MIRA
INFORM REPORT
|
Report Date : |
21.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
J. M. V. ENTERPRISES |
|
|
|
|
Registered Office : |
56/B, Nahotra Cine Shope, Ranade Road, Dadar (East), Mumbai – 400028,
Maharashtra |
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|
Country : |
India |
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|
Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1997 |
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IEC No.: |
0307017249 |
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|
PAN No.: [Permanent
Account No.] |
ARMPS3853J |
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Legal Form : |
Sole Proprietory Concern |
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|
|
Line of Business : |
Manufacturer and Trading in Readymade Garments and Specialty in
Hosiery 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 |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established concern and maintains steady business. Trade relations are fair. Payments are usually correct amount as per
commitment. The Concern can be considered normal for business dealings at usual
trade terms and conditions. Nothing adverse reported. |
INFORMATION PARTED
BY
|
Name : |
Mr. Jagmohan V. Singh |
|
Designation : |
Proprietor |
|
Contact No.: |
91-9324255502 |
|
Date : |
20.08.2008 |
LOCATIONS
|
Registered Office : |
56/B, Nahotra Cine Shope, Ranade Road, Dadar (East), Mumbai – 400028,
Maharashtra, India |
|
Tel No.: |
91-22-24914371 |
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Mobile No.: |
91-9324255502 |
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Fax No.: |
91-22-66103954 |
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E-Mail : |
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Area : |
185 sq ft |
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Location : |
Owned |
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|
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Corporate Office : |
K/204, Ansha Industrial Estate, Saki Vihar Road, Saki Naka, Andheri
(East), Mumbai – 400 072, Maharashtra, India |
|
Tel. No.: |
91-22-28577604 / 605 |
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Fax No.: |
91-22-28571517 |
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E-Mail : |
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|
Area : |
500 sq ft |
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Location : |
Rented |
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|
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Factory : |
House No. TSL 823, Shiv Shakti Nagar, Opposite. Turbe Railway Station, Suresh Kulkarni Office Road, Turbe, Navi Mumbai – 400705, Maharashtra, India |
|
Tel. No.: |
91-22-22915711 |
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E-Mail : |
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Area : |
10000 sq ft |
|
Location : |
Rented |
SOLE PROPRIETOR
|
Name : |
Mr. Jagmohan V. Singh |
|
Designation : |
Proprietor |
|
Address : |
503, Shree Samarth CHS, Mahada Samta Complex, Gaikwad Nagar, Malad
(West), Mumbai – 400097, Maharashtra, India |
|
Date of Birth/Age : |
22.12.1974 (34 years) |
|
Qualification : |
Post Graduate |
|
Experience : |
10 years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trading in Readymade Garments and Specialty in
Hosiery Items. |
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|
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|
Products : |
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|
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Exports : |
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|
Products : |
Readymade Garments |
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Countries : |
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Imports : |
|
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Products : |
Fabrics Accessories |
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Countries : |
China |
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Terms : |
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Selling : |
L/C, Credit (60-90 days) (D/P) |
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Purchasing : |
L/C, Cash and Credit (30 days), (D/P, D/A) |
PRODUCTION STATUS
|
Particulars |
Installed Capacity |
Actual Production |
|
|
|
|
|
All Kind of Knitted Garments |
2500 PCS per
day, depending upon Styles and Sizes |
Minimum 1500 PCS
per day |
GENERAL
INFORMATION
|
Customers : |
Wholesalers Overseas Buyers
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Suppliers : |
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No. of Employees : |
82 (Office – 2 and Factory – 80) |
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Bankers : |
Mahim Branch, Mumbai – 400016, Maharashtra, India |
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Facilities : |
Credit Limit Rs.9.500 Millions (Rs. In
Millions)
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|
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Banking
Relations : |
