MIRA
INFORM REPORT
|
Report Date : |
19.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SAMAR SINGH JAYASWAL PRIVATE LIMITED |
|
|
|
|
Registered Office : |
27-B, Carnac Street, Kolkata – 700 016, West Bengal |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
01.05.1950 |
|
|
|
|
Com. Reg. No.: |
21-18794 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U51909WB1950PTC018794 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Shellac and Lac Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 24000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an old established company having satisfactory track. The
company incurred sizeable loss in 2006-07. Trade relations are fair. General financial position is satisfactory.
Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
27-B, Carnac Street, Kolkata – 700 016, West Bengal, India |
|
Tel. No.: |
91-33-22804368 |
|
Fax No.: |
91-33-22402679 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Samar Singh Jayaswal |
|
Designation : |
Director |
|
Address : |
112, Southern Avenue, Kolkata – 700 029, West Bengal, India |
|
Date of Birth/Age : |
12.08.1926 |
|
Date of Appointment : |
01.05.1950 |
|
Pan No.: |
ADHPJ8781D |
|
|
|
|
Name : |
Mrs, Pramila Jayaswal |
|
Designation : |
Director |
|
Address : |
112, Southern Avenue, Kolkata – 700 029, West Bengal, India |
|
Date of Birth/Age : |
17.09.1926 |
|
Date of Appointment : |
29.04.1966 |
|
Pan No.: |
ACRPJ6126D |
|
|
|
|
Name : |
Mr. Kunal B Jayaswal |
|
Designation : |
Director |
|
Address : |
112, Southern Avenue, Kolkata – 700 029, West Bengal, India |
|
Date of Birth/Age : |
07.07.1953 |
|
Date of Appointment : |
01.04.974 |
|
|
|
|
Name : |
Mr. Raj B Jayaswal |
|
Designation : |
Director |
|
Address : |
112, Southern Avenue, Kolkata – 700 029, West Bengal, India |
|
Date of Birth/Age : |
11.08.1958 |
|
Date of Appointment : |
07.01.1977 |
|
Pan No.: |
ACYPJ2463N |
|
|
|
|
Name : |
Mr. Vishal B Jayaswal |
|
Designation : |
Director |
|
Address : |
112, Southern Avenue, Kolkata – 700 029, West Bengal, India |
|
Date of Birth/Age : |
23.01.1977 |
|
Date of Appointment : |
01.01.1999 |
|
Pan No.: |
ACUPJ9617Q |
KEY EXECUTIVES
|
Name : |
M/s A J and Associates |
|
Designation : |
Company Secretary |
|
Address : |
Diamond Chambers, 4, Chowringhee Lane, Block, 4th Floor,
Suite # 4 M, Kolkata – 700 016, West Bengal, India |
|
Tel No.: |
91-33-32981515, 32983030 |
|
Mobile No : |
91-98311033320 |
|
Fax No.: |
91-33-22521457 |
|
Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2004)
|
Names of Shareholders |
No. of Shares |
|
Samar Singh Jayaswal |
7200 |
|
Pramila Jayaswal |
4400 |
|
Rama Jayaswal |
2280 |
|
Kunal B Jayaswal |
4800 |
|
Raj B Jayaswal |
4800 |
|
Nutan Jayaswal |
800 |
|
Alka Jayaswal |
800 |
|
Vishal B Jayaswal |
800 |
|
SSJ Investment (Private) Limited |
13320 |
|
Harsh N Jayaswal |
800 |
|
|
|
|
Total |
40000 |
Equity shares Breakup (percentage of total equity)
(As on
30.09.2007)
|
Category |
Percentage |
|
Bodies corporate |
33.00 |
|
Directors or relatives of directors |
67.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Shellac and Lac Products |
|
|
|
|
Products : |
·
Seedlac ·
Machine Based Seedlac ·
Handmade Seedlac ·
Dewaxed Bleached Lac Powder ·
Seedlac Aleuritic Powder (Aleuritic Acid) ·
Shellac Wax / Sealing Wax. |
GENERAL
INFORMATION
|
No. of Employees : |
150 |
|
|
|
|
Bankers : |
Punjab National Bank 18-A, Brabourne Road, Kolkata – 700 001, West Bengal, India |
|
|
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
K Prasad and Company Chartered Accountants |
|
Address : |
24, R N Mukherjee Road, Kolkata – 700 001, West Bengal, India |
|
|
|
|
Associates/Subsidiaries : |
·
Bardhan Brothers Private Limited ·
Swadeshi International ·
SSj Grandsons |
|
|
|
|
Holding Company : |
SSJ Investment (Private) Limited |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000 |
Equity Shares |
Rs.100/- each |
Rs.4.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.000 |
4.000 |
4.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3.649 |
9.389 |
9.145 |
|
|
4] (Accumulated Losses) |
(2.811) |
0.000 |
0.000 |
|
|
NETWORTH |
