MIRA
INFORM REPORT
|
Report Date : |
02.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
JAY POLYCHEM INDIA LIMITED |
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Registered Office : |
A-101, Lajpat Nagar - I, New Delhi - 110 024 |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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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 : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 4030000 |
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Status : |
Good |
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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
records. 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, New Delhi - 110 024, India |
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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 : |
satinder.singh@jaypolychem.com
cs@jaypolychem.com |
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Website : |
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Administrative
Office : |
34, Babar Lane, Bengali Market, Connaught Place, New Delhi
- 110 001 |
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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 |
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Corporate Office : |
D-143, Defence Colony, New Delhi-110024, India |
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Tel. No.: |
91-11-42791000 |
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Fax No.: |
91-11-41554300 |
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E-Mail : |
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Distribution Market: |
·
USA ·
Korea ·
Western Europe ·
Japan ·
Eastern Europe ·
China ·
Russia ·
Taiwan ·
Middle East ·
South East Asia |
DIRECTORS
|
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, India |
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Date of Birth : |
18.12.1935 |
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Date of Appointment : |
01.04.2006 |
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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, India |
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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, India |
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Date of Birth : |
28.08.1968 |
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Date of Appointment : |
01.04.2006 |
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Other Directorship : |
Jaspark Speciality Chemicals Private Limited U24111DL1999PTC102727 Partnership : Jaspar Transport Plot No. 36, Rohtak Road, New Delhi – 110041, India Proprietorship : Satinder Singh A-101/1, Lajpat Nagar I, New Delhi-110 024, India |
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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, India |
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Date of Birth : |
28.08.1968 |
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Date of Appointment : |
01.04.2006 |
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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, India |
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Name : |
Mrs. Harneet Kaur |
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Designation : |
Whole Time Director |
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Address : |
A-101/1, Lajpat Nagar I, New
Delhi-110 024, India |
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Date of Birth : |
28.10.1974 |
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Date of Appointment : |
01.04.2006 |
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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, India |
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Date of Birth : |
30.10.1978 |
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Date of Appointment : |
01.04.2006 |
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Name : |
Mr. Sandeep Singh |
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Designation : |
Whole Time Director |
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Address : |
A-101/1, Lajpat Nagar I, New
Delhi-110 024, India |
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Date of Birth: |
11.09.1971 |
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Date of Appointment : |
01.04.2006 |
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Name : |
Mr. Rahul Bhasin |
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Designation : |
Director |
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Address : |
C-221, Defence Colony, Delhi – 110024, India |
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Date of Birth/Age : |
06.01.1972 |
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Date of Appointment : |
15.03.2006 |
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Name: |
Mrs.Harneet Kaur |
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Designation: |
Director |
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Address: |
A-101, Lajpat Nagar 1, New Delhi – 110 024 |
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Date of Birth: |
28.10.1974 |
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Date of Appointment: |
01.04.2006 |
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Name: |
Mrs.Gurdeep Singh |
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Designation: |
Director |
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Address: |
58, Heera Nagar, DCM Ajmer Road, Jaipur. |
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Date of Birth: |
24.06.1943 |
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Date of Appointment: |
03.08.2005 |
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Name: |
Dr.Dinesh Kapur |
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Designatiion: |
Director |
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Address: |
G-104, DLF, Dilshad Colony, New Delhi – 110 095 |
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Date of Birth: |
22.07.1962 |
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Date of Appointment: |
01.03.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on (28.09.2007)
|
Names of Shareholders |
|
No. of Shares |
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Mr.Satinder Pal Singh |
|
991150 |
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Mr.Prakash Kaur |
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303960 |
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Mr.Sandeep Singh |
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1018950 |
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Mr.Jaswant Singh |
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878820 |
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Mrs.Harneet Kaur |
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90550 |
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Mrs.Sumohita Kaur |
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85850 |
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Mr.Dashneel Kaur |
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20 |
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Mr.Jaswant Singh |
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2800 |
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Mr.Satinder Singh Madhok |
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2900 |
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Mr.Ganapati Sugars Limited |
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115750 |
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Mr.Ganapati Breweries Limited |
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179750 |
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Mr.Baweja Exports Private lImited |
|
279000 |
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Total |
|
3949500 |
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Category
(31.03.2007) |
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Percentage of
Holding |
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Bodies corporate |
|
15.00 |
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Directors or relatives of directors |
|
85.00 |