Satisfactory |
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|
|
|
Auditors : |
|
|
Name : |
Jain and Trivedi Chartered Accountant |
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Tel No.: |
91-9320737049 |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs.8.931 Millions |
|
Borrowed : |
- |
|
Total : |
Rs.8.931 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
8.931 |
6.880 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
8.931 |
6.880 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
8.258 |
4.606 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
8.258 |
4.606 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
17.189 |
11.486 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
2.704 |
2.846 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
13.005 |
6.935 |
|
|
Sundry Debtors |
|
2.135 |
1.781 |
|
|
Cash & Bank Balances |
|
0.067 |
0.188 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
|
8.904 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
0.722 |
0.264 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
0.722 |
0.264 |
|
|
Net Current Assets |
|
14.485 |
8.640 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
17.189 |
11.486 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
|
|
Sales Turnover |
|
44.915 |
37.184 |
|
|
Other Income |
|
0.701 |
0.000 |
|
|
Total Income |
|
45.616 |
37.184 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
2.426 |
1.105 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
2.426 |
1.105 |
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
|
41.111 |
34.777 |
|
|
Manufacturing Expenses |
|
0.776 |
0.725 |
|
|
Administrative Expenses |
|
0.500 |
0.378 |
|
|
Interest |
|
0.661 |
0.016 |
|
|
Depreciation & Amortization |
|
0.142 |
0.183 |
|
Total Expenditure |
|
43.190 |
36.079 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
|
5.32 |
2.97 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
5.40 |
2.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
13.54 |
9.40 |
|
|
|
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.27 |
0.16 |
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|
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|
|
|
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Debt Equity Ratio (Total Liability/Networth) |
|
|
1.01 |
0.71 |
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|
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|
|
|
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Current Ratio (Current Asset/Current Liability) |
|
|
21.06 |
33.73 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCE:-
- S.N.B, U.S.A.
- Allura, Spain
- Sandline
Textile and Apparels, USA
- Texotill,
France
- Pratbimb,
Islampur
- Navjivan Synthetics,
Dombivli, District. Thane
- Gini
Filaments Limited, Mumbai
- Popular Knit
World
Mr. Nitu Singh
Tel: 91-22-65112925
- Navjeevan
Synthetic Limited
Mr. Sunil Chavan
Mobile: 91-9323700551
- Pratibim
Spining
Mr. Ajit Pawar
Mobile: 91-9922189900
FIXED ASSETS:
- Land and Building
- Plant and Machinery
- Furniture and fixture
- Machineries
PERSONAL ASSETS OF THE PROPRIETOR
|
Name |
Description of
the assets owned by them |
Rs. In Millions |
Whether Offered
as security |
|
|
|
|
|
|
Mr. Jagmohan V. Singh |
56/B, Nahotra Cine Shope, Ranade Road, Dadar (East), Mumbai – 400028,
Maharashtra, India |
Market Value Rs.10.175 Millions |
Yes |
FINANCIAL ANALYSIS
|
Last available
financial statement |
31.03.2008 |
|
|
|
|
|
|
Debtors Position (At last month
and July 08 specify amount >90 days) |
Rs.12.500 Millions |
|
|
Creditors
Position ( At last month
and July 08 specify all suppliers not paid for more than 90 days) |
Rs.1.400 Millions |
|
|
Stock Positions
(At last Month End) |
Rs.11.000 Millions |
|
|
Drawing Power |
Rs.9.500 Millions |
|
|
Whether the
Critical ratios conforms to the bench mark stipulation |
Current Ratios Debt-Equity Ratio DSCR TOL/TNW Promoter’s Contribution |
1.25 2.00:1 1.50 4:1 25% |
ACTIVITY LEVELS AT THE TIME OF VISIT
|
Number of
Employees Observed |
70 |
|
Level of
Activity (Description of Production/ Delivery/ Customers) |
Production of Round Neck T-Shirts were going
on at factory |
FOR MANUFACTURING ENTITLES/ FACTORY SITE (S)
|
Location of Plot,
accessibility, Proximity to other units |
Factory located near the Turbe station where
in labour are available in plenty and well developed transportation is
available |
|
Principal Raw
Materiasl and Sources |
Cotton Fabrics mostly from Tirupur (Tamilnadu) |
|
Manufacturing
Process |
In House Machinery are installed for
cutting, stitching, ironing and packing |
|
Major Branded
and Imported Machines, Installed |
No, China Made |
|
Power: Connected
load and bank up available |
40 KV HP load is connected and for backup
Generator is installed |
|
Inventory/ WIP/
Finished Goods at the Site |
Fabrics, Threads, Packing Materials were
found at he site |
|
Storage/
Security/ Perishability/ Susceptibility to fire and weather |
Finished Goods are properly packed and
stored in separate location. Party has proper security arrangement at site.
