MIRA
INFORM REPORT
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Report Date : |
27.10.2007 |
IDENTIFICATION
DETAILS
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Name : |
JEET INDIA PRIVATE LIMITED |
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Formerly Known As : |
AAR AAR FRAGRANCE PRIVATE LIMITED |
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Registered Office : |
4384/ 4A, 1st Floor, Tulsidass Street, Darya Ganj, New
Delhi. |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
04.10.2004 |
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Com. Reg. No.: |
55-129652 |
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CIN No.: [Company
Identification No.] |
U15495DL2004PTC129652 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELJ04746A |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer and Exporter of richly flavoured
traditional Indian Spices. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
USD 86000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company and seems to be passing
through difficult times. Company’s profitability is under severe pressure. It
continue to incur losses. Payments are reported as slow but correct. The
company can be considered for small to mediocre business dealings with slight
caution. |
LOCATIONS
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Registered Office : |
4384/ 4A, 1st Floor, Tulsidass Street, Darya Ganj, New
Delhi, India |
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E-Mail : |
contactus@jeetspices.com , official_communication@yahoo.co.in
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Website : |
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Head Office : |
Plot-A/163, Sector-80, Phase-II, Noida -
201305, Uttar Pradesh, India |
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Tel. No.: |
91-120-3077177/178/179 |
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Fax No.: |
91-120-3077181 |
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Corporate Office : |
A-85, East of Kailash, New Delhi – 110 065, India |
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Tel. No.: |
91-11-26913232/ 4141 |
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Fax No.: |
91-11-51624629 |
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E-Mail : |
DIRECTORS
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Name : |
Mrs. Snehalata Ramchand Agarwal |
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Designation : |
Director |
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Address : |
4384/ 4A, 1st Floor, Tulsidass Street, Darya Ganj, New
Delhi, India |
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Date of Birth/Age : |
11.10.1963 |
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Date of Appointment : |
04.10.2004 |
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Name : |
Mr. Praveen Kumar Mahavir Singhal |
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Designation : |
Chairman |
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Address : |
3/ 51, B, Bharatpur House, Khandari, Agra – 282 002, Uttar Pradesh,
India |
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Date of Birth/Age : |
18.12.1958 |
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Date of Appointment : |
04.10.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Praveen K Singhal |
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53700 |
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Mrs. Snehalata Agarwal |
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27900 |
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Mr. Ravindra K Singhal |
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1150 |
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Mr. Yogendra K Singhal |
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1400 |
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Mrs. Meena Singhal |
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1150 |
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Mrs. Parwatidevi Singhal |
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1150 |
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Mrs. Sapna Singhal |
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1150 |
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Shree Portifolio and Finance Private Limited |
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3000 |
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Richi Lines Sales Services Private Limited |
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2000 |
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Abhijit Bhandari Enterprises Limited |
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4000 |
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Strength Trade Centre Private Limited
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4000 |
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Rishi Insurance Brokers Limited |
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5000 |
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Names of Shareholders |
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Percentage of
Holding |
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Bodies Corporate |
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28.00 |
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Directors or Relatives of Directors |
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71.00 |
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Other Top Fifty (50) shareholders |
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1.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of richly
flavoured traditional Indian Spices. |
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Products : |
* Haldi * Black Pepper * Jeera *
Dhania * Red Chilly * Amchur * Methi *
Chat Masala * Chana Masala * Garam Masala * Sambhar Masala *
Meat Masala * Razma Masala * Tandoori Chicken Masala * Raita Masala *
Curry Masala * Pav Bhaji Masala * Tadka Mirch * Lal
Mirch Powder |
GENERAL
INFORMATION
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Bankers : |
* Oriental Bank of
Commerce, Bhangel Noida, G B Nagar, Noida – 201 301, Uttar Pradesh, India * ICICI Bank Limimited,
Landmark, Race Course Circle, Vadodara – 390 007, Gujarat, India * Canara Bank |
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Facilities : |
The company enjoys loan mortgage facilities of Rs. 12.500 millions
from Oriental Bank of Commerce, dated 29.01.2007 |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
R C Sharma and Associates Chartered Accountants |
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Address : |
Block No. 37, Shop No. G-2, Sanjay Place, Agra – 282 002, Uttar
Pradesh, India |
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Mobile No.: |
91-9319104242 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150,000 |
Equity Shares |
Rs. 100/- each |
Rs. 15.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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124,350 |
Equity Shares |
Rs. 100/- each |
Rs. 12.435 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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12.435 |
12.435 |
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2] Reserves & Surplus |
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8.937 |
11.062 |
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NETWORTH |
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21.372 |
23.497 |
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LOAN FUNDS |
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1] Secured Loans |
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15.938 |
15.741 |
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2] Unsecured Loans |
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45.322 |
33.502 |
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TOTAL BORROWING |
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61.260 |
49.243 |
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DEFERRED TAX LIABILITIES |
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0.383 |
0.821 |
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TOTAL |
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83.015 |
73.561 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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75.123 |
56.419 |
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Capital work-in-progress |
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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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15.487 |
16.271 |
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Sundry Debtors |
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6.111 |
4.486 |
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Cash & Bank Balances |
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0.277 |
0.954 |
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Loans & Advances |
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4.452 |
13.047 |
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Total
Current Assets |
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26.327 |
34.758 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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18.278 |
17.620 |
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Provisions |
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0.161 |
0.003 |
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Total
Current Liabilities |
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18.439 |
17.623 |
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Net Current Assets |
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7.887 |
17.134 |
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MISCELLANEOUS EXPENSES |
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0.004 |
0.008 |
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TOTAL |
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83.015 |
73.561 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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29.540 |
13.139 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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29.540 |
13.139 |
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Profit/(Loss) Before Tax |
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(2.406) |
(2.939) |
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Provision for Taxation |
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0.280 |
0.299 |
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Profit/(Loss) After Tax |
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(2.126) |
(3.238) |
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Total Expenditure |
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31.946 |
16.078 |
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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(7.19) |
(24.64) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(8.14) |
(22.37) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(2.37) |
(3.22) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.11) |
(0.12) |
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Debt Equity Ratio (Total Liability/Networth) |
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4.74 |
3.88 |
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Current Ratio (Current Asset/Current Liability) |
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1.42 |
1.97 |
LOCAL AGENCY
FURTHER INFORMATION
Performance, Prospects and Changes :
The company has undertaken expansion project at Noida which is under
installation. The directors hope ti transact better business and earn good
profits in the year to come.
