MIRA
INFORM REPORT
|
Report Date : |
27.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
ZIRCON EXPORTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
2/25 WHS Kirti Nagar, New Delhi-110015 |
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Country : |
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|
Financials (as
on) : |
31.03.2010 |
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|
Date of
Incorporation : |
07.07.1994 |
|
|
|
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Com. Reg. No.: |
55-060093 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.24.778
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1994PTC060093 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELZ00300G DELZ00257F DELZ00094D |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACZ0075D |
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|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Manufacturing of end products
like Doors, Kitchen Cabinets, Floorings - to be fully integrated along the
material and energy value chain. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 170000 |
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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 records. Trade
relations are reported as fair. Business is active. Payments are reported to be
slow but correct. The company can be considered for small to mediocre 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/Factory : |
2/25 WHS Kirti Nagar, New Delhi-110015, |
|
Tel. No.: |
91-11-25439110 |
|
Fax No.: |
91-11-25152865 |
|
E-Mail : |
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|
Survey # 79/1, 2, 3 and 80/1, 2 Padana Gandhidham, |
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Tel. No.: |
91-2836-286247 |
|
Fax No.: |
91-2836-286248 |
DIRECTORS
As on 29.09.2010
|
Name : |
Ms. Anita Jajodia |
|
Designation : |
Director |
|
Address : |
P.O. Box-364, 393, Sector-5, Sathwara Colony, Gandhidham,
Kutch-370201, |
|
Date of Birth/Age : |
13.01.1964 |
|
Date of Appointment : |
04.08.2001 |
|
|
|
|
Name : |
Suman Jajodia |
|
Designation : |
Director |
|
Address : |
E-107, Greater Kailash-II, New Delhi-110048, |
|
Date of Birth/Age : |
06.10.1970 |
|
Date of Appointment : |
21.12.2005 |
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|
|
|
Name : |
Ms. Sunita Jajodia |
|
Designation : |
Director |
|
Address : |
P.O. Box-364, 393, Sector-5, Sathwara Colony, Gandhidham,
Kutch-370201, |
|
Date of Birth/Age : |
17.07.1966 |
|
Date of Appointment : |
04.08.2001 |
|
|
|
|
Name : |
Mr. Sanjeev Kumar Jajodia |
|
Designation : |
Director |
|
Address : |
E-107, Greater Kailash-II, New Delhi-110048, |
|
Date of Birth/Age : |
30.08.1972 |
|
Date of Appointment : |
04.08.2001 |
|
|
|
|
Name : |
Mr. Krishan Murari Jajodia |
|
Designation : |
Director |
|
Address : |
P.O. Box-364, 393, Sector-5, Sathwara Colony, Gandhidham,
Kutch-370201, |
|
Date of Birth/Age : |
06.03.1964 |
|
Date of Appointment : |
01.04.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sunita Jajodia |
|
294000 |
|
Anita Jajodia |
|
243500 |
|
Sanjeev Kumar Jajodia |
|
350000 |
|
Jugal Kishore Jajodia |
|
500 |
|
Janaksons Import Export Private Limited, |
|
85000 |
|
United White Metal Limited, |
|
210000 |
|
Subhash Taneja |
|
10000 |
|
Jugal Kishore Jajodia HUF |
|
24000 |
|
Raj Kumar Jajodia HUF |
|
35000 |
|
Raj Kumar Jajodia |
|
10000 |
|
Nirmala Devi Jajodia |
|
130000 |
|
Suman Jajodia |
|
20000 |
|
|
|
110000 |
|
Suresh Kumar Jajodia |
|
140000 |
|
Suresh Kumar Jajodia HUF |
|
40000 |
|
Manoj Kumar Jajodia |
|
500 |
|
Tirupati Trade Links Private Limited, |
|
870000 |
|
Chandan Ben Mani Bhai Gala |
|
100 |
|
Chhaya Rajesh Nagada |
|
100 |
|
Rajesh M Nagada |
|
100 |
|
|
|
|
|
Total |
|
2572800 |
As on 29.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
45.28 |
|
Directors
or relatives of directors |
|
54.32 |
|
Other
top fifty shareholders |
|
0.40 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of end products like
Doors, Kitchen Cabinets, Floorings - to be fully integrated along the
material and energy value chain. |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Installed
Capacity |
|
Sawn Timber |
20000 (CBM) |
|
Wooden Doors* |
150000 (Nos.) |
|
Wooden Mouldings* |
300000 (Mtrs.) |
Note: *Production commenced w.e.f. 27.03.2007
GENERAL INFORMATION
|
Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Sanjay Chopra and Company Chartered Accountant |
|
Address : |
G-80, Lajpat Nagar-I, New Delhi-110024, |
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Tel. No.: |
91-11-29818446/29817164/29815857 |
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Fax No.: |
91-11-29815857 |
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E-Mail : |
CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3500000 |
Equity Shares |
Rs.10/- each |
Rs.35.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2572800 |
Equity Shares |
Rs.10/- each |
Rs.25.728
Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3500000 |
Equity Shares |
Rs.10/- each |
Rs.35.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2477800 |
Equity Shares |
