MIRA
INFORM REPORT
|
Report Date : |
12.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
THE JAI MICA SUPPLY COMPANY PRIVATE LIMITED |
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Registered Office : |
62, Bentinck Street,
Kolkata - 700 069, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.03.1958 |
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Com. Reg. No.: |
21-23782 |
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CIN No.: [Company
Identification No.] |
U14293WB1958PTC023782 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and exporters of
mica products including mica blocks, mica scrap, mica splitting, mica flakes,
mica powder, calcined mica. Also supply fashion garments such as men's wear,
men's t-shirts, men's track suits, ladies wear, ladies tops and kids fashion
wear. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 97000 |
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Status : |
Good |
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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 fine track records.
Trade relations are fair. Business is active. General financial position is
satisfactory. Payments are reported as usually correct and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
62, Bentinck Street, Kolkata - 700 069, West Bengal, India |
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Tel. No.: |
91-33-22377295 |
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Mobile No.: |
91-9431144343 |
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Fax No.: |
91-33-22376209 |
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E-Mail : |
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Website : |
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Head Office and Mica Division: |
Distillary Road, Giridih - 815301, Jharkhand, India |
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Tel. No.: |
91-6532-222789/ 222546 |
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Fax No.: |
91-6532-222192 |
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Garment Division : |
7, Appachi Nagar, Tirupur - 601604, Tamilnadu, India |
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Tel. No.: |
91-421-2223801 |
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Fax No.: |
91-421-2223802 |
DIRECTORS
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Name : |
Mr. Ashok Kumar Jain |
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Designation : |
Whole Time Director |
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Address : |
Sagar Niwas, Makatpur, Giridih - 815301, Jharkhand, India |
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Date of Birth/Age : |
10.01.1954 |
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Date of Appointment : |
25.06.1974 |
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Election Commission Identity Card No. : |
BR46275078090 |
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Name : |
Smt. Indira Jain |
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Designation : |
Whole Time Director |
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Address : |
Sagar Niwas, Makatpur, Giridih - 815301, Jharkhand, India |
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Date of Birth/Age : |
12.08.1951 |
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Date of Appointment : |
22.11.1991 |
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Election Commission Identity Card No. : |
BR46275078087 |
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Name : |
Smt. Sushama Jain |
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Designation : |
Whole Time Director |
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Address : |
Sagar Niwas, Makatpur, Giridih - 815301, Jharkhand, India |
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Date of Birth/Age : |
13.12.1953 |
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Date of Appointment : |
22.11.1991 |
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Election Commission Identity Card No. : |
BR46275078088 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Ashok Kumar Jain |
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3668 |
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Indira Jain |
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7333 |
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Sushama Jain |
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3066 |
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Ankit Jain |
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1933 |
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Shree Baidyanath Mica Work Private Limited |
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4000 |
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Total |
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20000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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20.00 |
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Directors or relatives of directors |
|
80.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and exporters of
mica products including mica blocks, mica scrap, mica splitting, mica flakes,
mica powder, calcined mica. Also supply fashion garments such as men's wear,
men's t-shirts, men's track suits, ladies wear, ladies tops and kids fashion
wear. |
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Products : |
Processed Mica -
Mica Blocks
: Basic raw material for the production of various types of Mica & Mica
Products. -
Mica Splitting
: These are used in production of Micanite related products. -
Mica Scrap
: Crushed & Non-Crushed Mica Scrap are used in the Manufacturing of Mica
Paper and reconstituted Mica Plates -
Mica Condenser : It is used
in the manufacture of Silver Mica Plates used in Mica Capacitors -
Mica Thins : These are used
in the manufacture of various types of Window Plates and other parts. It is used in Oil Drilling,
Pearlescent Pigment, Artificial Snow, Concrete Block Fillers, Refractory
Bricks, Asphalt Roofing Felts. Used in Welding Electrodes,
Cables and Wires, Foundry Works, Texture Paints. 30 - 325 Mesh.
Used as one of the main
components in Mica Capacitors.