Fire extinguisher is installed at site |
|
Workers/ Split
of temporary and permanent/ any Unions |
No
Unions |
|
History of any strikes/
any child labour/ working conditions |
No strikes and no child labour were observed |
OTHER PARTICULARS (Rs. In Millions)
|
Months (During
the current Years) |
Purchases |
Sales |
|
April 2008 |
2.170 |
2.204 |
|
May 2008 |
0.921 |
0.996 |
|
June 2008 |
2.968 |
6.375 |
|
July 2008 |
25.034 |
26.302 |
|
Documents
Verified |
Purchases Bills |
Sales Invoice |
SWOT ANALYSIS OF THE UNIT
Strengths:
Confirmed Orders From Overseas Buyers and also
stand by LC received
Weakness:
Competition in garment export is huge
Opportunities:
Quality Cotton Hosiery Goods of Indian Origin
has a tremendous demand throughout the world
Threats:
China is also exporting readymade garments but
their quality is not up to the mark
OPERATING
STATEMENT
[Rs in Millions]
|
Particulars |
31.03.2009 Projection |
31.03.2010 Projection |
|
1. Gross Sales |
|
|
|
Domestic Sales |
45.000 |
50.000 |
|
Exports Sales |
40.000 |
55.000 |
|
Other Income |
- |
- |
|
Total |
85.000 |
105.000 |
|
2. Less: Excise Duty |
0.000 |
0.000 |
|
3. Net Sales (1-2) |
85.000 |
105.000 |
|
4. % rise [+] or fall [-] in net sales as compared to
previous year |
8.925 |
2.353 |
|
|
|
|
|
5. COST OF SALES
|
|
|
|
i] Raw Materials [Including stores and other items used in
the process of manufacture] |
|
|
|
[a] Imported |
0.000 |
0.000 |
|
[b] Indigenous |
82.000 |
100.500 |
|
|
|
|
|
ii] Other Spares |
|
|
|
[a] Imported |
0.000 |
0.000 |
|
[b] Indigenous |
0.000 |
0.000 |
|
|
|
|
|
iii] Power and Fuel |
0.000 |
0.000 |
|
iv] Direct labour |
0.900 |
1.000 |
|
V] Other Manufacturing Expenses |
0.000 |
0.000 |
|
vi] Depreciation |
0.111 |
0.083 |
|
vii] SUB TOTAL [i to iv] |
83.011 |
101.583 |
|
viii] Add : Opening Stocks – in – process |
0.000 |
0.000 |
|
Sub - Total |
83.011 |
101.583 |
|
ix] Less: Closing Stock – in – Process |
0.000 |
0.000 |
|
x] Cost of production |
83.011 |
101.583 |
|
xi] Add : Opening Stock of finished goods |
13.005 |
15.000 |
|
Sub – total |
96.016 |
116.583 |
|
xii] Deduct: Closing Stock – of - finished goods |
15.000 |
17.000 |
|
xiii] Sub -Total (Total Cost of
Sales) |
81.016 |
99.583 |
|
|
|
|
|
6. Selling general and administrative expenses |
0.525 |
0.575 |
|
7. Sub – Total [5+6] |
81.541 |
100.158 |
|
8. Operation profit before interest [3-7] |
3.459 |
4.842 |
|
9. Interest |
1.375 |
1.400 |
|
10. Operating profit after interest [8-9] |
2.084 |
3.442 |
|
11. i] Add : other non-operating income |
2.500 |
3.300 |
|
Sub – total [Income] |
2.500 |
3.300 |
|
ii] Deduct other non-operating expenses |
0.000 |
0.000 |
|
Sub total [Expenses] |
0.000 |
0.000 |
|
iii]
Net of other non-operating income net of 11 (i) & (ii) |
2.500 |
3.300 |
|
|
|
|
|
12. Profit before tax / Loss [10+11[iii]] |
4.584 |
6.742 |
|
13. Provision for taxes |
1.375 |
2.023 |
|
14.
