MIRA
INFORM REPORT
|
Report Date : |
31.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
JAYANT AGRO
ORGANICS LIMITED |
|
|
|
|
Registered Office : |
Akhandanand, 38, Marol Co-op.
Industrial Estate, Off. M |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
07.05.1992 |
|
|
|
|
Com. Reg. No.: |
11-66691 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L24100MH1992PLC066691 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMJ08573F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACJ7581Q |
|
|
|
|
Legal Form : |
Public limited liability company. Company’s Shares are listed on Stock
Exchange. |
|
|
|
|
Line of Business : |
Manufacturer and exporter of Castor Oil and other products of Castor derivatives. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1700000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a
well-established and reputed company having satisfactory track. Directors are
reported as experienced and respectable businessmen. Trade relations are reported
as fair. Business is active payments are usually and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
Akhandanand, 38, Marol Co-op.
Industrial Estate, Off. M |
|
Tel. No.: |
91-22-66970470 / 56970470 |
|
Mobile No.: |
91-9821030185 / 9821097989 |
|
Fax No.: |
91-22-66970474 / 56970474 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Plot No. 602, Behind G.A.C.L., Post Petrochemicals, Dist. Vadodara 391
346, |
|
Tel. No.: |
91-265-2230350 |
|
Fax No.: |
91-265-2230958 |
|
|
|
|
Factory 2 : |
Plot
No. 624, 627 Behind G.A.C.L., P.O. Petrofils, Dist. |
|
Tel. No.: |
91-265-2230350 |
|
Fax No.: |
91-265-2230958 |
DIRECTORS
|
Name : |
Mr. Vithaldas G. Udeshi |
|
Designation : |
Chairman |
|
Date of
Birth/Age : |
20.04.1931 |
|
Qualification
: |
Qualifications B.Sc. from |
|
Specialised Expertise : |
Experience over five decades in manufacture and export of Castor Oil
and Castor Oil Derivatives |
|
Date of
Appointment : |
07.05. 1992 |
|
Directorship in other company’s incorporated in |
Ihsedu Agrochem Private Limited Jayant Finvest Limited Gokulmani Real Estate Development Private Limited |
|
|
|
|
Name : |
Mr. Hemant V. Udeshi |
|
Designation : |
Managing Director |
|
Date of
Birth/Age : |
20.09.1957 |
|
Qualification
: |
B.Sc. (Chemistry/ Physics) from |
|
Specialised Expertise : |
General Management in the field of manufacturing, marketing, sales
personnel management, Central Excise Procedures, Pollution related rules and
regulations, since inception of the Company. |
|
Date of
Appointment : |
09.06.1992 as Director; 01-07-1993 as Managing Director |
|
|
|
|
Name : |
Mr. Gordhandas H. Mulani |
|
Designation : |
Executive Directors |
|
Date of
Birth/Age : |
24.01.1939 |
|
Qualification
: |
Diploma Holder in Oils, Soaps, and Paints Technology from the Gujarat
Technical Education Board, |
|
Specialised Expertise : |
Qualified Oil Technologist and has over 35 years of industrial
experience in Project Planning and execution. |
|
Date of
Appointment : |
07.09.1994 |
|
|
|
|
Name : |
Mr. Sudhir V. Udeshi |
|
Designation : |
Executive Directors |
|
Specialised Expertise : |
Specialised in
Plant Engineering related to Oil and Oleo Chemical Manufacturing |
|
Qualification
: |
B.Tech (Chemical
Engg.) |
|
Date of
Appointment : |
01 .06.2002 |
|
Directorship in other companies incorparated in |
Varun Leasing & Fin. P. Limited Enlite Chemical Ind. Limited Gokulmani Real Estate Dev. Private Limited |
|
|
|
|
Name : |
Mr. Abhay V. Udeshi |
|
Designation : |
Executive Directors |
|
Specialised Expertise : |
Marketing and Sales of Castor Oil and its Derivatives |
|
Qualification
: |
B.E. (Chemical Engineering) with 1 St Class Distinction From |
|
Date of
Appointment : |
01 .06.2002 |
|
Directorship in other companies incorparated in |
Varun Leasing
& Fin. Private Limited Enlite Chemical
Ind. Limited |
|
|
|
|
Name : |
Dr. Subhash V. Udeshi |
|
Designation : |
Executive Directors |
|
Specialised Expertise : |
Research and Development of new products and process for Castor based,
Oleochemicals |
|
Qualification
: |
B. Tech
(Chemical Engineering), |
|
Date of
Appointment : |
01 .06.2002 |
|
Directorship
in other companies incorparated in |
Enlite Chemical
Ind. Limited Innovative Micro
System Private Limited |
|
|
|
|
Name : |
Mr. Jayasinh V. Mariwala |
|
Designation : |
Executive Directors |
|
|
|
|
Name : |
Mr. Vijay Kumar Bhandari |
|
Designation : |
Director |
|
Date of
Birth/Age : |
14-10-1943 |
|
Qualification
: |
B.Com.(Hons.) |
|
Specialised Expertise : |
Vast experience in banking Industry in various capacities including as
Regional Manager/AGM/ DGM/Zonal Manager at various offices of Central Bank of
India in the country for the last 35 years. Last position held as Genera!
