MIRA
INFORM REPORT
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Report Date : |
26.02.2011 |
IDENTIFICATION DETAILS
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Name : |
JANI SALES PRIVATE LIMITED |
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Registered Office : |
204, Oberoi Chambers, IOPP Sab TV, New |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
11-47466 |
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Com. Reg. No.: |
25.05.1988 |
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CIN No.: [Company
Identification No.] |
U51900MH1988PTC047466 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMJ03876F |
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PAN No.: [Permanent
Account No.] |
AABPJ3153C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader and authorized wholesale dealer of paperboard and speciality papers.
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RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 470000 |
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Status : |
Satisfactory |
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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 satisfactory track.
Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Saifee A. Jani |
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Designation : |
Director |
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Date : |
25.02.2011 |
LOCATIONS
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Registered Office : |
204, Oberoi Chambers, IOPP Sab TV, New |
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Tel. No.: |
91-22-26731488 |
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Fax No.: |
91-22-26731499 |
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E-Mail : |
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Website : |
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Area : |
1500 sq. ft. (Approximately) |
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Branch 1: |
308, |
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Tel. No.: |
91-260-32962 |
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Branch 2: |
Keshav Properties, Shop No. 03, 1st Floor, Opposite Glaxo, |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Saifee Abbasbhai Jani |
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Designation : |
Chairman and Managing Director |
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Address : |
1401, |
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Date of Birth/Age : |
19.07.1960 |
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Date of Appointment : |
25.05.1988 |
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Name : |
Mr. Farzana Saifee Jani |
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Designation : |
Director |
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Address : |
1401, |
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Date of Birth/Age : |
25.10.1962 |
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Date of Appointment : |
25.05.1988 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Saifee Abbasbhai Jani |
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273000 |
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Farzana Saifee Jani |
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26990 |
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Westend Paper and Board Private Limited, |
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10 |
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Total |
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300000 |
As on 30.09.2010
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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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0.01 |
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Directors
or relatives of directors |
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99.99 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader and authorized wholesale dealer of paperboard and speciality
papers. |
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Agencies Held : |
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Terms : |
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Selling : |
Cash / Credit (30 days / 60 days / 90 days) |
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Purchasing : |
Cash / Credit (30 days / 60 days / 90 days) |
GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Madlani and Vithlani Chartered Accountants |
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Address : |
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Tel. No.: |
91-22-24084041/42 |
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Fax No.: |
91-22-24084043 |
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E-Mail : |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.100/- each |
Rs.30.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.100/- each |
Rs.30.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
30.000 |
30.000 |
30.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
89.034 |
74.495 |
61.474 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
119.034 |
104.495 |
91.474 |
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LOAN FUNDS |
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1] Secured Loans |
100.917 |
64.280 |
89.348 |
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2] Unsecured Loans |
0.263 |
0.490 |
7.333 |
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TOTAL BORROWING |
101.180 |
64.770 |
96.681 |
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DEFERRED TAX LIABILITIES |
2.257 |
2.263 |
2.072 |
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TOTAL |
222.471 |
171.528 |
190.227 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
43.507 |
31.342 |
27.306 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
5.150 |
5.149 |
4.580 |
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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 |
33.767
|
22.467 |
28.580 |
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Sundry Debtors |
302.284
|
278.048 |
282.280 |
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Cash & Bank Balances |
8.886
|
6.284 |
4.955 |
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Other Current Assets |
11.509
|
9.176 |
7.748 |
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Loans & Advances |
13.851
|
3.041 |
12.401 |
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Total
Current Assets |
370.297
|
319.016 |
335.964 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
196.483
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183.391 |
177.419 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
0.000
|
0.588 |
0.204 |
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Total
Current Liabilities |
196.483
|
183.979 |
177.623 |
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Net Current Assets |
173.814
|
135.037 |
158.341 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
222.471 |
171.528 |
193.227 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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TOTAL |
1434.707 |
1320.411 |
1179.616 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
1412.155 |
1299.638 |
1159.940 |
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PROFIT BEFORE
TAX (E-F) |
22.552 |
20.773 |
19.676 |
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Less |
TAX |
8.013 |
7.752 |
7.509 |
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PROFIT AFTER TAX
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14.539 |
13.021 |
12.167 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
70.545 |
57.524 |
45.357 |
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BALANCE CARRIED
TO THE B/S |
85.084 |
70.545 |
57.524 |
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Earnings Per
Share (Rs.) |
48.46 |
43.40 |
NA |
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Expected Sales (2010-2011) : Rs.1500.000 Millions
KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
1.01
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0.99 |
1.03 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.45
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5.93 |
5.42 |
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Return on Investment (ROI) (PBT/Networth) |
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0.19
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0.20 |
0.22 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.50
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2.38 |
3.00 |
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Current Ratio (Current Asset/Current Liability) |
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1.88
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1.73 |
1.89 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
196.483
|
183.391 |
177.419 |
Operations Review and Outlook:
The company income Rs.1434.707 millions in
2009-10 compared to Rs.1320.411 millions in 2008-09 as well as profit after
taxes Rs.14.539 millions in 2009-10 compared to Rs.13.021 millions in 2008-09
as compared to previous years.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90232855 |
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Corporate
identity number of the company |
U51900MH1988PTC047466 |
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Name of the
company |
JANI SALES
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
204, Oberoi Chambers, IOPP Sab TV, New |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Development Credit Bank Limited, 301, Delta Plaza, 414, Veer Savarkar
Marg, Prabhadevi, Mumbai-400025, Maharashtra, India |
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Email |
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Nature of
description of the instrument creating or modifying the charge |
Letter of
Recording for Extension of Equitable Mortgage Dated 05.02.2010 |
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Date of
instrument Creating the charge |
05.02.2010 |
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Amount secured by
the charge |
Rs.125.000 millions
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Extent and
Operation of the charge The Charge is
operative and modified to Rs.125.000 millions. |
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Short particulars
of the property charged |
All that piece or
parcel of Unit No. 57,58 on the second floor, admeasuring 702 sq. ft. carpet
area in "C" wing of the Complex. |
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Date of latest
modification prior to the present modification |
30.12.2009 |
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Particulars of
the present modification |
By this
modification there is no change in the limit of the charge of Rs.125.000
millions and charge is collaterally secured by way of equitable mortgage of
immoveable properties |
Fixed Assets:
- Office Premises
- Furniture and Fixtures
- Generation
- Pagers
- Mobiles Phones
- Xerox Machines
- Office Equipments
Trade References:
- Deevya Shakti Paper Mills Private Limited,
- Multiwal Pulp and Board Mills Private Limited
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.37 |
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|
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.62.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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 |
|
49 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.