MIRA
INFORM REPORT
|
Report Date : |
09.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
J. K.
SPICES & FOOD PRODUCTS |
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Registered Office : |
103,
Old Gunj Bazar, Unjha – 384 170, Gujarat, India. |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.04.1981 |
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Legal Form : |
Partnership
Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturer
& Exporter of Whole Spices, Ground Spices, Pulses and Tea. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
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
30000 |
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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 concern having satisfactory track. Trade relations are
fair. General financial position is satisfactory. Payments are usually
correct and as per commitments. The
concern can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
103,
Old Gunj Bazar, Unjha – 384 170, Gujarat, India. |
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Tel. No.: |
91-2767-254467/255367 |
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Mobile No.: |
91-9825060481 |
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Fax No.: |
91-2767-251052 |
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E-Mail : |
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Website : |
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Area : |
2000
sq. ft. |
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Location : |
Rented
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Factory
: |
J K
Masala, 155/1 Opposite Preet Hotel, Near Paladia Cold Storage, National
Highway No. 8, Braman Nada, Taluka Unjha, Mehsana – 384 170, Gujarat, India. |
PARTNERS
|
Name : |
Mrs.
Bimladevi Jain |
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Designation : |
Partners
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Name : |
Mr.
Bhagchand Kumar Jain |
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Designation : |
Partners
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Name : |
Mr.
Jaykumar Jain |
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Designation : |
Partners
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Name : |
Mrs.
Lalitadevi Jain |
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Designation : |
Partners
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Name : |
Mr.
Chandrakumar Jain |
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Designation : |
Partners
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Name : |
Mr.
Rajendrakumar Jain |
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Designation : |
Partners
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Name : |
Mr.
Ashokkumar Jain |
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Designation : |
Partners
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Name : |
Mr.
Jitendrakumar Jain |
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Designation : |
Partners
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BUSINESS DETAILS
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Line of Business : |
Manufacturer
& Exporter of Whole Spices, Ground Spices, Pulses and Tea. |
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Products : |
Whole Spices Ø
Cumin Seeds
(Jeera) Ø
Ani Seeds
(Saunf) Ø
Bishops Weed
(Ajwain) Ø
Coriander Seeds
(Dhaniya) Ø
Fenugreek Seeds
(Methi) Ø
Poppy Seeds
(Posta) Ø
Psyllium Husk
(Sat-Isabgol) Ø
Kalonji (Kala
Jeera) Ø
Black Pepper
(Kali Mirch) Ø
Topica Globes
(Sago) Ø
Mustard Seeds
(Red) Ø
Mustard Seeds
(Yellow) Ø
Panch-Foran Ground Spices Ø
Turmeric Powder
Ø
Red Chilli
Powder Ø
Coriander
Powder Ø
Cumin Powder Ø
Black Pepper
Powder Ø
Spicy Spices
Powder (Garam Masala) Ø
Vegetable
Spices Powder (Subjee Masala) Pulses Ø
Masoor Ø
Moong Tea Ø
Assam Strong
CTC Tea. |
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Exports to : |
Thailand,
France and Australia. |
GENERAL
INFORMATION
|
Customers : |
Wholesalers
and Retailers |
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No. of Employees : |
12 |
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Bankers : |
State
Bank of India, Kolkata Branch |
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Facilities : |
The
concern do not enjoy any facilities from it’s bankers. |
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Banking Relations : |
-- |
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Sister Concern: |
J K
Masala |
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Line of Business: |
Manufacturer
& Exporter of Whole Spices, Ground Spices, Pulses and Tea. |
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Sister Concern: |
Jain
Brothers |
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Line of Business: |
Manufacturer
& Exporter of Whole Spices, Ground Spices, Pulses and Tea. |
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Sister Concern: |
Ganeshlal
J Kumar |
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Line of Business: |
Manufacturer
& Exporter of Whole Spices, Ground Spices, Pulses and Tea. |
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Sales: |
Rs.
80.000 Millions |
CAPITAL STRUCTURE
|
Partners
Capital : |
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|
|
|
Mrs. Bimladevi Jain |
Rs.
