MIRA
INFORM REPORT
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Report Date : |
24.08.2007 |
IDENTIFICATION DETAILS
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Name : |
JAYASHREE POLYMERS PRIVATE LIMITED |
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Registered Office : |
21/4, D-Block MIDC, Chinchwad, Pune 411019, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.02.1996 |
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Com. Reg. No.: |
11-096879 |
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CIN No.: [Company
Identification No.] |
U24134PN1996PTC096879 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEJ04748C |
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PAN No.: [Permanent
Account No.] |
AAACJ4677K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Rubber Products |
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 400000 |
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Status : |
Status |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Directors are reported as
experienced and respectable businessman.
Trade relations are reported as fair.
Business is active. Payments
are usually correct and as per commitments. The concern can be considered normal for business dealing at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
21/4, D-Block MIDC, Chinchwad, Pune 411019, |
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Tel. No.: |
91-20-66111882-4 / 27662584 / 27477638 |
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Fax No.: |
91-20-27440237 |
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Website : |
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DIRECTORS
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Name : |
Vinod Surajbhan Bansal |
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Designation : |
Director |
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Address : |
427/27, A, P.C.N.T., Nigdi, Pune 411044, |
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Date of Birth/Age : |
05.10.1959 |
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Date of Appointment : |
02.02.1996 |
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Name : |
Ramdhari Surajbhan Agarwal |
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Designation : |
Director |
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Address : |
174/24, A, P.C.N.T., Nigdi, Pune 411044, |
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Date of Birth/Age : |
11.03.1944 |
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Date of Appointment : |
02.02.1996 |
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Name : |
Rajeev Ramdhari Bansal |
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Designation : |
Director |
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Address : |
174/24, A, P.C.N.T., Nigdi, Pune 411044, |
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Date of Appointment : |
11.09.2002 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Vinod Surajbhan Bansal |
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70031 |
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Shakuntala Vinod Bansal |
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71100 |
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Ramdhari Surajbhan Agarwal |
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232500 |
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Ramdhari Surajbhan Agarwal |
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73300 |
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Varun V. Bansal |
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20500 |
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Jayashree Rubber Products Private Limited |
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182500 |
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Vindo Surajbhan Bansal |
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40000 |
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Rajeev Ramdhari Bansal |
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30000 |
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Kaushalayadevi Ramdhari Bansal |
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60000 |
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Rahul Ramdhari Bansal |
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20000 |
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Shruti Vinod Bansal |
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50000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Rubber Products |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s. L B Laddha & Company Chartered Accountant |
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Address : |
Sukhwani Chambers, |
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Tel. No.: |
91-20-27426966 / 27420547 |
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E-Mail : |
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Associates/Subsidiaries : |
-- |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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850000 |
Equity Shares |
Rs. 10/-
each |
Rs. 8.500
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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16.742 |
8.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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85.619 |
31.034 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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102.361 |
39.534 |
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LOAN FUNDS |
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1] Secured Loans |
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175.684 |
54.717 |
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2] Unsecured Loans |
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48.716 |
15.439 |
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TOTAL BORROWING |
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224.400 |
70.156 |
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DEFERRED TAX LIABILITIES |
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0.716 |
1.013 |
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TOTAL |
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327.477 |
110.703 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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182.606 |
65.965 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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9.844 |
0.688 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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55.593 |
20.552 |
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Sundry Debtors |
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99.298 |
38.021 |
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Cash & Bank Balances |
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15.937 |
3.462 |
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Other Current Assets |
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10.753 |
5.165 |
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Loans & Advances |
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19.560 |
5.085 |
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Total
Current Assets |
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201.141 |
72.285 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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60.633 |
26.132 |
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Provisions |
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5.481 |
2.103 |
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Total
Current Liabilities |
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66.114 |
28.235 |
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Net Current Assets |
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135.027 |
44.050 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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327.477 |
110.703 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover & Other Income |
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422.221 |
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Total Income |
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422.221 |
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Profit/(Loss) Before Tax |
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31.158 |
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Provision for Taxation |
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7.650 |
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Profit/(Loss) After Tax |
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23.508 |
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Earnings in Foreign Currency : |
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Export Earnings |
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84.383 |
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Total Earnings |
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84.383 |
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Imports : |
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Raw Materials |
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50.175 |
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Stores & Spares |
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0.129 |
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Capital Goods |
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12.678 |
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Others |
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0.000 |
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Total Imports |
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62.982 |
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Expenditures : |
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Financial Charges |
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16.638 |
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Depreciation & Amortization |
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19.844 |
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Other Expenditure |
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354.581 |
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Total Expenditure |
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391.063 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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5.56 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
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7.37 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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9.80 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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0.30 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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2.83 |
2.48 |
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Current Ratio (Current Asset/Current Liability) |
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0.75 |
1.40 |
LOCAL AGENCY FURTHER INFORMATION
During the year 2005-2006, the subject had started the process of
amalgamation with two associate companies viz.
Jayashree Rubber Products Private Limited and Reliable Polyrub Private
Limited. The Honourable High Court
Bombay has passed the orders on
Bankers Charges
Report as per Registry
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Name of the company |
JAYASHREE POLYMERS PRIVATE LIMITED |
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Presented By |
JAYASHREE POLYMERS PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
All agreements constitute a single charge |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term loan 1 : Rs. 14.200 Millions Term loan 2 : Rs. 2.950 Millions Term loan 3 : Rs. 8.672 Millions Cash Credit : Rs.