Manager incharge of Credit, International Banking, Treasury, Merchant Banking
Divisions. Retired as General Manager on 31st October, 2003. |
|
Date of
Appointment : |
27-10-2005 |
|
Directorship in other company’s incorporated in |
Hindustan Sanitaryware & Industries Limited, Kolkata. GNA Enterprises Limited |
|
|
|
|
Name : |
Mr. Mukesh C. Khagram |
|
Designation : |
Director |
|
Date of
Birth/Age : |
24-11-1959 |
|
Qualification
: |
B. Chem Engg.
from Dept. of Chemical Technology, ( |
|
Specialised Expertise : |
Pioneer in the field of Filtration/Seperation, Pollution Control and
Mass Transfer Equipments in |
|
Date of
Appointment : |
27-10-2005 |
|
|
|
|
Name : |
Mr. Deepak V. Bhimani |
|
Designation : |
Director |
|
Date of Birth/Age
: |
31-08-1939 |
|
Qualification
: |
Graduation and Post Graduation from Lowell Technological Institute, |
|
Date of
Appointment : |
27-10-2005 |
KEY EXECUTIVES
|
Name : |
Mr. Vikram V. Udeshi |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. G. K. Shastri |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Promoters /
Associates / Directors |
3330721 |
55.51 |
|
Private
Corporate Bodies |
732173 |
12.20 |
|
NRI |
32767 |
0.55 |
|
Mutual Funds |
3600 |
0.06 |
|
Indian Public |
1880539 |
31.34 |
|
Nationalised
Bank |
20200 |
0.34 |
|
Total |
6000000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and exporter of Castor Oil and other products of Castor derivatives. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Castor oil &
its derivatives Including refined Castor
oil, Oxidized, Dehydrated, Blown, Polymerised etc. |
M.T. |
50400.000 |
43000.000 |
-- |
|
Hydrogenated Castor Oil |
M.T. |
15800.000 |
18720.000 |
-- |
|
Fatty Acid and
its Salt, Easters, Amides Polyamides, Polyols and its allied products |
M.T. |
38340.000 |
15576.000 |
-- |
|
Castor Oils |
M.T. |
-- |
-- |
42785.692 |
|
Derivatives |
M.T. |
-- |
-- |
25586.905 |
|
By – Products |
M.T. |
-- |
-- |
67055.661 |
|
Others |
M.T. |
-- |
-- |
3858.521 |
GENERAL INFORMATION
|
No. of Employees : |
182 |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
|
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
||||||||||||
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Ostwal Desai
& Kothari. [Regd.] Chartered Accountants |
|
|
|
|
Solicitors: |
Tyabji Dayabhai & Company |
|
|
|
|
Subsidiary Company : |
Ř
Ihsedu Agrochem Private Limited Ř
Enlite Chemical Industries Limited Ř
Gokuldas K. Udeshi Investement Private Limited Ř
Innovative Micro Systems Private Limited Ř
Varun Leasing & Finance Private Limited Ř
Gokulmani Real Estate Development Private
Limited. |
|
|
|
|
Holding Company: |
Jayant Finvest Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1 ,90,00,000 |
Equity Shares |
Rs.5/- each |
Rs. 95.000
Millions |
|
60,00,000 |
7% Redeemable Preference Shares |
Rs.5/- each |
Rs. 30.000 Millions |
|
|
Total |
|
Rs. 125.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60,00,000 |
Equity Shares |
Rs.5/- each |
Rs. 30.000 Millions |
|
60,00,000 |
7% Redeemable Preference Shares |
Rs.5/- each |
Rs. 30.000 Millions |
|
|
Total |
|
Rs. 60.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
60.000 |
60.000 |
60.000 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves &
Surplus |
370.852 |
327.354 |
312.866 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
430.852 |
387.354 |
372.866 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
553.702 |
547.540 |
274.295 |
|
|
2] Unsecured
Loans |
0.000 |