Net profit / loss |
3.209 |
4.719 |
|
15 [a] Equity Dividend Paid |
0.500 |
0.550 |
|
16.
Retained profit [14-15] |
2.709 |
4.169 |
|
17. Retained
profit / Net profit [%] |
84.42% |
88.35% |
ANALYSIS
AND BALANCE SHEET (RS. IN MILLIONS)
|
CURRENT
LIABILITIES |
31.03.2009 Projection |
31.03.2010 Projection |
|
|
|
|
|
01 Short – Term borrowings from banks [including bill
purchased, discounted and excess borrowings placed on repayment basis] |
|
|
|
I] From Existing Bank (Domestic and Exports) |
12.500 |
12.500 |
|
Ii] From Other Banks |
0.000 |
0.000 |
|
Iii] (Of which BP & BD) |
3.000 |
3.000 |
|
Sub Total [A] |
12.500 |
12.500 |
|
|
|
|
|
02 Short Term Borrowings from others |
0.000 |
0.000 |
|
03 Sundry creditors [Trade] |
1.200 |
1.500 |
|
04 Advance payments from customers / Deposits from
dealers |
0.000 |
0.000 |
|
05 Provision for tax [net of Tax paid] |
0.000 |
0.000 |
|
06 Dividend and Dividend Tax payable |
0.000 |
0.000 |
|
07 other statutory liabilities [due within one year] |
0.000 |
0.000 |
|
08 Deposits / Installments of term loans / DPGs / debentures,
etc [due within one year] |
0.000 |
0.000 |
|
09 Other current liabilities and provisions [due within
one year] |
0.000 |
0.000 |
|
|
|
|
|
Sub – Total [B] |
1.200 |
1.500 |
|
10 TERM LIABILITIES
[Total of 1 to 9] |
13.700 |
14.000 |
|
|
|
|
|
TERM LIABILITIES |
|
|
|
11 Debentures [not maturing within one year] |
0.000 |
0.000 |
|
12 Preference Shares [Redeemable after 1 year] |
0.000 |
0.000 |
|
13 Term loans [excluding installments payable within
one year] |
0.000 |
0.000 |
|
14 Deferred Payment Credit |
0.000 |
0.000 |
|
15 Term deposit [repayable after one year] |
0.000 |
0.000 |
|
16 Other Term Liabilities |
0.000 |
0.000 |
|
17 TOTAL TERM
LIABILITIES [Total of 11 to 16] |
0.000 |
0.000 |
|
18 TOTAL OUTSIDE LIABILITIES
[10 + 17] |
13.700 |
14.000 |
|
|
|
|
|
NET WORTH |
|
|
|
19 Ordinary Share Capital |
8.931 |
11.639 |
|
20 General Reserve |
0.000 |
0.000 |
|
21 Revaluation Reserve |
0.000 |
0.000 |
|
22 Other Reserves [Excluding provisions] |
0.000 |
0.000 |
|
23 Surplus [+] or deficit [-] in Profit and Loss Account |
2.709 |
4.169 |
|
|
|
|
|
24 NET WORTH |
11.639 |
15.809 |
|
25 TOTAL
LIABILITIES [18+24] |
25.339 |
29.809 |
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
26 Cash and Bank Balance |
0.100 |
0.150 |
|
27 Investments [Other than long term investments] |
0.000 |
0.000 |
|
I] Government and other Trustee securities |
0.000 |
0.000 |
|
II] Fixed deposit with bank |
0.000 |
0.000 |
|
|
|
|
|
28 I] Receivables other than deferred and exports [Including
bills purchased and discounted by banks] |
3.148 |
5.450 |
|
II] Export receivables [Including bills purchased /
discounted by banks] |