12.500 Millions Inland/Import of Letter of Credit : Rs.
4.500 Millions Forward Contract : Rs. 2.500
Millions Bank Guarantee : Rs. 2.000 Millions
-------------------------------------- Total
Rs. 47.300 Millions
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All tangible
movable machineries plant machinery fixtures fittings other installation
cranes furniture’s computers and other accessories and all other articles
lying on the premises 21/4, D-1, Block MIDC, Chinchwad, Pune 411 019 or in
the godowns of the Company’s or in the custody of any person who are
mercantile agents of the Company or in the course of transit which may
hereinafter be brought stored or be lying or upon the said premises of the
company. The whole of the
Company’s movable goods, stocks, fixed assets and both present and future and
including but without prejudice to generality of the foregoing words all
stocks of raw materials work in progress semi finished goods and finished
goods such as rubber products etc. packing materials consumable stores and
spares etc., whatsoever situate and or transit whether now belonging to or
that may at any time during the continuance of this security belong to the
Company or that may be held by any party any where to the order and
disposition of the Company. All the
present and future book debts
outstanding monies receivables claims bills,
contracts engagements and securities
which are now due and owing or
which may at any time hereafter during the continuance of this security
become due and owing to the Company in the Course of its business by any
person firm company or body corporate or by the Government of India or any
State Government or Indian Railways or any Government Department or office or any Municipal or local or
public or semi Government body or authority whatsoever including those
relating to the assets leased out and/or given on hire purchase basis. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest Term loan 1:
Interest at 2.30% below Bank’s PLR or at 9.70% p.a. Term loan 2:
Interest at 2.75% below Bank’s PLR or at 9.25% p.a. Term Loan 3:
Interest at 2.75% below Bank PLR or 9.25% p.a. Cash Credit:
Interest at 2.50% below Bank’s PLR or at 9.50% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
UTI Bank Limited Pimpri Chinchwad
Branch, “Balwant”
Chapekar Chowk, Chinchwad Gaon,
Pune 411 033. |
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6) Date and brief description of instrument modifying the charge |
(All agreements
constitute a single charge) |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By supplemental
agreement dated 27.04.2005 cash credit facility had been enhanced from Rs.
12.500 Millions to Rs. 19.000 Millions, within Rs. 19.000 Millions sub limit
of Rs. 5.000 Millions is Export Credit and other facilities remains
unchanged, thereby making a total limit from Rs. 4732.200 Millions to Rs.
5382.200 Millions. 2. By Memorandum of Entry for Equitable
Mortgage of property by deposit of Title Deeds dated 27.08.2005 Company had
agreed to mortgage its immovable properties as under : (1) All that piece and parcel of land/property
bearing plot no. 21/4, Block No. D-1, MIDC, Chinchwad, Pune within the limits
of Pimpri Chinchwad Municipal Corporation admeasuring 2555 sq. mtrs. (2) All that
piece and parcel of land/property bearing Plot No. 427 in sector no. 27A at
village Akurdi, Pune within the limits of Pimpri Chinchwad Municipal
Corporation adm. 448 Sq. Mtrs. (3) All that
piece and parcel of land/property plot no. 176-177 in sector no. 3 of the
Industrial Estate IMT Manesar, Gurgaon, Haryana within the limits of Haryana State
Industrial Development Corporation Limited adm. 2025 sq. mtrs. By present
supplement agreement dated 28.09.2005 various credit facilities have been
revised as under :-
Other terms and
conditions : Term Loan 4:
Interest at 2.50% below Bank’s PLR or at 9.50% p.a. |
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This form is for |
Creation of
Charge |
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Corporate
identity number of the company |
U24134PN1996PTC096879 |
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Name of the
company |
JAYASHREE POLYMERS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
21/4, D-Block MIDC, Chinchwad, Pune 411019, |
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Type of charge |
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Particular of
charge holder |
Citi Bank 2413, Parmar House, |
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Nature of
description of the instrument creating or modifying the charge |
Goods Security
Agreement |
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Date of
instrument Creating the charge |
20.04.2007 |
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Amount secured by
the charge |
Rs. 82.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest
@ 10.50% p.a. however, subject to change from time to time. Terms of Payment
Margin 32%
against the Stocks. 40.50% against the Book Debts and 32% against the
Machinery.
The Company
hypothecates the properties stated in item No. 14 by way of first pari passu
charge to and in favour of the Bank for the Credit facilities together with
interest, commissions, costs, charges, expenses and other monies thereon. The Charge
created herein shall rank pari passu, inter se, Citibank NA and UTI Bank Ltd.
For their working capital facilities of Rs. 82.000 Millions and Rs. 17.000
Millions respectively, without any priority of one over the other or others. |
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Short particulars
of the property charged |
(a) The whole of movable assets, including plant and machinery, both present and future,
stocks of raw materials, goods in process of manufacturer, semi finished
goods and all finished and manufactured goods and articles together will all
stores, Components and spares and (b) All present
and future book debts of the Borrower.
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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. 41.80 |
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|
1 |
Rs. 82.41 |
|
Euro |
1 |
Rs. 55.85 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
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 |
|