0.000 |
0.000 |
|
TOTAL BORROWING
|
553.702 |
547.54 |
274.295 |
|
|
DEFERRED TAX
LIABILITIES |
15.234 |
2.103 |
2.713 |
|
|
|
|
|
|
|
TOTAL
|
999.788 |
936.997 |
649.874 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
258.020 |
159.775 |
164.328 |
|
Capital work-in-progress
|
12.563 |
4.742 |
0.800 |
|
|
|
|
|
|
|
INVESTMENT
|
55.750 |
55.750 |
55.750 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
|
|
|
|
Inventories
|
424.537
|
527.547
|
362.379 |
|
|
Sundry Debtors
|
6249.442
|
2124.934
|
95.151 |
|
|
Cash & Bank Balances
|
38.641
|
24.497
|
24.196 |
|
|
Other Current Assets
|
12.623
|
24.029
|
11.478 |
|
|
Loans & Advances
|
125.946
|
151.261
|
63.071 |
Total Current Assets
|
6851.189
|
2852.268
|
556.275 |
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
6139.148
|
2104.992
|
119.545 |
|
|
Provisions
|
38.586
|
30.546
|
7.734 |
Total Current Liabilities
|
6177.734
|
2135.538
|
127.279 |
|
Net Current Assets
|
673.455
|
716.730
|
428.996 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
999.788 |
936.997 |
649.874 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
13232.513 |
5940.502 |
2573.641 |
|
|
Other Income |
40.144 |
85.428 |
|
|
|
Total Income |
13272.657 |
6025.930 |
2573.641 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
83.821 |
38.471 |
6.323 |
|
|
Provision for Taxation |
17.404 |
4.485 |
2.205 |
|
|
Profit/(Loss) After Tax |
66.417 |
33.986 |
8.528 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
9388.100 |
5411.540 |
2091.436 |
|
Total Earnings |
9388.100 |
5411.540 |
2091.436 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Chemicals |
22.405 |
4.178 |
|
|
|
Capital Goods |
0.483 |
0.000 |
|
|
|
Diamonds |
5069.950 |
1760.216 |
|
|
Total Imports |
5092.838 |
1764.394 |
1.279 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Consumption of Raw
Materials |
2750.575 |
2740.941 |
|
|
|
Purchases of Finished
Goods |
9919.754 |
2694.790 |
|
|
|
Personnel Costs |
29.298 |
27.271 |
|
|
|
Manufacturing and other
Expenses |
354.106 |
462.936 |
|
|
|
Interest - Term Loan |
0.543 |
0.124 |
|
|
|
Interest -Others |
41.269 |
29.234 |
|
|
|
Depreciation |
13.003 |
11.318 |
|
|
Total Expenditure |
13108.548 |
5966.614 |
2564.640 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2006 |
30.09.2006 |
31.12.2006 |
|
Type |
1st
Qtr |
2nd
Qtr |
3rd
Qtr |
|
Sales
Turnover |
1058.100 |
1032.400 |
1328.800 |
|
Other
Income |
7.200 |
3.300 |
16.200 |
|
Total
Income |
1065.300 |
1035.700 |
134.5.000 |
|
Total
Expenditure |
1027.200 |
990.900 |
1286.400 |
|
Operating
Profit |
38.100 |
44.800 |
58.600 |
|
Interest |
15.600 |
18.200 |
20.600 |
|
Gross
Profit |
22.500 |
26.600 |
38.000 |
|
Depreciation |
4.400 |
4.400 |
4.400 |
|
Tax |
3.600 |
4.900 |
8.800 |
|
Reported
PAT |
11.800 |
14.600 |
22.100 |
200606 Quarter 1 –
1. The above results have been reviewed by the Audit
Committee and taken on record by the Board at its meeting held on 31st July 2006,
subject to limited review. 2. Contigent liability amounting to Rs.517.86 lacs
towards Excise Duty is nt provided for, in respect of which the company is in
appeal. 3. The company has allotted 6000000 Bonus Equity Shares of Rs.5/- each
in the ratio of 1.1, during the quarter ended 30-06-2006. 4. The Board has
recommended a dividend for the year ended 31/03/2006 to be declared at the
forthcoming AGM. a) On Preference Shares @7%. b) On Equity Shares (including
Bonus Shares) @30%. 5. Figures have been regrouped wherever necessary. 6.