4.500 |
4.700 |
|
29 Installments of Deferred receivables [due within
one year] |
- |
- |
|
30 Inventory |
|
|
|
I] Raw materials [Including stores and other items used in
the process of manufacture] |
0.000 |
0.000 |
|
Imported |
0.000 |
0.000 |
|
Indigenous |
0.000 |
0.000 |
|
II] Stock – in – process |
0.000 |
0.000 |
|
II] Finished Goods |
0.000 |
0.000 |
|
IV] Other consumable spares |
15.000 |
17.000 |
|
31 Advances to suppliers of raw materials and stores |
0.000 |
0.000 |
|
32 Advance payment of taxes [NET] |
0.000 |
0.000 |
|
33 Other current assets |
0.000 |
0.000 |
|
34 TOTAL CURRENT
ASSETS |
22.748 |
27.300 |
|
FIXED
ASSETS |
|
|
|
35 Gross Block |
3.028 |
3.028 |
|
36. Depreciation to date |
0.436 |
0.519 |
|
|
|
|
|
37 NET BLOCK
[35-36] |
2.592 |
2.509 |
|
|
|
|
|
OTHER
NON – CURRENT ASSETS |
|
|
|
38 Investments / book / debts / advances / deposits which
are not Current Assts |
0.000 |
0.000 |
|
I] [a] Investments in Subsidiary companies |
0.000 |
0.000 |
|
[b] Others –
Shares of Co-op Bank Limited |
0.000 |
0.000 |
|
II] Advances to suppliers of capital goods and contractors
|
0.000 |
0.000 |
|
III} Deferred receivables [maturity exceeding one year] |
0.000 |
0.000 |
|
IV] Others – advance to staff |
0.000 |
0.000 |
|
39 Non consumables Stores and Spares |
0.000 |
0.000 |
|
40 Other non – current assets (including dues from
directors) |
0.000 |
0.000 |
|
|
|
|
|
41
TOTAL OTHER NON – CURRENT ASSETS [38 to 40] |
0.000 |
0.000 |
|
42 Intangible assets [Patents, goodwill, prelim, expenses,
bad / doubtful debts Not provided for etc.] |
0.000 |
0.000 |
|
|
|
|
|
43
TOTAL ASSETS [Total of 34, 37, 41 and 42] |
25.340 |
29.809 |
|
44 TANGIBLE NET WORTH [24-42] |
11.639 |
15.809 |
|
45 NET WORKING CAPITAL [17 + 24]-[37+41+42] |
9.048 |
13.300 |
|
|
|
|
|
46 Current Ratio [Items 34/10] |
0.166 |
0.195 |
|
47 Total Outside Liabilities/ Tansible Net Worth (18/44) |
0.118 |
0.089 |
COMPARATIVE STATEMENT
OF CURRENT ASSETS AND CURRENT LIABILITIES
(Rs. In Millions)
|
CURRENT
ASSETS |
31.03.2009 Projection |
31.03.2010 Projection |
|
1. Raw Materials [Including stores and other items used in
the process of manufacture] |
|
|
|
[a] Imported |
0.000 |
0.000 |
|
[b] Indigenous |
0.000 |
0.000 |
|
|
|
|
|
2. Other consumable Spares, Excluding those included in 1
above |
|
|
|
[a] Imported |
0.000 |
0.000 |
|
[b] Indigenous |
0.000 |
0.000 |
|
|
|
|
|
3.Stock – In - Process |
0.000 |
0.000 |
|
4.Finished Goods |
15.000 |
17.000 |
|
Months Cost of sales |
0.222 |
0.205 |
|
5.Receivables other than export and deferred receivables
(Including bills purchased and discounted by Bankers) |
3.148 |
5.450 |
|
Months Domestic Sales (Excluding Deferred Payment Sales) |
