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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

512330

Report Date :

01.06.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

JP MODATEX LLP

 

 

Registered Office :

Unit No. 903, 9th Floor, Embassy Centre, 207, Backbay Reclamation, Nariman Point, Mumbai – 400021, Maharashtra

Tel. No.:

91-22-22045343/ 44

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

25.08.2015

 

 

LLPIN No:

AAE-6423

 

 

Total Obligation of Contribution:

INR 3.000 Million

 

 

IEC No.:

[Import-Export Code No.]

0315053232

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

GSTN :

[Goods & Service Tax Registration No.]

27AALFJ3580B2ZE

 

 

PAN No.:

[Permanent Account No.]

AALFJ3580B

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

To carry on business of manufacturing, trading, packing, grading, crimping, twisting, texturing, bleaching, dyeing, printing, mercerizing or otherwise processing yarns, cloth, carpets, blankets and other textile goods. [Registered Activity and also Confirmed by management]

 

 

No. of Employees :

200 (Approximately)

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Maximum Credit Limit :

USD 100000

 

 

Status :

Satisfactory 

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a limited liability partnership firm started in the year 2015 and it is having satisfactory track.

 

It is a manufacturer and trader of textile yarn.

 

For the financial year 2017, the firm has significantly increased its revenue from operations as compared to previous year but reported losses.

 

However, rating takes into consideration sound financial risk profile of the firm marked by good reserves position.

 

Further, rating also derives strength from comfortable liquidity position and improvement in the revenue profile during the year.

 

This rating strength is partially offset by excess of borrowing recorded and intense competition from industry.

 

Trade relations are reported as fair. Business is active. Payments are seems to be slow but correct.

 

In view of the aforesaid, the firm can be considered for 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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

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 31-03-2018.

 


 

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

 

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 01.06.2018.

 

 

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

 

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

 

 

INFORMATION PARTED BY

 

Name :

Mrs. Nilakshi

Designation :

Accountant

Contact No.:

91-22-22045343

Date :

29.05.2018

 

 

LOCATIONS

 

Registered Office :

Unit No. 903, 9th Floor, Embassy Centre, 207, Backbay Reclamation, Nariman Point, Mumbai – 400021, Maharashtra, India

Tel. No.:

91-22-22045343/ 44

Fax No.:

Not Available

E-Mail :

jindasjain@gmail.com

info@jpmodatex.com

Website :

http://www.jpmodatex.com

Area :

1250 Sq. Ft.

Location :

Rented

Locality :

Commercial

 

 

Spinning Unit :

Survey No.272/1/2, 274/4/1, 274/4/2, 274/3, 274/5/1 and 274/1, Jalaram Industrial Estate, 1st Floor, Opposite RTO, Village Athal, Silvassa (DNH) – 396230, Dadra and Nagar, India

Tel. No.:

91-260-2642422

 

 

PARTNERS

 

Name :

Mr. Jindas Pukhraj Jain

Designation :

Designated Partner

Address :

102, Dariyamahal, 17th Floor, 'A' Wing, 80, Nepeansea Road Mumbai – 400006, Maharashtra, India

Date of Appointment :

25.08.2015

DPIN No.:

01111351

Other Directorship :

LLPIN/FLLPIN

LLP Name

Begin Date

End Date

AAE-6666

KLAN LE SOLUTIONS LLP

31/08/2015

-

 

 

Name :

Mr. Rakesh Om Prakash Sharma

Designation :

Designated Partner

Address :

4b, Srivari Sushant, 84 Periaswamy Road, West R. S Puram, Coimbatore – 641002, Tamilnadu, India

Date of Appointment :

25.08.2015

DPIN No.:

01304684

 

 

KEY EXECUTIVES

 

Name :

Mrs. Nilakshi

Designation :

Accountant

 

 

CONTRIBUTION DETAILS

 

As on: 31.03.2017

 

Names of Person

Obligation of

Contribution

(INR  In Million)

Tushar Ashokkumar Satiya

0.100

Rashi Pratik Jain

0.100

Pukhraj Bhurmal Shah

0.100

Rakesh Kumar  Sharma

0.750

Jindas Pukhraj Jain

1.950

Total

3.000

 

 

BUSINESS DETAILS

 

Line of Business :

To carry on business of manufacturing, trading, packing, grading, crimping, twisting, texturing, bleaching, dyeing, printing, mercerizing or otherwise processing yarns, cloth, carpets, blankets and other textile goods. [Registered Activity and also Confirmed by management]

 

 

Products :

  • Yarns
  • Cloth
  • Carpets
  • Blankets
  • Textile goods

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

 

Products :

Finished Goods

Countries :

China

 

 

Imports :

 

Products :

Raw material

Countries :

China

 

 

Terms :

 

Selling :

Cash, Cheque and RTGS

 

 

Purchasing :

Cash, Cheque and RTGS

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

 

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

200(Approximately)

 

 

Bankers :

Bank Name

Bank of Baroda

Branch

Malabar Hill Branch, 37-B, Dolat Niketan, Ridge Road, Mumbai-400006, Maharashtra, India

Person Name (With Designation)

--

Contact Number

91-22-23678217

Name of Account Holder

--

Account Number

--

Account Since (Date/Year of Account Opening)

--

Average Balance Maintained (If Possible)

--

Credit Facilities Enjoyed (If any)

--

Account Operation

--

Remarks (If any)

Ringing

Email:

harkne@bankofbaroda.com

 

 

Facilities :

--

 

 

 

Auditors :

 

Name :

Sanghvi and Sanghvi

Chartered Accountants

Address :

