|
Report Date : |
31.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
J.K. RISK MANAGERS AND INSURANCE BROKERS LIMITED (w.e.f.11.09.2007) |
|
|
|
|
Formerly Known
As : |
J.K. INSURANCE AND RISK MANAGERS LIMITED |
|
|
|
|
Registered
Office : |
Link House 4th Floor, 3, Bahadur Shah Zafar Marg, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
03.07.2002 |
|
|
|
|
Com. Reg. No.: |
55 -114816 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.25.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999DL2002PLC114816 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing full spectrum of insurance advisory and placement services to both Retail and Corporate clients |
|
|
|
|
No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (14) |
|
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 |
|
|||
|
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|
|||
|
Payment Behaviour : |
Slow |
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|||
|
|
|
|
|||
|
Litigation : |
Clear |
|
|||
|
|
|
|
|||
|
Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses recorded by the company. Profitability of the company
is under pressure. However, trade relation are reported to be fair. Business
is active. Payments are reported to be slow.
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/Head Office : |
Link House 4th Floor, 3, Bahadur Shah Zafar Marg, |
|
Tel. No.: |
91-11-33001112 91-11-33001152 (Board Number) 91-11-30179785 (Direct Number) |
|
Fax No.: |
91-11-23716607 |
|
E-Mail : |
|
|
|
|
|
Branches : |
Located At ·
Noida ·
Ahmedabad ·
Mumbai ·
Kolkata ·
Bengaluru |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Surendra Malhotra |
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|
Designation : |
Director |
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|
Address : |
IAI – Girdhar Apartments, 28, |
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|
Date of Birth/Age : |
20.08.1940 |
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|
Date of Appointment : |
03.04.2002 |
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|
Din No.: |
00271508 |
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Other Directorship:
|
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|
Name : |
Mr. Lajpat Rai Puri |
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|
Designation : |
Director |
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Address : |
Bunglow No 7, Blocked –D, Saket, |
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Date of Birth/Age : |
08.07.1923 |
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|
Date of Appointment : |
16.04.2003 |
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Din No.: |
00033240 |
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Other Directorship:
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|
Name : |
Mr. Vinod Kumar Mathur |
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|
Designation : |
Director |
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|
Address : |
4, A-11, Giridhar Apartments, South Towers, 28, Feroze Shah Road, New
Delhi – 110001, Delhi, India |
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Date of Birth/Age : |
08.03.1943 |
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|
Date of Appointment : |
03.04.2002 |
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Din No.: |
00035076 |
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Other Directorship:
|
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Accurate Finman Service Limited, |
|
499500 |
|
Bengal and |
|
1237500 |
|
Nav Bharat Vanijya Limited, |
|
562600 |
|
Param Shubham Vanijya Limited, |
|
200100 |
|
Rouncy Trading Private Limited, |
|
100 |
|
Juggilal Kamlapat Udyog Limited, |
|
100 |
|
J.K. Credit and Finance Limited |
|
100 |
|
Total |
|
2500000 |
As on 30.09.2011
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing full spectrum of insurance advisory and placement
services to both Retail and Corporate clients |
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||
|
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|
|||||||||||||||
|
Bankers : |
ICICI Bank Limited, |
|||||||||||||||
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|
|||||||||||||||
|
Facilities : |
Rs.
