MIRA
INFORM REPORT
|
Report Date : |
12.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
S K INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
11/2-A Pusa Road, New Delhi – 110 005 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.09.1991 |
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Com. Reg. No.: |
55-45572 |
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CIN No.: [Company
Identification No.] |
U74899DL1991PTC045572 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS21453F |
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PAN No.: [Permanent
Account No.] |
AABCS1012Q |
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Legal Form : |
Private Limited Liability Comapny |
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Line of Business : |
Manufacturer of Food Products. |
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 |
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Maximum Credit Limit : |
USD 150000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade relations are fair. General financial position is satisfactory. Payments
are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Indrajeet Basra |
|
Designation : |
Account Manager |
|
Contact No.: |
91-9810307864 |
|
Date : |
11.09.2008 |
LOCATIONS
|
Registered Office : |
11/2-A Pusa Road, New Delhi – 110 005, Delhi, India |
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Tel. No.: |
91-11-25725978, 25729478. 25854160-64, 25854160 |
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Mobile No.: |
91-9810307864 |
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Fax No.: |
91-11-25765978 |
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E-Mail : |
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Area : |
2000 Sq. M |
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Location : |
Owned |
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Factory : |
124 and 131/A, Malanpur Industrial Area, Diat. Bhind, Madhya Pradesh,
India |
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Tel. No.: |
91-1125-854160/2/3 / 91-739-283008, 283007 |
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Fax No.: |
91-739-283417 |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Ganesh Lal Jain |
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Designation : |
Director |
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Address : |
1-6 B Pusa Road, New Delhi – 110 005, Delhi, India |
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Date of Birth/Age : |
26.02.1943 |
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Date of Appointment : |
05.09.1991 |
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Name : |
Mr. Suresh Kumar Jain |
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Designation : |
Director |
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Address : |
1-6 B Pusa Road, New Delhi – 110 005, Delhi, India |
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Date of Birth/Age : |
20.07.1952 |
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Date of Appointment : |
09.10.1991 |
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Name : |
Mrs. Arti Jain |
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Designation : |
Director |
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Address : |
1-6 B Pusa Road, New Delhi – 110 005, Delhi, India |
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Date of Birth/Age : |
25.10.1981 |
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Date of Appointment : |
11.08.2006 |
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Name : |
Mr. Yogesh K Jain |
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Designation : |
Director |
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Address : |
1-6 B Pusa Road, New Delhi – 110 005, Delhi, India |
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Date of Birth/Age : |
01.02.1973 |
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20.05.2006 |
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Name : |
Mrs. Seema Jain |
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Designation : |
Director |
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Name : |
Mr. Raj Kumar Jain |
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Designation : |
Additional Director |
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Address : |
1-6 B Pusa Road, New Delhi – 110 005, Delhi, India |
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Date of Birth/Age : |
01.03.1967 |
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Date of Appointment : |
01.06.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Ganeshi Lal Jain |
563050 |
|
Seema Jain |
3500 |
|
Suresh Kumar Jain |
784100 |
|
Pleasant Agri Farms Private Limited |
22500 |
|
Mascot Builders and Developers Private Limited |
9000 |
|
Evershine Agri Farms Private Limited |
12500 |
|
S K Jain and Sons, HUF |
40500 |
|
G L Jain and Sons, HUF |
17400 |
|
S M Farms Private Limited |
3000 |
|
Arti Jain |
2000 |
|
Priyanka Jain |
2000 |
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|
|
|
Total |
1459550 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Bodies corporate |
3.22 |
|
Directors or relatives of directors |
96.78 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Food Products. |
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Products : |
·
Jelly Belly Cup ·
Jelly Belly Toy ·
Jelly Belly Dessert Cup ·
Jelly Belly Mickey Mobile ·
Milk-N-Nut Milk Products ·
