MIRA
INFORM REPORT
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Report Date : |
11.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
JAY AMI POLYMERS PRIVATE LIMITED |
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Registered Office : |
405, Aasthan Polytechnic, Ambawadi,
Ahmedabad – 380 007, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.11.1991 |
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Com. Reg. No.: |
16683 |
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CIN No.: [Company
Identification No.] |
U25209GJ1991PTC016683 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader of Inorganic chemicals |
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 53000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Directors are reported as experienced, respectable and
resourceful businessmen. Their trade relations are fair. Payments are reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
405, Aasthan Polytechnic, Ambawadi,
Ahmedabad – 380 007, Gujarat, India |
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Tel. No.: |
91-79-26309086/ 9087 / 26309158 |
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Fax No.: |
91-79-26309159 |
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E-Mail : |
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Website : |
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Branch Office : |
Located at ·
Mumbai ·
Kochi ·
Kandla |
DIRECTORS
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Name : |
Mr. Kirit Chhabildas Mehta |
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Designation : |
Managing Director |
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Address : |
405, Aasthan Complex, Opp. Polytechnic College, Ambawadi, Ahmedabad – 380 015, Gujarat, India |
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Date of Birth/Age : |
31.12.1953 |
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Date of Appointment : |
27.11.1991 |
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Date of Ceasing : |
11.07.2006 |
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Name : |
Mrs. Jayshreee Kirit Mehta |
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Designation : |
Director |
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Address : |
272, Manekbaug Society, Ambawadi, Ahmedabad – 380 015, Gujarat, India |
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Date of Appointment : |
27.11.1991 |
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Name : |
Mr. Amit Kirit Mehta |
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Designation : |
Director |
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Address : |
272, Manekbaug Society, Ambawadi, Ahmedabad – 380 015, Gujarat, India |
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Date of Birth/Age : |
01.03.1982 |
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Date of Appointment : |
22.11.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
Equity shares Breakup (percentage of total equity)
(As on 29.09.2007)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Inorganic chemicals |
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Products : |
·
Chemicals ·
Bulk Drugs and Pharmaceuticals ·
Fertilizers and Pesticides ·
Water Treatment ·
Pulp and Paper Industries ·
Textile Industry ·
Rubber Chemicals ·
Food Processing Industry ·
Chemicals for Paint Industry ·
Metal, Mining and Electroplating ·
Dyes and Pigments ·
Sugar Industries ·
Laminates ·
Adhesives |
GENERAL
INFORMATION
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No. of Employees : |
Around 150 |
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Bankers : |
·
Corporation Bank, Mumbai ·
Corporation
Bank IFB Branch, Ahmedabad ·
The Kapol Co-Operative Bank Limited, Mumbai ·
Standard Chartered Bank SME Credit, 23-25 M G Road, Fort, Mumbai –
400 001, Maharashtra, India ·
Bank of Baroda |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
RRS and Associates Chartered Accountants |
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Address : |
211, Kamal Complex, Near Stadium Circle, Opp. State Bank of
Saurashtra, Ahmedabad – 380 009, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.555 |
4.269 |
3.121 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10.555 |
9.269 |
8.121 |
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LOAN FUNDS |
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1] Secured Loans |
36.270 |
30.227 |
10.606 |
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2] Unsecured Loans |
11.634 |
8.285 |
14.791 |
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TOTAL BORROWING |
47.904 |
38.512 |
25.397 |
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DEFERRED TAX LIABILITIES |
0.042 |
0.095 |
0.108 |
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TOTAL |
58.501 |
47.876 |
33.626 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.649 |
6.137 |
5.182 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.101 |
0.101 |
0.101 |
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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 |
11.017
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14.076 |
15.483 |
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Sundry Debtors |
95.859
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77.343 |
51.403 |
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Cash & Bank Balances |
2.017
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2.031 |
0.412 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
10.512
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3.302 |
11.621 |
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Total
Current Assets |
119.405
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96.752 |
78.919 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
65.044
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53.822 |
49.298 |
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Provisions |
1.639
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1.328 |
1.320 |
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Total
Current Liabilities |
66.683
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55.150 |
50.618 |
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Net Current Assets |
52.722
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41.602 |
28.301 |
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MISCELLANEOUS EXPENSES |
0.029 |
0.036 |
0.042 |
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TOTAL |
58.501 |
47.876 |
33.626 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
408.462 |
313.123 |
275.025 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
408.462 |
313.123 |
275.025 |
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Profit/(Loss) Before Tax |
2.254 |
2.291 |
1.862 |
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Provision for Taxation |
0.969 |
0.858 |
0.494 |
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Profit/(Loss) After Tax |
1.285 |
1.433 |
1.368 |
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Earnings in Foreign Currency : |
0.091 |
0.000 |
0.000 |
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CIF Value |
8.893 |
35.136 |
0.000 |
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Expenditures : |
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Purchase and Direct Operating Expenses |