0.084 |
0.131 |
|
6.Export Receivables(Including bills purchased and
discounted |
4.500 |
4.700 |
|
Months Export Sales |
0.135 |
0.103 |
|
7. Advances to suppliers of raw materials and stores and spares
consumable |
0.000 |
0.000 |
|
8. Other Current assets including Cash and Bank Balance,
deferred receivable due within one years |
0.100 |
0.150 |
|
9.Total
Current Assets (To
agree with Item 34 in from III) |
22.748 |
27.300 |
|
|
|
|
|
10.Creditors for Purchased of Raw Materials Stores and
Consumable Spares |
1.200 |
1.500 |
|
Months Purchases |
0.017 |
0.018 |
|
11.Advance From Customers |
0.000 |
0.000 |
|
12.Statutary Liability |
0.000 |
0.000 |
|
13. other Current Liabilities (Specify Major Items) short term borrowings, unsecured
loans, dividend payable, installment of TL, DPG, Public deposit debenture
etc. |
0.000 |
0.000 |
|
14.
Total (To
agree with sub total B from III) |
1.200 |
1.500 |
PERSONAL A/C (MR. JAGMOHAN VIRENDRA SINGH)
Trading, Profit
and Loss A/C for the Years Ended 31.03.2008)
|
Particulars |
Rs. In Millions |
Particulars |
Rs. In Millions |
|
|
|
|
|
|
To Opening Stock |
6.935 |
By Domestic Sales |
37.460 |
|
To Purchases |
47.032 |
By Export Sales |
7.453 |
|
To Gross Profit |
3.954 |
By Closing Stock |
13.008 |
|
|
|
|
|
|
Total |
57.921 |
Total |
57.921 |
|
|
|
|
|
|
To Salaries and Bonus |
0.751 |
By Gross Profit |
3.953 |
|
To Telephone Expenses |
0.114 |
By Duty Drawback |
0.702 |
|
To Printing and Stationery |
0.052 |
|
|
|
To Accounts Writing |
0.050 |
|
|
|
To Conveyance |
0.062 |
|
|
|
To Staff Welfare |
0.091 |
|
|
|
To Export Expenses |
0.172 |
|
|
|
To Packing Expenses |
0.123 |
|
|
|
To Bank Interests |
0.661 |
|
|
|
To Depreciation |
0.143 |
|
|
|
To Net Profit |
2.436 |
|
|
|
|
|
|
|
|
Total |
4.655 |
Total |
4.655 |
CAPITAL
ACCOUNT
|
Particulars |
Rs. In Millions |
Particulars |
Rs. In Millions |
|
|
|
|
|
|
To Withdrawals |
0.424 |
By Balance C/D |
7.062 |
|
To Balance C/D |
9.074 |
By Income |
2.436 |
|
|
|
|
|
|
Total |
9.498 |
Total |
9.498 |
BALANCE
SHEET AS AT 31ST MARCH 2008
|
Particulars |
Rs. In Millions |
Particulars |
Rs. In Millions |
|
|
|
|
|
|
Capital Account |
9.074 |
Friendly Loans |
0.100 |
|
|
|
JMV Enterprises |
8.893 |
|
|
|
Cash and Bank Balance |
0.081 |
|
|
|
|
|
|
Total |
9.074 |
Total |
9.074 |
BALANCE
SHEET
|
Particulars |
Rs. In Millions |
Particulars |
Rs. In Millions |
|
|
|
|
|
|
Capital A/C |
8.893 |
Furniture and Fixtures |
0.263 |
|
Corporation Bank CC |
8.259 |
Machineries |
0.342 |
|
Sundry Creditors |
0.723 |
Flat |
2.100 |
|
|
|
Closing Stock |
13.006 |
|
|
|
Sundry Debtors |
2.092 |
|
|
|
Cash and Bank Balance |
0.072 |
|
|
|
|
|
|
Total |
17.875 |
Total |
17.875 |
PERSONAL A/C
