|
Report Date : |
10.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
KARMA INDUSTRIES |
|
|
|
|
Registered
Office : |
F-90/ 23, (First Floor), Okhla Industrial Area, Phase 1, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
22.03.2006 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 9.174 millions |
|
|
|
|
IEC No.: |
0506017796 |
|
|
|
|
CST No.: |
SOL CST-10530 dated 07 August 2000 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAHFK8818K |
|
|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Electric Components. |
|
|
|
|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 36000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established partnership concern having moderate track. There
appears some dip in the sales turnover of the concern. It has incurred huge
loss during the current year. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow but correct. The concern can be considered for business dealing with some cautions. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Kuldeep Asthana |
|
Designation : |
Account Manager |
|
Contact No.: |
91-9278341409 |
|
Date : |
07.07.2012 |
LOCATIONS
|
Registered Office : |
F-90/ 23, (First Floor), Okhla Industrial Area, Phase 1, |
|
Tel. No.: |
91-11-40526504/ 40526505/ 41629764/ 41629759 |
|
Mobile No.: |
91-9278341409 (Mr. Kuldeep Asthana) |
|
Fax No.: |
91-11-41629753 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1200 sq. ft. |
|
Location : |
Rented |
|
|
|
|
Factory : |
Village |
|
Area : |
10000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Branches : |
41, Dhuleshwar Gargen, C Scheme, Jaipur, Rajasthan-302 001, |
|
Tel. No.: |
91-141-5125773 |
|
Location : |
Rented |
PARTNERS
|
Name : |
Mr. Virendra Jolly |
|
Designation : |
Partner |
|
Address : |
7, Civil Lines, |
|
Date of Birth/Age : |
56 Years |
|
Qualification : |
Graduate |
|
Experience : |
31 Years |
|
|
|
|
Name : |
Mr. Vipin Jolly |
|
Designation : |
Partner |
|
Address : |
B-345, New Friends Colony, |
|
Date of Birth/Age : |
66 Years |
|
Qualification : |
Graduate |
|
Experience : |
41 Years |
|
|
|
|
Name : |
Mr. Kapil Jolly |
|
Designation : |
Partner |
|
Address : |
7, Civil Lines, |
|
Date of Birth/Age : |
31 Years |
|
Qualification : |
Graduate |
|
Experience : |
6 Years |
KEY EXECUTIVES
|
Name : |
Mr. Kuldeep Asthana |
|
Designation : |
Account Manager |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Electric Components. |
|
|
|
|
Products: |
·
CFL ·
Radios ·
Inverter |
|
|
|
|
Brand Name: |
Jolly |
|
|
|
|
Exports : |
|
|
Products : |
Electric Components |
|
Countries : |
Ethiopia |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
·
China ·
Austria ·
Germany ·
Thailand ·
Japan |
|
|
|
|
Terms : |
|
|
Selling : |
Cash / Credit |
|
|
|
|
Purchasing : |
Cash / Credit |
GENERAL INFORMATION
|
Customers : |
·
Wholesalers ·
Retailers ·
End Users |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
100 (Approximately) |
|||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
|
Bankers : |
Punjab National Bank, Branch Naraina Vihar, New Delhi, India |
|||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||
|
Facilities : |
Cash and Credit Rs.25.500 millions, TC Rs.26.000 millions from Punjab
National Bank
|
|||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sapra and Associates Chartered Accountants |
|
Address : |
23, Prakash Apartments, 5, |
|
Tel. No.: |
91-41563112/13/14 |
|
Mobile No.: |
91-9810035236 |
|
E-Mail : |
|
|
|
|
|
Associates/Subsidiaries : |
Jolly
Videotronics Address: Rampur, Uttar
Pradesh, India Line of
Business: Manufacturer and Exporter of Electric Components. |
CAPITAL STRUCTURE
PARTNERS
CAPITAL ACCOUNT
|
Particulars |
31.03.2011 (Rs.