Investors Complaints: Beginning of the quarter: Nil, Received during the
quarter: Nil and pending at the end of the quarter: Nil.
200609 Quarter 2 –
Expenditure Includes (Increase) / Decrease in Stock in Trade
Rs (76.436) million Materials Cost Rs 949.746 million Staff Cost Rs 7.370
million Other Expenditure Rs 110.213 million Tax includes Provision for
Provision for Taxation Rs 4.777 million Fringe Benefit Tax Rs 0.121 million
Deferred Tax Rs 2.690 million Status of Investor Complaints for the quarter
ended September 30, 2006 Complaints Pending at the beginning of the quarter Nil
Complaints Received during the quarter Nil Complaints disposed off during the
quarter Nil Complaints unresolved at the end of the quarter Nil 1. The above
results have been reviewed by the Audit Committee and taken on record by the
Board at its Meeting held on October 19, 2006, subject to limited review. 2.
The dividend declared on September 26, 2006 at the AGM has been paid on October
03, 2006. a) On Preference Shares @ 7%. b) On Equity Shares (including Bonus
Shares) @ 30%. 3. Figures have been regrouped wherever necessary.
200612 Quarter 3 –
Status of Investor Complaints for the quarter ended December
31, 2006 Complaints Pending at the beginning of the quarter Nil Complaints
Received during the quarter 15 Complaints disposed off during the quarter 15
Complaints unresolved at the end of the quarter Nil 1. Unaudited Financial
Results of the Company for the quarter/nine months ended December 31, 2006 have
been reviewed by the Audit Committee and approved by the Board of Directors at
the meeting held on 31.01.2007, subject to Limited Review by the statuary
auditors. 2. In view of the fact that the Company has concentrated on its core
area of business i.e. Castor Oil & its derivatives, the Company's trading
business has affected. 3. Figures have been regrouped wherever necessary.
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt
Equity Ratio |
1.35 |
1.08 |
0.74 |
|
Long
Term Debt Equity Ratio |
0.07 |
0.00 |
0.00 |
|
Current
Ratio |
1.04 |
1.10 |
1.39 |
|
TURNOVER
RATIOS |
|
|
|
|
Fixed
Assets |
45.50 |
25.59 |
11.46 |
|
Inventory
|
27.80 |
13.35 |
6.00 |
|
Debtors |
3.16 |
5.35 |
32.40 |
|
Interest
Cover Ratio |
3.00 |
3.02 |
1.33 |
|
Operating
Profit Margin (%) |
1.05 |
1.68 |
1.42 |
|
Profit
Before Interest and Tax Margin (%) |
0.95 |
1.49 |
1.00 |
|
Cash
Profit Margin (%) |
0.60 |
1.07 |
0.75 |
|
Adjusted
Net Profit Margin (%) |
0.50 |
0.88 |
0.33 |
|
Return
on Capital Employed (%) |
13.08 |
11.20 |
3.95 |
|
Return
on Net Worth (%) |
16.96 |
14.25 |
1.79 |
STOCK PRICES
|
Face Value |
Rs.10.00/- |
|
High |
Rs.61.00/- |
|
Low |
Rs.600.35/- |
LOCAL AGENCY FURTHER INFORMATION
Fixed
Assets
Buildings
Plant &
Machineries
Furniture and
Fixtures
Vehicles
History
A member company of the Jayant Oil Mills group, Jayant Agro
Organics (JAOL) was promoted by V G Udeshi, B M Kapadia and H V Udeshi. It set up
a project to refine and hydrogenate castor oil, part-financed by a public issue
in May '93. The product finds application in paints, varnishes, print inks,
lubricants, etc. The technology to be employed was supplied by one of the
associate companies, Jayant Industrial and Scientific Research, for a fee of Rs
2.500 Millions.
On commencement of its refining unit on 8 Jul.'93 and the commissioning of its
hydrogenation facilities on 29 Sep.'93 the company acquired the status of a
100% EOU.
