MIRA
INFORM REPORT
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Report Date : |
08.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
JAYSHREE FIBRE PRODUCTS LIMITED |
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Formerly Known As : |
JAYSHREE FIBRE PRODUCTS PRIVATE LIMITED |
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Registered Office : |
P 16, New CIT Road, 1st Floor, Kolkata - 7800073, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.11.1972 |
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Com. Reg. No.: |
21-28578 |
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CIN No.: [Company
Identification No.] |
U17232WB1972PLC028578 |
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IEC No.: |
292004508 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALJ00368E |
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PAN No.: [Permanent
Account No.] |
AAACJ6773G |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturers of Sisal, Manila, Synthetic, Yarn and Ropes. |
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 55200 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having satisfactory track records. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are reported as fair. 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 : |
P 16, New CIT Road, Kolkata - 7800073, West Bengal, India |
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Tel. No.: |
91-33-22377991/ 8537/22371492/4847 |
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Fax No.: |
91-33-22255325 |
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Mobile No.: |
91-9830330951 |
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E-Mail : |
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Area : |
6000 sq. ft. |
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Location : |
Rented |
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Factory : |
Alampur, New Kolara - 711302, District Howrah |
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Area : |
300000 sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Bimal Kumar Biyani |
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Designation : |
Managing Director |
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Address : |
164/C/8, Prince Anwar Shah Road, Kolkata - 700045, West Bengal |
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Date of Birth/Age: |
59 years |
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Date of Appointment : |
4.11.1972 |
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Name : |
Mr. Raghunath Dass Somani |
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Designation : |
Director |
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Address : |
8 – B, Alipore Road, Kolkata – 700027, West Bengal |
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Date of Birth/Age : |
76 years |
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Date of Appointment : |
14.07.2004 |
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Name : |
Mr. Nirmal Kumar Somani |
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Designation : |
Director |
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Address : |
Vandana Apartments, Flat No.1006, 22/1, Alipur Road, Kolkata – 700027, West Bengal |
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Date of Birth/Age : |
55 years |
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Date of Appointment : |
18.04.2005 |
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Name : |
Mrs. Pushpa Somani |
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Designation : |
Director |
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Address : |
Vandana Apartments, Flat No.1006, 22/1, Alipore Road, Kolkata – 700027, West Bengal |
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Date of Birth/Age : |
53 years |
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Date of Appointment : |
18.04.2005 |
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Name : |
Mr. Anil Kumar Somani |
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Designation : |
Director |
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Address : |
Vandana Apartments, Flat No.1006, 22/1, Alipur Road, Kolkata – 700027, West Bengal |
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Date of Birth/Age : |
48 years |
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Date of Appointment : |
14.07.2004 |
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Name : |
Mr. Damodar Prasad Luharuka |
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Designation : |
Director |
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Name : |
Mr. Rajanikant Chimanlal Dani |
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Designation : |
Director |
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Address : |
5-B, Sarat Bose Road, Lansdown Court, Flat No. 22, 4th Floor, Kolkata – 700020, West Bengal |
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Date of Birth/Age : |
59 years |
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Date of Appointment : |
28.03.2001 |
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Name : |
Mrs. Dwarka Prasad Luharuka |
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Designation : |
Director |
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Address : |
P-17, New CIT Road, 1st Floor, Kolkata – 700073, West
Bengal |
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Date of Birth/Age : |
78 years |
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Date of Appointment : |
04.11.1972 |
KEY EXECUTIVES
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Name : |
Dhruba Charan Sahoo |
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Designation : |
Practising Company Secretary |
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Address : |
50, New Tollygunge, Mondal Para, Kolkata – 700093, West Bengal |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Globe Investment Company Private Limited |
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1025 |
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Meghna Commercial Company Limited |
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3675 |
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Shakambhar Traders Private Limited |
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930 |
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Mr. Sitaram Biyani |
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66 |
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Mr. Ajit Kumar Jain |
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2400 |
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Mr. S N Jopat |
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400 |
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Mr. D P Luharuka |
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200 |
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Mr. Ram Gopal Mantry |
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300 |
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Mr. K P Ramachandran |
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2010 |
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Mr. P L Sharma |
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300 |
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Mr. Anil Kumar Somani |
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1050 |
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Mr. Madhu Sudan Somani |
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250 |
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Mr. Nirmal Kumar Somani |
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3215 |
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Mr. Raghu Nath Das Somani |
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690 |
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Mr. Sunil Kumar Somani |
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900 |
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Mrs. Annapurna Devi Agarwal |