Coarse Mica Flakes 2 -8 Mesh,
Medium Coarse Flakes 10 -16 Mesh, Fine Coarse Mica Flakes 16 -30 Mesh. Mica
Powder 30 -325 Mesh.
Mica Folium, Moulding Micanite,
Heat Resisting Micanite, Flexible Micanite, Tubes & Bushes, Commutator
Vee Rings, Washers, Punches Segment Mica.
Transistor Parts, Crimped /
Corrugated Mica, Mica Stripes for Liquid Indicators, Mica Washer, Disc,
Stainers, etc. |
GENERAL
INFORMATION
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N. N. Das and Company Chartered Accountants |
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Address : |
8/2, Kiron Shankar Roy Road, Kolkata – 700001, West Bengal, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20,000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20,000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.000 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
22.184 |
22.012 |
22.084 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
24.184 |
24.012 |
24.084 |
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LOAN FUNDS |
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1] Secured Loans |
15.878 |
15.860 |
14.941 |
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2] Unsecured Loans |
3.641 |
4.149 |
4.421 |
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TOTAL BORROWING |
19.519 |
20.009 |
19.362 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
43.703 |
44.021 |
43.446 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.104 |
2.440 |
3.086 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
30.731
|
30.339 |
26.551 |
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Sundry Debtors |
12.284
|
14.204 |
13.221 |
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Cash & Bank Balances |
1.915
|
0.938 |
0.437 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
4.666
|
4.321 |
5.916 |
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Total
Current Assets |
49.596
|
49.802 |
46.125 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
7.628
|
7.854 |
4.717 |
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Provisions |
0.369
|
0.367 |
1.048 |
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Total
Current Liabilities |
7.997
|
8.221 |
5.765 |
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Net Current Assets |
41.599
|
41.581 |
40.360 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
43.703 |
44.021 |
43.446 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
55.575 |
56.013 |
59.090 |
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Other Income |
0.007 |
0.266 |
0.245 |
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Total Income |
55.582 |
56.279 |
59.335 |
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Net Profit |
0.338 |
0.337 |
0.775 |
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Export Turnover |
49.372 |
48.911 |
41.701 |
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Expenditure in Foreign Currency |
-- |
0.426 |
-- |
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Expenditure : |
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Financial Charges |
1.512 |
1.596 |
1.436 |
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Depreciation |
0.460 |
0.652 |
0.662 |
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Change in Stock |
[0.392] |
[0.379] |
[2.186] |
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Other Expenditure |
53.664 |
54.073 |
58.648 |
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Total Expenditure |
55.244 |
55.942 |
58.560 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.60
|
0.60
|
1.30 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.60
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0.60
|
1.31 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.65
|
0.64
|
1.57 |
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Return on Investment (ROI) (PBT/Networth) |
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0.01
|
0.01 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.14
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1.18 |
1.04 |
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Current Ratio (Current Asset/Current Liability) |
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6.20
|
6.06 |
8.00 |
LOCAL AGENCY
FURTHER INFORMATION
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Name of the company |
The Jai Mica Supply Company Private
Limited |
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Presented By |
State Bank of
India, Giridih Branch, Giridih |
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Date and description of instrument creating the change |
24.07.1996 General Agreement
Ancillary
Agreement No. 1 Ancillary
Agreement No. 2 Ancillary
Agreement No. 3 Resolution dated
10.07.1996 |
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Amount secured by the charge/amount owing on the securities of charge |
Rs. 18.000
Millions |
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Name and Address and description of the person entitled to the charge. |
State Bank of India, Giridih Branch, Whitty Bazar, Giridih – 815301,
Jharkhand, India |
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Date and brief description of instrument modifying the charge |
13.12.2004 Supplementary
General Agreement Ancillary
Agreement No. 1 Ancillary
Agreement No. 3 Ancillary
Agreement No. 4 Guarantee
agreement |
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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. |
Vide this
modification overall limit has been enhanced from Rs. 14.400 Millions to Rs.
