MIRA
INFORM REPORT
|
Report Date : |
20.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
JKT ENTERPRISES PRIVATE LIMITED |
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|
|
|
Registered
Office : |
2nd Floor, Plot No. A-787/2/2, TTC Industrial Area,
Khairane, Navi Mumbai-400703, Maharashtra
|
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of Incorporation
: |
11.10.2004 |
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Com. Reg. No.: |
11-149062 |
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Capital
Investment / Paid-up Capital : |
Rs.25.000
Millions |
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|
|
|
CIN No.: [Company Identification
No.] |
U51909MH2004PTC149062 |
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|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMJ13593G / MUMJ10396B |
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PAN No.: [Permanent Account No.] |
AABCJ4775F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Exporter and Trader of Sesame Seeds, Groundnuts and
Onions. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 410000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported to be fair. Business is active. Payments are reported
to be usually correct and as per commitments. The company can be considered for normal 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ 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 / Head Office : |
2nd Floor, Plot No. A-787/2/2, TTC Industrial Area,
Khairane, Navi Mumbai-400703, Maharashtra, India |
|
Tel. No.: |
91-22-27785800 [30 Lines] / 41028800 / 27785811 |
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Fax No.: |
91-22-27785888 |
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E-Mail : |
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Website : |
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Local Branch Office : |
Room No. 9, 1st Floor, Dr. Ambedkar Road, Ganesh Market,
Nasik Road, Nasik-422101, Maharashtra, India |
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Overseas Branch Office : |
Communication House, 26 York Street, London W1U 6PZ, UK |
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Tel No.: |
+44-20-77887509 |
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Fax No.: |
+44-80-82800547 |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Kishore Jethalal Thakker |
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Designation : |
Director |
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Address : |
1201 / Raj Yog Residency, Rajendra Prasad Road, Opposite Vardhaman
Nagar, Mulund (West), Mumbai-400080, Maharashtra, India |
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Date of Birth/Age : |
21.09.1943 |
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Date of Appointment : |
11.10.2004 |
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Din No.: |
00377145 |
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Other Directorship:
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Name : |
Mr. Kanak Kishore Thakker |
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Designation : |
Director |
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|
Address : |
1201 / Raj Yog Residency, Rajendra Prasad Road, Opposite Vardhaman
Nagar, Mulund (West), Mumbai-400080, Maharashtra, India |
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Date of Birth/Age : |
20.11.1975 |
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Date of Appointment : |
11.10.2004 |
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Din No.: |
00726303 |
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Other Directorship:
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Name : |
Mrs. Sheetal Kanak Thakker |
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Designation : |
Director |
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|
Address : |
1201 / Raj Yog Residency, Rajendra Prasad Road, Opposite Vardhaman
Nagar, Mulund (West), Mumbai-400080, Maharashtra, India |
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Date of Birth/Age : |
22.08.1977 |
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Date of Appointment : |
14.11.2006 |
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Din No.: |
01261178 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Kanak Kishore Thakker |
|
1125000 |
|
Kishore Jethalal Thakker |
|
1375000 |
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|
|
|
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TOTAL
|
|
2500000 |
AS ON 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
45.00 |
|
Other
top fifty shareholders |
|
55.00 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporter and Trader of Sesame Seeds, Groundnuts
and Onions. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
ING Vysya Bank Limited, 58 to 61, Ground Floor
Arenja Corner, Plot No. 71, Palm Beach Road, Vashi, Navi Mumbai-400705,
Maharashtra, India ·
ICICI Bank Limited, APMC, Vashi, Navi Mumbai,
Maharashtra, India ·
Axis Bank Limited, Vardhman Chambers, Co-operative
Society, Plot No. 84, Sector 17, Vashi, Navi Mumbai-400705, Maharashtra,
India ·
Union Bank of India, APMC, Vashi, Navi Mumbai,
Maharashtra, India ·
Barclays Bank PLC, 601/603, Ceejay House,
Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra,
India ·
Standard Chartered Bank ·
Kotak Mahindra Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kagrana and Associates Chartered Accountants |
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Address : |
304, Shalaka, Juhu Road, Santacruz (West), Mumbai-400054, Maharashtra,
India |
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PAN No: |
AAJFK7393P |
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Wholly Owned Subsidiary: |
·
JKT Foods Europe BV Address: 39, Prinses Beartrixlaan,
Rijswijk, 2284 AA, Netherlands Tel
No.: +31-70-2206978 Fax
No.: +31-70-2206978 Email: info@jktfoods.com |
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Related Parties : |