4.838 |
13.389 |
13.145 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
14.999 |
10.022 |
9.800 |
|
|
2] Unsecured Loans |
2.191 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
17.190 |
10.022 |
9.800 |
|
|
DEFERRED TAX LIABILITIES |
0.207 |
0.266 |
0.307 |
|
|
|
|
|
|
|
|
TOTAL |
22.235 |
23.677 |
23.252 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2.722 |
3.074 |
3.476 |
|
|
Capital work-in-progress |
2.592 |
2.592 |
2.119 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.014 |
0.014 |
0.014 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
16.105
|
21.471 |
20.870 |
|
|
Sundry Debtors |
1.969
|
1.968 |
1.954 |
|
|
Cash & Bank Balances |
0.430
|
0.303 |
0.570 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
9.167
|
10.519 |
8.500 |
|
Total
Current Assets |
27.671
|
34.261 |
31.894 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
10.764
|
16.245 |
14.243 |
|
|
Provisions |
0.000
|
0.019 |
0.008 |
|
Total
Current Liabilities |
10.764
|
16.264 |
14.251 |
|
|
Net Current Assets |
16.907
|
17.997 |
17.643 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
22.235 |
23.677 |
23.252 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
28.098 |
56.780 |
27.842 |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income |
28.098 |
56.780 |
27.842 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
(8.595) |
0.231 |
0.105 |
|
|
Provision for Taxation |
0.038 |
(0.001) |
(0.019) |
|
|
Profit/(Loss) After Tax |
(8.633) |
0.232 |
0.124 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Depreciation & Amortization |
0.400 |
0.466 |
0.000 |
|
|
Other Expenditure |
36.293 |
56.083 |
27.737 |
|
Total Expenditure |
36.693 |
56.549 |
27.737 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
(30.72)
|
0.41 |
0.45 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(30.59)
|
0.41 |
0.38 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(28.28)
|
0.62 |
0.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.78)
|
0.02 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.78
|
1.96 |
1.83 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.57
|
2.11 |
2.24 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
|
Name of the company |
SAMAR SINGH JAYASWAL PRIVATE LIMITED |
|
Presented By |
Punjab National
Bank 18-A, Brabourne
Road, Kolkata – 700 001, West Bengal, India |
|
1) Date and description of instrument creating the change |
1.
PNB 222
Agreement dated 20.05.1998 2.
Packing Credit
Agreement (Hypothecation) dated 20.05.1998 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
FOBP/FOUBP
Rs.7.500 millions (Renewable) and FOBNLC Rs.7.500 millions Packing Credit
Rs.5.000 millions (Renewable) |
|
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 |
·
For
Purchases of Exports (DP/DA) Bills upto 120 days tenure accompanied by full
set of shipping documents covering consignments of Lac products shown under
confirmed order of Foreign Buyers And ·
Export Bills
with full set of shipping documents covering consignment of Lac products in
terms of L/C of approved Foreign Banks ·
Deposit of
L/C’s of Approved Bank and/or confirmed orders in original in favour of the
company for supply of Lac products. ·
Hypothecation
of goods meant for exports. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
·
Advance should
be get covered under whole turnover Post shipment guarantee policy of ECGC ·
All exchange
control formalities should be complied with. ·
Interest as
per HO/RBI guidelines changed from time to time. ·
Overall
ceiling of Rs.3.750 millions during off season and Rs.15.000 millions during
peak period. ·
Advance
granted under PC to be liquidated within 180 days |
|
5) Name and Address and description of the person entitled to the charge. |
Punjab National Bank 18-A, Brabourne Road, Kolkata – 700 001, West Bengal, India |
|
6) Date and brief description of instrument modifying the charge |
1.
Foreign Bill
Purchase Agreement (PNB 222) for Rs.10.000 millions dated 21.08.2004. 2.
Packing
Credit Agreement for Rs.10.000 millions dated 21.08.2004. 3.
Agreement of
Hypothecation of Block of Assets for Rs.15.000 millions dated 21.08.2004. 4.