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Distribution and International Trading of Chemicals |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
Around 170 |
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Bankers : |
Bank of India, New Delhi
Overseas Branch, Vijaya Building, 17-Barakhamba Road, New Delhi – 110 001,
India. |
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Facilities: |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Raj Aryan and Associates |
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Chartered Accountants |
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Address : |
WZ-578 (New No. F-11), Rishi Nagar, Shakur Basti, New
Delhi-110034, India |
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Pan No.: |
ABEPA6726E |
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Associates/Subsidiaries : |
Ř Jaspark
Specialty Chemicals Private Limited Ř Jaspar
Transport Company Ř Jaswant
Singh Transport Ř Sumohita
Singh Transport Ř Sundeep
Singh Transport Ř Prakash
Kaur Transport Ř Harneet
Kaur Transport |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 100/- each |
Rs. 500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6157500 |
Equity Shares |
Rs. 100/- each |
Rs. 615.750 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
615.750 |
359.950 |
155.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
190.595 |
103.506 |
46.030 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
806.345 |
463.456 |
201.030 |
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LOAN FUNDS |
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1] Secured Loans |
2132.635 |
1124.363 |
428.642 |
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2] Unsecured Loans |
348.004 |
204.724 |
100.405 |
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TOTAL BORROWING |
2480.639 |
1329.087 |
529.047 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
3286.984 |
1792.543 |
730.077 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
144.505 |
101.556 |
58.059 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENTS |
55.403 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1902.902
|
1185.454
|
439.197 |
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Sundry Debtors |
1483.520
|
716.099
|
330.866 |
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Cash & Bank Balances |
247.976
|
150.278
|
59.898 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
162.369
|
104.009
|
82.159 |
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Total
Current Assets |
3796.767
|
2155.840
|
912.120 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
709.691
|
464.853
|
240.102 |
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Provisions |
0.000
|
0.000
|
0.000 |
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Total
Current Liabilities |
709.691
|
464.853
|
240.102 |
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Net Current Assets |
3087.076
|
1690.987
|
672.018 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3286.983 |
1792.543 |
730.077 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
12094.068 |
8568.187 |
3234.393 |
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Other Income |
13.673 |
22.183 |
26.692 |
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Total Income |
12107.741 |
8590.370 |
3261.085 |
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Profit/(Loss) Before Tax |
137.995 |
90.023 |
37.242 |
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Provision for Taxation |
49.075 |
31.934 |
15.510 |
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Profit/(Loss) After Tax |
88.920 |
58.089 |
21.272 |
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Expenditures : |
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Cost of Material |
11456.076 |
8217.721 |
3083.224 |
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Personnel Expenses |
51..637 |
23.963 |
16.553 |
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Administrative Expenses |
162.086 |
103.924 |
38.170 |
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Selling and Distribution Expenses |
48.652 |
22.195 |
35.886 |
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Finance and Interest Expenses |
236.385 |
123.363 |
42.845 |
|
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Depreciation |
14.910 |
9.181 |
7.165 |
|
Total Expenditure |
11969.746 |
8500.347 |
3223.843 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
0.7
|
0.6
|
1.1 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.1
|
1.1
|
1.1 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.4
|
15.9
|
3.8 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.2
|
0.2
|
0.2 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.8
|
1.0
|
1.2 |
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Current Ratio (Current Asset/Current Liability) |
|
5.3
|
4.6
|
3.7 |
LOCAL AGENCY
FURTHER INFORMATION
Business:
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, New Delhi
Bankers Charges
Report as per Registry
|
Name of the company |
JAY POLYCHEM
INDIA LIMITED |
|
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 Toulene etc. |
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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. |
|
5) Name and Address and description of the person entitled to the charge. |
Federal Bank
Limited Overseas Branch E-13-29,
Connaught Place New Delhi |
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This form is for |
Modification of
charge |
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Corporate
identity number of the company |
U72300DL1991PLC044884 |
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Name of the
company |
JAY POLYCHEM INDIA LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
A-101, Lajpat Nagar - I, New Delhi - 110 024, India |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
Bank of India, New Delhi Overseas Branch, Vijaya Building,
17-Barakhamba Road, New Delhi – 110 001, India. E-Mail Id: sanjay_agw@rediffmail.com |
|
Nature of description
of the instrument creating or modifying the charge |
Continuing Oral
Assent |
|
Date of
instrument Creating the charge |
16.09.2008 |
|
Amount secured by
the charge |
Rs.4310.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per Agreement Terms of
Repayment As per Agreement Margin As per Agreement Extent and
Operation of the charge 100% to secure various
credit facilities up-to Rs.4310.000 Millions granted by consortium member
bankers such as Banker Rs.in million Bank of
India 1960.000 The Federal
Bank 740.000 BOB 750.000 Allahabad
Bank 750.000 SBI 110.000 |
|
Short particulars
of the property charged |
Equitable
mortgage of company’s immovable property situated at 301-A and B and 34,
Block-205-B, Babar Lane, Bengali Market, New Delhi – 110 001 together with
all buildings and structure thereon and all fixed plant and machinery
therein. The charge shall rank on pari-passu basis without any preference or
priority of one over the other for all purposes. |
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
AS PER WEBSITE
CORE
BUSINESS : Distribution
and International Trading of Chemicals
GROUP
REVENUES : $250
million (2006-07)
HISTORY : Jay Polychem was established in 1991and have expanded through
the years into a major distribution company with several branch offices in
India. Jay Polychem is Head Quartered in New Delhi, India . To diversify the
revenue streams and mitigate risks , Jay Polychem has identified International
Trading as an area of thrust.
For this purpose, JPPL which is
based out of Singapore would be the Node. Their overseas offices currently
include Dubai and Singapore. They will be expanding their trading activities
globally in the next 2-3 years.
PRODUCTS :
Polymers such as Engineering Plastics and Industrial Polymers. Petrochemicalssuch
as Benzene, Toluene, Xylems, Paraxylenes, Styrene etc.Speciality Chemicals
STORAGE :
India and Korea
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various stheirces
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.50.09 |
|
UK Pound |
1 |
Rs.76.68 |
|
Euro |
1 |
Rs.63.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
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 |
|