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Corporation identity number (CIN) or foreign company registrations number of the company |
U15495DL2004PTC129652 |
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Name of the company |
JEET INDIA PRIVATE LIMITED |
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Address |
4384/ 4A, 1st Floor, Tulsidass Street, Darya Ganj, New
Delhi. |
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This Form is for |
Creation of charge |
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Type of Charges |
Immovable property |
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Particular of the charge holder |
Oriental Bank of Commerce Bhangel Noida, G B Nagar, Noida – 201 301, Uttar Pradesh, India |
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Nature or description of the instrument creating charge |
Letter of deposit of title deeds |
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Date of the instrument creating charge |
29.01.2007 |
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Amount Secure by the charge |
Rs. 51.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: minimum of 11.25% p.a. calculated on the daily balance due to the bank. Penal Interest @2% p.a. Terms of repayment: repayment of cash credit limit will be done as and when required by the bank. Term loan of Rs. 13.500 millions will be repaid in 66 monthly installments of Rs. 0.205 million + Interest repayment will start after one month of disbursement. Term loan of Rs. 12.500 millions will be repaid in 12 quarterly installment of Rs. 0.010 millions = Interest starting from the month February, 2007 and one installment of Rs. 0.500 millions + interest in the month of February, 2010. Margin: 25% Extent and operation of the charge: charge is extendable over an amount of Rs. 51.000 millions cash credit hypothecation limit of Rs. 25.000 million, Term Loan Take over of Rs. 12.500 millions and term loan fresh of Rs. 13.500 millions |
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Description of the property charge whether it is a charge on |
-- |
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Modification charge Charge identification number of the charge to be modified |
-- |
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Date of instrument modifying the charge |
29.01.2007 |
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Particulars of the Property charged |
Property at A-163, Sector 80, Phase II Noida, Uttar Pradesh, India Property at Khasra No. 1064, New Adarsh Nagar, Agra, Uttar Pradesh, India Property at Khasra No. 246 to 249 and 1034, 1035, 1036, 1037, Geeta Nagar, Balkeshwar, Agra, and other properties in the name of the company. |
As Per Web:
Profile
They bring to Indian kitchens pure packaged spices making preparations
delicious and healthy. Raw spices hand-picked by experts are processed and
packed at our state-of-the-art facility ensuring great taste and quality. Their
country-wide network confirms identical taste and aroma at every selling point.
Founders
'Jeet’ brand of packaged spices comes from the house Jeet (India) Private Limited, formerly known as Aar Aar Fragrance Private Limited, a leading FMCG groups for over 15 years. The organization headed by the founder-chairman Mr Praveen Kumar has the mission of offering pure spices and their blends to the aspiring Indian middle class homes.
Infrastructure
Spread over 5380 sq. meter area at Noida, their new manufacturing facility
is equipped with the latest infrastructure and technology ensuring fast
production and high quality standards of Spices. Their eco- friendly production
process ensures that there is no wastage or pollution. It also provides for the manufacturing of
packaged meals, pickles, jams and
candies, which wish to start in the near future.
Trade Partner
East Zone
* Raipur
* Raniganj
* Patna
* Gaya
* Varanasi
* Allahabad
* Kanpur
* Lucknow
* Peona
* Guwahati
* Siliguri
* Bhagalpur
West Zone
* Panval
* Mumbai
* Nagpur
* Aurangabad
* Udaipur
* Kota
* Ajmer
* Jaipur
* Bikaner
Central
* Indore
* Jabalpur
* Bhopal
North
* Agra
* Delhi
* Rohtak
* Dehradun
* Ghaziabad
* Gurgaon
* Hapur
* Jammu
* Ludhiana
* Pathankot
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 |
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US Dollar |
1 |
Rs.39.32 |
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UK Pound |
1 |
Rs.81.35 |
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Euro |
1 |
Rs.56.75 |
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 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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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32 |
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 |
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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 |
|
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. |
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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