10, LA Citadelle, 2nd Floor, 99 Maharshi Karve Road, Mumbai – 400020, Maharashtra, India

Tel. No.:

91-22-66333400

E-Mail :

casanghvi@gmail.com

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Sister Concern:

Not Available

 

 

CAPITAL STRUCTURE

 

As on: 31.03.2017

 

Total Obligation of Contribution: INR 3.000 Million


 

FINANCIAL DATA

[all figures are in INR Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2017

31.03.2016

SHAREHOLDERS FUNDS

 

 

 

1] Contribution Received

 

3.000

3.000

2] Share Application Money

 

64.901

0.000

3] Reserves & Surplus

 

0.000

35.751

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

67.901

38.751

LOAN FUNDS

 

 

 

1] Secured Loans

 

328.564

0.000

2] Unsecured Loans

 

202.743

62.994

TOTAL BORROWING

 

531.307

62.994

DEFERRED TAX LIABILITIES

 

0.000

0.424

 

 

 

 

TOTAL

 

599.208

102.169

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

322.661

0.671

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.000

0.000

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories

 
86.983

52.633

 

Sundry Debtors

 
120.329

48.874

 

Cash & Bank Balances

 
33.489

0.203

 

Other Current Assets

 
20.256

8.142

 

Loans & Advances

 
48.878

29.002

Total Current Assets

 
309.935
138.854

Less : CURRENT LIABILITIES & PROVISIONS

 
 
 

 

Sundry Creditors

 
33.388

37.301

 

Other Current Liabilities

 
0.000

0.000

 

Provisions

 
0.000

0.055

Total Current Liabilities

 
33.388
37.356

Net Current Assets

 
276.547
101.498

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

599.208

102.169

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2017

31.03.2016

 

SALES

 

 

 

 

Income

 

380.313

90.934

 

Other Income

 

15.919

0.806

 

TOTAL

 

396.232

91.740

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

 

182.734

0.000

 

Purchases of Stock-in-Trade

 

177.650

139.947

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

 

(32.797)

(52.632)

 

Consumption of Stores and Spare Parts

 

0.085

0.000

 

Power and Fuel

 

10.117

0.000

 

Personnel Expenses

 

12.480

0.377

 

Administrative Expenses

 

17.817

0.695

 

Payment to Auditors

 

0.200

0.046

 

Selling Expenses

 

2.669

0.717

 

Insurance Expenses

 

0.425

0.036

 

Other expenses

 

0.335

0.037

 

TOTAL

 

371.715

89.223

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

 

24.517

2.517

 

 

 

 

 

Less

FINANCIAL EXPENSES

 

17.441

1.139

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

 

7.076

1.378

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

 

25.714

0.084

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

 

(18.638)

1.294

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

Average Collection Days

(Sundry Debtors / Income * 365 Days)

 

115.48

196.18

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

 

3.16

1.86

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

 

33.82

97.29

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

 

0.28

0.05

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

 

0.08

3.75

 

 

 

LEVERAGE RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

 

0.89

0.72

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

 

7.82

1.63

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

 

3.48

2.59

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

 

4.75

0.02

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

 

1.41

2.21

 

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

 

31.03.2017

31.03.2016

Net Profit Margin

((PAT / Sales) * 100)

%

 

(4.90)

1.42

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

 

(2.95)

0.93

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

 

(27.45)

3.34

 

 

SOLVENCY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

Current Ratio

(Current Assets / Current Liabilities)

 

1.31

1.38

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

 

0.94

0.86

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

 

0.11

0.28

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

 

177.10

21.00

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

 

1.31

1.38

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

FINANCIAL ANALYSIS

[all figures are in INR Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2016

31.03.2017

 

INR In Million

INR In Million

Share Capital

3.000

3.000

Reserves & Surplus

35.751

0.000

Share Application money pending allotment

0.000

64.901

Net worth

38.751

67.901

 

 

 

long-term borrowings

0.000

328.564

Short term borrowings

62.994

202.743

Total borrowings

62.994

531.307

Debt/Equity ratio

1.626

7.825

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2016

31.03.2017

 

INR In Million

INR In Million

Sales

90.934

380.313

 

 

318.230

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2016

31.03.2017

 

INR In Million

INR In Million

Sales

90.934

380.313

Profit/(Loss)

1.294

(18.638)

 

1.42%

(4.90%)

 

 

 

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 – Legal Form

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)

Yes

16

No. of employees

Yes

17

Details of sister concerns

No

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

No

26

Turnover of firm for last two years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No 

29

Profitability for last two years

Yes

30

Major shareholders, if available

No

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

INDED OF CHARGES

 

Charges Registered

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

M06131452

100154348

Bank of Baroda

17/02/2018

-

-

40000000.0

Malabar Hill Branch, 37-B, Dolat Niketan, Ridge Road, Mumbai Mumbai City MH 400006 IN

2

M04846234

100121108

Bank of Baroda

08/08/2017

-

-

40000000.0

Malabar Hill Branch, 37-B, Dolat Niketan, Ridge Road, Mumbai Mumbai City MH 400006 IN

3

M01643675

100034258

Bank of Baroda

25/05/2016

-

-

345000000.0

Malabar Hill Branch, 37-B, Dolat Niketan, Ridge Road, Mumbai Mumbai City MH 400006 IN

 

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 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

INR

US Dollar

1

INR 67.63

UK Pound

1

INR 89.70

Euro

1

INR 78.20

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVT

 

 

Analysis Done by :

PRA

 

 

Report Prepared by :

JYO


 

 

SCORE FACTORS

 

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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

 

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

 

 

 

 

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.