MIRA INFORM REPORT
|
Report No. : |
325732 |
|
Report Date : |
08.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
JUMBO BAG LIMITED |
|
|
|
|
Registered
Office : |
S.K Enclave, New No. 4 [Old No. 47], Nowroji Road, Chetpet, Chennai – 600031, Tamilnadu |
|
Tel. No.: |
91-44-26461415 / 26451722 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
29.11.1990 |
|
|
|
|
Com. Reg. No.: |
18-019944 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs. 87.817 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L36991TN1990PLC019944 |
|
|
|
|
IEC No.: |
0492023212 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEJ00416D |
|
|
|
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PAN No.: [Permanent Account No.] |
AAACJ1784D |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
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Line of Business
: |
Manufacturer of Flexible Intermediate Bulk Container Packaging
Material used for Industrial Purposes and also Trader of Polymers. |
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|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 25000 |
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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 record. The rating is constrained on account of continuous losses incurred by
the company and also borrowings recorded by the company are huge and
increasing. However, trade relations are reported as fair. Business is active.
Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = B+ |
|
Rating Explanation |
High risk of default. |
|
Date |
March 17, 2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A4 |
|
Rating Explanation |
Minimal degree of safety and carry very high credit risk. |
|
Date |
March 17, 2015 |
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
31-03-2013.
INFORMATION DENIED BY
|
Name : |
Ms. Prema |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-44-26461415 |
|
Date : |
03.06.2015 |
LOCATIONS
|
Registered/ Corporate Office : |
S.K Enclave, New No. 4 [Old No. 47], Nowroji Road, Chetpet, Chennai – 600031, Tamilnadu, India |
|
Tel. No.: |
91-44-26461415/ 26451722 |
|
Fax No.: |
91-44-26451720 |
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E-Mail : |
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|
Website : |
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Branch Office : |
TA2, 3rd Floor, Lake City Mall, Kapurbawdi Junction, Thane – 400607, Maharashtra, India |
|
Tel. No.: |
91-22-25412210/ 11/ 12 |
|
Fax No.: |
91-22-25412213 |
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|
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Marketing Office/
Factory 1 : |
75, Thatchur Kootu Road, Panjetty Village, Ponneri Taluk, Tiruvellore Dist -601204, Tamilnadu, India |
|
Tel. No.: |
91-44-27984336/ 37/ 38 |
|
Fax No.: |
91-44-27984245 |
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|
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Factory 2 : |
No.106, G.N.T. Road, Alingivakkam P.O., Athipedu Village, Chennai – 600067, Tamilnadu, India |
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|
|
|
US Office : |
Jumbo Bag LLC 2150-A, Northmont Parkway, Duluth, GA 30096, USA |
|
Tel. No.: |
+1 770 295 0031 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. K.J.M. Shetty |
|
Designation : |
Chairman |
|
Address : |
F-88, Anna Nagar East, Chennai – 600102, Tamilnadu, India |
|
Qualification : |
I.A.S. (Retd.) |
|
|
|
|
Name : |
Mr. G.P.N. Gupta |
|
Designation : |
Managing Director |
|
Address : |
No.46, Halls Road, Kilpauk, Chennai – 600010, Tamilnadu, India |
|
|
|
|
Name : |
Mr. G. Radhakrishna |
|
Designation : |
Director |
|
Address : |
No.46, Halls Road, Kilpauk, Chennai – 600010, Tamilnadu, India |
|
|
|
|
Name : |
Mr. M. Rama Rao |
|
Designation : |
Director |
|
Address : |
11-5-5, Gopala Krishna Road, Ramaraopet, Kakinada, Andhra Pradesh,
India |
|
|
|
|
Name : |
Mr. M.V. Ananthakrishna |
|
Designation : |
Director |
|
Address : |
No.16, South Mada, Street, Srinagar Colony, Chennai – 600015,
Tamilnadu, India |
|
|
|
|
Name : |
Dr. Gaddam Kumar Reddy |
|
Designation : |
Director |
|
Address : |
Pound Paddock Church Hill, Kingsnorth, Ashford, Kent, TN23 3EG -
111111 |
|
|
|
|
Name : |
Mr. G.S. Anil Kumar |
|
Designation : |
Whole-time Director |
|
Address : |
1491, J Block No.63, 13th Main Road, Anna Nagar, Chennai –
600040, Tamilnadu, India |
|
|
|
|
Name : |
Mr. G.P. Ramraj |
|
Designation : |
Whole-time Director |
|
Address : |
Plot No. 1568, 16th Main Road, J Block, Anna Nagar, Chennai
