MIRA
INFORM REPORT
|
Report Date : |
10.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
MRJ TRADING PRIVATE LIMITED |
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Registered
Office : |
201, Shyam Kamal ‘C’ Building, Agarwal Market Vile Parle (East),
Mumbai-400057, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
19.04.2004 |
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Com. Reg. No.: |
11-145757 |
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CIN No.: [Company Identification
No.] |
U51393MH2004PTC145757 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Importer and Exporter of Wooden Flooring. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 25000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. Trade relations are reported as fair.
Business is active. Payments are
reported to be slow but correct. The company can be considered for small 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
|
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 DECLINED BY
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Name : |
Ms. Manjiri |
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Designation : |
Director |
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Date : |
07.01.2011 |
LOCATIONS
|
Registered Office : |
201, Shyam Kamal ‘C’ Building, Agarwal Market Vile Parle (East),
Mumbai-400057, |
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Tel. No.: |
91-22-26187132 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Ms. Manjari Janardan Ved |
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Designation : |
Director |
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Address : |
E/14, 4th Floor, Madhav Baug, Jambli Galli, |
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Date of Appointment : |
19.04.2004 |
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Name : |
Mr. Karan Manohar Jhunjhunwala |
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Designation : |
Director |
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Address : |
A/603, |
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Date of Appointment : |
19.04.2004 |
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Name : |
Mr. Manohar Ramabtar Jhunjhunwala |
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Designation : |
Director |
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Address : |
B-602, |
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Date of Appointment : |
02.11.2009 |
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Name : |
Mrs. Padma Manohar Jhunjhunwala |
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Designation : |
Director |
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Address : |
B-602, |
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Date of Birth/Age : |
12.04.1957 |
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Date of Appointment : |
01.03.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Manjari Janardan Ved |
|
2000 |
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Karan Manohar Jhunjhunwala |
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4000 |
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Manohar Jhunjhunwala |
|
4000 |
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Manohar Jhunjhunwala HUF |
|
237500 |
|
New Plante Trading Company Private Limited, |
|
30000 |
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Ostwal Trading ( |
|
20000 |
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Total |
|
297500 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
96.64 |
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Directors or relatives of Directors |
3.36 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Importer and Exporter of Wooden Flooring. |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged by the Management |
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Bankers : |
Kotak Mahindra Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institute: |
Cholamandalam DBS Finance Limited |
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Auditors : |
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Name : |
Singrodia Goyal and Company Chartered Accountant |
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Address : |
A-201, Rajeshir Accord, |
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Tel. No.: |
91-22-42256363 |
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Mobile No.: |
91-22-42256364 |
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Fax No.: |
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Website: |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
300000 |
Equity Shares |
Rs. 10/- each |
Rs. 3.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
297500 |
Equity Shares |
Rs. 10/-
each |
Rs. 2.975
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
2.975 |
2.975 |
2.975 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.419 |
2.453 |
2.446 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6.394 |
5.428 |
5.421 |
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LOAN FUNDS |
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1] Secured Loans |
12.136 |
10.779 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.723 |
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TOTAL BORROWING |
12.136 |
10.779 |
0.723 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
18.530 |
16.207 |
6.144 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.013 |
1.107 |
0.532 |
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Capital work-in-progress |
0.000 |
0.971 |
0.000 |
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INVESTMENT |
2.495 |
2.495 |
2.495 |
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DEFERREX TAX ASSETS |
0.026 |
0.021 |
0.009 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
7.271
|
6.216 |
1.533 |
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Sundry Debtors |
3.209
|
2.271 |
1.637 |
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Cash & Bank Balances |
1.579
|
1.260 |
0.350 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
3.585
|
3.481 |
0.569 |
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Total
Current Assets |
15.644
|
13.228 |
4.089 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.268
|
1.335 |
0.426 |
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Other Current Liabilities |
1.294
|
0.280 |
0.264 |
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Provisions |
0.086
|
0.000 |
0.291 |
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Total
Current Liabilities |
1.648
|
1.615 |
0.981 |
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Net Current Assets |
13.996
|
11.613 |
3.108 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
18.530 |
16.207 |
6.144 |
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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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Operational Income |
12.750 |
8.645 |
4.503 |
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Other Income |
1.055 |
4.683 |
1.533 |
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TOTAL (A) |
13.805 |
13.328 |
6.036 |
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Less |
EXPENSES |
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Purchases |
6.785 |
9.420 |
3.704 |
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Personnel Costs |
0.946 |
0.877 |
0.672 |
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Administrative, Selling and Other Expenses |
2.850 |
2.014 |
0.956 |
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TOTAL (B) |
10.581 |
12.311 |
5.332 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3.224 |
1.016 |
0.704 |
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Less |
FINANCIAL
EXPENSES (D) |
1.655 |
0.846 |
0.142 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.569 |
0.170 |
0.562 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.189 |
0.100 |
0.127 |
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PROFIT BEFORE
TAX (E-F) (G) |
1.380 |
0.070 |
0.435 |
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Less |
TAX (I) |
0.413 |
0.063 |
0.174 |
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PROFIT AFTER TAX
(G-I) (J) |
0.967 |
0.007 |
0.261 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.453 |
0.446 |
0.185 |
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BALANCE CARRIED
TO THE B/S |
1.420 |
0.453 |
0.446 |
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IMPORTS |
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Import Value |
5.543 |
6.002 |
1.631 |
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TOTAL IMPORTS |
5.543 |
6.002 |
1.631 |
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Earnings Per
Share (Rs.) |
3.25 |
0.03 |
0.99 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
7.00
|
0.05 |
4.32 |
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Net Profit Margin (PBT/Sales) |
(%) |
10.82
|
0.81 |
9.66 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.82
|
0.49 |
9.41 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.01 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.16
|
2.28 |
0.31 |
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Current Ratio (Current Asset/Current Liability) |
|
9.49
|
8.19 |
4.17 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Due to Micro Small and Medium Enterprises |
-- |
-- |
-- |
|
Due to Others |
0.268 |
1.335 |
0.426 |
|
Total |
0.268 |
1.335 |
0.426 |
Note:
The Registered office of the company has been shifted from # 5 Ground Floor,
141 Annie Villa Gauthan, V.P. Road, Vile Parle (West), Mumbai-400056,
Maharashtra, India to present address w.e.f 15.03.2007
Provisions and
Contingent Liabilities:
The company recognizes a provision when there is a present obligation as
a result of a past event that probably requires an outflow of resources and a
reliable estimate can be made of the amount of the obligations. A disclosure
for a contingent liability is made when there is a possible obligation or a
present obligation that may, but probably will not, requires an outflow of
resources. Where there is a possible obligation or a present obligation that
the likelihood of outflow of resources is remote, no provision or disclosure is
made.
Fixed Assets:
·
·
Godown Premises
·
Office Equipments
·
Air Conditioner
·
Furniture and Fixtures
·
Computers
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 |
|
|
1 |
Rs.70.04 |
|
Euro |
1 |
Rs.58.93 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.