2.032 |
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Mr. Bhagchand Kumar Jain |
Rs.
0.969 |
|
Mr. Jay Kumar Jain |
Rs.
1.098 |
|
Mrs. Lalitadevi Jain |
Rs.
1.556 |
|
Mr. Chandra Kumar Jain |
Rs.
0.157 |
|
Mr. Rajendra Kumar Jain |
Rs.
0.306 |
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Mr. Ashok Kumar Jain |
Rs.
0.346 |
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Mr. Jitendra Kumar Jain |
Rs.
0.802 |
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TOTAL: |
Rs. 7.266 |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Partners Share Capital |
|
7.266 |
5.315 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
7.266 |
5.315 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.178 |
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2] Unsecured Loans |
|
8.885 |
8.444 |
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TOTAL BORROWING |
|
8.885 |
8.622 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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16.151 |
13.937 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.142 |
1.101 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
0.001 |
0.001 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
2.411 |
3.384 |
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Sundry Debtors |
|
0.529 |
0.158 |
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Cash & Bank Balances |
|
1.625 |
0.728 |
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Other Current Assets |
|
0.004 |
0.003 |
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Loans & Advances |
|
11.234 |
10.125 |
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Total Current Assets |
|
15.803 |
14.398 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
0.765 |
1.542 |
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Provisions |
|
0.030 |
0.021 |
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Total Current Liabilities |
|
0.795 |
1.563 |
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Net Current Assets |
|
15.008 |
12.835 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
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16.151 |
13.937 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover [including other income] |
|
39.998 |
40.188 |
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Profit/(Loss)
Before Tax |
|
0.990 |
0.150 |
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Provision
for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss)
After Tax |
|
0.990 |
0.150 |
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Total
Expenditure |
|
39.008 |
40.038 |
KEY
RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
2.48 |
0.37 |
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Net
Profit Margin (PBT/Sales) |
(%) |
|
2.48 |
0.37 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
5.84 |
0.97 |
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Return
on Investment (ROI) (PBT/Networth) |
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0.14 |
0.03 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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1.33 |
1.92 |
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Current
Ratio (Current
Asset/Current Liability) |
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19.87 |
9.21 |
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE DETAILS:
Profile
Indian spices are
known for their capability of adding flavors and delicacy to any dish. Out of
the 109 spices listed by the ISO, 75 are produced in the various regions of
India. J.K. Spices & Food Products is the name of a legend engaged as a
manufacturer, exporter and trading company of authentic Indian spices such as
cumin seeds, aniseeds, bishops weeds, coriander seeds, turmeric powder, red
chili powder, pulses, tea, etc. The entity was incorporated in the year 1953
with the sole motto of providing quality spices conforming to the worldwide
food standards. The company is awarded with ISO 9001-2000 and SSI certification
for its world class quality.
Superior packaging
prevents the goods from contamination and ensures that the client discovers the
same aroma as it was at the time of the packing. The company is equipped with
sophisticated machinery and highly competent workforce to conserve the
characterstics of spices. Well trained labour, personal supervision,
uncompromising standards of hygiene and sanitation provides us an edge over the
other players in the same arena. The laboratory is well equipped with the
latest facilities for testing the different physical, chemical and
microbiological characterstics of spices.
QUALITY ASSURANCE
The company employs
latest standardized machinery in order to provide its client with the
legitimate taste of Indian spices. Computerized Camera Clean fully automatic
plant has been installed in order to facilitate hygienic production activity.
The years of expertise in the arena has enabled us to develop effective methods
of cleaning, processing and packaging to deliver second to none products in the
world. The three layer laminated pack keeps the aroma and freshness of spices
alive for a long period. Every product is dually checked by the experts before
packaging.
ASSETS
Ø
Authentic
products
Ø
State-of-the-art
machinery
Ø
Highly qualified
workforce
Ø
Wide range of
products
Ø
Competent prices
Ø
ISO-9001-2000
certified products
Ø
World class
quality control measures.
Ø
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. 44.06 |
|
UK
Pound |
1 |
Rs. 86.34 |
|
Euro |
1 |
Rs. 57.46 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
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 |
|
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 |
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