– 600040, Tamilnadu, India |
KEY EXECUTIVES
|
Name : |
Ms. Prema Sona Bharathi |
|
Designation : |
Company Secretary and Compliance Officer |
|
|
|
|
Audit Committee : |
· K.J.M. Shetty Chairman · G.P.N. Gupta Member · M.V. Ananthakrishna Member |
SHAREHOLDING
PATTERN
As on 31.03.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of
Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
1005597 |
12.01 |
|
|
2632200 |
31.43 |
|
|
3637797 |
43.44 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
3637797 |
43.44 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
15600 |
0.19 |
|
|
100 |
0.00 |
|
|
15700 |
0.19 |
|
|
|
|
|
|
189510 |
2.26 |
|
|
|
|
|
Individual shareholders holding nominal share capital up to Rs. 0.100 Million |
2689216 |
32.12 |
|
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million |
1679387 |
20.06 |
|
|
162090 |
1.94 |
|
|
138546 |
1.65 |
|
|
23494 |
0.28 |
|
|
50 |
0.00 |
|
|
4720203 |
56.37 |
|
Total Public
shareholding (B) |
4735903 |
56.56 |
|
Total (A)+(B) |
8373700 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
8373700 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Flexible Intermediate Bulk Container
Packaging Material used for Industrial Purposes and also Trader of Polymers. |
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Products : |
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|
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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|
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Terms : |
|
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Selling : |
Not Divulged |
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|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS (AS ON 31.03.2014)
|
Capacity and Production |
013-14 |
|
Class of Goods : Intermediate Flexible Containers, Fabric,
Components of Jumbo Bags, Liner & Small Bags |
|
|
Licensed Capacity (in MT) |
8870.000 |
|
Installed Capacity (in MT) |
6497.000 |
|
Actual Production (in MT) |
3657.927 |
Note: The Installed capacity is technically evaluated as certified by the management and accepted by auditors (per year on a continuous shift basis)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
· State Bank of India ·
State Bank of Hyderabad |
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Facilities : |
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Statutory Auditors : |
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|
Name : |
M. Srinivasan and Associates Chartered Accountants |
|
Address : |
No.5, 9th Floor, B Wing, Parsn Manere, 602, Anna Salai, Chennai
– 600006, Tamilnadu, India |
|
|
|
|
Associate Company
(As on 31.03.2014) : |
· Stanpacks (India) Limited · JBL Saks Private Limited · Jumbo Bag LLC · Balaji Trading Enterprises Private Limited · Dinesh Polyfab Private Limited ·
G.F. Impex |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14000000 |
Equity Shares |
Rs. 10/- each |
Rs. 140.000 Million |
|
600000 |
Cumulative, Redeemable Preference Shares |
Rs. 100/- each |
Rs. 60.000 Million |
|
|
Total |
|
Rs. 200.000
Million |
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8373700 |
Equity Shares |
Rs. 10/- each |
Rs. 83.737 Million |
Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8373700 |
Equity Shares |
Rs. 10/- each |
Rs. 83.737 Million |
|
408000 |
Add: Forfeited Shares [Equity Shares] |
Rs. 10/- each |
Rs. 4.080 Million |
|
|
Total |
|
Rs. 87.817
Million |
Clause (a) (b) (c)
–
The Authorised Capital comprises of equity shares and non-convertible
redeemable preference shares. The Issued and Fully Paid-up Capital comprise of
equity shares having a par value of Rs.10 each.
|
PARTICULARS |
31.03.2014 |
|
Authorised: (i) 14000000 Equity shares of Rs.10 Each |
140.000 |
|
(ii) 600000
Non-convertible Redeemable Cumulative Preference Shares of Rs.100 Each |
60.000 |
|
Total |
200.000 |
|
Issued,
Subscribed and Fully paid up: 8373700 Equity Shares of Rs.10 Each |
83.737 |
|
Total |
83.737 |
Clause (d) – Reconciliation of number of shares
|
PARTICULARS |
31.03.2014 |
|
|
Number of shares |
Amount |
|
|
Equity Shares |
|
|
|
Opening Balance |
8373700 |
83.737 |
|
Changes during the year |
-- |
-- |
|
Closing Balance |
8373700 |
83.737 |
Clause (e) –
Rights, preference and restrictions attached to shares
Equity Shares:
The Company has
one class of equity shares having a par value of Rs.10 each. Each shareholder is
eligible for one vote per share held. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing annual
general meeting.