(MR. JAGMOHAN VIRENDRA SINGH)
Trading, Profit
and Loss A/C for the Years Ended 31.03.2007)
|
Particulars |
Rs. In Millions |
Particulars |
Rs. In Millions |
|
|
|
|
|
|
To Opening Stock |
5.075 |
By Sales Cum Labour CHG |
37.185 |
|
To Purchases |
36.637 |
By Closing Stock |
6.935 |
|
To Gross Profit |
2.408 |
|
|
|
|
|
|
|
|
Total |
44.120 |
Total |
44.120 |
|
|
|
|
|
|
To Salaries and Bonus |
0.725 |
By Gross Profit |
2.408 |
|
To Telephone Expenses |
0.098 |
|
|
|
To Printing and Stationery |
0.046 |
|
|
|
To Accounts Writing |
0.025 |
|
|
|
To Conveyance |
0.051 |
|
|
|
To Staff Welfare |
0.089 |
|
|
|
To Packing Expenses |
0.068 |
|
|
|
To Bank Interests |
0.016 |
|
|
|
To Depreciation |
0.184 |
|
|
|
To Net Profit |
1.106 |
|
|
|
|
|
|
|
|
Total |
2.408 |
Total |
2.408 |
CAPITAL
ACCOUNT
|
Particulars |
Rs. In Millions |
Particulars |
Rs. In Millions |
|
|
|
|
|
|
To Withdrawals |
0.281 |
By Balance C/D |
6.237 |
|
To Balance C/D |
7.061 |
By Income |
1.105 |
|
|
|
|
|
|
Total |
7.342 |
Total |
7.342 |
BALANCE
SHEET AS AT 31ST MARCH 2007
|
Particulars |
Rs. In Millions |
Particulars |
Rs. In Millions |
|
|
|
|
|
|
Capital Account |
7.061 |
Friendly Loans |
0.100 |
|
|
|
JMV Enterprises |
6.880 |
|
|
|
Cash and Bank Balance |
0.081 |
|
|
|
|
|
|
Total |
7.061 |
Total |
7.061 |
BALANCE
SHEET
|
Particulars |
Rs. In Millions |
Particulars |
Rs. In Millions |
|
|
|
|
|
|
Capital A/C |
6.880 |
Furniture and Fixtures |
0.292 |
|
Corporation Bank CC |
4.607 |
Machineries |
0.454 |
|
Sundry Creditors |
0.264 |
Flat |
2.100 |
|
|
|
Closing Stock |
6.935 |
|
|
|
Sundry Debtors |
1.782 |
|
|
|
Cash and Bank Balance |
0.188 |
|
|
|
|
|
|
Total |
11.751 |
Total |
11.751 |
TERMS AND
CONDITIONS
|
Facility 1 |
Cash Credit (Hypothecation of Stock and Book Debts) |
|
|
|
|
Extent of Credit |
Rs.4.500 Millions |
|
Extent of Credit In Words |
Rs.4.500 Millions (Reduction from Rs.4.700
Millions) |
|
Purpose |
To Meet Working Capital Requirement |
|
Security |
Hypothecation of First Charge on inventory Hypothecation of First Charge on Book Debts |
|
Margin |
Stock 30% Book Debts 4% |
|
Age of Book Debts (In Days) |
90 Days |
|
Rate of Interests |
COBAR i.e 13.25% p.a. (Floating rate) at
present subject to revision from time to time |
|
Repayment |
CC- Running account repayable on demand subject
to annual renewal |
Other Terms and Conditions:
The applicant shall submit to the Bank monthly
stock statement/ book-debts statement in the prescribed from within 10th
day of each succeeding month. The drawings shall be restricted to Drawing power
(Within the sanctioned limit) arrived at on the basis of paid stock and
eligible outstanding book debts subject to retaining the stipulated margin.