In Jul.'94, JAOL commssioned an expansion programme to double the capacity of
hydrogenated castor oil from 20 tpd to 40 tpd. A further increase in capacity
to 60 tpd has been proposed.
During 1997-98, the company completed its erection of Effluent Treatment -cum
Recovery plant.
The Company's performance during the year 2000-2001 was excellent and the
company continues to focus on development of the market for its value added
products.
The company has expanded the installed capacity of Hydroxy Stearic Acid &
Castor Oil during the financial year 2002-03 by 3096 MT & 11800 MT
respectively. With this expansion,the total capacity of H S Acid and Castor Oil
have been increased to 15576 MT & 43000 MT respectively.
The company has set up a separate division to undertake import and export of
commodities and mercandise manufactured by others,which has commenced its
activities during January 2005.
BUSINESS PERFORMANCE:
The Company has achieved sales of Rs. 13232.500 Millions against the sales of
Rs. 5940.500 Millions during the previous year. Sales during the year have
increased by 123% as compared to the previous year. Profit after tax has gone
up by 95.42% as compared to the previous year, as a result of introduction of
new value added castor oil derivatives, and also partly due to backward
integration project implemented through the Company's subsidiary, and due to
trading activity revenue.
BUSINESS PROSPECTS:
The Company is in the process of expanding the capacity of its derivative unit
by 25%. Further, the Company has taken steps to reduce the power and fuel cost
by installing Wind Mills of 1.6 MW capacity and also by substituting its
furnace oil boilers with boilers using low cost alternate fuel, de-oiled castor
cake. Further, Ihsedu Agrochem Private Limited, the Company's 100% subsidiary
has increased its crushing capacity from 300 MT per day to 400 MT per day and
has already taken steps to further increase its production capacity.
The Company's expansion has come in a year, when there has been a record output
of castor seeds at over 9 lakh M.T. Barring unforeseen circumstances, the
Company expects the performance for the current year to be better.
The Company maintained a strong presence in the international market with
several global corp. and life source majors as its customers. The Company
continued to consolidate its position by entering into medium to long-term
contracts with these customers.
MANAGEMENT'S DISCUSSION AND ANALYSIS
(a) Industry Structure and Developments:
The availability and pricing of castor seeds continues to be governed
amongst most other things by the rainfall received in the castor growing areas
comprising mainly of
(b) Opportunities & Threats:
The Indian economy continues to do well, and sectors like services,
automobiles, infrastructure and housing favourably impact paint business since
castor oil is used in manufacturing paints, adhesives, lubricating, etc. The
Company has set up in-house Research and Development Department and R&D
expenditure incurred is Rs.2.107 Millions. This will enable the Company to
improve the quality of existing range of products, cost reduction, development
of new products and export promotion. In-house Research and Development will
help upgradation of existing products, introduction of new products,
improvement in manufacturing process, product cost and export promotion.
The products are being used by in Cosmetics, Perfumeries, Plastics and Rubbers,
Lubrication, Textile Chemicals, Paper, Paints, Inks and Adhesives,
Pharmaceuticals, Food and Electrical, Electronics and Telecommunication etc.
So, potential for growth is virtually boundless.
Castor seeds continues to be a volatile raw material in terms of its price.
Being an agricultural product, it depends on the rainfall in the country,
though it is a sturdy crop.
(c) Segment:
The Company is organised into four business segments - Castor Oil and its
Derivatives, based on customers, different risks and returns and the internal
financial reporting systems; Power Generation and Trading.
(d) Outlook:
The Company's efforts made during the year to overcome severe competition had
yielded favourable results as sales turnover doubled. The Company also plans to
introduce new products to give a fillip to the sales and profits of the Company
and also to overcome competitive environment.