Clause (f) –
Shares held by holding company and its subsidiaries – Not Applicable
Clause (g) –
Particulars of shares held by shareholders holding more than 5% of the
aggregate shares in the company:
|
PARTICULARS |
31st March 2014 |
|
EQUITY SHARES Balaji Trading
Enterprises Private Limited (No. of shares) |
2632200 |
|
% of holding |
31.43 |
Clause (h) –
Shares reserved for issue under options and contracts/ commitments for the sale
of shares – Not applicable
Clause (i) –
Shares allotted in the preceding five years without payment being received in
cash / by way of bonus shares / shares bought back – Not Applicable
Clause (j) – Terms
of any securities convertible into issued along with the earliest date of
conversion – Not Applicable
Clause (k) – Calls unpaid – Not Applicable
Clause (l) – Forfeited shares
|
PARTICULARS |
31st March 2014 |
|
|
|
|
EQUITY SHARES 4,08,000 (previous year 4,08,000) shares of Rs.10 par value |
4.080 |
The reconciliation of the number of equity shares outstanding is set out
below:
|
PARTICULARS |
31st March 2014 |
|
Shares outstanding at the beginning of the year |
8373700 |
|
Shares issued during the year |
-- |
|
Shares bought back during the year |
-- |
|
Shares outstanding at the end of the year |
8373700 |
As on 31.03.2015
Authorised Capital: Not Available
Issued, Subscribed & Paid-up Capital: 87.817 Million
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
87.817 |
87.817 |
87.817 |
|
(b) Reserves & Surplus |
50.352 |
88.423 |
110.555 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
138.169 |
176.240 |
198.372 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
25.128 |
21.838 |
29.101 |
|
(b) Deferred tax liabilities (Net) |
36.682 |
38.985 |
41.404 |
|
(c)
Other long term liabilities |
5.613 |
2.287 |
3.484 |
|
(d)
long-term provisions |
3.867 |
2.856 |
0.101 |
|
Total
Non-current Liabilities (3) |
71.290 |
65.966 |
74.090 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
445.078 |
441.838 |
439.889 |
|
(b)
Trade payables |
160.048 |
247.903 |
92.432 |
|
(c)
Other current liabilities |
9.358 |
16.182 |
13.095 |
|
(d)
Short-term provisions |
46.802 |
34.381 |
25.895 |
|
Total
Current Liabilities (4) |
661.286 |
740.304 |
571.311 |
|
|
|
|
|
|
TOTAL |
870.745 |
982.510 |
843.773 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
157.650 |
194.935 |
236.840 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.331 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.280 |
0.280 |
0.261 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
10.292 |
10.658 |
17.338 |
|
(e)
Other Non-current assets |
9.481 |
5.405 |
4.820 |
|
Total
Non-Current Assets |
177.703 |
211.609 |
259.259 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
219.109 |
186.880 |
183.829 |
|
(c)
Trade receivables |
294.342 |
401.518 |
325.110 |
|
(d)
Cash and cash equivalents |
18.859 |
21.204 |
20.597 |
|
(e)
Short-term loans and advances |
57.803 |
50.788 |
54.425 |
|
(f)
Other current assets |
102.929 |
110.511 |
0.553 |
|
Total
Current Assets |
693.042 |
770.901 |
584.514 |
|
|
|
|
|
|
TOTAL |
870.745 |
982.510 |
843.773 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
898.137 |
832.747 |
868.813 |
|
|
Other Income |
65.423 |
2.526 |
8.766 |
|
|
TOTAL |
963.560 |
835.273 |
877.579 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
513.813 |
524.470 |
447.130 |
|
|
Purchases of Stock-in-Trade |
78.868 |
83.668 |
65.178 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(44.251) |
13.994 |
23.339 |
|
|
Employees benefits expense |
82.498 |
70.530 |
69.239 |
|
|
Other expenses |
243.959 |
190.890 |
207.040 |
|
|
Exceptional Items-Insurance Claims Receivable |
20.000 |
(84.143) |
0.000 |
|
|
TOTAL |
894.887 |
799.409 |
811.926 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
68.673 |
35.864 |
65.653 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
66.405 |
41.097 |
44.370 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
2.268 |
(5.233) |
21.283 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
17.084 |
19.318 |
20.230 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(14.816) |
(24.551) |
1.053 |
|
|
|
|
|
|
|
Less |
TAX |
(1.344) |
(2.419) |
0.125 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(13.472) |
(22.132) |
0.928 |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
FOB Value of Exports |
NA |
359.219 |
406.889 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
C.I.F Value of Imports |
NA |
143.467 |
296.446 |
|
|
Travel |
NA |
2.270 |
4.037 |
|
|
Commission (paid for previous yrs. liability) |
NA |
1.990 |
0.611 |
|
|
Testing charges |
NA |
0.000 |
0.049 |
|
|
TOTAL IMPORTS |
NA |
147.727 |
301.143 |
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(1.65) |
(2.64) |
0.11 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
9.636 |
9.745 |
|
Cash generated from operations |
NA |
19.413 |
(49.132) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(1.50) |
(2.66) |
0.11 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
7.65 |
4.31 |
7.56 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.70) |
(2.50) |
0.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.11) |
(0.14) |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.40 |
