MIRA INFORM
REPORT
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Report Date : |
27.12.2008 |
IDENTIFICATION DETAILS
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Name : |
JAYASHREE RUBBER PRODUCTS PRIVATE LIMITED – MERGED WITH JAYASHREE
POLYMERS PRIVATE LIMITED |
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Registered Office : |
21/4 D1 Block, Midc, Chinchwad, Pune – 411019, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
02.02.1996 |
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Com. Reg. No.: |
096879 |
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CIN No.: [Company
Identification No.] |
U24134PN1996PTC096879 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Rubber Parts and Products |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 700000 |
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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. Trade relations are fair. General financial
position is satisfactory. Payments are reported as usually correct and as per
commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED BY
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Name : |
Mr. Jai Kanjwani |
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Designation : |
Finance Controller |
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Contact No.: |
91-9370201599 |
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Date : |
27.12.2008 |
LOCATIONS
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Registered Office/Factory : |
21/4 D1 Block, Midc, Chinchwad, Pune – 411019, |
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Tel. No.: |
91-20-27477638 |
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Mobile No.: |
91-9370201599 |
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Fax No.: |
91-20-27471374 |
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E-Mail : |
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Website : |
www.jayshreepolymers.com |
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Location : |
Leased |
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Corporate 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 |
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Name : |
Mr. Rajeev Ramdhari Bansal |
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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 Appointment : |
11.09.2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2008
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Names of
Shareholders |
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No.
of Shares |
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Mr. Ansuya Natwarlal Sukhramwala |
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25 |
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Ms. Heena Natwarlal Sukhramwala |
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26 |
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Mr. Vinod Surajbhan Bansal |
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70031 |
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Ms. Shakuntala Vinod Bansal |
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71100 |
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Mr. Ramdhari Surajbhan Agarwal |
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232500 |
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Mr. Ramdhari Surajbhan Agarwal (huf) |
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73300 |
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Mr. Varun V Bansal |
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20500 |
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M/s. Jayashree Rubber Products Private Limited |
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182500 |
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Mr. Vinod Surajbhan Bansal (HUF) |
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40000 |
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Mr. Rajeev Ramdhari Bansal |
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30000 |
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Ms. Kaushalaya Ramdhri Bansal |
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60000 |
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Mr. Rahul Ramdhri Bansal |
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20000 |
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Mr. Amratlal Bansal |
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1 |
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Mr. Arvind Mittal |
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1 |
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Ms. Bhavana R Shah |
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1 |
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Ms. Divya D Fofani |
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1 |
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Mr. Hamang Ramesh Jhaveri (HUF) |
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1 |
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Mr. Joginder Mittal |
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1 |
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Ms. Kokila A Bansali |
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1 |
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Mr. Kahma V Fofani |
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1 |
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Ms. Mamta Hemang Jhaveri |
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1 |
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Ms. Bhavana R Shah |
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1 |
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Mr. Ramesah J Fofani |
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1 |
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Mr. Ramesh Jhaveri (HUF) |
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1 |
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Mr. Ramnesh Jhaveri |
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1 |
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Ms. Mittal |
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1 |
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Mr. V M Rakde |
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1 |
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Ms. Swetha Rajeev Bansal |
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1 |
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Ms. Vidyadevi Mittal |
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1 |
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Mr. Manish H Bansali |
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1 |
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Ms. Shruti Vinod Bansal |
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1 |
Debenture Holders
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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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15000 |
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Ms. Kaushalaya Ramdhri Bansal |
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15000 |
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Mr. Ramdhari Surajbhan Agarwal (huf) |
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10000 |
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Ms. Swetha Rajeev Bansal |
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3000 |
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Mr. Vinod Surajbhan Bansal |
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10000 |
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Mr. Vinod Surajbhan Bansal (HUF) |
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5000 |
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Mr. Joginder Mittal |
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2000 |
AS ON 31.03.2008
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Rubber Parts and Products |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Credit (45 to 90 days) |
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Purchasing : |
L/C and Credit (45 to 90 days) |
GENERAL INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
160 and Contract Worker – 350 |
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Bankers : |
v
Citibank NA, v
Axis Bank |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
L B Laddha and Company Chartered Accountant |
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Address : |
