MIRA INFORM REPORT

 

 

Report Date :

23.10.2007

 

IDENTIFICATION DETAILS

 

Name :

JAITEX EXPORTS PRIVATE LIMITED

 

 

Registered Office :

E-633, MIA, 8th Road, Basni Phase – II, Jodhpur – 342 005, Rajasthan

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

14.09.1994

 

 

Com. Reg. No.:

17-08776

 

 

CIN No.:

[Company Identification No.]

U74994RJ1994PTC008776

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

JDHJ01134A

 

 

PAN No.:

[Permanent Account No.]

AAACJ3351Q

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Textiles Madeups and Handicraft Items.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 19600

 

 

Status :

Good

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and reputed company having satisfactory track. Their Trade relations are fair. Payments are usually correct and as per commitments.

 

The company can be considered good for normal business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

E-633, MIA, II Phase, Basni, Jodhpur – 342 005, Rajasthan, India

Tel. No.:

91-291-2740243

Mobile No.:

91-9829023388

Fax No.:

91-291-2740241

E-Mail :

jaitexports@hotmail.com

Website :

www.jaitexports.com

Area :

8000 sq. meters

Location :

Owned

 

 

Factory 1 :

E-633, MIA, 8th Road, Basni Phase – II, Jodhpur – 342 005, Rajasthan, India

Tel. No.:

91-291-2742630/ 2740243

Fax No.:

91-291-2740241

Area :

8000 sq. meters

Location :

Owned

                                                  

 

DIRECTORS

 

Name :

Mrs. Sarla Minni

Designation :

Director

Address :

E 93, Shastri Nagar, Jodhpur – 342 003, Rajasthan, India

Date of Birth/Age :

30.03.1951

Qualification :

Graduate

Date of Appointment :

14.09.1994

 

 

Name :

Mr. Ashish Minni

Designation :

Director

Address :

E 93, Shastri Nagar, Jodhpur – 342 003, Rajasthan, India

Date of Birth/Age :

07.01.1984

Qualification :

Graduate

Experience :

10 Years

Date of Appointment :

16.04.2003

 

 

Name :

Mr. Subodh Minni

Designation :

Director

Address :

E 93, Shastri Nagar, Jodhpur – 342 003, Rajasthan, India

Date of Birth/Age :

11.02.1960

Qualification :

Graduate

Experience :

12 Years

Date of Appointment :

14.09.1994

 

 

Name :

Mrs. Siriya Devi Minni

Designation :

Director

Address :

E 93, Shastri Nagar, Jodhpur – 342 003, Rajasthan, India

Date of Birth/Age :

09.09.1932

Date of Appointment :

14.09.1994

 

 

Name :

Mrs. Sujata Minni

Designation :

Director

Address :

E 93, Shastri Nagar, Jodhpur – 342 003, Rajasthan, India

Date of Birth/Age :

07.01.1963

Date of Appointment :

16.04.2003

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Subhodh Minni

 

11510

Siriya Devi Minni

 

5010

Ashish Minni

 

26500

JVS Traders Private Limited

 

10000

Sujata Minni

 

5010

Total

 

58030

 

 

 

Equity Share Breakup

 

Percentage of Holding

Bodies corporate

 

17.00

Directors or relatives of Directors

 

83.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Textiles Madeups and Handicraft Items.

 

 

Products :
  • Wooden Furniture
  • Decorative PCS
  • Handicrafts
  • Scarves
  • Home Furnishing
  • Bed Sides
  • Beeds
  • Cotton Handkerchives / Scarf
  • Silk Handkerchives / Scarf
  • Viscose . Chiffon Handkerchives/ Scarf   

 

 

Exports :

 

Countries :
  • USA
  • Spain
  • Italy
  • Switzerland
  • France
  • Germany
  • Finland
  • Netherlands
  • South Africa 

 

 

Terms :

 

Selling :

L/C and Cash upto 60 days basis

 

 

Purchasing :

L/C and Cash upto 60 days basis

 

 

GENERAL INFORMATION

 

Customers :
  • Kaman Design Group, USA
  • Etnocasa S.R.L. Italy
  • Mabibuch Imports, South Africa
  • Mataraga Martha, Greece
  • Excel International Exin, The Netherlands
  • Bagman Limited Belarus
  • Lemon Deit Yitzhak, Israel

 

 

No. of Employees :

120

 

 

Bankers :

State Bank of Bikaner and Jaipur

Industrial Estate, Jodhpur, Rajasthan, India

 

