MIRA INFORM REPORT

 

 

Report Date :

31.01.2013

 

IDENTIFICATION DETAILS

 

Name :

MKJ TRADEX LIMITED (w.e.f.09.04.2002)

 

 

Formerly Known As :

MKJ TRADEX PRIVATE LIMITED (w.e.f.07.01.2002)

 

ICON MARKETING PRIVATE LIMITED

 

 

Registered Office :

Sagar Estate, 3rd Floor, Unite No.1, 2 Clive Ghat Street, PS Hare Street, Kolkata – 700001, West Bengal

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

13.01.1995

 

 

Com. Reg. No.:

21-067394

 

 

Capital Investment / Paid-up Capital :

Rs. 37.202 Millions

 

 

CIN No.:

[Company Identification No.]

U51909WB1995PLC067394

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CALM04192G

 

 

PAN No.:

[Permanent Account No.]

AADCM5953G

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Trader and Exporter of Stainless Steel Industrial Products and also trading in Ferrous and Non-Ferrous Alloy, Stainless Steel Scrap and Refractories.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 1440000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and condition.

 

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

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Cash Credit : (BBB-)

Rating Explanation

Moderate degree of safety it carry moderate credit risk.

Date

June 22, 2012

 

 

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 Office :

Sagar Estate, 3rd Floor, Unite No.1, 2 Clive Ghat Street, PS Hare Street, Kolkata – 700001, West Bengal, India

Tel. No.:

91-33-22304571

Fax No.:

91-33-22487669

E-Mail :

mkjrls@sify.com

 

 

Branch Office :

Room No. 77, 7th Floor, Bajaj Bhawan, Near Inox Theatre, Nariman Point, Mumbai – 400021, Maharashtra, India

Tel. No.:

91-22-22885382/ 22885381/ 22885383

Fax No.:

91-22-22814144

E-Mail :

mkjmumbai@gmail.com

 

 

DIRECTORS

 

AS ON 01.09.2012

 

Name :

Mr. Mahendra Kumar Jalan

Designation :

Chairman cum Managing director

Address :

15 Belvedere Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

08.03.1948

Qualification :

Graduate

Date of Appointment :

30.05.2001

PAN No.:

AEPPJ1728K

Voter ID No.:

WB/23/148/222700

DIN No.:

00598710

 

 

Name :

Mr. Ratan Lal Sethia

Designation :

Director

Address :

37A, Garcha Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

01.06.1950

Qualification :

FCA

Date of Appointment :

25.01.1995

PAN No.:

ALKPS1009C

Voter ID No.:

WB/23/152/000140

DIN No.:

00123495

 

 

Name :

Mr. Shashi Prabha Jalan

Designation :

Director

Address :

15 Belvedere Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

20.10.1949

Qualification :

Graduate

Date of Appointment :

26.03.2002

PAN No.:

AEPPJ1729J

Voter ID No.:

WB/23/148/222562

DIN No.:

00598758

 

 

Name :

Mr. Mayank Jalan

Designation :

Director

Address :

15 Belvedere Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

15.09.1981

Qualification :

Mechanical engineering with business finance

Date of Appointment :

20.08.2003

PAN No.:

AEUPJ1360E

DIN No.:

00598842

 

 

Name :

Mr. Anil Kumar Jalan

Designation :

Director

Address :

B-1, Flat – 14, 2nd Floor, 342, Grant Road, Mumbai – 400007, Maharashtra, India

Date of Birth/Age :

17.06.1959

Qualification :

LLB

Date of Appointment :

26.03.2002

PAN No.:

ADQPJ2461H

Voter ID No.:

WB/23/143/153110

DIN No.:

00631094

 

 

KEY EXECUTIVES

 

Name :

Mr. Shyam Sunder Singhania

Designation :

Secretary

Address :

862 Jessore Road, Kolkata – 700055, West Bengal, India

Date of Birth/Age :

31.07.1970

Date of Appointment :

25.06.2008

PAN No.:

AJYPS4206P

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 01.09.2012

 

Names of Shareholders

 

No. of Shares

 

Mahendra Kumar Jalan and Others (HUF)

 

50000

Ishan Housing Projects Limited, India

 

1250000

Sone Paper and Industries Limited

 

100000

Appropriate Finance Private Limited

 

100000

Sungrace Merchandise Private Limited

 

100000

Apex Enterprises (India) Limited

 

100000

Gulnar Industries Limited

 

75000

Baldev Commercial Private Limited

 

100000

Yashodham Merchants Private Limited

 

40000

Toplight Vinimay Private Limited

 

65000

Mahendra Kumar Jalan

 

50100

The Right Address Limited, India

 

320000

MKJ Enterprises Limited, India

 

1320000

Twenty First Century Securities Limited

 

25

Shashi Prabha Jalan

 

50075

Total

 

3720200

 

 

AS ON 01.09.2012

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Bodies corporate

 

94.00

Directors or relatives of directors

 

6.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Trader and Exporter of Stainless Steel Industrial Products and also trading in Ferrous and Non-Ferrous Alloy, Stainless Steel Scrap and Refractories.