393.068 |
295.271 |
273.216 |
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Personnel Expenses |
2.057 |
1.861 |
1.499 |
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Administrative Expenses |
2.495 |
4.086 |
3.444 |
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Selling and Distribution Expenses |
3.002 |
6.016 |
4.856 |
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Financial Charges |
3.951 |
1.795 |
1.675 |
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Director Remuneration |
0.432 |
0.792 |
0.552 |
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Audit Fees |
0.084 |
0.084 |
0.000 |
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Preliminary Expenses Written off |
0.007 |
0.007 |
0.007 |
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Increase/(Decrease) in Finished Goods |
0.000 |
0.000 |
(12.653) |
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Depreciation & Amortization |
1.112 |
0.920 |
0.567 |
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Total Expenditure |
406.208 |
310.832 |
273.163 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.31
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0.46 |
0.50 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.55
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0.73 |
0.68 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.80
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2.23 |
2.21 |
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Return on Investment (ROI) (PBT/Networth) |
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0.21
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0.25 |
0.23 |
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Debt Equity Ratio (Total Liability/Networth) |
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10.86
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10.10 |
9.36 |
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Current Ratio (Current Asset/Current Liability) |
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1.79
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1.75 |
1.56 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Name of the company |
JAY AMI POLYMERS PRIVATE LIMITED |
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Presented By |
Shri Kirit C
Mehta, Managing Director |
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1) Date and description of instrument creating the change |
Common Deed of
Hypothecation of Movable / Assets / Debts dated 22.11.2001 between the
Corporation Bank (herein after called “The Bank”) and Jay Ami Polymers
Private Limited (hereinafter called the Borrower) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit
Rs.8.000 millions LC Limit (Import)
Rs.4.000 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 |
All the stock in
trade and Book debts (Present and
future) of the Company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The Charge operates
as security interalia for the due Repayment by the Borrower to the Bank of
its Rs.8.000 millions (Cash Credit) and Rs.4.000 millions (LC Limit) together
with interest @ 11.00% p.a. as per other terms of said common deed of
Hypothecation of Movable / Assets / Debts. |
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5) Name and Address and description of the person entitled to the charge. |
Corporation Bank IFB Branch,
Ahmedabad |
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6) Date and brief description of instrument modifying the charge |
Supplementary
Common Deed of Hypothecation of Moveable assets and debts. |
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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 Bank Guarantee
limit of Rs.5.000 millions is also secured by hypothecation of moveable
assets / debts and also secured by deposit of title deeds of immovable
property if the company situated at Survey No. 193+194 TP No. 21. FP No. 326
at 763 being office No. A-40, Sad. 1100.spts.in Asthan Complex,
Paldi Ahmedabd Thus total
charges of various limits stands to Rs.17.000 millions. |
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Corporate
identity number of the company |
U25209GJ1991PTC016683 |
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Name of the
company |
JAY AMI POLYMERS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
405, Aasthan Polytechnic, Ambawadi,
Ahmedabad – 380 007, Gujarat, India |
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This form is for |
Creation of
charge |
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Type of charge |
·
Book debts ·
Movable
property (not being pledge) ·
Floating
charge |
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Particular of
charge holder |
Standard Chartered Bank SME Credit, 23-25 M G Road, Fort, Mumbai – 400 001, Maharashtra, India |
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Nature of
instrument creating charge |
Hypothecation
Agreement |
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Date of
instrument Creating the charge |
21.09.2007 |
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Amount secured by
the charge |
Rs.90.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest OD of Rs.50.000 millions with sublimit of BG Rs.5.000 millions.
Interest / Commission – 11.75% p.a. various on daily rest on the OD facility.
1.25% p.a. to be charge on BG limit. BG of Rs.15.000 millions. Commission – 1.25% p.a. to be charge on BG
limit. LC of Rs.25.000 millions. Commission – 1.80% p.a. to be charge on LC
limit. ·
Terms of
repayment As agreed by and with the Bank from time to time. ·
Margin As applicable, if any. ·
Extent and
operation of the charge The Bank is having first charge on the security offered by the
Borrower. |
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Particulars of
the property charged |
Hypothecation on ·
All the
stock in trade both present and future consisting of raw materials, finished
goods, goods in process of manufacturing and other merchandise ·
All the
present and future book debts, outstanding money receivables, claims and
bills. |
Operations
During the year, the Turnover of the company has increased to Rs.408.500
millions from Rs.313.100 millions as compared to previous year and consequently
there has been decrease in profit for the year 2006-07 of Rs.2.254 millions as
against of Rs.2.290 millions for the year 2005-06. The Directors as striving
hard by making sincere efforts for the better growth and prospects of the
Company in the future.
Fixed Assets
·
Office Premises
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Office Equipments
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Vehicle
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Furniture and Fixture
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Computer
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.32 |
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UK Pound |
1 |
Rs.74.20 |
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Euro |
1 |
Rs.60.73 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--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 |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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 |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
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 |
|