R.K. Agro Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
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 |
0.00 |
|
|
3] Reserves & Surplus |
77.610 |
66.148 |
57.608 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
102.610 |
91.148 |
82.608 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
70.532 |
23.611 |
16.086 |
|
|
2] Unsecured Loans |
69.090 |
57.081 |
47.758 |
|
|
TOTAL BORROWING |
139.622 |
80.692 |
63.844 |
|
|
DEFERRED TAX LIABILITIES |
5.745 |
4.488 |
4.308 |
|
|
|
|
|
|
|
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TOTAL |
247.977 |
176.328 |
150.760 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
76.291 |
67.412 |
72.168 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
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INVESTMENT |
1.143 |
4.594 |
2.025 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
73.127
|
27.204 |
41.502 |
|
|
Sundry Debtors |
97.503
|
65.900 |
46.682 |
|
|
Cash & Bank Balances |
18.657
|
15.976 |
17.640 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.418 |
|
|
Loans & Advances |
46.731
|
41.507 |
36.066 |
|
Total
Current Assets |
236.018
|
150.587 |
142.308 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
44.594
|
23.270 |
40.669 |
|
|
Other Current Liabilities |
5.633
|
3.167 |
1.873 |
|
|
Provisions |
15.248
|
19.852 |
23.291 |
|
Total
Current Liabilities |
65.475
|
46.289 |
65.833 |
|
|
Net Current Assets |
170.543
|
104.298 |
76.475 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.024 |
0.092 |
|
|
|
|
|
|
|
|
TOTAL |
247.977 |
176.328 |
150.760 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
NA |
760.206 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
945.318 |
NA |
760.206 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
928.226 |
NA |
736.086 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
928.226 |
NA |
736.086 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
17.092 |
12.090 |
24.120 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
5.630 |
3.551 |
9.956 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
11.462 |
8.539 |
14.164 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
927.260 |
641.368 |
NA |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
4.58 |
3.42 |
5.67 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.21
|
NA |
1.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.47
|
5.55 |
11.25 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.13 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.00
|
1.39 |
1.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.60
|
3.25 |
2.16 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last two years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
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 |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
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 |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
NOTE:
The registered office of the company has been shifted from Unit No. 4-5-6, Groma House, 3rd Floor, A Wing, Plot No. 14 C, Sector 19, Vashi, Navi Mumbai- 400705, Maharashtra, India to the present address w.e.f. 06.03.2008.
FINANCIAL RESULTS:
The company has earned profit before tax of
Rs.17.092 Millions (Previous Year Rs.12.090 Millions) and after tax of
Rs.11.462 (Previous Year Rs.8.539 Millions)
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10272086 |
|
Corporate
identity number of the company |
U51909MH2004PTC149062 |
|
Name of the
company |
JKT ENTERPRISES
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
2nd Floor, Plot No. A-787/2/2, TTC Industrial Area,
Khairane, Navi Mumbai-400703, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property
[not being pledge] Floating Charge |
|
Particular of
charge holder |
ING Vysya Bank Limited, 58 to 61, Ground Floor Arenja Corner, Plot No.
71, Palm Beach Road, Vashi, Navi Mumbai-400705, Maharashtra, India Email: vlaxman@vnsl.com |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental Deed
of Hypothecation. |
|
Date of
instrument Creating the charge |
29.11.2011 |
|
Amount secured by
the charge |
Rs.75.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest TL: IVBR + 2.05%. PCL/PCFC : No
Change PSL/EBRD (Sub
limit of PCL/PCFC) : No Change SBLC : No Change BG (Sub limit of
SBLC) : No Change Terms of Repayment TL: Repayable in
60 monthly installments. PCL/PCFC : No
Change PSL/EBRD (Sub
limit of PCL/PCFC) : No Change SBLC : No Change BG (Sub limit of
SBLC) : No Change Margin PCL/PCFC: 10%. PSL/EBRD (Sub
limit of PCL/PCFC) : 10% SBLC : 10% BG (Sub limit of
SBLC) : 10%. Extent and Operation of the charge First charge in
favour of the Bank on entire Hypothecated Assets of the Company. Others PCL/PCFC:
Rs.50.000 Millions. SPSL/EBRD (Sub
limit of PCL/PCFC): Rs.(50.000) Millions. SBLC: Rs.10.000
Millions. BG (Sub limit of
SBLC): Rs. (10.000) Millions. TL: Rs.15.000
Millions. |
|
Short particulars
of the property charged |
All the Stock in
trade meant for Export and fixed assets of the company kept at various places Documents of title
to goods i.e. BOL, AWB, BOE, Invoice, packing list, certificate of origin
(COO)etc of the company |
|
Particulars of
the present modification |
The Charge shall
now stand increased form Rs.60.000 Millions to Rs.75.000 Millions, against
the security of hypothecated assets of the Company. All the existing
securities are continued to enhanced limit also. All other Terms
and Conditions remain same. |
FIXED ASSETS:
·
Building
·
Land
·
Plant and Machinery
·
Compressor Machine
·
Air Condition
·
Cycle
·
Fax Machine
·
Mobile
·
Laptop Computer
·
Weighing Machine
·
Innova Car
·
Laboratory Equipments
·
Furniture and Fixtures
·
Inverter
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 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.53.72 |
|
|
1 |
Rs.86.15 |
|
Euro |
1 |
Rs.70.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
47 |
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.