Letter of
Equitable Mortgage dated 23.08.2004. |
|
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. |
By this
modification the overall fund-based limit of Rs.15.000 millions has been
renewed with certain changes in the terms and conditions. FOUBP Limit shall
not exceed Rs.6.000 millions and purchases of export (DP/DA) Bills would be
upto 120 days tenure. Over due bills will carry interest @ 14.25% p.a. with
monthly rests. FOBNLC limit
shall be need based and shall be within the limit of FOBP/FOUBP limit Interest on
Packing Credit Limit shall be 7.75% p.a. with monthly rest or as per HO/RBI
guidelines to be issued from time to time. Margin 10%. Limit to be liquidated
within 180 days from availment. Block Assets of
the company’s Jhalda unit in the Dist. Of Purulia has been charged as
collateral security to the aforesaid limits. The company has
created Equitable Mortgage on 21.08.2004 by deposit of Title Deeds of
Mourashi Rent Free Land measuring 1 Bigha (more or less) situated under
Jhalda Municipality, Premises No. 285 and 286, Sri Gopal Jalan Road, Jhalda,
Dist. Purulia, West Bengal to secure the credit facilities as stated
hereinabove. All other terms
and conditions remain the same. |
|
Corporate
identity number of the company |
U51909WB1950PTC018794 |
|
Name of the
company |
SAMAR SINGH JAYASWAL PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
27-B, Carnac Street, Kolkata – 700 016, West Bengal, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Immovable
property ·
Book debts ·
Movable
property (not being pledge) |
|
Particular of
charge holder |
Punjab National Bank 18-A, Brabourne Road, Kolkata – 700 001, West Bengal, India |
|
Nature of instrument
creating charge |
Letter of
continuity |
|
Date of
instrument Creating the charge |
09.05.2007 |
|
Amount secured by
the charge |
Rs.15.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of interest Interest on FOBP/FOUBP limit is to be charged as per Bank/RBI guide
lines from time to time. Interest on Packing Credit limit is 7.75% p.a. subject to change from
time to time. ·
Terms of
repayment Repayable in one year from the date of documentation subject to
revision on review of account. ·
Margin 100% on Packing Credit ·
Extent and
operation of the charge Charge creates security for aforesaid limits aggregating to Rs.15.000
millions together with interest and charges payable by the borrower to the
Charge holder. |
|
Particulars of
the property charged |
Exports (DP/DA)
Bills upto 120 days tenure accompanied by full set of shipping documents.
Export Bills with full set of shipping documents. Deposit of L/C’s of
Approved Bank and / or confirmed orders in favour of the company for supply
of Lac products. Hypothecation of
goods meant for export Equitable Mortgage of Immovable Property situated at
Balarampur Dist. Purulia, West Bengal |
|
Particulars of the
present modification |
By this
modification the Equitable Mortgage created on 21.08.2004 by deposit of Title
Deeds of Mourashi Rent Free Land measuring 1 Bigha (more or Less) situated
under Jhalda Municipality, Premises No. 285 and 286, Sri Gopal Jalan Road,
Jhalda, Dist. Purulia, is vacated and substituted by Equitable Mortgage
created on 09.05.2007 by deposit of Title Deeds of Immovable Property
covering 6.32 acres of land within Mouza Bansgarh, P.S. Balrampur, Purilia,
W.B. Other terms and conditions remain unchanged. |
Web Details
Profile
For centuries, lax, the natural and eco-friendly resin has been widely
used for lacquering and polishing of wooden and can furniture, wool colouring, etc.
Today, this natural resin is widely used in varied industries including food,
fruit coating, pharmaceutical, cosmetic, confectionery, printing ink, to name a
few. Founded in 1950, Subject
is a globally trusted name in the arena of shellac and lac based products.
Based
in Kolkata, they are a pioneer manufacturer
and exporter of
premium grade Seedlac, Machine Made
Shellac, Handmade Shellac, Dewaxed Bleached Lac (Powder), Dewaxed Bleached Lac
(Water Soluble Powder), Dewaxed Decolourised Shellac (Flakes), Shellac
Aleuritic Powder (Aleuritic Acid), Gasket Shellac, Shellac Lacquer, Shellac
Wax, Sealing Wax etc.,
in various grades and specifications.
The company was founded by Late Mr. G. Jayaswal, a visionary
entrepreneur having in depth expertise in the discipline of lac and lac based
products. Now, the affairs of the company are managed by Mr. Samar Singh
Jayaswal, who is also the Chairman of our Group of Companies. He has been the
Chairman of the Shellac Export Promotion Council for several years.
Application
Areas of the Products
Lac is known to mankind since time immemorial. For centuries, this natural
resin has been widely used as a skin cosmetic and dye for wool and silk. Even
today, this eco-friendly resin is an important part of many industrial applications.
It is used in a variety of industries including:
·
Atomic
·
Adhesives
·
Abrasives
·
Ammunition
·
Electrical / Electronics
·
Leather
·
Plastics
·
Packaging
·
Paint Manufacturing
·
Printing Ink
·
Varnish and Lacquers
·
Wooden and Cane Furniture, to name a few.
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.46.71 |
|
UK Pound |
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.66.98 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
47 |
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 |
|