MIRA
INFORM REPORT
|
Report Date : |
09.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
JAY BHARAT SPICES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
New Industrial Estate, Imam Nagar, Near |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2009 |
|
|
|
|
Date of
Incorporation : |
12.09.2003 |
|
|
|
|
Com. Reg. No.: |
15-007311 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs. 1.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U512250R2003PTC007311 |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacture and Trader of Spice Cooking Masalas.
|
|
|
|
|
No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (18) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a company having moderate track. The management has not
filed the latest financial of the company with the government departments. In absence of latest financials, current statues and performance of
the company are unknown. As per last available financials the company has not
started its commercial activities. Initially, the company can be considered for business dealings on a
secured 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Arun |
|
Designation : |
Key Executive |
|
Date : |
08.06.2009 |
LOCATIONS
|
Registered Office/ Factory : |
New Industrial Estate, Imam Nagar, Near |
|
Tel. No.: |
91-671-2490710/ 2490255/ 2490255 |
|
Mobile No.: |
91-9437020259 (Mr. Susanta Kumar Panda) |
|
Fax No.: |
91-671-2490710 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 10.09.2009
|
Name : |
Mr. Susanta Kumar POanda |
|
Designation : |
Managing Director |
|
Address : |
Mattagajpur, Gatiroutpatna,
Cuttacksadar, Cuttack-754100, |
|
Date of Birth/Age : |
04.04.1971 |
|
Date of Appointment : |
12.09.2003 |
|
DIN No.: |
01823187 |
|
|
|
|
Name : |
Mr. Surendra Nath
Panda |
|
Designation : |
Director |
|
Address : |
Mattagajpur, Gatiroutpatna,
Cuttacksadar, Cuttack-754100, |
|
Date of Birth/Age : |
04.02.1946 |
|
Date of Appointment : |
12.09.2003 |
|
DIN No.: |
01900291 |
|
|
|
|
Name : |
Mr. Dignta Kumar Panda |
|
Designation : |
Director |
|
Address : |
Mattagajpur, Gatiroutpatna,
Cuttacksadar, Cuttack-754100, |
|
Date of Birth/Age : |
09.05.1981 |
|
Date of Appointment : |
12.09.2003 |
|
DIN No.: |
01823236 |
|
|
|
|
Name : |
Mrs. Nandita Panda |
|
Designation : |
Director |
|
Address : |
Mattagajpur, Gatiroutpatna,
Cuttacksadar, Cuttack-754100, |
|
Date of Birth/Age : |
15.03.1974 |
|
Date of Appointment : |
12.09.2003 |
|
DIN No.: |
01823130 |
|
|
|
|
Name : |
Mrs. Namita Panda |
|
Designation : |
Director |
|
Address : |
Mattagajpur, Gatiroutpatna,
Cuttacksadar, Cuttack-754100, |
|
Date of Birth/Age : |
08.03.1969 |
|
Date of Appointment : |
12.09.2003 |
|
DIN No.: |
01839637 |
KEY EXECUTIVES
|
Name : |
Mr. Arun |
|
Designation : |
Key Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2010
|
List of Allottees |
|
No. of Shares Allotted |
|
Susanta Kumar Panda |
|
5000 |
|
Nandita Panda |
|
5000 |
|
Diganta Kumar Panda |
|
3000 |
|
Srimanta Kumar Panda |
|
5000 |
|
Surendra Nath Panda |
|
3000 |
|
Sumanta Kumar Panda |
|
3000 |
|
Namita Panda |
|
3000 |
|
Bhanulata Dash |
|
800 |
|
Gitanjali Dash |
|
800 |
|
Narayan Ranjan Dash |
|
800 |
|
Nihar Ranjan Dash |
|
800 |
|
Pravasini Panda |
|
800 |
|
Nalini Prava Dash |
|
800 |
|
Mrinal Dash |
|
800 |
|
Arun Kumar Nayak |
|
800 |
As on 10.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Susanta Kumar Panda |
|
44784 |
|
Surendra Nath Panda |
|
10916 |
|
Diganta Kumar Panda |
|
10916 |
|
Nandita Panda |
|
10916 |
|
Namita Panda |
|
10916 |
|
Bhanulata Dash |
|
622 |
|
Gitanjali Dash |
|
622 |
|
Nayana Rajan Dash |
|
622 |
|
Nihara Ranjan Dash |
|
622 |
|
Pravasini Panda |
|
2666 |
|
Nalini Prava Dash |
|
800 |
|
Mrinal Dash |
|
622 |
|
Aurn Nayak |
|
622 |
|
Naba Kishore Pradhan |
|
622 |
|
Rabindra Behera |
|
622 |
|
Kishor Kumar Swain |
|
622 |
|
Chandra Kant Sutar |
|
622 |
|
Gopal Kumar Jhunjhunwala |
|
622 |
|
Gopabandhu Majhi |
|
622 |
|
Amlan Parida |
|
622 |
|
Total |
|
100000 |
Equity Share Breakup (Percentage of Total equity)
As on 30.09.2009
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and Trader of Spice Cooking Masalas. |
GENERAL INFORMATION
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
SPP Associates Chartered Accountant |
|
Address : |
Aul Colony,
|
|
Tel. No.: |
91-671-2334491 |
|
Fax No.: |
91-671-2310573 |
CAPITAL STRUCTURE
After as on
10.09.2010
Authorised Capital : Rs. 1.500 Millions
Issued, Subscribed & Paid-up Capital : 1.500 Millions
As on 10.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
|
|
|
|
100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
||
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.000 |
1.000 |
1.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.132 |
0.140 |
0.135 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
5] Securities premium |
7.200 |
7.200 |
0.000 |
|
|
NETWORTH |
8.332 |
8.340 |
1.135 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
26.863 |
31.670 |
24.700 |
|
|
2] Unsecured Loans |
9.500 |
9.500 |
0.000 |
|
|
TOTAL BORROWING |
36.363 |
41.170 |
24.700 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
44.695 |
49.510 |
25.835 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