In Millions
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Lodha and Company Chartered Accountant |
|
Address : |
12, Bhagat Singh Marg, Gole Market, |
|
Tel. No.: |
91-11-23710176/23710177/23364671/2414 |
|
Fax No.: |
91-11-23345168/23314309 |
|
E-Mail : |
|
|
Pan No.: |
AABFL1894Q |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Share |
Rs.10/- each |
Rs.25.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Share |
Rs.10/- each |
Rs.25.000
Millions |
|
|
|
|
|
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] Share Capital |
25.000 |
25.000 |
25.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(50.733) |
(48.575) |
(35.183) |
|
|
NETWORTH |
(25.733) |
(23.575) |
(10.183) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
28.212 |
29.554 |
18.415 |
|
|
TOTAL BORROWING |
28.212 |
29.554 |
18.415 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2.479 |
5.979 |
8.232 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2.846 |
2.032 |
2.434 |
|
|
Capital work-in-progress |
0.180 |
0.523 |
0.523 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.026 |
0.027 |
0.028 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.019 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
4.674
|
3.932 |
3.297 |
|
|
Cash & Bank Balances |
1.438
|
1.924 |
1.222 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
5.047
|
6.632 |
11.850 |
|
Total
Current Assets |
11.159
|
12.488 |
16.369 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
6.922
|
4.443 |
6.140 |
|
|
Other Current Liabilities |
3.969
|
4.015 |
4.370 |
|
|
Provisions |
0.841
|
0.633 |
0.631 |
|
Total
Current Liabilities |
11.732
|
9.091 |
11.141 |
|
|
Net Current Assets |
(0.573)
|
3.397 |
5.228 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2.479 |
5.979 |
8.232 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
38.147 |
22.503 |
23.103 |
|
|
|
Other Income |
0.584 |
0.921 |
0.600 |
|
|
|
TOTAL (A) |
38.731 |
23.424 |
23.703 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee cost |
21.010 |
18.940 |
24.011 |
|
|
|
Other Expense |
16.015 |
13.987 |
16.224 |
|
|
|
TOTAL (B) |
37.025 |
32.927 |
40.235 |
|
|
|
|
|
|
|
|
Less |
PROFIT/LOSS
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1.706 |
(9.503) |
(16.532) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.890 |
2.976 |
1.239 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(1.184) |
(12.479) |
(17.771) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.973 |
0.894 |
1.321 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX (E-F) (G) |
(2.157) |
(13.373) |
(19.092) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
0.019 |
0.289 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
AFTER TAX (G-I) (J) |
(2.157) |
(13.392) |
(19.381) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(48.575) |
(35.183) |
(15.802) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(50.732) |
(48.575) |
(35.183) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.86) |
(5.36) |
(7.75) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(5.83) |
(40.67) |
(48.17) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(10.27) |
(70.61) |
(82.64) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(15.40) |
(92.10) |
(101.54) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.08) |
(0.57) |
(1.87) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.55 |
1.64 |
2.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.95 |
1.37 |
1.50 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
- |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
No |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
|
PAN of
Proprietor/Partner/Director, if available |
No |
|
Passport No of Proprietor/Partner/Director,
if available |
No |
|
Voter ID No of
Proprietor/Partner/Director, if available |
No |
REVIEW OF OPERATION:
During the year the company has incurred a net
loss of Rs.2.157 Millions. Taking into account the deficit of Rs.48.575
Millions brought forward from previous years, the aggregate Rs.50.733 Millions
I carried down to Balance Sheet.
FIXED ASSETS:
·
Computers
·
Furniture, Fixtures and
Equipment
·
Vehicles
·
Intangible Assets –
Software
AS PER WEBSITE DETAILS
Profile:
"Excellence comes not from mere words or procedures. It comes from an urge to strive and deliver the best. A mindset that says, When it is good enough, improve it. It is a way of thinking that comes only from a power within. - "Padma Bhushan H.S.Singhania President , JK Organization".
"Subject is an independent business unit under
the umbrella of the JK Organisation”
.
The advent of JK Organization on the industrial landscape of
JK Organization has been a forerunner in the economic and
social advancement of
JK Organisation is an association of industrial and commercial companies and charitable trusts. Its member companies, employing nearly 50,000 persons are engaged in the manufacture of a variety of products and in diverse fields of commerce.
Trusts are devoted to promoting industrial, technical and medical research, education, religious values and providing better living and recreational facilities. With the spirit of social consciousness uppermost in mind, J.K. Organisation is committed to the cause of human advancement
.
Group Values
JK Organization is dedicated to improving the quality of life of the people and is devoted to promoting ethical cultural and religious values. It strives to inculcate values including intergrity, honesty, fairness and trust.
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.55.44 |
|
|
1 |
Rs.87.12 |
|
Euro |
1 |
Rs.68.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
14 |
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.