MIRA
INFORM REPORT
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Report Date : |
29.06.2007 |
IDENTIFICATION DETAILS
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Name : |
JANI SALES PRIVATE LIMITED |
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Registered Office : |
204, Oberoi Chambers, IOPP Sab TV, New |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
11-47466 |
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Com. Reg. No.: |
25.05.1988 |
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CIN No.: [Company
Identification No.] |
U51900MH1988PTC047466 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMJ03876F |
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PAN No.: [Permanent
Account No.] |
AABPJ3153C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Wholesalers and Traders of Paper Board. |
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 240000 |
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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 a well-established and reputed company having satisfactory
track records. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. Business is active.
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 : |
204, Oberoi Chambers, IOPP Sab TV, New |
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Tel. No.: |
91-22-26731488 |
DIRECTORS
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Name : |
Mr. Saifee A Jani |
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Designation : |
Chairman and Managing Director |
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Address : |
1401, |
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Date of Birth/Age : |
19.07.1960 |
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Date of Appointment : |
25.05.1988 |
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Name : |
Mr. Farzana S Jani |
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Designation : |
Director |
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Address : |
1401, |
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Date of Birth/Age : |
25.10.1962 |
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Date of Appointment : |
25.05.1988 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Saifee A Jani |
225000 |
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Mr. Farzana S Jani |
74990 |
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Wetend Paper and Board Private Limited |
10 |
BUSINESS DETAILS
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Line of Business : |
Wholesalers and Traders of Paper Board. |
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Products : |
Paper and Boards |
GENERAL INFORMATION
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Bankers : |
Development Credit Bank Limited,
Hill View Apartments, Development Credit Bank Limited 464, S V Road, East Dongri Branch, Credit
Administration Departments, Jogeshwari (West), Mumbai-400102, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Madlani & Vithlani Chartered Accountants |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
30.000 |
30.000 |
30.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
30.819 |
24.213 |
18.828 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
60.819 |
54.213 |
48.828 |
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LOAN FUNDS |
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1] Secured Loans |
25.192 |
3.616 |
14.934 |
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2] Unsecured Loans |
6.537 |
3.323 |
3.246 |
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TOTAL BORROWING |
31.729 |
6.939 |
18.180 |
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DEFERRED TAX LIABILITIES |
1.083 |
0.722 |
0.552 |
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TOTAL |
93.631 |
61.874 |
67.560 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
26.830 |
14.365 |
14.716 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.291 |
0.290 |
0.291 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
13.756
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19.606 |
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Sundry Debtors |
128.237
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103.089 |
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Cash & Bank Balances |
1.378
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6.284 |
142.424 |
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Other Current Assets |
34.828
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6.842 |
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Loans & Advances |
3.555
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15.241 |
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Total
Current Assets |
181.754
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151.062 |
142.424 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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Provisions |
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Total
Current Liabilities |
115.244
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103.843 |
89.871 |
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Net Current Assets |
66.510
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47.219 |
52.553 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
93.631 |
61.874 |
67.560 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Total Income |
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756.671 |
690.857 |
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Profit/(Loss) Before Tax |
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11.072 |
8.713 |
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Provision for Taxation |
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4.447 |
3.328 |
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Profit/(Loss) After Tax |
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6.625 |
5.385 |
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Expenditures : |
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Interest |
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1.397 |
1.083 |
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Other Expenditure |
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744.239 |
681.061 |
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Total Expenditure |
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745.636 |
682.144 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
31.03.2003 |
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PAT / Total Income |
(%) |
0.87 |