2.69 |
2.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.05 |
1.04 |
1.02 |
STOCK
PRICES
|
Face Value |
Rs.10.00 /- each |
|
Market Value |
Rs.5.00 /- each |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
87.817 |
87.817 |
87.817 |
|
Reserves & Surplus |
110.555 |
88.423 |
50.352 |
|
Net worth |
198.372 |
176.240 |
138.169 |
|
|
|
|
|
|
long-term borrowings |
29.101 |
21.838 |
25.128 |
|
Short term borrowings |
439.889 |
441.838 |
445.078 |
|
Current Maturities of
Long Term Debt |
9.745 |
9.636 |
0.000 |
|
Total borrowings |
478.735 |
473.312 |
470.206 |
|
Debt/Equity ratio |
2.413 |
2.686 |
3.403 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
868.813 |
832.747 |
898.137 |
|
|
|
(4.151) |
7.852 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
868.813 |
832.747 |
898.137 |
|
Profit |
0.928 |
(22.132) |
(13.472) |
|
|
0.11% |
(2.66%) |
(1.50%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---------------------- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
---------------------- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
---------------------- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
---------------------- |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10435080 |
14/06/2013 |
425,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, NO.232 N.S.C.BOSE ROAD, CHENNAI - 600001, Tamil Nadu, INDIA |
B78653664 |
|
2 |
90288597 |
03/03/2014 * |
590,500,000.00 |
STATE BANK OF INDIA - LEAD BANK |
COMMERCIAL BRANCH, No.232, NSC BOSE ROAD, CHENNAI - 600001, Tamil Nadu, INDIA |
C00354639 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Public Deposits |
NA |
3.495 |
|
Loans and advances from related parties |
NA |
9.600 |
|
SHORT TERM BORROWINGS |
|
|
|
From other parties |
NA |
15.000 |
|
Public Deposits |
NA |
2.905 |
|
Total |
NA |
31.000 |
OPERATIONS AND FINANCIAL PERFORMANCE (As on 31.03.2014)
The consolidated revenue of Jumbo Bag Limited stands at Rs. 835.300
Million for the financial year ended 31st March 2014 as compared to the revenue
of Rs 877.600 Million in the previous year. The Company has incurred a loss
this year amounting to Rs. 22.132 Million in the current year as against a
Profit of Rs.0.928 Million in the previous year.
The Company had faced a setback in the financial year 2012-13; however,
it picked up on its performance gradually and made a profit of Rs.3.000 Million
in the Second Quarter of the year 2013-14. The operation of the company was
again affected due to a major fire accident at Unit II (Athipedu Factory) that
occurred on 23rd November 2013. Major portion of the factory was gutted in fire
and the company faced huge loss in terms of materials and machinery. The
factory was completely shut down till 9th December 2014. Thereafter, the
portion that was not damaged operated.
Further to the above, there was a strike by the workers in Unit I
(Ponneri Factory) that lasted for 25 days from 27th December, 2013 to 20th
January, 2014. Despite the unforeseen hurdles, the company took immediate steps
to control the damage caused and maintained the production level. Rigorous steps
are being taken to fulfill the customer obligations on time and to keep the
production going up to the maximum capacity with the help of various sources
available in the market. The company would like to inform that despite the hard
times, the market and the customer have been understanding to their situation
and have given them helping hand in every way possible. The company is con
dent that it will recover from this setback at the earliest possible time.
The company has been able to withstand two big jolts experienced during
the last financial year and it was able to resume its operations at the
unaffected part of the Athipedu Unit within a short span of time from the date
of incidents. The company’s cordial relationship with the market in general helped
in garnering support at the time of adversity from its competitors and vendors.
Besides, the company managed to find alternative sources to finish the orders
on time so that the customers did not suffer due to the setback faced by the
company in production.
On the brighter aspects, the company has been able to sustain its growth
in the trading of IOCL Products in terms of sales and volume. The financial
year 2013-14 saw 20% growth in volume of sales.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
Contingent
Liabilities not provided for |
|
|
|
a. In respect of guarantees given by the Company |
NA |
51.000 |
|
b. Letter of credit for purchase of raw-materials |
NA |
4.989 |
|
c. Claims not acknowledged as debts |
NA |
0.000 |
|
d. Estimated amount of contracts remaining to be executed
on Capital accounts, not provided for |
NA |
0.000 |
|
e. Disputed amount of Central Excise |
NA |
5.345 |
|
f. Disputed amount on Income Tax |
NA |
15.927 |
|
g. Disputed TDS |
NA |
0.651 |
FIXED ASSETS:
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office equipment
·
Electrical and Electronic equipment’s
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 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. 63.89 |
|
|
1 |
Rs. 97.97 |
|
Euro |
1 |
Rs. 71.81 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.