There is a growing domestic use of castor in both
The Company has achieved more than 123% increase in sales turnover during the
year 2005-2006 as compared to previous year. The Company remains focused on
increasing its market share in the overall castor oil business. The Company has
undertaken backward-integration by putting up manufacturing facilities by
crushing of castor seeds through its 100% subsidiary, Ihsedu Agrochem Private
Limited, which has commenced commercial production from January 2004 and has
undertaken further expansion programme.
|
CONTINGENT
LIABILITIES |
Rs in millions |
|
Claims against the Company not acknowledged as debts - Excise
Duty |
51.786 |
|
Liability in respect of excise duty where the issue was
decided in favour of the Company for which the Department is in further
appeal: |
3.888 |
|
Gurantee given on behalf of its subsidiary |
65.000 |
AS PER WEBSITE
CASTER ZONE
To enter the
fascinating world of castor - it's journey from a seemingly humble wild plant
with limited medicinal properties to a source of hi-tech oil and derivatives
catering to a host of industrial applications
PRODUCTS
Click
here to see their range of Castor-based products. The tremendous
emphasis on R&D has resulted in Jayant Agro-Organics Limited offering the
largest range of Castor-based products in the world.
INTRODUCTION
Jayant Agro-Organics Limited is an emerging
global oleochemical company with leadership in the castor-based specialty
chemicals industry. With proven research capabilities, strict adherence to
stringent quality controls conforming to International Standards and flawless
record of honoring delivery schedules it is no wonder that Jayant Agro-Organics
Limited is the preferred partner of choice worldwide for sourcing of castor oil
and castor oil derivatives. With the long-term approach they have adopted to
the industry it is no wonder that they balance customer requirement equations
not only chemically but also economically.
Castor remains their forte and their primary focus. This is
reflected in the long -term approach they have adopted to the
industry and the investment that they have made : three generations of human
resources of the Udeshi family , and an efficient and thoroughly professional
attitude. Continuity in every aspect of business is topmost on their priority.
UNIQUE VALLUE PROPOSITION
They
offer tremendous value to their worldwide customers through
Regular Market Reports
Rigorous quality checks
Wide array of products
Customized specifications
Right pricing
Ontime deliveries
Efficient after sales service
A LEADER IN ITS
INDUSTRY
Since
ages,
Castor
oil’s chemical structure is of great interest because of the wide assortment of
reactions it offers to the oleo-chemical industry and the unique chemicals that
can be derived from it. These derivatives are on par with the petrochemical
products for use in several industrial applications. Infact, they are
considerably superior since they are from renewable sources, bio-degradable and
eco-friendly.
The
promoters of subject realised the potentialities of Castor Oil more than 5
decades agro. Gifted with rare vision and foresight they explored the immense
possibilities in Castor by laying tremendous emphasis on R & D, which has
resulted in Jayant Agro-Organics Limited offering the largest range of
Castor-based products in the world.
Today,
subject is a public listed company, traded on Bombay Stock Exchange (BSE) and
the National Stock Exchange (NSE). Is is a 100% Export Oriented Unit (EOU unit)
and leading the Castor based industry in
The
Company’s strength is strong research-based innovation of Castor-based chemical
products and identifying new applications thereby creating new markets.
RESEARCH AND DEVELOPMENT
Subject is among very few research oriented
companies in
In addition, they also undertake research assignments in the
field of oleochemicals and their applications. They have adequate
facilities and qualified scientific manpotheyr to carry out the R&D work in
the field od oleochemicals. Their R&D is equipped with latest sophisticated
instruments like Gas Chromatographs, UV spectrophotometers, Viscometers,
Kaol-Fisher Apparatus, Colour measuring Instruments and much more for checking
R & D samples as theyll as production samples to maintain quality &
analyse the R&D experiments. Also the R & D is equipped with
multi-purpose pilot-plant having facilities of heating, cooling, vaccum,
nitrogen, etc. for carrying out scale-up of various reactions eg.
Amidification, Dehydration, Distillation, Esterification, Epoxidation, Saponification,
etc.
Currently their R & D is focused on castor oil and its
derivatives using conventional chemical reactions, but in the near future it
will be using Biotechnology to carry out the reactions to prepare products
having higher purities with greener manufacturing methods.
Strengths
Integrated Manufacturing
Their foray into backward integration by acquiring and modernising
a unit in Palanpur, Gujarat for castor oil production and solvent extraction benefits
their Castor Oil Derivatives manufacturing unit in
Strong Procurement & Supply Chain Management
Rigorous Quality Checks
Strong focus on indigenous R & D leading to
improvement in manufacturing process and product quality along with rigorous
quality checks while raw material procurement, individual stage of production
and final QC of finished products enables us to conform to highest level of
internation quality standards and high level of customer satisfaction.
Wide Array Of Products
Their tremendous emphasis on R
& D has resulted in Jayant Agro-Organics Limited offering the largest range
of Castor-based products in the world. Visit their products link on the home
page for more details.
Competitive Pricing
With
the long-term approach they have adopted to the industry it is no wonder that
they balance ytheir requirement equations not only chemically but also
economically.
Unfailing adherence to delivery schedules
Their flawless record of honoring delivery schedules has
enabled us to be the preferred partner of choice worldwide for sourcing of
castor oil and castor oil derivatives.
Customer Focus
They have a very strong customer
focus through technical assistance, regular market reports, customized
specifications, efficient after sales service and state-of-the-art I.T.
infrastructure not only for online data retrieval by customers but also for
collaborative customer service.
R & D
Their customers have gained significantly from their
tremendous emphasis on R & D as they become their single source of all
castor based requirements. To know more about their R & D initiatives
please click here …
IHSEDU
AGROCHEM PRIVATE LIMITED (100% Subsidiary of Jayant Agro-Organics Limited)
In order to maintain a high standard in quality of Castor Oil and
as a part of it's cost reduction exercise, Jayant Agro-Organics Limited
acquired a crushing unit from Gujarat Agro Industries Corporation Limited
located in Palanpur,
This plant has
a crushing capacity of 200 MT oil / Day and also have solvent extraction plant.
The plant is located in Banaskantha – which is one of the largest castor
growing districts in Gujarat – which alone accounts for 75% of
Products manufactured are Castor Oil Commercial Grade, Castor Oil First Special
Grade,Castor Oil Pale Pressed Grade, Castor Oil Extra Pale Grade, Castor Oil
Neutralised Grade, Castor Oil Pharma Grade. Notable is the fact that this unit
also manufactures all high grade Castor Oils including Castor Oil Cold Pressed.
PHILOSOPHY
It is their earnest belief that nothing of
lasting and enduring value is created overnight. Everything worthwhile today is
the result of yesteryears’ work and vision and every successful tomorrow
requires conceptualisation in the form of ideas and thoughts and
crystallisation thereof through efforts to be put in today. As they sow, so
they reap.
To win a niche for ourselves in the areas in which they operate,
by providing products and services of superior quality and value which best
satisfy the needs of their customers; and in doing so, to bring about
prosperity to their organization, its people, its shareholders, its investors
and the country at large.
TO ACCOMPLISH
Their values
To create an organisation incorporating the values of integrity
and dedication; one which progressively evolves with time to meet the
challenges of the future
Team effort
to build a framework which focuses on a free and collaborative environment; one
which inspires individual talents to greater heights and synchronizes
their energies into an integrated team effort, thus helping the business
to surge ahead
Research and development
foster research by investing in and employing latest technologies to
explore, develop and exploit new products and processes and plan their
applications
Subject are one of the leading manufacturer and exporter of Castor
Oil and other products of Castor derivatives. With extensive industry
experience and hard core determination, they have explored the new horizons of
Castor Oil industry that have become standards in this segment. They have been
offering the best in this sphere to the competitive world of trade.
Subject has given tremendous emphasis on R&D that has
resulted in offering the largest range of Castor derivative based
products to the world. Castor Oil and other Castor derivatives from Jayant are
widely used in products like:
- Agriculture Food
- Textile
- Chemicals
- Paper
- Plastics
- Rubber
- Perfumeries
- Cosmetics
- Electronics & Tele-Communications
- Pharmaceuticals
- Paints, Inks & Adhesives
- Lubricants
Quality
Subject gives immense focus on indigenous R&D that results in
the improvement of manufacturing process and quality of product. They conduct
rigorous quality checks on each stage of production process starting from raw
material procurement to final stage. Their immense efforts conform to the premier
level of international quality standards and high level of customer
satisfaction.
Potential
They have a modernized unit in Palanpur, Gujarat for Castor
Oil production and solvents extraction benefits and a Castor Oil Derivatives
manufacturing unit in
Clientele
Their strong distribution network along with quality conforming to
international standards enable us to export their products to more than 40
countries worldwide. Their success is the result of inspiration, hard work,
dedication and team work.
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.40.54 |
|
|
1 |
Rs.80.21 |
|
Euro |
1 |
Rs.54.51 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
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/normal. |
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 |
|