In Millions) |
|
SHKAPIL JOLLY |
|
|
As per Balance Sheet |
7.585 |
|
Additional During the year |
0.000 |
|
|
7.585 |
|
Withdrawals During the year |
0.000 |
|
|
7.585 |
|
Less: Share of Loss |
11.558 |
|
|
(3.973) |
|
SH VIPIN JOLLY |
|
|
|
|
|
As per Balance Sheet |
22.331 |
|
Additional During the year |
0.000 |
|
|
22.331 |
|
Withdrawals During the year |
0.000 |
|
|
22.331 |
|
Less: Share of Loss |
11.558 |
|
|
10.773 |
|
|
|
|
SH VIRENDRA
JOLLY |
|
|
|
|
|
As per Balance Sheet |
13.931 |
|
Additional During the year |
0.000 |
|
|
13.931 |
|
Withdrawals During the year |
0.000 |
|
|
13.931 |
|
Less: Share of Loss |
11.558 |
|
|
2.373 |
|
Total |
9.174 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Partners Capital |
9.174 |
43.848 |
33.274 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
9.174 |
43.848 |
33.274 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
56.579 |
62.411 |
75.925 |
|
|
2] Unsecured Loans |
12.600 |
7.600 |
0.000 |
|
|
TOTAL BORROWING |
69.179 |
70.011 |
75.925 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
78.353 |
113.859 |
109.199 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
69.960 |
79.673 |
87.453 |
|
|
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 |
45.055
|
55.299 |
54.889 |
|
|
Sundry Debtors |
12.322
|
9.341 |
10.041 |
|
|
Cash & Bank Balances |
0.074
|
0.218 |
0.073 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.963
|
5.449 |
6.298 |
|
Total
Current Assets |
60.414
|
70.307 |
71.301 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
47.939
|
32.771 |
45.735 |
|
|
Other Current Liabilities |
4.082
|
3.350 |
3.820 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
52.021
|
36.121 |
49.555 |
|
|
Net Current Assets |
8.393
|
34.186 |
21.746 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
78.353 |
113.859 |
109.199 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
107.566 |
197.996 |
122.680 |
|
|
|
Other Income |
1.265 |
0.791 |
0.184 |
|
|
|
TOTAL (A) |
108.831 |
198.787 |
122.864 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Expenses on Trading Account |
109.949 |
168.801 |
102.802 |
|
|
|
Personnel |
8.800 |
12.671 |
5.941 |
|
|
|
Administrative , Selling, Distribution |
5.936 |
5.574 |
7.480 |
|
|
|
TOTAL (B) |
124.685 |
187.046 |
116.223 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(15.854) |
11.741 |
6.641 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
8.770 |
8.770 |
8.105 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(24.624) |
2.971 |
(1.464) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.049 |
11.497 |
12.984 |
|
|
|
|
|
|
|
|
|
|
NET LOSS |
(34.673) |
(8.526) |
(14.448) |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
69.300 |
|
|
|
|
(due to material
fluctuation) |
The above information has been parted by Mr. Kuldeep Asthana.
Note : Sole Proprietory and Partnership concerns are exempted
from filing their financials with the Government Authorities or Registry
Records.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(31.85)
|
(4.29) |
(11.76) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(32.23)
|
(4.31) |
(11.78) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(26.60)
|
(5.68) |
(43.42) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(3.80)
|
(0.19) |
(0.43) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
13.21
|
2.42 |
3.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16
|
1.95 |
1.44 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
Yes |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
No |
|
29) Last accounts filed at ROC |
No |
|
30) Major Shareholders, if available |
No |
FIXED ASSETS:
·
Land
·
Building
·
Diesel Generating Set
·
Vehicle
·
Lab Equipment and Instruments
·
Refrigerator and Cooling Equipments
·
Tolls and Implement
·
Furniture and Fixture
·
Intangible Assets
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.55.81 |
|
|
1 |
Rs.86.53 |
|
Euro |
1 |
Rs.68.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
DPK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.