MIRA
INFORM REPORT
|
Report Date : |
24.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
JAJOO SURGICALS PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
DESHPANDE TECTILES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
8, Mansarovar Park, Rani Sati Colony, Indore – 452001, Madhya Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
07.02.1991 |
|
|
|
|
Com. Reg. No.: |
006264 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U01810MP1991PTC006264 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BPLJ00335G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing and Trading of Absorbent Cloth and Gauge. Trading of
Medicines |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
USD 10532 |
|
|
|
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively small company in its field. Its profitability
is low. Trade relations are fair. Payments are however reported as slow but
correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
8, Mansarovar Park, Rani Sati Colony, Indore – 452001, Madhya Pradesh,
India |
|
Mobile No.: |
91-9322274833 (Mr. Vishnu Jajoo) |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
A/002, Praneel Apartment, Opp. Eskay Club, Link Road, Borivali (West),
Mumbai – 400103, Maharashtra, India |
|
Tel. No.: |
91-22-32535942 / 28944848 |
|
Fax No.: |
91-22-28944848 |
DIRECTORS
|
Name : |
Mrs. Geeta Jajoo |
|
Designation : |
Director |
|
Address : |
K-51 / 603, Yogi Nagar, Borivali, Mumbai, Maharashtra |
|
Date of Appointment : |
17.02.1996 |
|
|
|
|
Name : |
Mr. Vishnu Bhagwan Jajoo |
|
Designation : |
Director |
|
Address : |
Y/B R. No. 313, yogi heritage, yogi nagar Eksar road, Borivali (West),
Mumbai – 400092, Maharashtra |
|
Date of Birth/Age : |
01.07.1955 |
|
Date of Appointment : |
14.08.1992 |
|
|
|
|
Name : |
Mr. Rakesh Vishnu Jajoo |
|
Designation : |
Director |
|
Address : |
E/Y-63 R. No. 313, yogi heritage, yogi nagar Eksar road, Borivali
(West), Mumbai – 400092, Maharashtra |
|
Date of Birth/Age : |
06.05.1982 |
|
Date of Appointment : |
10.09.2000 |
KEY EXECUTIVES
|
Name : |
M Mahaeshwari and Associates |
|
Designation : |
Company Secretary |
|
Address : |
305, Sterling Arcade, 15/3, Race Course Road, Indore – 452001, Madhya
Pradesh |
|
Tel No.: |
91-731-4068730 |
|
Mobile No.: |
91-9826040473 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. V. B. Jajoo |
|
13000 |
|
Mr. Santosh Jajoo |
|
1000 |
|
Mr. S. B. Jajoo |
|
500 |
|
Mrs. Geeta Jajoo |
|
750 |
|
Mr. Ketan Jajoo |
|
1000 |
|
Mr. Pankaj Jajoo |
|
1100 |
|
Mr. Rakesh Jajoo |
|
1250 |
|
Mr. Rashi Jajoo |
|
1250 |
|
Ms. Neelam Jajoo |
|
1000 |
|
Category |
|
Percentage of
Holding |
|
Directors or relatives of directors |
|
97.00 |
|
Other top fifty shareholders |
|
3.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Trading of Absorbent Cloth and Gauge. Trading of
Medicines |
|
|
|
|
Products : |
Bleached Cotton
|
|
|
|
|
Exports : |
|
|
Countries : |
South Africa, UK, Saudi Arabia, Sudan Ghana, Central America and
Asutralia |
GENERAL
INFORMATION
|
Bankers : |
˛
Dena Bank Yogi Nagar,
Borivali (West), Mumbai – 400092 ˛
Central Bank
of India ˛ Axis Bank |
|
|
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Muchhal and Gupta Chartered Accountants |
|
Address : |
208, Shalimar Corporate Centre, 8B South Tukoganj, Indore – 452001,
Madhya Pradesh |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000 |
Equity Shares |
Rs.100/- each |
Rs.3.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000 |
Equity Shares |
Rs.100/- each |
Rs.3.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
3.000 |
2.200 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
1.633 |
1.636 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
4.633 |
3.836 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
6.774 |
5.097 |
|
|
2] Unsecured Loans |
|
2.883 |
5.658 |
|
|
TOTAL BORROWING |
|
9.657 |
10.755 |
|
|
DEFERRED TAX LIABILITIES |
|
0.724 |
0.558 |
|
|
|
|
|
|
|
|
TOTAL |
|
15.014 |
15.149 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
3.559 |
3.751 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.015 |
0.015 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
3.530 |
3.359 |
|
|
Sundry Debtors |
|
10.064 |
9.093 |
|
|
Cash & Bank Balances |
|
1.917 |
0.305 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
2.003 |
1.595 |
|
Total
Current Assets |
|
17.514 |
14.352 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
5.435 |
2.717 |
|
|
Provisions |
|
0.638 |
0.252 |
|
Total
Current Liabilities |
|
6.073 |
2.969 |
|
|
Net Current Assets |
|
11.440 |
11.382 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
15.014 |
15.149 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
35.207 |
26.181 |
|
|
Other Income |
|
0.048 |
0.105 |
|
|
Total Income |
|
35.255 |
26.286 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
0.385 |
0.471 |
|
|
Provision for Taxation |
|
0.388 |
0.112 |
|
|
Profit/(Loss) After Tax |
|
(0.003) |
0.359 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Financial charges |
|
1.199 |
1.147 |
|
|
Depreciation & Amortization |
|
0.285 |
0.252 |
|
|
Other Expenditure |
|
33.386 |
24.416 |
|
Total Expenditure |
|
34.870 |
25.815 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
(0.00) |
1.36 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
1.09 |
1.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
1.82 |
