MIRA
INFORM REPORT
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Report Date : |
24.11.2008 |
IDENTIFICATION DETAILS
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Name : |
JHANJI TEXTILES PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.10.2005 |
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Com. Reg. No.: |
16-29100 |
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CIN No.: [Company
Identification No.] |
U17110PB2005PTC029100 |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer and exporter of superlative Non-Woven Chemical Bond Interlining,
Non Woven Thermo Bond Interlining, Embroidery Backing Tear Away, Non Woven
Microdot Interlining, Non Woven Double Side Fusing, Non Woven Needle Punch
Carpet, Non Woven Needle Punch Felt, etc |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 3000 |
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Status : |
New Project |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new project under implementation.
As per 31.03.2007 statements the company had not commenced business. No
payments are available. Initially, the company can be considered for
any business dealings on safe secured trade terms and conditions. |
LOCATIONS
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Registered Office : |
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E-Mail : |
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Factory : |
1043/9, 1st Floor, Govind Puri, |
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Tel. No.: |
91-11-26486811/26287562/26476438 |
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Fax No.: |
91-11-26476438 |
DIRECTORS
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Name : |
Mr. Manish Jhanji |
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Designation : |
Director |
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Address : |
J -115, Kirti Nagar, |
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Date of Appointment : |
19.10.2005 |
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Mobile No.: |
91-9811048341 |
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Name : |
Mrs. Shanti Parkash Jhanji |
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Designation : |
Director |
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Address : |
B -34/8181/2, New Durga Puri, Haibonal, |
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Date of Appointment : |
19.10.2005 |
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Name : |
Mr. Atul Jhanji |
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Designation : |
Director |
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Address : |
B-34/7466, Gokul Vihar, Haibonal , |
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Date of Appointment : |
19.10.2005 |
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Name : |
Mr. Sahil Jhanji |
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Designation : |
Director |
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Address : |
B -34/8181/2, New Durga Puri, Haibonal, |
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Date of Appointment : |
19.10.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mrs. Shanti Parkash Jhanji |
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2500 |
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Mr. Atul Jhanji |
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2500 |
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Mr. Sahil jHanji |
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2500 |
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Mr. Manish Jhanji |
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2500 |
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Total
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10000 |
AS ON 29.09.2007:-
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and exporter of superlative Non-Woven Chemical Bond Interlining,
Non Woven Thermo Bond Interlining, Embroidery Backing Tear Away, Non Woven
Microdot Interlining, Non Woven Double Side Fusing, Non Woven Needle Punch
Carpet, Non Woven Needle Punch Felt, etc |
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Products : |
·
Non Woven Head Liner Fabric ·
Non Woven Needle Punch Carpet ·
Non Woven Needle Punch Felt ·
Non Woven Needle Punch Speaker Felt ·
Non Woven Needle Punch Geo Textile ·
Non Woven Needle Punch Auto Motive ·
Non Woven Needle Punch Jute Blending ·
Non Woven Needle Punch Roof Lining ·
Non Woven Chemical Bond Interlining ·
Non Woven Thermo Bond interlining ·
Embroidery Backing Tear Away ·
Non Woven Microdot Interlining ·
Non Woven Double Side Fusing |
GENERAL INFORMATION
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Bankers : |
Oriental Bank of Commerce, Dharampura Branch, |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
R Chartered Accountants |
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Address : |
Upstairs Chawla Juice Corner, |
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Tel. No.: |
91-161-2533081 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 29.09.2007:-
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10/- Each |
Rs. 1.000 million |
Issued, Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- Each |
Rs. 0.100 million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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2] Share Application Money |
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0.529 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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[0.035] |
[0.017] |
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NETWORTH |
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0.594 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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0.594 |
0.083 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.558 |
0.000 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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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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0.000 |
0.000 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
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0.009 |
0.046 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.000 |
0.000 |
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Total
Current Assets |
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0.009 |
0.046 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.000 |
0.000 |
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Provisions |
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0.003 |
0.003 |
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Total
Current Liabilities |
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0.003 |
0.003 |
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Net Current Assets |
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0.006 |
0.043 |
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MISCELLANEOUS EXPENSES |
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0.030 |
0.040 |
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TOTAL |
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0.594 |
0.083 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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---- |
---- |
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Other Income |
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---- |
---- |
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Total Income |
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---- |
---- |
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Profit/(Loss) Before Tax |
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[0.018] |
[0.017] |
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Provision for Taxation |
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--- |
---- |
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Profit/(Loss) After Tax |
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[0.018] |
[0.017] |
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Expenditures : |
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Administrative Expenses |
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0.008 |
0.007 |
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Preliminary Expenses |
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0.010 |
0.010 |
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Total Expenditure |
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0.018 |
0.017 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[3.17] |
[36.96] |
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Return on Investment (ROI) (PBT/Networth) |
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[0.03] |
[0.02] |
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Debt Equity Ratio (Total Liability/Networth) |
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0.01 |
0.03 |
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Current Ratio (Current Asset/Current Liability) |
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3.00 |
15.33 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:-
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Corporate
identity number of the company |
U17110PB2005PTC029100 |
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Name of the
company |
JHANJI TEXTILES
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
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This form is for |
Creation of
charge |
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Type of charge |
· Book Debts · Movable Property |
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Particular of
charge holder |
Oriental Bank of commerce, Dharampura Branch, |
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Nature of
instrument creating charge |
Agreement of
hypothecation of assets in form Loan Doc – 1 dated 28.01.2008 for
hypothecation of stock of raw materials stock in process and finished goods
and book debts to secure cash credit facility amounting to Rs. 4.000
millions. |
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Date of
instrument Creating the charge |
28.01.2008 |
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Amount secured by
the charge |
Rs. 4.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
: · At PLR (Prime Leading Rate) with a minimum of 13.25% p.a with monthly rests · The interests payable by borrowers shall be subject to changes in interest rates made from time to time. · In case of default increased interest at the rate of 2% per annum with agreed rates over and above the agreed rates of interest. Terms of repayment: Repayable on Demand Margin : Cash Credit - 25% Extent and Operation of the charge: 100% |
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Short particulars
of the property charged (Including location of the property) |
First charge on
Raw material work in process finished goods of polyester Fibre,
Polypropylene, Synthetic Waste, Non Woven Articles, charge on all futures –
present current assets of the company in receivables, present in the factory
premises located at |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.03 |
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1 |
Rs.74.42 |
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Euro |
1 |
Rs.62.71 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
--- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
--- |
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--PROFITABILIRY |
1~10 |
--- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
--- |
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--CREDIT LINES |
1~10 |
--- |
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--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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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12 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
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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