Jelly Belly Smiley Doll |
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Brand Names : |
“Jelly Belly” |
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Exports : |
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Countries : |
·
Gulf Countries ·
Bhutan ·
Nepal |
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Imports : |
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Countries : |
·
Taiwan ·
Germany ·
China |
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Terms : |
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Selling : |
Advance |
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Purchasing : |
L/C – DAP |
GENERAL
INFORMATION
|
Customers : |
Distributor |
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No. of Employees : |
230 (In Office 30 and In Factory 200) |
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Bankers : |
Vijaya Bank Ram Nagar, New Delhi – 110 055, Delhi, India |
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Facilities : |
CC Rs.12.500 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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|
Name : |
Mukesh Chand and Company Chartered Accountants |
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Address : |
6562/1, Chamelian Road, New Delhi – 110 006, India |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1559550 |
Equity Shares |
Rs.10/- each |
Rs.15.596
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
15.596 |
19.696 |
14.596 |
|
|
2] Share Application Money |
0.000 |
0.000 |
18.000 |
|
|
3] Reserves & Surplus |
13.549 |
6.147 |
0.500 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(11.495) |
|
|
NETWORTH |
29.145 |
25.843 |
21.601 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
14.250 |
13.043 |
14.383 |
|
|
2] Unsecured Loans |
26.735 |
25.985 |
31.877 |
|
|
TOTAL BORROWING |
40.985 |
39.028 |
46.260 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
3.006 |
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|
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|
|
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TOTAL |
70.130 |
64.871 |
70.867 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
30.932 |
34.256 |
35.876 |
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|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
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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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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
28.909
|
31.591 |
16.465 |
|
|
Sundry Debtors |
10.863
|
0.000 |
12.572 |
|
|
Cash & Bank Balances |
19.147
|
9.031 |
2.028 |
|
|
Other Current Assets |
4.864
|
0.061 |
2.654 |
|
|
Loans & Advances |
16.990
|
15.278 |
22.035 |
|
Total
Current Assets |
80.773
|
55.961 |
55.754 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
39.215
|
23.222 |
18.699 |
|
|
Provisions |
2.360
|
2.124 |
2.064 |
|
Total
Current Liabilities |
41.575
|
25.346 |
20.763 |
|
|
Net Current Assets |
39.198
|
30.615 |
34.991 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
70.130 |
64.871 |
70.867 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
279.600 |
272.300 |
217.000 |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income |
279.600 |
272.300 |
217.000 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
7.400 |
17.100 |
9.300 |
|
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
7.400 |
17.100 |
9.300 |
|
|
|
|
|
|
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Earnings in Foreign Currency : |
|
|
|
|
|
|
FOB Value of Exports |
1.698 |
0.829 |
0.000 |
|
Total Earnings |
1.698 |
0.829 |
0.000 |
|
|
|
|
|
|
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Imports : |
|
|
|
|
|
|
Raw Materials |
5.971 |
7.753 |
0.000 |
|
|
Packing Material |
10.826 |
10.988 |
0.000 |
|
|
Capital Goods |
0.836 |
0.000 |
0.000 |
|
Total Imports |
17.633 |
18.741 |
0.000 |
|
|
|
|
|
|
|
|
Total Expenditure |
272.200 |
255.200 |
207.700 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.65
|
6.28 |
4.29 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.65
|
6.28 |
4.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.62
|
18.95 |
10.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.66 |
0.43 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.83
|
2.49 |
3.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.94
|
2.21 |
2.69 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
PVT Mrt Private Limited
Address : 34 B
Rasbhi Avenue, Kolkata – 26- Mr. Shashank
·
Pannco Enterprises
Address : Dr. KNR
Naya Bazar, Siliguddi – Mr. Pradeep Singal
+Form No. 8
|
Name of the company |
S K INDUSTRIES PRIVATE LIMITED |
|
Presented By |
Mr. S K Jain,
Director |
|
1) Date and description of instrument creating the change |
Hypothecation
Agreement – 15.03.2003 Agreement for
Bills – 15.03.2003 Agreement for
demand cash credit against hypothecation of stocks and book debts –
15.03.2003 Deposit of title
deeds relating to the property No. 124 and 131/A, Malanpur Industrial Area,
Dist. Bhind, M.P. Demand Promisory
Notes and Letters of Repayment – 15.03.2003 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.13.500
millions as per following details Rs.10.000
millions - CC Hypothecation Rs.1.000 million
– Clean Bills Payable Rs.2.500 millions
– FLC (DA) |
|
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 |
|
|
4) Gist of the terms and conditions and extent and operation of the charge. |
As per copies of