 

 

Products :

ITC Code

Product Descriptions

72210011

Deal in Stainless Steel Wire, Wirerods And Bright Bars.

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :

Ø       Bank of Baroda, 4 Brabourne Road, Kolkata – 700001, West Bengal, India

Ø       Oriental Bank of Commerce Limited, Strand Road Branch, 2 N.C. Dutta Sarani, Kolkata – 700001, West Bengal, India

Ø       Union Bank of India, India Exchange Place Branch, 15, India Exchange Place, Kolkata – 700001, West Bengal, India

Ø       UCO Bank (Lead Bank), Mid Corporate Branch, 2 India Exchange Place, Kolkata – 700001, West Bengal, India

 

 

Facilities :

 

Secured Loans

31.03.2012

31.03.2011

 

 

(Rs. In Millions)

Loans taken for fixed assets

1.768

0.000

Working capital loans from banks

497.220

534.231

Total

498.988

534.231

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

S. K. Agarwal and Company

Chartered Accountants

Address :

4A, Council House Street, Kolkata – 700001, West Bengal, India

Income-tax PAN of auditor or auditor's firm :

AATFS5845S

 

 

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :

Ø       Karan Housing Projects Limited

Ø       Keventer Agro Limited

 

 

Associates :

Ø       MKJ Enterprises Limited

Ø       Madanlal Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5,000,000

Equity Shares

Rs. 10/- each

Rs. 50.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3,720,200

Equity Shares

Rs. 10/- each

Rs. 37.202 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2012

31.03.2011

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

37.202

27.202

27.202

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

323.077

219.653

205.795

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

360.279

246.855

232.997

LOAN FUNDS

 

 

 

1] Secured Loans

498.988

534.231

490.455

2] Unsecured Loans

148.169

133.894

198.415

TOTAL BORROWING

647.157

668.125

688.870

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

1007.436

914.980

921.867

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

6.101

2.774

4.332

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

1.229

0.229

0.229

DEFERRED TAX ASSETS

0.508

0.867

0.400

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
0.000

0.000

0.000

 

Sundry Debtors
927.190

843.853

855.161

 

Cash & Bank Balances
20.422

40.772

27.707

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
58.696

29.758

36.827

Total Current Assets
1006.308

914.383

919.695

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
0.000

0.000

0.000

 

Other Current Liabilities
6.710

3.273

2.789

 

Provisions
0.000

0.000

0.000

Total Current Liabilities
6.710

3.273

2.789

Net Current Assets
999.598

911.110

916.906

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

1007.436

914.980

921.867

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Income

1699.827

1431.441

839.175

 

 

Other Income

52.916

45.400

0.000

 

 

TOTAL                                     (A)

1752.743

1476.841

839.175

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Purchases of stock-in-trade

1592.312

1334.540

 

 

Employee benefit expense

6.832

5.342

 

 

 

Other expenses

12.177

13.272

 

 

 

TOTAL                                     (B)

1611.321

1353.154

776.074

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

141.422

123.687

63.101

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

119.123

103.616

45.441

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

22.299

20.071

17.660

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

1.716

1.076

1.368

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

20.583

18.995

16.292

 

 

 

 

 

Less

TAX                                                                  (H)

7.159

5.136

5.597

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

13.424

13.859

10.695

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

83.654

69.795

59.063

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

0.000

0.000

(0.037)

 

BALANCE CARRIED TO THE B/S

97.078

83.654

69.795

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

 

 

Basic

3.61

5.09

3.93

 

Diluted

4.92

5.09

3.93

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)
0.77

0.94

1.27

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
1.21

1.33

1.94

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
2.03

2.07

1.76

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.06

0.08

0.07

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
1.80

2.71

2.96

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
149.97

279.37

329.76

 

 

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 three 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]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

Yes

33]

Voter ID No of Proprietor/Partner/Director, if available

Yes

34]

External Agency Rating, if available

Yes

 

 

UNSECURED LOANS

 

Unsecured Loans

31.03.2012

31.03.2011

 

 

(Rs. In Millions)

Intercorporate borrowings

148.169

133.894

Total

148.169

133.894

 

 

 

 

 

 

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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 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. 53.57

UK Pound

1

Rs. 84.37

Euro

1

Rs. 72.23

 

 

INFORMATION DETAILS

 

Report Prepared by :

BVA

 

 

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

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--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

 

45

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.