0.78 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.46 |
1.26 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.31 |
6.69 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.18
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0.20 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.42
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2.04 |
2.21 |
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Current Ratio (Current Asset/Current Liability) |
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1.58
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1.45 |
1.58 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Name of the company |
JANI SALES
PRIVATE LIMITED |
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Presented By |
Development Credit Bank,
Bandra (West), Mumbai-400050 |
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1) Date and description of instrument creating the change |
31.03.2004 Letter of recording for equitable mortgage |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.16.000 millions |
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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 |
All that piece and parcel of Unit No.57, on the second Floor, admeasuring 702 Sq.f.t Carpet area in C wing of the complex known as Raj Industrial Complex standing on land bearing city Survey No.307, 311, 312, 315, 324 to 327 and 334 to 345 of village Marol, Taluka Andheri, District Mumbai. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Sub Limit within Cash Credit Limit of Rs,15.000 millions |
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5) Name and Address and description of the person entitled to the charge. |
Development Credit Bank Limited Hill View Apartments, |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
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Corporation identity number or foreign company registrations number of the company |
U51900MH1988PTC047466 |
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Name of the company |
JANI SALES PRIVATE LIMITED |
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Address |
204, Oberoi Chambers, IOPP Sab TV, New |
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This Form is for |
Modification of charge |
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Type of Charges |
Equitable mortgage or mortgage of property by depositing the title
deeds |
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Particular of the charge holder |
Development Credit Bank Limited 464, S V Road, East Dongri Branch, Credit Administration Departments,
Jogeshwari (West), Mumbai-400102, |
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Amount Secure by the charge |
Rs.16.000 millions |
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Modification charge Charge identification number of the charge to be modified |
90232855 |
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Particulars of the Property charged |
All that place or parcel of Unit No.57, on the second floor,
admeasuring 702 Sq.ft. carpet area in C wing of the Complex known as Raj
Industiral Complex standing on land bearing city survey No.307, 3111, 312,
315, 324 to 327 and 334 of Village Marol, Taluka Andheri, District Mumbai and
all that piece or parcel of Unit No.58 on the second floor admeasuring 627
Sq.ft. carpet area in C wing of the complex known as Raj Industrial Complex
standing. |
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Brief description of the instrument modifying the charge |
Deed of hypothecation and Letter of recording for extension of equitable mortgage |
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Particulars of the present modification |
By this modification the limit is increased from Rs.16.000 millions to
Rs.26.000 millions (Sub limit UBD-15.000 millions and Import/ Inland LC
Rs.10.000 millions within CC limit) and Limit WAE Rs.1.000 millions. |
Website Details :
With more than two decades
of trading experience in paper and paper board industry they have emerged as
leading wholesalers in
Represents following Mills :
v ITC Limited (Paper Boards and Speciality Papers Division)
v N R Agarwal Industries Limited, Unit I
v N R Paper and Boards Limited
v Suman Paper and Boards Limited
v N R Agarwal Industries Limited, Unit II
v Gayatrishakti Paper and Boards Limited
v NRA Products : HWC (Grey Back), HWC (White Back)
v Gayatri Products : Whote Back Chromo, Coated Packaging (Grey Back),
Playing Cards
Profile
For Saifee Jani it
began in 1979 as a smallish trading unit. Later, even as business fIourished,
the organization became authorised wholesale dealers for N R Agarwal Group Vapi
(Gujarat)-
They advise clients
on issues of grammage substitution, better runnability and lower wastage. Such
improved efficiencies provide their customers with a competitive advantage on
two important counts: quality and cost.
Since Jani Sales
offers board directly from the mills, end-users in
Location
In order to give smooth
service to their customers they have offices at 3 locations :
The Corporate office is at:
Jani Sales Private Limited 204, Oberoi Chambers-I, New Link Road, Opp. SAB TV,
Andheri (W), Mumbai - 400 053.
Email : info@janisales.com
Contact Nos.:
Tel:91-22-26731488
Fax:91-22-26731499
They also have a Branch at 7&8, Skylon Bldg., 3rd
floor,
They are also
available 24hrs a day and 7 days a week through the internet.
Godowns
In order to keep
inventory of material, for faster delivery of goods and prompt service they
have godowns at strategic locations with their own transportation facility so
as to avoid any transit damage or loss.
Godown outside the octroi limits of MUMBAI helps them to be competitive.
Products
v
Cyber XL
Pac
v
Pearl
Graphik
v
Safire
Graphik
v
Indolux
Safire
v
Art
Maestro
v
Carte
Persona
v
Cast
Coated Board
v
Cup
Stock Base
v
P.E.
Coated Board
v
Fully
Coated White Back
v
Grey
Back Board
v
Heavy
Weight Coated Board
Mills with whom they
do business are:
ITC Limited (Bhadrachalam Paper Boards Division)
N.R. Agarwal Group of Companies
(Vapi)
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.40.84 |
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1 |
Rs.81.81 |
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Euro |
1 |
Rs.55.03 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
NO |
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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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48 |
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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