agreement |
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5) Name and Address and description of the person entitled to the charge. |
Vijaya Bank Ram Nagar, New Delhi – 110 055, Delhi, India |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
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. |
Not Applicable |
|
Corporate
identity number of the company |
U74899DL1991PTC045572 |
|
Name of the
company |
S K INDUSTRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
11/2-A Pusa Road, New Delhi – 110 005, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Immovable property ·
Book Debts ·
Movable
property (not being pledge) |
|
Particular of
charge holder |
Vijaya Bank Ram Nagar, New Delhi – 110 055, Delhi, India |
|
Nature of
instrument creating charge |
·
Agreement to
extend charge on moveable property ·
Supplementary
Agreement ·
Letter of
Continuity |
|
Date of
instrument Creating the charge |
28.03.2007 |
|
Amount secured by
the charge |
Rs.16.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest ROI – 12.25% (Floating) on CC (H) CBP – Commission and other charge as per Bank Rules FLC – Commission and other charges as per Bank Rules ·
Terms of
repayment Repayable on Demand Limit Facility available up to 26.03.2008 ·
Margin N.A. ·
Extent and
operation of the charge 100% First Charge |
|
Particulars of
the property charged |
Mortgage of land
and building at Plot at 124 and 131/A Malanpur Industrial Area, Dist. Bhind,
MP, Hypo. Of plant and machinery installed at Plot No. 124 Malanpur Industrial
Area, Dist. Bhind Mp, Stock, Book Debts, all moveable and current assets,
bills of exchange drawn on or accepted or endorsed by the company to the
total extent of Rs.1.000 million to secure the facility of clean bills
payable of Rs.1.000 million. |
|
Particulars of
the present modification |
CC (H) limit
enhanced form Rs.10.000 millions to Rs.12.500 millions CBP of Rs.0.100
million has been renewed FLC of Rs.2.500
millions has been renewed |
Web Details
The organisation was incorporated in 1991 with an object to carry
on the business of manufacturing / processing / trading of all kinds of pan
masala and related items, fruit products such as jems jellies, fruit pulps
concentrate, juices, chocolate milk bars, confectionery, nuts and mineral water
and other related products.
The company ‘s first project pio pio mineral water made from
unique automatic plant was a run away success in the market place. The mineral
water was exported to Russia besides the domestic market sales, supplies to
India railway’s. At presets the company is mainly using its mineral water for
the production of its confectionery / juices / fruits jelly products.
The new project of fruit jelly the first of its own kind in India
was launched in 1996. As the people of India were less aware with the concept
of ready made fruit jelly hence aggressive marketing inputs were given to
promote this new concepts in the domestic markets with the support of
electronic media, school promotion etc. At present the company is enjoying the
undisputed leadership in this product category in the country because of the
aggressive marketing strategy.
The company’s plant of fruit jelly is a fully automatic,
self-processing imported plant. The products are being manufactured in zero
bacterial atmosphere, fresh fruit juices of best available quality are being
used.
Keeping in view of the company’s sole motive to provide
innovative, hygienic premium quality food products, a new concept of ethnic sweets
known as milk n nut Narayal Mithai was launched in 1997. Needless to mention
the plant, of course, is self-processing automatic plant. The best available
quality narayal flakes / rich cream milk, milk solids, khoya are being used for
the manufacturing of this unique product of its own kind in the country.
Now the company is diversifying into new projects related to
fruits and food products, which shall be launched very shortly in 2003.
Experienced Chief Executive and Chairman Shri G. L. Jain having an
experience of 30 year of industry and trade back the organisation. The Managing
Director Shri S. K. Jain is the main force behind the organisation enriched
with experience of food / fruit products of around 25 year. Both the new
concept of fruits jelly and ethnic sweets are his creations.
The company is having an excellent organizational set up and has
engaged professionals to look after the production, finance /accounts and
marketing department. The company’s products are now available in all the
corner of country because of the excellent distribution set up. Recently the
company has acquired a status of ISO 9002 wherein the consumers are satisfied
with the company quality policy “to ensure high level of consumer satisfaction
through providing innovative, hygienic premium quality food products of
national standards of quality at affordable prices to consumer”.
The company is listed with ministry of food processing industry,
chamber industry, chamber of commerce, export and import promotion
organization, e.a.n and various other authorities/organizations. The company’s
products are approved and passed from various quality control autonomous bodies
of the world.
The company’s products are being exported to various countries.
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.45.44 |
|
UK Pound |
1 |
Rs.79.62 |
|
Euro |
1 |
Rs.63.48 |
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 |
5 |
|
--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 |
|