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200 |
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Mrs. Pushpa Somani |
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850 |
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Mrs. Shanta Somani |
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3260 |
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Total |
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21721 |
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Category |
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Percentage |
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Directors or Relatives of directors |
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21.35 |
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Other top fifty (50) Shareholders (other than listed above) |
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57.34 |
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Others |
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21.31 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Sisal, Manila, Synthetic, Yarn and Ropes. |
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Products : |
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Imports : |
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Products : |
Philippines |
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Countries : |
East Africa |
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Terms : |
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Selling : |
Cash, Contract, L/C, Credit (30 days) |
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Purchasing : |
Cash, Contract, L/C, Credit (60 days) |
PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Rope |
- |
- |
4895 |
957.568 |
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Yarn |
- |
- |
- |
267.727 |
GENERAL
INFORMATION
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Customers : |
· Manufacturers · Wholesalers · Governments Bodies · Ports · Director General of Supply and Disposal · Government and Semi- Government Department |
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No. of Employees : |
194 |
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Bankers : |
· Allahabad Bank, Red Cross Place Branch, 7 Red Cross Place, Kolkata – 700001 · Bank of India · State Bank of India · HDFC Bank Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M. K. Mundra and Company Chartered Accountants |
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Address : |
29 A, Rabindra Sarani, 3rd Floor, Room No.9,
Kolkata – 700073, West Bengal |
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Tel No.: |
91-33-22356732 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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33500 |
Equity Shares |
Rs.100/- each |
Rs.3.350 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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3.350 |
2.900 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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10.450 |
9.669 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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13.800 |
12.569 |
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LOAN FUNDS |
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1] Secured Loans |
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6.395 |
5.828 |
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2] Unsecured Loans |
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7.971 |
7.745 |
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TOTAL BORROWING |
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14.366 |
13.573 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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28.166 |
26.142 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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18.161 |
17.647 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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1.480 |
1.480 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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21.383 |
12.715 |
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Sundry Debtors |
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2.659 |
3.102 |
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Cash & Bank Balances |
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0.862 |
0.668 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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3.293 |
3.250 |
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Total
Current Assets |
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28.197 |
19.735 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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16.795 |
11.269 |
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Provisions |
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5.562 |
5.649 |
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Total
Current Liabilities |
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22.357 |
16.918 |
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Net Current Assets |
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5.840 |
2.817 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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Profit and Loss Account |
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2.685 |
4.198 |
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TOTAL |
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28.166 |
26.142 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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54.800 |
45.469 |
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Other Income |
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0.096 |
1.907 |
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Total Income |
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54.896 |
47.376 |
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Profit/(Loss) Before Tax |
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1.827 |
2.410 |
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Provision for Taxation |
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0.314 |
0.395 |
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Profit/(Loss) After Tax |
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1.513 |
2.015 |
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Export Value |
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1.082 |
Nil |
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Import Value |
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2.059 |
6.452 |
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Expenditures : |
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Cost of Goods Sold |
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31.189 |
26.336 |
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Depreciation |
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1.339 |
0.972 |
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Interest |
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1.662 |
1.355 |
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Administrative and Selling and Expenses |
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18.878 |
16.303 |
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Other Expenditure |
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0.000 |
0.000 |
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Total Expenditure |
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53.068 |
44.966 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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2.75 |
4.25 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.33 |
5.30 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.94 |
6.45 |
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Return on Investment (ROI) (PBT/Networth) |
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0.13 |