The raw materials procured on DA basis under
the LC limit, if any, shall be shown separately in the stock statements and the
same shall not be reckoned for compurgation of drawing power until such raw
materials are fully paid for by the company.
The receivables/ book-debts due from
associate/ group concern shall not be reckoned for the purpose of computation
of drawing power.
Book Debts statement setting age-wise
classification of book debts duly certified by chartered accountant shall be
submitted once in six months.
|
Facility 2 |
PCL |
|
|
|
|
Extent of Credit |
Rs.2.500 Millions |
|
Extent of Credit In Words |
Rs.2.500 Millions (Fresh Sanction) |
|
Purpose |
Preshipment Finance |
|
Security |
First Charge on the entire stock of the
company . |
|
Margin |
10% of FOB Value |
|
Rate of Interests |
At prescribed rates i.e. 10.00% p.a. (upto
180 days) at present subject to revision from time to time |
|
Repayment |
Each packing credit loan opened will have to
be liquidated within a period not exceeding 180 days Negotiations/ Purchase/
Discount of export bills |
Other Terms and Conditions:
Release under the limit be made only against
irrevocable LCs/ confirmed orders.
Advance under the limit shall be covered under
WTPCG of ECGC. Necessary Reporting requirement shall be complied with.
No PCL shall be released if earlier PCL/
export bill has become overdue.
In the event of non-shipment/ Non-export to
countries placed under restricted cover by ECGC.
Stock statement shall be submitted by the
company at monthly intervals.
All relevant export trade control Regulations,
Exchange Control Regulations, FEMA regulations and RBI guidelines should be
complied with.
The Branch shall ensure sanctioned PCL has
been closed on the due dates.
|
Facility 3 |
FDBP/ FDBD |
|
|
|
|
Extent of Credit |
Rs.2.500 Millions |
|
Extent of Credit In Words |
Rs.2.500 Millions (Fresh Sanction) |
|
Purpose |
Post Shipment Finance |
|
Rate of Interests |
At prescribed rates i.e. 10.00% p.a. at
present subject to revision from time to time |
|
Commission |
At Prescribed Rates |
|
Margin |
15% ( As recommended by Branch) |
|
Repayment |
Sight bills to be paid within the normal transit
period. In the case of usance bills tenor shall not exceed 45 days from the
date of bill of lading. |
Other Terms and Conditions:
Advance under the limit shall be covered under
WTPSG of ECGC. Necessary Ofting Requirement shall be complied with.
Satisfactory credit reports on the drawers
shall be obtained before extending FDBP/D Limit.
ECGC Buyer wise policy shall be obtained by
the company before approaching the bank for extending FDBP/FDBD limit.
All the exchange control/ FEMA/ RBI
regulations shall be strictly complied with.
|
Facility 4 |
Forward Purchase Contract |
|
|
|
|
Extent of Credit |
Rs.2.500 Millions |
|
Extent of Credit In Words |
Rs.2.500 Millions (Fresh Sanction) |
|
Commission |
At the Prescribed rates |
Other Terms and Conditions:
The booking should be done against specific
request of the borrower company as per laid down procedure.
The booking should be for genuine business
transactions. To ensure this, the customer’s purchases orders./ LC’s shall be
verified before booking the contract.
The company should undertake to make good any
loss arising on account of extension/Cancellation/ early delivery of the
contract if any.
All the relevant Exchange control regulations
/ FEMA and RBI Guidelines should be strictly adhered to.
Bank’s lien shall duly be endorsed on the relative
export orders/ LCs/bills/purchases orders in respect of which forward contracts
have been booked.
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 |
|
US Dollar |
1 |
Rs.43.72 |
|
UK Pound |
1 |
Rs.81.45 |
|
Euro |
1 |
Rs.64.47 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|