16.900 Millions Interest will be
charged @ 12.25 % Other terms and
conditions remain the same. |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
90251144 |
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Corporate
identity number of the company |
U14293WB1958PTC023782 |
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Name of the
company |
The Jai Mica
Supply Company Private Limited |
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Address of the
registered office or of the principal place of business in India of the company |
62, Bentinck Street, Kolkata - 700 069, West Bengal (India) |
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Type of charge |
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Particular of
charge holder |
State Bank of India, Giridih Branch, Whitty Bazar, Giridih – 815301,
Jharkhand, India |
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Nature of description
of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
21.04.2007 |
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Amount secured by
the charge |
Rs. 16.200
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC [Stock] 2 %
above SBAR [Presently 11.50%] minimum 13.50 % p.a. with monthly rest. EPC 2.50 % below
SBAR [Presently 11.50%] Terms of
Repayment As per sanction
letter No. 9/274 dated 07.02.2007 Margin As per sanction letter
No. 9/274 dated 07.02.2007 Extent and
Operation of the charge Hypothecation of
Raw Material, finished goods, work in progress and all other current assets
of the company both present and future. |
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Short particulars
of the property charged |
Land situated at
Sirsia, Giridih vide sale deed No. 5957 dated 09.06.1994, Measuring 80.75
decimal Land and Building
situated at Station Road, Giridih vide sale deed No. 4573 dated 27.06.1950
Measuring 20.50 decimal Factory land and
building situated at distillery road, Giridih vide sale deed No. 6636 dated
13.11.1997, measuring 16.00 decimal Land and building
situated at Makatpur, Giridih vide sale deed no. 5403 dated 18.08.1950 |
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Date of latest
modification prior to the present modification |
29.06.2004 |
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Particulars of
the present modification |
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AS PER WEBSITE
Profile
Subject
had its humble beginning in 1945. Solely associated with Mica Business in the fledging
years, the company successfully diversified into Garments in the later period.
Named Jai Mica Company then, the enterprise was established by one of the
pioneers in the field of Mica in India:
Late
Sagar Mal Jain. A visionary with dedication and a strong business
understanding, Sagar Mal Jain navigated the company through its initial years
of trials and tribulations. Incorporated as subject in 1952, the company
acquired a special status as an exporter of Mica to the erstwhile USSR, the
largest importer of Mica from India till 1990. Courtesy perfect execution of
the first export order, it bagged from USSR, in terms of quality and delivery
schedule, the company enjoyed the privilege of being the sole supplier Mica for
three subsequent years to the country.
Late B.K. Jain and Late S. K. Jain who kept going the Tempo of success of the
Company through their hard work and extensive tours allover the world after
taking over from Late Senior Jain.
As an exporter of Knitted
Readymade Garments
The organisation
is existent in the field of Readymade Garments for a decade now. Equipped with
a state of the art manufacturing unit, the company focuses on quality assurance
of Garment Designing, Quality of Yarn, Knitting, Bleaching, Printing, Curing,
Calendaring, Cutting, Stitching etc.
Areas of expertise in garments
- Garment Designing
- Quality of Yarn
- Knitting
- Bleaching
- Printing
- Curing
- Calendaring Cutting
- Stitching
Present State of Affairs
Among
the most celebrated and the oldest of the exporters of Mica & Mica products
now, subject is headed by Mr. A.K Jain Apart from maintaining an iron grip over
the international Mica Market through the supply of both traditional and
innovative Mica products like CALCINED MICA FLAKES & POWDER, COLOURED MICA
POWDER AND CHEMICALLY TREATED CALCINED MICA FLAKES, Mr. A.K Jain, the present
MD has undertaken diversification into different fields like Garments, Minerals
etc. The company owes its successful functioning to other directors Mrs. I.
Jain and Mrs. S. Jain.
Financial Status
If the
financial standing of an organisation is any reflection of its all round growth
as a business set up, then The subject has a lot to boast of. The company is
estimated to worth 200 million Indian Rupees and enjoys an annual turnover of
Rs 70 million presently.
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. 39.94 |
|
UK Pound |
1 |
Rs. 78.81 |
|
Euro |
1 |
Rs. 63.05 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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 |
|