0.19 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.66 |
2.42 |
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Current Ratio (Current Asset/Current Liability) |
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1.26 |
1.17 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporate identity
number (CIN) Foreign company registration number |
U17232WB1972PLC028578 |
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Name of the
Company |
JAYSHREE FIBRE PRODUCTS LIMITED |
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Address |
P 16, New Cit Road, Kolkata - 7800073, West Bengal, India |
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This form is for |
Modification of charge |
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Type of Charge |
·
Immovable
Property ·
Movable
Property (Not being pledge) ·
Stock, P and
M, Other Current and Fixed Assets |
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Particulars of
the charge holder |
Allahabad Bank Red Cross Place
Branch, 7 Red Cross Place, Kolkata – 700001, West Bengal, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Supplemental
General Letter of Hypothecation Supplemental
Letter of Mortgage Confirming Deposit of Title Deeds Term Loan
Agreement (Hypothecation of Movables) |
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Date of the
instrument creating or modifying the charge |
28.07.2007 |
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Amount secured by
the charge |
Rs.34.850
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: Interest and Other
charge will be paid as per terms and conditions of Sanction Letter of bank,
However the same is subject to charge from time to time. Terms of
repayment: Working Capital
Limit shall be repayable on demand whereas the terms loan shall be repaid as
per tenor specifies in the sanction letter. Margin: The borrower
shall maintain appropriate margin as stipulated in the sanction terms. Extent and
Operation of the charge: The security
created under said hypothecation shall operate as continuing security. The charged
assets/ property be kept at the company risk and expense in good condition
and fully insured against loss or damage by fire. Lighting or explosion or
theft and also against loss or damage by riot and civil commotion etc. as may
be required by the Bank in the joint names of the Bank of the company. Others: The company
hereby declares that all the charged property now existing are absolute
property of and at the sole disposal of the company and free from any prior
charge or encumbrance and undertakes that all future property shall like wise
be the unencumbered and absolute and disposable property of the company. Other terms and
conditions are as per terms and conditions of above referred hypothecation
agreement, Memorandum and sanction Letter of the banks. |
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Short particulars
of the property charged (including location of the property) |
By way of first
charge Stock (such as Raw Material, WIP, FG and Stores and spares), Book-debts and other current
assets and all movable and immovable fixed assets (incl. P and M, Furniture,
Computers, Vehicles etc.) both present and future. Land measuring 257 satak equivalent to
154.20 Kottahs more or less at Mouza – Alampur, J L No. 25, P S Sankrail,
under Mashila Gram Panchayat, District – Howrah, W B together with building,
structure shed etc. Refer Attachment |
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Particular of the
present modification |
By present
modification the overall limit secured by the charge enhanced from Rs.11.689
Millions to Rs.34.850 Millions. The nature of facilities is as follows:-
Other terms and
conditions save as modified above remain unchanged, Refer Attachment
for details. |
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Name of the company |
JAYSHREE FIBRE PRODUCTS LIMITED |
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Presented By |
Allahabad Bank Red Cross Place
Branch, 7 Red Cross Place, Kolkata - 01 |
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1) Date and description of instrument creating the change |
General Letter of
Hypothecation Dated 02.07.1999 Equitable
Mortgage by deposited of Title Deeds dated 02.07.1999 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.5.900 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 |
The company
hereby charge and hypothecation by way of first charge in favor of the bank
all the present and future products, goods and movable property of any kind
of the company including all movable plant, engines, machinery, apparatus
tools, motor lorries and cars, Furniture and stocks of Raw Materials, semi
finished and finished goods, of jute
manila hemp, hemp aloc, P P. Granule slsalfibre, yarn and rope and other materials whether raw or manufacturer
or in process of manufacturer and other stocks and stores which now or
hereafter from time to time during this security shall be brought in stores
or be in or about the company premises or godowns in the state of west
Bengal or wherever else and also all
present and future book debts, outstanding moneys receivable claims, bills,
contracts, engagements, security, investments, cash in hand and at Banks,
right and assets etc. as security. The company
created equitable mortgage by deposited of title deeds in suspect of their
immovable properties consisting of land and building structures and fixture
erected on or affixed thereto and other buildings situated at Village –
Alampur, P.O.Kolora, District Howrah, west Bengal by way of first charge as
per second schedule annexes hereto. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charged goods
and all sales realizations and insurance proceeds there to and all the said
book debts and realizations there to and all documents under this security
specifically appropriated to this security and company shall not create any
charge lien mortgage or encumbrance affecting the same or any part there of. Interest @17.85%
P. a. with quarterly rests. The charged goods
shall be kept at the company risk and expense in good condition and fully
insured against loss or damage by fire, theft etc. and also against such
other loss or damage as may be required by the bank. The Borrower confirmed
that they have no other documents of title with them relating to their said
mortgage property and that the said property is absolutely owned by them and
free from all encumbrances whatsoever. |
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5) Name and Address and description of the person entitled to the charge. |
Allahabad Bank Red Cross Place
Branch, 7 Red Cross Place, Kolkata - 700001 |
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6) Date and brief description of instrument modifying the charge |
General Letter of
Hypothecation dated 10th September,2002. (A certified copy of the same
is enclosed herewith as annexure – A) Supplemental
Agreement for extension of Equitable Mortgage Dated 10.09.2002 (A certified
copy of the same is enclosed herewith as annexure – A) |
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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. |
First
Modifications by general letter of hypothecation and supplemental agreement for
extension of Equitable mortgage dated 26.08.2000, The overall limit has been
enhanced from Rs.5.900 Millions to Rs.8.989 Millions Comprising of :-
The Modification
was registered on 19.07.2000 By Present
Modification, The Overall Limit has been enhanced from Rs.8.989 Millions to Rs.11.689
Millions Comprising of :-
Other Term and
Conditions remains Unchanged. |
Trade Reference:
Victoria Steam Rope Works Limited, 88 Collage
Road, Shibpur, Howrah
Basant Impex (Private) Limited, 32 Dr. Deodar
Rahman Road, Kolkata - 700045
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
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.39.28 |
|
UK Pound |
1 |
Rs.77.33 |
|
Euro |
1 |
Rs.57.80 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
42 |
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 |
|