15.942 |
11.015 |
8.438 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.210 |
2.210 |
1.300 |
|
|
DEFERREX TAX ASSETS |
0.077 |
0.046 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
38.856
|
36.493 |
25.442 |
|
|
Sundry Debtors |
23.516
|
20.824 |
7.566 |
|
|
Cash & Bank Balances |
0.687
|
0.327 |
0.110 |
|
|
Other Current Assets |
0.302
|
0.055 |
0.000 |
|
|
Loans & Advances |
0.735
|
0.622 |
0.030 |
|
Total
Current Assets |
64.096
|
58.321 |
33.148 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
35.292
|
21.158 |
16.393 |
|
|
Other Current Liabilities |
2.299
|
0.869 |
0.595 |
|
|
Provisions |
0.039
|
0.055 |
0.063 |
|
Total
Current Liabilities |
37.630
|
22.082 |
17.051 |
|
|
Net Current Assets |
26.466
|
36.239 |
16.097 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
44.695 |
49.510 |
25.835 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
236.828 |
150.061 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
|
236.828 |
150.061 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
234.734 |
148.560 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
234.734 |
148.560 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
2.094 |
1.501 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
1.993 |
1.339 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
0.101 |
0.162 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.034 |
0.050 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
0.067 |
0.112 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
0.67 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
0.03
|
0.07 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.07
|
0.23 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.02 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
8.88
|
7.58 |
36.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.70
|
2.64 |
1.94 |
LOCAL AGENCY FURTHER INFORMATION
Financial
Performance:
As company yet to start its commercial venture which is expected to be
started in next Financial year hence, no financial indicators been provided with
this report. The company’s on going initiative to start its commercial venture
in the Financial year 2008-2009
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U512250R2003PTC007311 |
|
Name of the
company |
JAY BHARAT SPICES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Imam Nagar, Near |
|
Type of charge |
Book Debts Movable Property Floating Charge Immovable
Property |
|
Particular of
charge holder |
Bank of |
|
Nature of description
of the instrument creating or modifying the charge |
1. Sanction
Letter, 2 D.P. Note, 3. Letter of continuing security, 4. Letter of
Authority, 5. Composite hypothecation agreement, 6. General undertaking, 7.
General Form of undertaking, 8. Memorandum of Deposit of Title Deed, 9.
Letter of Installment, 10. Letter of Deposit FDR or RD |
|
Date of
instrument Creating the charge |
30.03.2009 |
|
Amount secured by
the charge |
Rs. 65.350 Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit : 12% Term Loan :
12.50% Terms of
Repayment 1. Term Loan-1 Rs. 5.500 Million is to be repaid in 19 quarterly
installments commencing from April 2009, i.e. 18 quarterly installments of Rs. 0.268
Million each and last instilment of Rs. 0.264
Million. interest to be paid separately as and when applied. 2. Term Loan-2 Rs. 9.850 Millions is to repaid in 72 month i. e. 71 monthly
installments of Rs. 0.137 Million /- each
and last instilment of Rs. 0.123 Million /- first
instilment will commence from April 2010. Margin 1. Cash Credit :
(Rs. 50.000 Millions) 25% on paid stocks and 40% on
book debts. 2. Term Loan -1
:( Rs. 5.500 Millions ) NIL 3. Term
Loan-2 : (Rs.
9.850 Millions) 30% on Building and 25% on Plant and Machineries. Extent and
Operation of the charge Hypothecation of
tangible, movable assets, equitable mortgage of land and building, stock,
finished goods book debts, Plant and Machinery, Lien on FDR Rs. 0.500 Millions in the name of Mr. Susanta
Kumar Panda and RD Rs. 0.050 Million/- every month
for three years. |
|
Date of latest
modification prior to the present modification |
30.03.2009 |
|
Description of the instrument creating or evidencing the charge |
1. Sanction
Letter, 2 D.P. Note, 3. Letter of continuing security, 4. Letter of
Authority, 5. Composite hypothecation agreement, 6. General undertaking, 7.
General Form of undertaking, 8. Memorandum of Deposit of Title Deed, 9.
Letter of Installment, 10. Letter of Deposit FDR or RD |
|
Particulars of
the present modification |
1. Hal Khata No-403/224, Plot No-752/1090, Sabak
Khata No-115, Plot No-752, Area-Ac0.10 dec. in the name of Jay Bharat
Spices Private Limited. 2. Hal Khata No-403/225,
Plot No-752/1091, Sabak Khata
No-115, Plot No-752, Area-Ac0.10 dec. in the name
of Jay Bharat Spices Private Limited. 3. Hal Khata No-403/226, Plot No-755/1092, Sabak
Khata No-397, Plot No-755, Area-Ac0.04 dec. in the name of Jay Bharat
Spices Private Limited. 4. Khata No-403/211, Plot
No-752/1091, Area-Ac0.16 dec (S.N.Panda) |
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.44.61 |
|
|
1 |
Rs.73.28 |
|
Euro |
1 |
Rs.65.47 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
18 |
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.