MIRA
INFORM REPORT
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Report Date : |
23.02.2011 |
IDENTIFICATION DETAILS
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Name : |
JAY POLYCHEM INDIA PRIVATE LIMITED |
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Registered Office : |
A-101, Lajpat Nagar - I, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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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 : |
Ba (45) |
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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 : |
USD5372736 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
A-101, Lajpat Nagar - I, |
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Tel. No.: |
91-11-2335 6131-38 / 25529639 / 25590523 / 42791000 |
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Fax No.: |
91-11-41554300 |
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E-Mail : |
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Website : |
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Administrative
Office : |
34, |
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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, |
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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
AS ON 30.09.2010
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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, |
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Date of Birth : |
18.12.1935 |
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Date of Appointment : |
01.04.2006 |
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Other Directorship : |
Jaspark Speciality Chemicals Private Limited U24111DL1999PTC102727 |
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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, |
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Date of Birth : |
28.08.1968 |
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Date of Appointment : |
01.04.2006 |
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Other Directorship : |
Jaspark Speciality Chemicals Private Limited U24111DL1999PTC102727 |
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Name : |
Mrs. Parkash Kaur |
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Designation : |
Whole Time Director |
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Address : |
A-101/1, Lajpat Nagar I, New
Delhi-110 024, |
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Date of Birth : |
28.08.1968 |
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Date of Appointment : |
01.04.2006 |
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Other Directorship : |
Jaspark Speciality Chemicals Private Limited U24111DL1999PTC102727 |
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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, |
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Date of Birth : |
28.10.1974 |
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Date of Appointment : |
01.04.2006 |
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Name : |
Mrs. Sumohita Kaur |
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Designation : |
Whole Time Director |
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Address : |
A-101/1, Lajpat Nagar I, New
Delhi-110 024, |
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Date of Birth : |
30.10.1978 |
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Date of Appointment : |
01.04.2006 |
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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, |
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Date of Birth: |
11.09.1971 |
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Date of Appointment : |
01.04.2006 |
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Name : |
Mr. Rahul Bhasin |
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Designation : |
Director |
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Address : |
C-221, Defence Colony, |
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Date of Birth/Age : |
06.01.1972 |
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Date of Appointment : |
15.03.2006 |
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Name: |
Mrs. Harneet Kaur |
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Designation: |
Whole Time Director |
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Address: |
A-101, Lajpat Nagar 1, |
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Date of Birth: |
28.10.1974 |
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Date of Appointment: |
01.04.2006 |
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Name: |
Mrs. Gurdeep Singh |
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Designation: |
Director |
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Address: |
58, Heera Nagar, |
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Date of Birth: |
24.06.1943 |
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Date of Appointment: |
03.08.2005 |
KEY EXECUTIVES
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Name : |
Ms. Hema Budhiraja |
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Designation : |
Company Secretary |
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Address : |
B -1/594, Janak Puri, |
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Date of Birth/Age : |
15.08.1977 |
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Date of Appointment : |
23.04.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Satinder Pal Singh |
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1046150 |
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Prakash Kaur |
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343960 |
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Sandeep Singh |
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1086950 |
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Jaswant Singh |
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963620 |
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Harneet Kaur |
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136750 |
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Sumohita Kaur |
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131450 |
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Dashneel Kaur |
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20 |
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Jaswant Singh HUF |
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2800 |
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Satinder Singh Madhok HUF |
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2900 |
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Ganapati Sugars Limited, |
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115750 |
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Ganapati Breweries Limited, |
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179750 |
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Baweja Exports Private lImited, |
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279000 |
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Jay Tel Mobile Private Limited, |
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740480 |
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Jaspark Specility Chemicals Private Limited, |
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401800 |