Flat No. 7and 8, Second Floor, Sukhwani Chambers, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20,00,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 20.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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16,74,215 |
Equity Shares |
Rs. 10/- Each |
Rs. 16.742 Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
16.742 |
16.742 |
16.742 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
130.133 |
99.441 |
85.620 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
146.875 |
116.183 |
102.362 |
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LOAN FUNDS |
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1] Secured Loans |
223.646 |
236.290 |
175.684 |
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2] Unsecured Loans |
72.658 |
64.608 |
48.715 |
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TOTAL BORROWING |
296.304 |
300.898 |
224.399 |
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DEFERRED TAX LIABILITIES |
0.266 |
8.290 |
0.716 |
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TOTAL |
443.445 |
425.371 |
327.477 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
221.708 |
233.422 |
182.606 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
41.792 |
14.283 |
9.844 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
78.800
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70.824 |
55.593 |
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Sundry Debtors |
128.464
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127.822 |
99.298 |
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Cash & Bank Balances |
11.110
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5.642 |
15.937 |
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Other Current Assets |
35.372
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45.036 |
30.313 |
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Loans & Advances |
0.000
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0.000 |
0.000 |
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Total
Current Assets |
253.746
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249.324 |
201.141 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
67.238
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67.761 |
60.633 |
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Provisions |
6.563
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3.897 |
5.481 |
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Total
Current Liabilities |
73.801
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71.658 |
66.114 |
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Net Current Assets |
179.945
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177.666 |
135.027 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
443.445 |
425.371 |
327.477 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover and Other Income |
568.554 |
570.020 |
422.221 |
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Total Income |
568.554 |
570.020 |
422.221 |
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Profit/(Loss) Before Tax |
35.509 |
29.004 |
31.158 |
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Provision for Taxation |
(0.080)) |
11.265 |
7.650 |
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Profit/(Loss) After Tax |
35.589 |
17.739 |
23.508 |
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Earnings in Foreign Currency : |
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Export Earnings |
96.576 |
118.342 |
84.383 |
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Total Earnings |
96.576 |
118.342 |
84.383 |
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Imports : |
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Raw Materials |
89.053 |
91.182 |
64.751 |
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Total Imports |
89.053 |
91.182 |
64.751 |
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Expenditures : |
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Other Expenditure |
533.045 |
541.016 |
391.063 |
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Total Expenditure |
533.045 |
541.016 |
391.063 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
6.25
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3.11 |
5.56 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.24
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5.08 |
7.37 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.46
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6.00 |
8.11 |
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Return on Investment (ROI) (PBT/Networth) |
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0.24
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0.24 |
0.30 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.51
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3.20 |
2.83 |
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Current Ratio (Current Asset/Current Liability) |
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3.43
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3.47 |
3.04 |
LOCAL AGENCY FURTHER INFORMATION
Operations
Though the turnover for the year was flat at Rs. 570.000 Millions the profit
before tax was up to Rs. 35.500 Millions Rs. 29.000 Millions in previous year
showing a growth of 22%. The profit after tax was at Rs. 35.600 Millions Rs.
17.700 Millions showing a growth of more than 100% partly due to differed tax
reversal of Rs. 8.000 Millions
The windmills are running satisfactory and the generation is being sold
to MSEDCL and the arrangement is working well
The industrial plot at Haridwar has been handed over to company and factory
plans are being prepared some machineries have already been ordered other
formalities i.e. Power, Water, Registartion with various govt. authorities are
simultaneously being pursued, we expect to start the production in the unit
from April 2009 onwards
There has been a good progress ob the Export front. Direct Export to
Yahama worldwide and
Fixed Assets
v Land
v Building
v Plant and Machinery
v Dies and Moulds
v Furniture
v Electric Fitting and Installations
v Office Equipment
v Vehicles
v Computer and Software
v Tools and Fixture
v Creates and Bins
Trade References
v K K Enterprises, Pune
Form 8
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10052041 |
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Corporate
identity number of the company |
U24134PN1996PTC096879 |
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Name of the
company |
JAYSHREE POLYMERS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
214/4 D1 Block, Midc, Chinchwad, Pune – 411019, |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
Citibank NA, |
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Nature of
description of the instrument creating or modifying the charge |
Deed of
Modification |
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Date of
instrument Creating the charge |
13.10.2008 |
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Amount secured by
the charge |
Rs. 97.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
– Interest to be charged at such rate / as may be determined by the Mmeber
Bank from time to time Terms of
Repayment – Loan shall be repayable on Demand Margin – As may
be stipulated by member Bank from time to time Extent and
Operation of the charge – The current assets and movable fixed assets except wind
mills hypothecated to the Bank more particularly described in Column No. 14
by way of first charge on pari passu with Axis Bank, as security for the
repayment of the loan together with all interest and other expances payable
by the company to the Citi Bank NA Others - |
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Short particulars
of the property charged |
Hypothecation of
charge by way of first charge on the current assets and movable fixed assets
except wind mills of the company, both present and future |
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Date of latest
modification prior to the present modification |
20.04.2007 |
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] 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.47.89 |
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|
1 |
Rs.70.84 |
|
Euro |
1 |
Rs.67.37 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--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. |
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 |
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