahi, Mani Singh, Jagraon, |
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Date of Appointment : |
01.07.2003 |
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Name : |
Mr. Vijay Kumar |
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Designation : |
Director |
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Address : |
253B / A Basti Bahi, Mani Singh, Jagraon, |
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Date of Appointment : |
10.05.2004 |
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Malkiat Chand |
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132400 |
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Mr. Balwinder Pal |
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5000 |
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Mr. Vijay Kumar |
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100 |
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Category |
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Percentage of
Holding |
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Directors or relative of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Hosiery Goods |
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Products : |
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Exports : |
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Countries : |
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GENERAL
INFORMATION
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Suppliers: |
˛ B S Garments ˛ High Fly
Knitwears ˛ Ashima Garments ˛ Gimmi King
Garments ˛ Little Master
Knitwears ˛ Crazy Knitwears ˛ R V
International ˛ Mahesh Kumar
Exports ˛ H K Hosiery
Factory |
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No. of Employees : |
20 |
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Bankers : |
˛ State Bank of Madhopuri Chowk, ˛ Punjab National
Bank |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Naresh K Goyal and Company Chartered Accountants |
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Address : |
51, Krishna Market, overlock Road, |
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Memberships : |
AEPC, Chamber of Commerce, Rehma Readymade
Hosiery Manufacturers' Welfare Association. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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137500 |
Equity Shares |
Rs.10/- each |
Rs.1.375
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.375 |
0.100 |
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2] Share Application Money |
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0.000 |
1.275 |
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3] Reserves & Surplus |
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1.610 |
0.866 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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2.985 |
2.241 |
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LOAN FUNDS |
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1] Secured Loans |
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4.416 |
4.000 |
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2] Unsecured Loans |
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3.716 |
2.436 |
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TOTAL BORROWING |
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8.132 |
6.436 |
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DEFERRED TAX LIABILITIES |
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0.178 |
0.137 |
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TOTAL |
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11.295 |
8.814 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.670 |
1.705 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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4.463 |
1.248 |
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Sundry Debtors |
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32.353 |
14.713 |
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Cash & Bank Balances |
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0.937 |
1.356 |
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Other Current Assets |
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1.218 |
2.600 |
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Loans & Advances |
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0.401 |
0.285 |
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Total
Current Assets |
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39.372 |
20.202 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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29.425 |
12.884 |
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Provisions |
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0.348 |
0.248 |
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Total
Current Liabilities |
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29.773 |
13.132 |
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Net Current Assets |
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9.599 |
7.070 |
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MISCELLANEOUS EXPENSES |
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0.026 |
0.039 |
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TOTAL |
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11.295 |
8.814 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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73.353 |
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Other Income |
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5.400 |
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Total Income |
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78.753 |
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Profit/(Loss) Before Tax |
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1.136 |
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Provision for Taxation |
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0.390 |
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Profit/(Loss) After Tax |
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0.746 |
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FOB Value : |
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66.651 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
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Purchases made for re-sale |
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Consumption of stores and spares parts |
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Increase/(Decrease) in Finished Goods |
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Salaries, Wages, Bonus, etc. |
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77.122 |
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Managerial Remuneration |
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Payment to Auditors |
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Interest |
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Insurance Expenses |
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Financial Charges |
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1.009 |
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Depreciation & Amortization |
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0.086 |
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Total Expenditure |
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78.217 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.94 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.54 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.76 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.38 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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9.97 |
5.85 |
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Current Ratio (Current Asset/Current Liability) |
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1.32 |
1.53 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
JANAGAL EXPORTS
PRIVATE LIMITED |
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Presented By |
Mr. Balvinder Pal |
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1) Date and description of instrument creating the change |
Agreement of Loan
for overall limit – dt.20.05.2004 Agreement of
Pledge of Goods and Assets dt.20.05.2004 Agreement of
hypothecation of goods an assets dt.20.05.2004 Letter regarding
the grant of individual limits within the overall limit dt.20.05.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.4.600 millions
(Rs.4.000 millions C/C and Rs.0.600 million Foreign and Purchase) |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation
pledge of all stocks of raw materials, finished goods, Goods in process, Book
Debts and Unencumbered Machinery |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Repayable on
demand extent of operation 100%. Rate of Interest on EPC minimum 7.1% upto
180 days and 0.75% after that. On foreign bills
minimum 7.25% upto 90 days and 8.75% after that |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Madhopuri Chowk, |
Website Details Attached
Company Profile
Subject is well established as one of the
leading manufacturers of Readymade
Garments. They are one of the major exporters of Children's Wear, T- Shirts etc. to the top clients in regions like
UAE and
Readymade Garments from Janagal
are trendy and follow the latest fashion. They are credited for the superfine
finishing and high quality of their products. T-Shirts, Bawa Suits, Kids' Wear, Sports Wear, Denim Wear and Track Suits
from Janagal are available in wide range of colors and designs that are highly
acclaimed by their esteemed clients in the market. They excel in offering
garments as per the choice of the customers.
Infrastructure
Subject is equipped with all the
latest machinery and equipment that aids bulk production at a very competitive price.
Their state-of-the-art manufacturing facilities are capable of producing
quality products with perfect finishing. The creative team of designers at
Janagal offers Kids' Garments
that attract children with their funky designs and eye catching colors. All
works are done under one roof with a fully managed working environment. It
leads to well organized functioning of the work and even orders are executed
very smoothly on time.
Quality
They
give prime focus on the quality of the manufactured products; hence all works
are done with great care and dedication. They use fine quality fabrics and yarn
with proper blend of colors and designs that give gorgeous look to the
manufactured products. They have their own inspection team that conducts
quality control checks at all stages of production to remove any defect at the
earliest possible stage. They assure timely delivery of the products and
special concern is given for the packaging of products.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.45 |
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1 |
Rs.82.70 |
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Euro |
1 |
Rs.55.94 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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44 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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