2.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.08 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.31 |
0.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.53 |
1.26 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Name of the company |
JAJOO SURGICALS PRIVATE LIMITED |
|
Presented
By |
Jointly company
and charged holders |
|
1) Date and description of instrument creating the change |
Hypothecation of
goods dated 10.09.1994 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.500 millions |
|
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 |
All stocks of
cotton etc, now being or hereafter brought into or upon now or hereafter in
course of transit to any godown, jathas on other place of storage at factory
at Dewas (M.P.) or other place whatsoever an wherever in the possession or
occupation of the company. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
i) Security to
cover principal amount together with interest, discount, commission, charges,
costs and expenses etc ii) Interest
@17.60%p.a. or at such other rates as fixed by the bank from time to time. iii) Margin to be
specified by the bank from time to time. iv) Security
created in respect of cash credit facility. |
|
5) Name and Address and description of the person entitled to the charge. |
Dena Bank Yogi Nagar,
Borivali (West), Mumbai – 400092 |
|
6) Date and brief description of instrument modifying the charge |
Memorandum of
fourth modified of hypothecation agreement dated 07.12.2005 |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Past
Modification: 1. Vide
modification dated 25.11.2002, i) total amount secured was enhanced from
Rs.3.000 millions to Rs.5.500 millions and ii) additional security was
provided of all tangible movable properties and assets and all book debts,
outstanding, monies, receivable , claims, bills etc. 2. Vide
modification dated 19.03.2004 total amount secured was enhanced from Rs.5.500
millions to Rs.6.500 millions Present
modification: 1. Total amount
secured now stands enhanced from Rs.6.500 millions to Rs.12.250 millions 2. The term loan
of Rs.0.750 million shall be repaid in 60 monthly installments of Rs.0.017
million each. |
As Per Web Details
Company Profile:
Subject is a
manufacturer and exporter of surgical dressings, surgical disposables and other pharmaceutical
products. The noted business house offers a wide range of health care products
such as absorbent cotton wool, gauze/crepe bandages, bleached cotton, orthopedic
bandages, abdominal pads, etc. They are an ISO 9001:2000 certified company
and adhere to stringent quality control procedures to deliver excellent
products that are high on every parameter of hygiene and quality.
They are
professionally managed by a group of qualified medical professionals having
years of experience in their respective domains. Working with the sole motto of
providing a range of non toxic, safe & economical medicinal and disposable
products to its clients, the company has emerged as a leading player in its
segment. They are regularly exporting their products to many major countries of
the world.
Quality
Subject
follows stringent quality control measures at every level of its operation to ensure
error free production. The products are manufactured under the strict
supervision of highly trained professionals, who maintain hygienic environment
as per ISO 9001:2000 standards. They source the finest quality of raw material
from reputed agents of the market.
Health and Hygiene
Since
they are dealing in the health discipline, their primary concern is to ensure
the production of excellent products. They manufacture all their products in a
healthy and clean environment as per standardized parameters. The production is
carried out by employing modern machines and by a team of highly trained
professionals.
Infrastructure
They are a
complete amalgam of manpower and machine to manufacture world class health care
products. Their workforce comprises of highly qualified professionals who
possess in-depth expertise in their respective domains. Their manufacturing
unit, spread across 60,000 square feet area, is equipped with the latest
standardized manufacturing and testing equipments that enable them to ensure
efficient and smooth production. They also possess a capacious warehousing
facility and a wide distribution network to facilitate timely delivery of their
product.
Why Them
- A mix of
products ensures that the turnover for the importer/distributor is fast
and there is minimum inventory of individual products
- All FCL (Full
Container Load) orders are stuffed at the factory which ensures that the
space in the container is fully utilized, thus reducing the cost per unit
in freight for the client. This also ensures that there is very minimum
possibility of damage in transit
- A team of
trained professionals ensures that the desired quality is maintained
during production and proper hygiene is maintained which helps in meeting
any regulatory requirement
- Ability to
execute large orders and meeting delivery schedules.
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 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.39357 |
|
UK Pound |
1 |
Rs.78.93 |
|
Euro |
1 |
Rs.56.85 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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. |
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 |
|