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Total |
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5431380 |
AS ON 30.09.2010
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Category
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Percentage of
Holding |
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Bodies corporate |
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32.00 |
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Directors or relatives of directors |
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68.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Distribution and International Trading of Chemicals |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Around 170 |
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Bankers : |
Corporation Bank, Industrial Finance Branch, 10th Floor,
Hindustan times House, 18/20, Katurba Gandhi Marg, |
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Facilities: |
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Banking
Relations : |
-- |
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Auditors : |
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Name: |
Raj Aryan and Associates Chartered Accountants |
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Address : |
WZ-578 (New No. F-11), Rishi Nagar, Shakur Basti, New
Delhi-110034, |
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Tel No.: |
91-11-27017283 / 27025229 |
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Pan No.: |
ABEPA6726E |
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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 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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7500000 |
Equity Shares |
Rs.100/- each |
Rs.750.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4827980 |
Equity Shares |
Rs.100/- each |
Rs.482.798 Millions |
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Share Application Money |
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Rs.191.100 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
482.798 |
463.960 |
394.950 |
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2] Share Application Money |
191.100 |
94.190 |
220.800 |
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3] Reserves & Surplus |
669.286 |
508.115 |
190.595 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1343.184 |
1066.265 |
806.345 |
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LOAN FUNDS |
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1] Secured Loans |
3738.465 |
3066.178 |
2132.635 |
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2] Unsecured Loans |
586.402 |
465.383 |
348.004 |
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TOTAL
BORROWING |
4324.867 |
3531.561 |
2480.639 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5668.051 |
4597.826 |
3286.984 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
322.468 |
214.815 |
144.505 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENTS |
55.453 |
55.402 |
55.403 |
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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 |
2009.558
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1625.908
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1902.902
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Sundry Debtors |
3166.470
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2846.594
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1483.520
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Cash & Bank Balances |
501.920
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324.443
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247.976
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Other Current Assets |
0.000
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0.000
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0.000
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Loans & Advances |
281.170
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277.052
|
162.369
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Total
Current Assets |
5959.118
|
5073.997
|
3796.767
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
622.176
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692.854
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677.714
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Others Current Liabilities |
36.771
|
51.392
|
29.588
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Provisions |
10.041
|
2.142
|
1.889
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Total
Current Liabilities |
668.988
|
746.388
|
709.191
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Net Current Assets |
5290.130
|
4327.609
|
3087.076
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5668.051 |
4597.826 |
3286.984 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
15898.261 |
12856.221 |
12094.068 |
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Other Income |
0.918 |
9.162 |
13.673 |
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TOTAL (A) |
15899.179 |
12865.383 |
12107.741 |
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Less |
EXPENSES |
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Cost of Material |
15011.022 |
12141.641 |
11456.076 |
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Personnel Expenses |
77.428 |
65.555 |
51.638 |
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Administrative Expenses |
156.846 |
141.733 |
162.086 |
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Selling and Distribution Expenses |
92.089 |
68.076 |
48.653 |
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TOTAL (B) |
15337.385 |
12417.005 |
11718.453 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
561.794 |
448.378 |
389.288 |
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Less |
FINANCIAL
EXPENSES (D) |
397.876 |
351.665 |
236.382 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
163.918 |
96.713 |
152.906 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
27.982 |
23.433 |
14.911 |
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PROFIT BEFORE
TAX (E-F) (G) |
135.936 |
73.280 |
137.995 |
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Less |
TAX (I) |
50.117 |
31.800 |
49.075 |
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PROFIT AFTER TAX
(G-I) (J) |
85.819 |
41.480 |
88.920 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
0.54
|
0.34
|
0.73
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Net Profit Margin (PBT/Sales) |
(%) |
0.86
|
0.57
|
1.14
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.16
|
1.38
|
3.50
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Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.07
|
0.17
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Debt Equity Ratio (Total Liability/Networth) |
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3.72
|
0.70
|
0.88
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Current Ratio (Current Asset/Current Liability) |
|
8.91
|
6.80
|
5.35
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LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE REVIEW
During the financial year the company achieved the total turnover of Rs.15898.200 Millions compared to Last year turnover of Rs.12856.200 Millions. The profit before tax is Rs.135.900 Millions and profit after tax is Rs.85.800 Millions. The current year is also promising.
