MIRA
INFORM REPORT
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Report Date : |
25.09.2007 |
IDENTIFICATION DETAILS
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Name : |
JAYASHREE RUBBER PRODUCTS PRIVATE LIMITED |
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Registered Office : |
65 / 3, D – ITI, M.I.D.C., Chinchwad, Pune – 411019, |
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Country : |
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Date of Incorporation : |
07.09.1983 |
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Com. Reg. No.: |
11-30783 |
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CIN No.: [Company
Identification No.] |
U25199MH1983PTC030783 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEJ04749D |
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PAN No.: [Permanent
Account No.] |
AAACJ4650L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, Importers, Exporters, Processors, Traders, Sellers, Purchasers,
Distributors, Agents and dealers in and of Rubber, Rubber goods and
Chemicals. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
-- |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having satisfactory track
records. Directors are reported as
experienced and respectable businessmen.
Trade relations are reported as fair.
Business is active. Payments
are however reported as usually correct and as per commitments. The company can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
65 / 3, D – ITI, M.I.D.C., Chinchwad, Pune – 411019, |
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Tel. No.: |
91-20-27477638 |
DIRECTORS
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Name : |
Mr. 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 : |
07.09.1983 |
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Name : |
Mr. Ramdhari Surajbhan Agarwal |
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Designation : |
Director |
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Address : |
174 / 24, 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 : |
07.09.1983 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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Percentage of
Holding |
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Directors / Relatives of Directors |
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100.00 |
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Names of
Shareholders |
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No.
of Shares |
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Mr. Ramdhari Surajbhan Agarwal |
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143400 |
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Mr. Vinod Surajbhan Bansal |
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94173 |
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Ms. Kaushalaya Ramdhari Agarwal |
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61800 |
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Ramdhari Surajbhan Agarwal [HUF] |
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16200 |
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Mr. Rajeev R. Bansal |
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18000 |
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Mr. Rahul R. Bansal |
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27300 |
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Mr. Varun V. Bansal |
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38000 |
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Ms. Shruti Bansal |
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20000 |
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Ms. Shweta Rajeev Agarwal |
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41600 |
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Mr. Mukesh Agarwal |
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1 |
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Mr. P. N. Agarwal |
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1 |
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Mr. Tikaram Surajbhan Agarwal |
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1 |
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Agarwal S. T. [HUF] |
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1 |
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Ms. Shantidevi Agarwal |
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1 |
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Ms. Usha Vijay Agarwal |
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1 |
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Mr. M. S. Bansal |
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1 |
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Ms. Shakuntala Vinod Bansal |
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1 |
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Bansal Vinod Shakuntala [HUF] |
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1 |
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Ms. Bimladevi Garg |
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1 |
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Mr. Devendra Fofani |
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1 |
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Mr. J. P. Gupta |
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1 |
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Mr. Hemang Jhaveri |
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1 |
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Mr. Kantilal Dalvi |
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1 |
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Mr. Kakaldas Amathalal Doshi |
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1 |
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Mr. Moulik P. Kothari |
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1 |
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Mr. Joginder Mittal |
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1 |
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Mr. Narendra Mittal |
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1 |
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Ms. Mukta Fofani |
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1 |
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Mr. Ajay Y. Pande |
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1 |
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Mr. M. J. Rokade |
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1 |
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Mr. V. M. Rokade |
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1 |
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Mr. Iian Shah |
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1 |
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Mr. A. N. Thorat |
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1 |
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Trident Mercantile |
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1 |
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Ms. Vidyadevi Mittal |
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1 |
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Mr. Harshad Masalia |
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1 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Importers, Exporters, Processors, Traders, Sellers,
Purchasers, Distributors, Agents and dealers in and of Rubber, Rubber goods
and Chemicals. |
GENERAL INFORMATION
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Bankers : |
Not Available |
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Financial Institution : |
Indian Renewable Energy Development Agency Limited, Core- 4A, |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mr. Laxminiwas Balaprasad Laddha Chartered Accountant |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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460500 |
Equity Shares |
Rs. 10/- each |
Rs. 4.605 millions |
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LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
JAYASHREE RUBBER
PRODUCTS PRIVATE LIMITED |
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Presented By |
-- |
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1) Date and description of instrument creating the change |
02.09.2002 Deed of hypothecation [executed by the company in favour of Indian
Renewable Energy Development Agency Limited] [IREDA] |
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2) Amount secured by the charge/amount owing on the securities of
charge |
The loan of Rs. 9.780 millions granted by IREDA |
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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 the movable properties of the Borrower pertaining to 0.35 MW [1
No. of 350 KW Wind Electric Generator] Wind Farm Project set up / to be set
up at Village Vankusawade also known as Van, Vankusawade Site, District
Satara, in the State of Maharashtra – Under Equipments Financing Scheme
[Project No. 1567], and elsewhere both present and future, including its
movable plant and machinery, machinery spares, tools accessories and other
movables, both present and future [save and except book debts] whether
installed or not and whether now lying loose or in cases or which are now
lying or stored in or about or shall hereafter from time to time during the
continuance of the security be brought into or upon or be stored or be in or
about the company’s factories premises, buildings and godowns or whereverelse
the same may be or be held by any party to the order or disposition of the
company or in the course of transit or on high seas or on order or delivery,
howsoever or wheresoever in the possession of the company and either by way
of exclusive first charge |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
[a] The charge
operates as security interalia, for the due repayments by the company to
IREDA of its Term Loan of Rs. 9.780 millions together with interest, additional
interest liquidated damages, premia on prepayment or on redemption, costs,
charges, expenses and all other moneys payable by the company to IREDA, in
terms of the said loan Agreement dated 02.09.2002 read with IREDA letter No.
221/2146/WE/2002-IREDA/3276 dated 09.09.2002 accepted by the company [b] The company
has undertaken to keep the goods hypothecated in marketable and good
condition at its own costs and to insure the same in the joint names of the
company and IREDA [c] All the
goods hypothecated and all the realizations and insurance in respect of the
said security are to be kept distinguishable and held as the exclusive
property of IREDA [d] The security
created under the said Deed of Hypothecation is to be a continuing security |
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5) Name and Address and description of the person entitled to the
charge. |
Indian Renewable
Energy Development Agency Limited, Core- 4A, East Court, Ist Floor, India
Habitat Centre, Lodi Road, New Delhi – 110003 |
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6) Date and brief description
of instrument modifying the charge |
11.10.2002. IREDA Letter No.
221/2146/WE/2002 – IREDA dated 11.10.2002 accepted by the company [copy of
IREDA’s letter enclosed] |
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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. |
1. The last two installments of repayment of loan mentioned in
Repayment Schedule in Loan Agreement dated 02.09.2002 as payable on 31.03.2007
and 30.06.2007 shall now be read as payable on 31.03.2008 and 30.06.2008
respectively 2. Subject to above, other terms and conditions of the Loan Agreement
and Deed of Hypothecation both dated 02.09.2002 shall remain unaltered. |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.82 |
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1 |
Rs.80.85 |
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Euro |
1 |
Rs.56.22 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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27 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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