MIRA
INFORM REPORT
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Report Date : |
13.08.2007 |
IDENTIFICATION DETAILS
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Name : |
JAGRITI PLASTICS LIMITED |
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Registered Office : |
B – 31, Group Industrial Area, Wazirpur, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
30.08.1990 |
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Com. Reg. No.: |
55 – 41317 |
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CIN No.: [Company
Identification No.] |
U25209DL1990PLC041317 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELJ01812G |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacture, Process, Import, Trade or otherwise deal in all kinds of
plastic material, polystyrene vinyl, chloride, poly vinyl chloride, polyobilines,
vinyl acetate, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 230000 |
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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 a well established company having satisfactory track. General financial position is
satisfactory. Trade relations are
fair. Payments are usually correct and
as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
B – 31, Group Industrial Area, Wazirpur, |
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Tel. No.: |
91-11-27371348 / 27371453 / 27372261 / 27371340 / |
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Mobile No.: |
91-9810135492 |
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Fax No.: |
91-11-27374106 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Surendra Kumar Aggarwal |
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Designation : |
Managing Director |
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Address : |
K – 8, |
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Date of Birth/Age : |
25.01.1980 |
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DIN No. : |
00789561 |
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Date of Appointment : |
01.10.2002 |
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Name : |
Mr. Deepak Raj Jindal |
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Designation : |
Director |
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Name : |
Mr. Vinod Kumar Aggarwal |
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Designation : |
Director |
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Address : |
G – 3/71, |
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Date of Birth/Age : |
01.01.1965 |
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DIN No. : |
01070809 |
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Date of Appointment : |
31.05.1997 |
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Name : |
Mr. Chander Bhan Gupta |
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Designation : |
Director |
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Address : |
G – 3/71, |
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Date of Birth/Age : |
04.06.1928 |
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DIN No. : |
01085692 |
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Date of Appointment : |
30.09.2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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Percentage of
Holding |
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Bodies Corporate |
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46.39 |
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Directors or relatives of directors |
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37.96 |
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Other top fifty shareholders |
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15.65 |
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TOTAL |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture, Process, Import, Trade or otherwise deal in all kinds of plastic
material, polystyrene vinyl, chloride, poly vinyl chloride, polyobilines,
vinyl acetate, etc. |
GENERAL INFORMATION
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No. of Employees : |
200 |
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Bankers : |
Centurion Bank of Punjab Limited 10166
– 67, |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
KNA Associates Chartered Accountants |
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Address : |
10, Sagar Apartment, 6, Tilak Marg, |
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PAN No.: |
AABPS6153P |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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900000 |
Equity Shares |
Rs. 10/- each |
Rs. 9.000 millions |
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100000 |
Preference Shares |
Rs. 10/- each |
Rs. 1.000 million |
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TOTAL |
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Rs. 10.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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744200 |
Equity Shares |
Rs. 10/- each |
Rs. 7.442
millions |
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TOTAL |
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Rs. 7.442 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7.442 |
6.092 |
11.310 |
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2] Share Application Money |
6.500 |
4.750 |
0.000 |
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3] Reserves & Surplus |
45.164 |
30.777 |
20.318 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
59.106 |
41.619 |
31.628 |
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LOAN FUNDS |
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1] Secured Loans |
12.836 |
8.904 |
8.967 |
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2] Unsecured Loans |
17.383 |
10.062 |
16.849 |
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TOTAL BORROWING |
30.219 |
18.966 |
25.816 |
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DEFERRED TAX LIABILITIES |
0.134 |
0.224 |
0.212 |
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TOTAL |
89.459 |
60.809 |
57.656 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.533 |
4.286 |
4.157 |
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Capital work-in-progress |
0.675 |
0.675 |
0.675 |
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INVESTMENT |
0.207 |
0.207 |
0.207 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
54.364
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83.082 |
50.081 |
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Sundry Debtors |
235.999
|
168.053 |
135.790 |
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Cash & Bank Balances |
3.531
|
3.037 |
4.699 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
