MIRA
INFORM REPORT
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Report Date : |
22.11.2008 |
IDENTIFICATION DETAILS
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Name : |
JAYANTILAL J GANDHI CHEMICALS PRIVATE LIMITED |
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Registered Office : |
40 and |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
04.10.1990 |
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Com. Reg. No.: |
058401 |
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CIN No.: [Company
Identification No.] |
U24100MH1990PTC058401 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of Chemicals and Adhesives. |
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 400000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are fair. Business is active. No complaints have been
heared from market sources. The company can be considered good for normal business dealings. |
INFORMATION DECLINED BY
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Name : |
Mr. Sanjay |
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Designation : |
Account Head |
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Date : |
20.11.2008 |
LOCATIONS
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Registered Office : |
40 and |
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Tel. No.: |
91-22-26992035 /38 / 4097252 |
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Fax No.: |
91-22-26992042 / 4097255 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Avinash G. Gandhi |
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Designation : |
Chairman cum Managing Director |
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Address : |
201, Prabhat, Plot No.378, |
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Date of Birth : |
18.11.1934 |
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Date of Appointment : |
04.10.1990 |
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Name : |
Mr. Urmil A. Gandhi |
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Designation : |
Director |
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Address : |
201, Prabhat, Plot No.378, |
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Date of Birth : |
30.01.1957 |
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Date of Appointment : |
04.10.1990 |
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Name : |
Mr. Snehal A. Gandhi |
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Designation : |
Director |
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Address : |
201, Prabhat, Plot No.378, |
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Date of Birth : |
25.07.1960 |
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Date of Appointment : |
04.10.1990 |
KEY EXECUTIVES
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Name : |
Mr. Sanjay |
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Designation : |
Account Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 22.09.2008
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Names of Shareholders |
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No. of Shares |
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Mr. Avinash G. Gandhi |
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85010 |
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Mr. Urmil A. Gandhi |
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85010 |
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Mr. Snehal A. Gandhi |
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85010 |
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Mrs. Usha S. Gandhi |
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81000 |
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Mrs. Pramila A. Gandhi |
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81000 |
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Mrs. Kalindi U. Gandhi |
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81000 |
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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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Chemicals and Adhesives. |
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Products : |
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GENERAL INFORMATION
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Suppliers : |
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Bankers : |
Goregaon [East],
Mumbai,
Boisar, Navi
Mumbai, |
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Facilities : |
Secured Loans as
on 31.03.2008
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Mr. Tushar Kamdar Chartered Accountant |
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Address : |
C-104, Harmony, Off. Bumping Road, Mulund West, Mumbai -400080, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2008
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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498030 |
Equity Shares |
Rs. 10/- Each |
Rs.4.980 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 |
4.980 |
4.980 |
4.980 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
67.678 |
49.679 |
39.837 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
72.658 |
54.659 |
44.817 |
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LOAN FUNDS |
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1] Secured Loans |
1.967 |
0.569 |
1.102 |
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2] Unsecured Loans |
0.000 |
11.500 |
12.723 |
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TOTAL BORROWING |
1.967 |
12.069 |
13.825 |
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DEFERRED TAX LIABILITIES |
0.197 |
0.813 |
0.792 |
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TOTAL |
74.822 |
67.541 |
59.434 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
19.963 |
14.845 |
13.998 |
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Capital work-in-progress |
0.000 |
0.193 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.001 |
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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 |
29.988
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25.948 |
21.539 |
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Sundry Debtors |
31.776
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23.313 |
20.968 |
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Cash & Bank Balances |
2.753
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9.221 |
7.766 |
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Other Current Assets |
23.486
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24.707 |
13.773 |
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Loans & Advances |
0.000
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0.000 |
0.000 |
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Total
Current Assets |
88.003
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83.189 |
64.046 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
11.107
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12.466 |
7.873 |
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Provisions |
22.037
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18.220 |
10.738 |
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Total
Current Liabilities |
33.144
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30.686 |
18.611 |
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Net Current Assets |
54.859
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52.503 |
45.435 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
74.822 |
67.541 |
59.434 |
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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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166.215 |
165.036 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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166.215 |
165.036 |
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Profit/(Loss) Before Tax |
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21.545 |
22.029 |
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Provision for Taxation |
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7.589 |
8.323 |
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Profit/(Loss) After Tax |
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13.959 |
13.706 |
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 |
(%) |
-
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8.39 |
8.30 |
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Net Profit Margin (PBT/Sales) |
(%) |
-
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12.96 |
13.34 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
-
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21.93 |
28.22 |
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Return on Investment (ROI) (PBT/Networth) |
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-
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0.39 |
0.49 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.48
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0.78 |
0.72 |
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Current Ratio (Current Asset/Current Liability) |
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2.65
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2.71 |
3.44 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
JAYANTILAL J
GANDHI CHEMICALS PRIVATE LIMITED |
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Presented
By |
Shri avinash G. Gandhi |
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1) Date and description of instrument creating the change |
Cash Credit
Agreement date 28.10.1995 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.150 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 |
Imported chemicals,
packing material and other stocks in trade, including stocks such as R.M.,
S.F.G, and finished goods. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest
@3.75% over and above RBI rate with a minimum 14.75% compounded quarterely on
the daily debit balance. |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank, |
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6) Date and brief description of instrument modifying the charge |
Supplemental
Common hypothecation agreement date :- 26.04.2002 for Rs. 3.800 Millions |
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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. |
Modifying the
charge common hypothecation agreement date : -08.01.2001 for Rs. 1.400
Millions Supplemental
common hypothecation agreement date :- 01.10.2001 for Rs. 2.000 Millions Supplemental common
hypothecation agreement date -21.12.2001 for Rs. 3.900 Millions By executing
document against coi 6 the charge available to bank has been enhanced from
Rs. 3.900 Millions to Rs. 7.700 Millions Stock of raw
materials, work in process, finished goods, packing material and book debts
belonging to the company plant and
machinery valued at Rs, 1.685 Millions W.D.V as per the balance sheet as on
31.03.2001 storedfying at factory and in other are available as security for
the total limits of Rs. 7.700 Millions Rate of
interest @3.75% per annum over and above PLR rate with a minimum of @
15.5% per annum compounded quaterely on the daily debit balance. |
It is in trade terms with:
Ø
Apcotex
Lattices Limited, Taloja,
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Anka
India Limited, Gurgaon,
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Colour
Chem Limited
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Electro
Steel Castings Limited
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Kinetics
Motor Limited, Pune,
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M
& M Limited, Kandivali, Mumbai,
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Smith
& Nephew Limited, Sinnar,
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U-Foam
Private Limited,
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Zeppelin
Mobile Systems [
FIXED ASSETS
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Computer
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Electrical Installation
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Furniture And Fixture
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Motor Car
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Moulds And Dies
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Office Equipments
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Office Premises
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Leased Premises Development
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Plant And Machinery
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] 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.50.03 |
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1 |
Rs.74.42 |
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Euro |
1 |
Rs.62.71 |
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 |
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 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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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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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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