Rs.10/- each |
Rs.24.778
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
24.778 |
16.075 |
15.875 |
|
|
2] Share Application Money |
0.000 |
8.700 |
0.000 |
|
|
3] Reserves & Surplus |
19.551 |
12.995 |
9.111 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
44.329 |
37.770 |
24.986 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
44.536 |
54.247 |
34.626 |
|
|
2] Unsecured Loans |
57.181 |
44.982 |
18.857 |
|
|
TOTAL BORROWING |
101.717 |
99.229 |
53.483 |
|
|
DEFERRED TAX LIABILITIES |
8.013 |
6.464 |
4.118 |
|
|
|
|
|
|
|
|
TOTAL |
154.059 |
143.463 |
82.587 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
89.033 |
87.904 |
89.124 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
112.086
|
66.661 |
44.100 |
|
|
Sundry Debtors |
136.651
|
98.373 |
71.581 |
|
|
Cash & Bank Balances |
12.078
|
11.818 |
15.667 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
10.043
|
33.213 |
29.148 |
|
Total
Current Assets |
270.858
|
210.065 |
160.496 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
204.347
|
153.625 |
166.882 |
|
|
Provisions |
1.485
|
0.881 |
0.151 |
|
Total
Current Liabilities |
205.832
|
154.506 |
167.033 |
|
|
Net Current Assets |
65.026
|
55.559 |
(6.537) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
154.059 |
143.463 |
82.587 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
527.684 |
323.644 |
304.857 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
498.102 |
300.420 |
294.193 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
498.102 |
300.420 |
294.193 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
29.582 |
23.224 |
10.664 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
19.992 |
16.203 |
10.652 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
|
9.590 |
7.021 |
0.012 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
3.034 |
3.137 |
1.290 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
6.556 |
3.884 |
(1.278) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.947 |
2.426 |
0.676 |
|
|
|
Commission Earnings |
0.251 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
1.198 |
2.426 |
0.676 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Purchases |
362.150 |
162.245 |
203.873 |
|
|
|
Purchases (Machinery) |
0.000 |
16.292 |
16.292 |
|
|
TOTAL IMPORTS |
362.150 |
178.537 |
220.165 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.63 |
2.28 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.24
|
1.20 |
(0.42) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.66
|
2.36 |
0.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.18 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.94
|
6.72 |
8.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32
|
1.36 |
0.96 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10008346 |
|
Corporate
identity number of the company |
U74899DL1994PTC060093 |
|
Name of the
company |
ZIRCON EXPORTS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
2/25 WHS Kirti Nagar, New Delhi-110015, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
State Bank of |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
Letter of EQM
Dated 29/03/2010 |
|
Date of
instrument Creating the charge |
29.03.2010 |
|
Amount secured by
the charge |
Rs.580.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Extent and
Operation of the charge First charge on
the immoveable properties of the company. |
|
Short particulars
of the property charged |
I)
Immoveable
Property Situated At Survey No. 81 Meas. About 20775.8 Sq. Mtrs At Village
Padna, Taluk, Gandhidham, Kutch II)
I P
Situated At Survey No. 79/1, 79/2, 79/3
Meas. About 16390.35, 4552.00, 11129 Sq. Mtrs At Village Padna, Taluk,
Gandhidham, Kutch III)
I P
Situated At Survey No. 80/2 Meas. About 10927 Sq. Mtrs At Village Padna,
Taluk, Gandhidham, Kutch IV)
I P
Situated At Survey No. 80/1 Meas. About 46540.05 Sq. Mtrs At Village Padna,
Taluk Gandhidam Kutch |
|
Date of latest modification
prior to the present modification |
14.02.2009 |
|
Particulars of
the present modification |
The overall limit
has been enhanced from Rs.394.000 millions
to Rs.580.000 millions |
Fixed Assets:
- Computer
- Scooter
- Land at Padana
- Generator
- Car
- Fan
- Refrigerator
- Machinery
- Furniture and
Fixtures
- Factory Shed
and Building
- Office
Equipment
- Air
Compressor
- Electrical
Installation
- Industrial
Shed
- Boiler
- Computer
- Gule Cattle
AS PER WEBSITE
DETAILS:
PROFILE:
Forward vertical integration has
been the cornerstone of the evolution and growth of Subject. Starting with Logs
in the mid seventies, Subject pursued a strategy of vertical integration - in
sawn timber, trading of MDF, Plywood, Exotic Veneers, manufacturing of end
products like Doors, Kitchen Cabinets, Floorings - to be fully integrated along
the material and energy value chain.
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] 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.44.94 |
|
|
1 |
Rs.71.89 |
|
Euro |
1 |
Rs.64.09 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--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 |
|
34 |
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.