12.704
|
6.127 |
7.649 |
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Total
Current Assets |
306.598
|
260.299 |
198.219 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
222.554
|
202.096 |
143.461 |
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Provisions |
0.000
|
2.562 |
2.141 |
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Total
Current Liabilities |
222.554
|
204.658 |
145.602 |
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Net Current Assets |
84.044
|
55.641 |
52.617 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
89.459 |
60.809 |
57.656 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
925.868 |
768.819 |
566.379 |
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Increase / [Decrease] in Inventory |
0.000 |
0.000 |
15.165 |
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Profit on |
0.000 |
0.000 |
0.011 |
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Other Income |
1.030 |
1.157 |
1.741 |
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Total Income |
926.898 |
769.976 |
583.296 |
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Profit/(Loss) Before Tax |
3.471 |
2.931 |
2.183 |
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Provision for Taxation |
0.000 |
0.000 |
0.779 |
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Profit/(Loss) After Tax |
3.471 |
2.931 |
1.404 |
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Expenditures : |
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Purchases made for re-sale |
868.818 |
779.947 |
557.357 |
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Increase or decrease in finished goods, work
– in – progress |
28.718 |
[33.000] |
0.000 |
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Administrative Expenses |
0.000 |
0.000 |
2.276 |
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Freight & Cartage |
0.000 |
0.000 |
14.997 |
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Personnel Expenses |
0.000 |
0.000 |
1.815 |
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Selling Expenses |
0.000 |
0.000 |
1.462 |
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Finance Expenses |
0.000 |
0.000 |
2.641 |
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Salaries, Wages, Bonus, etc. |
1.145 |
0.954 |
0.000 |
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Managerial Remuneration |
0.828 |
0.684 |
0.000 |
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Payment to Auditors |
0.020 |
0.019 |
0.000 |
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Interest |
2.062 |
2.159 |
0.000 |
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Insurance Expenses |
0.209 |
0.177 |
0.000 |
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Power & Fuel |
0.104 |
0.110 |
0.000 |
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Depreciation & Amortization |
0.846 |
0.537 |
0.564 |
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Other Expenditure |
20.672 |
15.455 |
0.000 |
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Total Expenditure |
923.422 |
767.042 |
581.112 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
0.37
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0.38 |
0.24 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.37
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0.38 |
0.37 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.11
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1.10 |
1.07 |
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Return on Investment (ROI) (PBT/Networth) |
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0.05
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0.07 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.27
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5.37 |
5.41 |
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Current Ratio (Current Asset/Current Liability) |
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1.37
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1.27 |
1.36 |
LOCAL AGENCY FURTHER INFORMATION
Subject was originally incorporated as ‘Jagriti Plastics Private
Limited’. The name was changed to the
present on 31st May, 1997.
Fixed Assets :
Land, Building, Equipments, Material Storage Tar and Vehicles
Form 8 Particular for
creation or modification of charges
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Corporation identity number or foreign company registrations number
of the company |
U25209DL1990PLC041317 |
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Name of the company |
JAGRITI PLASTICS LIMITED |
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Address |
B – 31, Group Industrial Area, Wazirpur, |
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This Form is for |
Creation of charge |
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Type of Charges |
Immovable Property |
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Particular of the charge holder |
Centurion Bank of Punjab Limited 10166
– 67, CIN No. : L65191GA1994PLC001820 E-mail : reminder.singh@centurionbop.co.in |
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Nature or description of the instrument creating charge |
Confirmatory Letter for Equitable Mortgage |
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Amount Secure by the charge |
Rs. 121.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of Interest : Interest as per bank norms Terms of repayment : Repayment as per bank norms Margin : Margin as per bank norms Extent and Operation of the charge : The charge operates as continuing security inter alia, for the due repayment to the bank to the extent of Rs. 121.000 millions together with interest, additional interest, liquidated damages, premia on repayment costs, charges, expenses and all other moneys payable by the company to the bank in terms of the loan agreements and bank norms from time to time. Property in Col. 14 is mortgaged inter alia to the bank as and by way of First Charge Others : First charge by way of
equitable mortgage of properties at 1. Khasra No. 18 / , Gali No. 16, Village
Libaspur, |
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Date of instrument modifying the charge |
14.02.2007 |
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Particulars of the Property charged |
First
charge by way of equitable mortgage of properties at 1. Khasra No. 18/ 8,
Gali No. 16, Village Libaspur, |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.56 |
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|
1 |
Rs.82.03 |
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Euro |
1 |
Rs.55.55 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
46 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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