OPPORTUNITIES AND
FUTURE PLANS
The Management is trying to explore new indigenous market for chemical products, Polymers and Polymer Additives.
The Management is constantly exploring possibilities for new products as well as new markets for the Indian End use Sectors like Automotive, Health and Medical, Pharmaceuticals, Paints, footwear, Lighting etc. Recently Company has ventured into sourcing chemicals like HAB, Benzene, LAB and Heavy Aromatics.
The Company was awarded an Oil and Gas Block in NELP VIII
round of bidding by Ministry of Petroleum and Natural Gas in cambay
Bankers Charges
Report as per Registry
|
Name of the company |
JAY POLYCHEM
INDIA LIMITED |
|
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 Toulene etc. |
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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, |
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This form is for |
Modification of
charge |
|
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 |
A-101, Lajpat Nagar - I, |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
v
Bank of E-Mail Id: sanjay_agw@rediffmail.com |
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Nature of
description of the instrument creating or modifying the charge |
Continuing Oral
Assent |
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Date of
instrument Creating the charge |
16.09.2008 |
|
Amount secured by
the charge |
Rs.4310.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per Agreement Terms of Repayment As per Agreement Margin As per Agreement Extent and Operation of the charge 100% to secure
various credit facilities up-to Rs.4310.000 Millions granted by consortium
member bankers such as Banker Rs.in million Bank of The Federal
Bank 740.000 BOB 750.000 SBI 110.000 |
|
Short particulars
of the property charged |
Equitable
mortgage of company’s immovable property situated at 301-A and B and 34,
Block-205-B, Babar Lane, Bengali Market, New Delhi – 110 001 together with all
buildings and structure thereon and all fixed plant and machinery therein.
The charge shall rank on pari-passu basis without any preference or priority
of one over the other for all purposes. |
|
Corporate
identity number of the company |
U72300DL1991PLC044884 |
|
Name of the
company |
JAY POLYCHEM INDIA LIMITED |
|
Address of the
registered office or of the principal place of business in |
A-101, Lajpat Nagar - I, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book debts Floating debts Others |
|
Particular of
charge holder |
v
Bank of E-Mail Id: sanjay_agw@rediffmail.com |
|
Nature of
instrument creating charge |
Hypothecation of
tangible movable property |
|
Date of
instrument Creating the charge |
21.08.2009 |
|
Amount secured by
the charge |
Rs.60.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest @3.00% p. a. BPLR
minimum @15.00% p. a. or such other rate as applicable from time to time Term of repayment Payable on demand
Extent and operation of the charges To secure Ad-Hoc
credit facility of Rs.60.000 millions together with interest and all other
costs as applicable from time to time. |
|
Short particular
of the property or asset(s) charged |
i. Hypothecation of
all present and future stock of Raw Materials, Semi-finished and Finished
Goods stored /to be stored at the premises of the borrower situated at ii. All present
and future book-debts, receivable claims etc. |
|
Corporate
identity number of the company |
U72300DL1991PLC044884 |
|
Name of the
company |
JAY POLYCHEM
INDIA LIMITED |
|
Address of the
registered office or of the principal place of business in |
A-101, Lajpat
Nagar-I, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
CORPORATION BANK
INDUSTRIAL FINANCE BRANCH |
|
Nature of
instrument creating charge |
Common Deed of Hypothecation
of Movables/Assets/Debts |
|
Date of
instrument Creating the charge |
16/12/2010 |
|
Amount secured by
the charge |
Rs.1200.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 18.75% P.A.,
Being 10.50% Above The Corporation Bank Base Rate Which Is At Present 8.25% Extent and
Operation of the charge Cash Credit : 260.000 Millions Import/Inward LC
Cum Buyer's Credit : 940.000 Millions |
|
Short particulars
of the property charged |
Pari Passu First
Charge on Inventory on Book Debts/Current Assets. |
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
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various stheirces
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.20 |
|
|
1 |
Rs.73.70 |
|
Euro |
1 |
Rs.61.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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 |
|
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 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.