MIRA
INFORM REPORT
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Report Date : |
03.07.2008 |
IDENTIFICATION
DETAILS
|
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) : |
31.03.2007 |
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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 2300000 |
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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.
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 : |
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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: |
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DIRECTORS
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Name : |
Mr. Jaswant Singh |
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Designation : |
Managing Director |
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Address : |
A-101/1, Lajpat Nagar I, New
Delhi-110 024, India |
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Date of Birth/Age : |
18.12.1935 |
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Date of Appointment : |
01.05.2006 |
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Other Directorship : |
Jaspark Speciality Chemicals Private Limited U24111DL1999PTC102727 Proprietorship : Jaswant Singh A-101/1, Lajpat Nagar I, New Delhi-110 024, 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/Age : |
26.08.1966 |
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Date of Appointment : |
01.05.2006 |
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Other Directorship : |
Jaspark Speciality Chemicals Private Limited U24111DL1999PTC102727 Partnership : Jaspar Transport Plot No. 36, 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/Age : |
02.09.1942 |
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Date of Appointment : |
01.05.2006 |
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Other Directorship : |
Jaspark Speciality Chemicals Private Limited U24111DL1999PTC102727 Proprietorship : Parkash Kaur A-101/1, Lajpat Nagar I, New Delhi-110 024, 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/Age : |
30.10.1974 |
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Date of Appointment : |
01.05.2006 |
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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/Age : |
28.10.1978 |
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Date of Appointment : |
01.08.1998 |
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Name : |
Mr. Sandeep Singh |
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Designation : |
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/Age : |
11.09.1971 |
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Date of Appointment : |
01.05.2006 |
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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 : |
29.09.2006 |
KEY EXECUTIVES
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Name : |
Ms. Meenu Kapoor |
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Designation : |
Company Secretary |
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Address : |
16/80 A, Geeta Colony, Delhi – 110031, India |
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Date of Appointment : |
01.05.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
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Names of Shareholders |
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No. of Shares |
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Jaswant Singh |
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250000 |
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Satinder Singh Madhok |
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300000 |
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Prakash Kaur |
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200000 |
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Baweja Exports Private Limited |
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24500 |
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Total |
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950000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category
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Percentage of
Holding |
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Bodies corporate |
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15.00 |
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Directors or relatives of directors |
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85.00 |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Importers and traders of all types of Chemicals. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
170 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Deepak Nagpal and Company Chartered Accountants |
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Address : |
405, Suneja Tower I, District Centre, Janakpuri, New Delhi-110
058 |
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Tel. No.: |
91-11-2552 9639 |
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Name : |
Raj Kumar Arora Chartered Accountant |
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Address : |
WZ-578 (New No. F-11), Rishi Nagar, Shakur Basti, New
Delhi-110034, India |
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Associates/Subsidiaries : |
Ø Jaspark
Specialty Chemicals Private Limited Ø Jaspar
Transport Company Ø Jaswant
Singh Transport Ø Sumohita
Singh Transport Ø Sundeep
Singh Transport Ø Prakash
Kaur Transport Ø Harneet
Kaur Transport |
CAPITAL STRUCTURE
As on 28.09.2007
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 |
|
3949500 |
Equity Shares |
Rs. 100/- each |
Rs. 394.950 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
250.000 |
155.000 |
62.500 |
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2] Share Application Money |
109.950 |
0.000 |
0.000 |
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3] Reserves & Surplus |
103.506 |
46.031 |
24.888 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
463.456 |
201.031 |
87.388 |
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LOAN FUNDS |
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1] Secured Loans |
1124.363 |
428.641 |
125.278 |
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2] Unsecured Loans |
204.724 |
100.406 |
95.291 |
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TOTAL BORROWING |
1329.087 |
529.047 |
220.569 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.093 |