 

Facilities :

Credit Limit: Rs. 5.000 Millions

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Maheshwari and Jain

Chartered Accountants

Address :

E-123, Sudarshan, 1st floor, Kalpataru shopping centre, Opposite Manidhari Hospital, Residency Road, Jodhpur 342 003, Rajasthan, India

 

 

Associates/Subsidiaries :

Jaitex India, Jodhpur, Rajasthan, India

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

 

No. of Shares

Type

Value

Amount

 

 

 

 

100000

Equity Shares

Rs. 10/- each

Rs. 1.000 Millions

 

Issued, Subscribed & Paid-up Capital :

 

No. of Shares

Type

Value

Amount

 

 

 

 

58030

Equity Shares

Rs. 10/- each

Rs. 0.580 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2006

31.03.2005

31.03.2004

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

0.580

0.580

0.680

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

4.328

4.289

4.185

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

4.908

4.869

4.865

LOAN FUNDS

 

 

 

1] Secured Loans

3.207

1.661

3.478

2] Unsecured Loans

1.477

2.514

1.475

TOTAL BORROWING

4.684

4.175

4.953

DEFERRED TAX LIABILITIES

0.353

0.367

0.294

 

 

 

 

TOTAL

9.945

9.411

10.112

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

5.481

5.954

6.110

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
4.109

2.215

2.306

 

Sundry Debtors
3.522

5.450

4.600

 

Cash & Bank Balances
0.508

0.258

1.606

 

Other Current Assets
0.033

0.045

0.048

 

Loans & Advances
1.614

0.171

0.899

Total Current Assets
9.786

8.139

9.459

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
5.285

4.677

5.457

 

Provisions
0.037

0.005

0.000

Total Current Liabilities
5.322

4.682

5.457

Net Current Assets
4.464

3.457

4.002

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

9.945

9.411

10.112

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2006

31.03.2005

31.03.2004

Sales Turnover

14.479

14.099

13.437

Other Income

0.176

0.217

 

Total Income

14.655

14.316

13.437

 

 

 

 

Profit/(Loss) Before Tax

0.039

0.104

0.341

Provision for Taxation

-

-

0.133

Profit/(Loss) After Tax

0.039

0.104

0.208

 

 

 

 

Export Value

7.047

10.701

0.430

 

 

 

 

Total Expenditure

14.616

14.212

13.778

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2006

31.03.2005

31.03.2004

PAT / Total Income

(%)
0.26

0.72

1.54

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
0.26

0.72

2.53

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
0.25

0.73

2.19

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.007

0.02

0.07

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.03

1.81

3.20

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.83

1.73

1.73

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Form 8

Bankers Charges Report as per Registry

 

Name of the company

JAITEX EXPORTS PRIVATE LIMITED

Presented By

Subodh Minni, Director

1) Date and description of instrument creating the change

Deed of Guarantee for overall limit dated 29.03.2005.

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

Equitable Mortgage of immovable properties of the company.

Land and building situated at E – 633, MIA, 8th Road, Basni Phase – 2nd, Jodhpur, 342005, Rajasthan, India

4) Gist of the terms and conditions and extent and operation of the charge.

Corporate Guarantee and Equitable mortgage of immovable properties of the company against cash credit (hypothecation0 limit to Jaitex prints, Jodhpur

 

5) Name and Address and description of the person entitled to the charge.

State Bank of Bikaner and Jaipur

Industrial Estate, Jodhpur, Rajasthan, India

6) Date  and brief description of instrument modifying the charge

NA

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.

NA

 

 

Form 8

Bankers Charges Report as per Registry

 

Corporate identity number of the company

U74994RJ1994PTC008776

Name of the company

JAITEX EXPORTS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

E-633, MIA, 8th Road, Basni Phase – II, Jodhpur – 342 005, Rajasthan

This form is for

Modification of charge

Type of charge

Hypothecation

Particular of charge holder

State Bank of Bikaner and Jaipur

E-633, MIA, Industrial area, Jodhpur – 342 003, Rajasthan, India

Nature of instrument creating charge

Letter of hypothecation and bills purchased agreement dated 27.02.1996

Date of instrument Creating the charge

27.02.1996

Amount secured by the charge

Rs. 2.500 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Interest 13% p.a.

Repayment on Demand

Margin 10%

Description of the property charged

NA

Particulars of the property charged

NA

 

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. 39.79

UK Pound

1

Rs. 81.62

Euro

1

Rs. 56.98

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

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.

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions