MIRA
INFORM REPORT
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Report Date : |
12.05.2007 |
IDENTIFICATION DETAILS
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Name : |
JAY POLYCHEM INDIA LIMITED |
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Registered Office : |
A-101, Lajpat Nagar - I, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
08.07.1991 |
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Com. Reg. No.: |
55-44884 |
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CIN No.: [Company
Identification No.] |
U72300DL1991PLC044884 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELJ02198A |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Importers and traders of all types of Chemicals. |
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 800000 |
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Status : |
Satisfactory |
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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 businessmen.
Trade relations are reported as fair. Business is active. 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 : |
A-101, Lajpat Nagar - I, |
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Tel. No.: |
91-11-23356131-38 / 25529639 / 25590523 |
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Fax No.: |
91-11-2335 4853 |
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E-Mail : |
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Website : |
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Administrative
Office : |
34, |
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Tel. No.: |
91-11-2335 6131-38 / 2335 6133 / 55 |
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Fax No.: |
91-11-2335 4853 |
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Warehouse : |
A-3/2, Mayapuri Industrial Area, Phase I, New Delhi-110
064 |
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Tel. No.: |
91-11-2513 8601/2513 1869/2513 1345 |
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Fax No.: |
91-11-2549 3309 |
DIRECTORS
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Name : |
Mr. Jaswant Singh |
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Designation : |
Managing Director |
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Address : |
A-101/1, Lajpat Nagar I, New
Delhi-110 024, |
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Date of Birth/Age : |
18.12.1935 |
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Date of Appointment : |
01.05.2006 |
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Other Directorship : |
Jaspark Speciality Chemicals Private Limited U24111DL1999PTC102727 Proprietorship : Jaswant Singh A-101/1, Lajpat Nagar I, New Delhi-110 024, |
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Name : |
Mr. Satinder Pal Singh |
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Designation : |
Director |
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Address : |
A-101/1, Lajpat Nagar I, New
Delhi-110 024, |
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Date of Birth/Age : |
26.08.1966 |
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Date of Appointment : |
01.05.2006 |
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Other Directorship : |
Jaspark Speciality Chemicals Private Limited U24111DL1999PTC102727 Partnership : Jaspar Transport Plot No. 36, Proprietorship : Satinder Singh A-101/1, Lajpat Nagar I, New Delhi-110 024, |
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Name : |
Mrs. Parkash Kaur |
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Designation : |
Director |
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Address : |
A-101/1, Lajpat Nagar I, New
Delhi-110 024, |
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Date of Birth/Age : |
02.09.1942 |
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Date of Appointment : |
01.05.2006 |
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Other Directorship : |
Jaspark Speciality Chemicals Private Limited U24111DL1999PTC102727 Proprietorship : Parkash Kaur A-101/1, Lajpat Nagar I, New Delhi-110 024, |
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Name : |
Mrs. Harneet Kaur |
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Designation : |
Director |
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Address : |
A-101/1, Lajpat Nagar I, New
Delhi-110 024, |
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Date of Birth/Age : |
30.10.1974 |
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Date of Appointment : |
01.07.1993 |
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Name : |
Mr. Sumohita Singh |
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Designation : |
Director |
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Address : |
A-101/1, Lajpat Nagar I, New
Delhi-110 024, |
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Date of Birth/Age : |
28.10.1978 |
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Date of Appointment : |
01.08.1998 |
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Name : |
Mr. Sandeep Singh |
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Designation : |
Director |
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Address : |
A-101/1, Lajpat Nagar I, New
Delhi-110 024, |
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Date of Birth/Age : |
11.09.1971 |
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Date of Appointment : |
01.11.2003 |
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Name : |
Mr. Rahul Bhasin |
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Designation : |
Director |
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Address : |
C-221, Defence Colony, |
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Date of Birth/Age : |
06.01.1972 |
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Date of Appointment : |
29.09.2006 |
KEY EXECUTIVES
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Name : |
Ms. Meenu Kapoor |
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Designation : |
Company Secretary |
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Address : |
16/80 A, Geeta Colony, |
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Date of Appointment : |
01.05.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Jaswant Singh |
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266150 |
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Satinder Singh Madhok |
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123820 |
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Prakash Kaur |
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78960 |
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Sandeep Singh |
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136950 |
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Harneet Kaur |
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66050 |
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Sumohita Singh |
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62350 |
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Dashmeet Kaur |
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20 |
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Jaswant Kaur – HUF |
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2800 |
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Satinder Singh Madhok – HUF |
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2900 |
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Category
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Percentage of
Holding |
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Bodies corporate |
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35.00 % |
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Directors or relatives of directors |
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65.00 % |
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100.00
% |
BUSINESS DETAILS
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Line of Business : |
Importers and traders of all types of Chemicals. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
43 |
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Bankers : |
Bank of 17, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Deepak Nagpal and Company Chartered Accountants |
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Address : |
405, |
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Tel. No.: |
91-11-2552 9639 |
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Associates/Subsidiaries : |
Ø
Jaspark Specialty Chemicals Private
Limited Ø
Jaspar Transport Company Ø
Jaswant Singh Transport Ø
Sumohita Singh Transport Ø
Sundeep Singh Transport Ø
Prakash Kaur Transport Ø
Harneet Kaur Transport |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1600000 |
Equity Shares |
Rs. 100/- each |
Rs. 160.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1550000 |
Equity Shares |
Rs. 100/- each |
Rs. 155.000 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 |
155.000 |
62.500 |
42.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
46.031 |
24.888 |
10.331 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
201.031 |
87.388 |
52.831 |
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LOAN FUNDS |
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1] Secured Loans |
428.641 |
125.278 |
73.832 |
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2] Unsecured Loans |
100.406 |
95.291 |
66.924 |
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TOTAL BORROWING |
529.047 |
220.569 |
140.756 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.093 |
0.093 |
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TOTAL |
730.078 |
308.050 |
193.680 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
58.056 |
23.645 |
15.847 |
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Capital work-in-progress |
0.000 |
9.174 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
1.000 |
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DEFERREX TAX ASSETS |
0.247 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
439.198
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146.627 |
115.588 |
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Sundry Debtors |
330.867
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163.374 |
78.866 |
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Cash & Bank Balances |
59.899
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26.527 |
19.674 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
81.913
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53.116 |
32.829 |
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Total
Current Assets |
911.877
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389.644 |
246.957 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
234.430
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111.384 |
70.124 |
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Provisions |
5.672
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3.029 |
0.000 |
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Total
Current Liabilities |
240.102
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114.413 |
70.124 |
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Net Current Assets |
671.775
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275.231 |
176.833 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
730.078 |
308.050 |
193.680 |
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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 |
3234.393 |
2022.542 |
833.521 |
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Other Income |
26.693 |
11.343 |
6.414 |
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Total Income |
3261.086 |
2033.885 |
839.935 |
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Profit/(Loss) Before Tax |
37.242 |
22.745 |
8.628 |
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Provision for Taxation |
16.099 |
8.218 |
3.282 |
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Profit/(Loss) After Tax |
21.143 |
14.527 |
5.346 |
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Earnings in Foreign Currency : |
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Total Earnings |
US$ 1010235.80 45.561 |
NA |
NA |
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Expenditures : |
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Cost of Material |
0.000 |
0.000 |
793.546 |
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Personal Expenses |
0.000 |
0.000 |
7.716 |
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Administrative Expenses |
0.000 |
0.000 |
12.211 |
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Selling and Distribution Expenses |
0.000 |
0.000 |
5.529 |
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Purchases made for re-sale |
3047.649 |
1901.078 |
0.000 |
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Finance and Interest Expenses |
0.000 |
0.000 |
10.010 |
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Salaries, Wages, Bonus, etc. |
5.494 |
3.220 |
0.000 |
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Managerial Remuneration |
10.800 |
12.000 |
0.000 |
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Payment to Auditors |
0.165 |
0.165 |
0.000 |
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Interest |
42.845 |
17.567 |
0.000 |
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Insurance Expenses |
2.372 |
2.083 |
0.000 |
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Depreciation & Amortization |
7.164 |
4.449 |
0.000 |
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Other Expenditure |
107.355 |
70.578 |
0.000 |
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Total Expenditure |
3223.844 |
2011.140 |
829.012 |
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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 |
(%) |
0.65
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0.71 |
0.64 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.15
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1.12 |
1.04 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.84
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5.50 |
3.28 |
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Return on Investment (ROI) (PBT/Networth) |
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0.19
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0.26 |
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.83
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3.83 |
4.00 |
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Current Ratio (Current Asset/Current Liability) |
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3.80
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3.41 |
3.52 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
v
Air Conditioner
v
Auto Rickshaw
v
Building
v
Car
v
Cellular Phone
v
Computer
v
Cycle
v
Fan
v
Fax
v
Furniture and Fixture
v
Generator
v
Inventers
v
Office Equipments
v
Pager
v
Two Wheeler
v
Typewriters
v
Water Cooler
v
Water Pump set
v
Fork Lift Truck
The company is engaged in trading of Chemical and Products,
which is used for Plastic Industries.
Subject is a Government Recognised Trading House.
The company is in trade terms with:-
v
Apex Shoes Private Limited, Mayapuri,
Bankers Charges
Report as per Registry
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Name of the company |
JAY POLYCHEM
INDIA LIMITED |
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Presented By |
FEDERAL BANK
LIMITED AND JAY POLYCHEM INDIA LIMITED |
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1) Date and description of instrument creating the change |
Agreement of Cash
Credit / overdraft / Demand Loan dated 22.12.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 77.350
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 |
Hypothecation of
all stocks of 2500 M.T. of Toulene |
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4) Gist of the terms and conditions and extent and operation of the charge. |
First charge on
above assets is to secure the Import LC Limit of Rs. 77.350 Millions
sanctioned to the company. Interest is chargeable interest is chargeable at
14.75 % pa.. on the amount payable by the bank. |
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5) Name and Address and description of the person entitled to the charge. |
Federal Bank
Limited Overseas Branch E-13-29, |
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6) Date and brief description of instrument modifying the charge |
Agreement of Cash
Credit / overdraft / Demand Loan dated 14.01.2006 |
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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. |
The Import LC
Limit secured by this charge is increased from Rs. 77.350 millions to Rs.
79.730 Millions. The charge for Rs. 79.730 Millions is secured by
Hypothecation of all stocks of 2500 MT of Toulene etc. Interest is chargeable at 14.75 % pap
on the amount payable by the bank. Other terms and conditions remain same |
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.40.84 |
|
|
1 |
Rs.80.73 |
|
Euro |
1 |
Rs.55.23 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
8 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
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|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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 |
|