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TOTAL |
1792.543 |
730.078 |
308.050 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
101.556 |
58.056 |
23.645 |
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Capital work-in-progress |
0.000 |
0.000 |
9.174 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.247 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1185.454
|
439.198
|
146.627 |
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Sundry Debtors |
716.099
|
330.867
|
163.374 |
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Cash & Bank Balances |
150.278
|
59.899
|
26.527 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
104.009
|
81.913
|
53.116 |
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Total
Current Assets |
2155.840
|
911.877
|
389.644 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
461.200
|
234.430
|
111.384 |
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Provisions |
3.653
|
5.672
|
3.029 |
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Total
Current Liabilities |
464.855
|
240.102
|
114.413 |
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Net Current Assets |
1690.987
|
671.775
|
275.231 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1792.543 |
730.078 |
308.050 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
8568.187 |
3234.393 |
2022.542 |
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Other Income |
22.183 |
26.693 |
11.343 |
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Total Income |
8590.370 |
3261.086 |
2033.885 |
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Profit/(Loss) Before Tax |
90.023 |
37.242 |
22.745 |
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Provision for Taxation |
31.934 |
15.510 |
8.218 |
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Profit/(Loss) After Tax |
58.089 |
21.272 |
14.527 |
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Expenditures : |
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Purchases made for re-sale |
8217.721 |
3083.224 |
1901.078 |
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Salaries, Wages, Bonus, etc. |
9.722 |
5.494 |
3.220 |
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Managerial Remuneration |
13.800 |
10.800 |
12.000 |
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Payment to Auditors |
0.121 |
0.165 |
0.165 |
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Interest |
72.126 |
30.631 |
17.567 |
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Insurance Expenses |
9.806 |
2.372 |
2.083 |
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Power and Fuel |
0.859 |
0.676 |
0.000 |
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Depreciation & Amortization |
9.180 |
7.164 |
4.449 |
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Other Expenditure |
167.012 |
83.316 |
70.578 |
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Total Expenditure |
8500.347 |
3223.844 |
2011.140 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.67
|
0.65
|
0.71 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.05
|
1.15
|
1.12 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.99
|
3.84
|
5.50 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.19
|
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.87
|
3.83
|
3.83 |
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Current Ratio (Current Asset/Current Liability) |
|
4.64
|
3.80
|
3.41 |
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 |
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Presented By |
FEDERAL BANK
LIMITED AND JAY POLYCHEM INDIA LIMITED |
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1) Date and description of instrument creating the change |
Agreement of Cash
Credit / overdraft / Demand Loan dated 22.12.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 77.350
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of all
stocks of 2500 M.T. of Toulene |
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4) Gist of the terms and conditions and extent and operation of the charge. |
First charge on
above assets is to secure the Import LC Limit of Rs. 77.350 Millions
sanctioned to the company. Interest is chargeable interest is chargeable at
14.75 % pa.. on the amount payable by the bank. |
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5) Name and Address and description of the person entitled to the charge. |
Federal Bank
Limited Overseas Branch E-13-29,
Connaught Place New Delhi |
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6) Date and brief description of instrument modifying the charge |
Agreement of Cash
Credit / overdraft / Demand Loan dated 14.01.2006 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The Import LC
Limit secured by this charge is increased from Rs. 77.350 millions to Rs.
79.730 Millions. The charge for Rs. 79.730 Millions is secured by
Hypothecation of all stocks of 2500 MT of Toulene etc. Interest is chargeable at 14.75 % pap on the amount
payable by the bank. Other terms and conditions remain same |
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This form is for |
Creation 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 |
Book Debts Movable Property |
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Particular of charge
holder |
Allahabad Bank, 17, Parliament Street, New Delhi-110001,
India |
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Nature of
description of the instrument creating or modifying the charge |
General Letter of
Hypothecation dated 25.12.2007 |
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Date of
instrument Creating the charge |
25.09.2007 |
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Amount secured by
the charge |
Rs. 81.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @2% over
the Allahabad Bank’s Prime Lending Rate Terms of Repayment
Payable on demand
on invocation of gurantee Margin As per General
Letter of Hypothecation dated 25.12.2007 Extent and
Operation of the charge Subservient
Charge o the Current Assets of the Company to the extent of Rs. 81.000 Millions
as per General Letter of Hypothecation dated 2509.2007 to cover the guarantee
issued favouring MF Global Singapore Pte Limited for and on behalf Jay
Polychem Pte Limited |
|
Short particulars
of the property charged |
All present and
future products, goods including book debts as per Letter of Hypothecation |
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.43.34 |
|
UK Pound |
1 |
Rs.86.53 |
|
Euro |
1 |
Rs.68.54 |
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 |
|