MIRA
INFORM REPORT
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Report Date : |
21.02.2011 |
IDENTIFICATION DETAILS
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Name : |
JAYVEE ORGANICS AND POLYMERS PRIVATE LIMITED |
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Registered
Office : |
11, Niraj Industrial Estate, Off |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
11.08.1986 |
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Com. Reg. No.: |
11-040584 |
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CIN No.: [Company Identification
No.] |
U24110MH1986PTC040584 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Dealers in Polymers Additives Indenting Agent for Stabilizer Epoxy
Plasticizers and Additives |
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 : |
USD 29000 |
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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
|
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 |
INFORMATION DECLINED BY
Management non co-operative.
LOCATIONS
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Registered Office : |
11, Niraj Industrial Estate, Off Mahakali Caves Road, Andheri (E),
Mumbai-400093, Maharashtra, India |
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Tel. No.: |
91-22-28350243 / 28322433 / 26872433 / 26870243 |
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Fax No.: |
91-22-28350244 / 26870244 / 26871934 |
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E-Mail : |
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Website : |
DIRECTORS
As On : 30.09.2010
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Name : |
Mr. Chetan Jayendra Shah |
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Designation : |
Director |
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Address : |
97-B/9, Pranav, Juhu Road, Santacruz (W), Mumbai-400054, Maharashtra,
India |
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Date of Birth/Age : |
23.04.1960 |
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Date of Appointment : |
11.08.1986 |
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DIN No : |
00132622 |
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Name : |
Ms. Veena Jayendra Shah |
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Designation : |
Director |
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Address : |
97-B/9, Pranav, Juhu Road, Santacruz (W), Mumbai-400054, Maharashtra,
India |
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Date of Birth/Age : |
01.11.1936 |
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Date of Appointment : |
14.07.1987 |
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DIN No : |
00132617 |
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Name : |
Mr. Jayendra Ratilal Shah |
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Designation : |
Director |
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Address : |
97-B/9, Pranav, Juhu Road, Santacruz (W), Mumbai-400054, Maharashtra,
India |
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Date of Birth/Age : |
12.12.1933 |
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Date of Appointment : |
19.07.1987 |
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DIN No : |
00132613 |
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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Chetan Jayendra Shah |
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6800 |
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Veena Jayendra Shah |
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9600 |
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Jayendra Ratilal Shah |
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20800 |
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Anjali Chetan Shah |
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1200 |
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Minal Jitendra Shah and Veena Jayendra Shah |
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1600 |
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Total
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40000 |
AS ON 30.09.2010
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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 |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealers in Polymers Additives Indenting Agent for Stabilizer Epoxy
Plasticizers and Additives |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged to the management. |
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Bankers : |
·
Dena Bank, Santacruz West Branch, Mumbai-400054,
Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
C Maneklal and Company – Mr. K. P. Kapadia - Partner Chartered Accountant |
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Address : |
3-D/1, 3rd Floor, Kakad House, A Wing, 11 S. J. Thackersy
Marg, New Marine Lines, Mumbai-400020, Maharashtra, India |
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Tel. No.: |
91-22014925 / 22019410 |
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E-Mail : |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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40000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.400
million |
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Notes : (of the above 15000 (15000) Equity Shares were
issued as fully paid Bonus Shares by Capitalizing balance in profit and Loss
account.)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
0.400 |
0.400 |
0.400 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.013 |
5.959 |
8.096 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
7.413 |
6.359 |
8.496 |
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LOAN FUNDS |
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1] Secured Loans |
1.603 |
5.699 |
0.000 |
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2] Unsecured Loans |
1.001 |
1.001 |
1.001 |
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TOTAL BORROWING |
2.604 |
6.700 |
1.001 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
10.017 |
13.059 |
9.497 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.729 |
1.077 |
0.973 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.010 |
0.010 |
0.010 |
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DEFERREX TAX ASSETS |
0.058 |
0.101 |
0.099 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
5.606
|
8.814 |
8.010 |
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Sundry Debtors |
4.126
|
9.726 |
6.840 |
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Cash & Bank Balances |
0.504
|
0.356 |
1.230 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
3.358
|
3.214 |
2.387 |
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Total
Current Assets |
13.594
|
22.110 |
18.467 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
2.938 |
8.035 |
7.431 |
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Other Current Liabilities |
0.097
|
0.067 |
0.130 |
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Provisions |
2.239
|
2.137 |
2.491 |
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Total
Current Liabilities |
5.374
|
10.239 |
10.052 |
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Net Current Assets |
8.220
|
11.871 |
8.415 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
10.017 |
13.059 |
9.497 |
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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 AND OTHER
INCOME |
40.677 |
42.012 |
42.887 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
39.379 |
44.037 |
40.783 |
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Advertising Expenses |
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TOTAL |
39.379 |
44.037 |
40.783 |
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PROFIT BEFORE
TAX |
1.298 |
(2.025) |
2.104 |
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Less |
TAX |
(0.202) |
(0.115) |
(0.716) |
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PROFIT AFTER TAX
|
1.096 |
(2.140) |
1.388 |
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EARNINGS IN
FOREIGN CURRENCY |
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Claim on Discontinuance of Agency |
2.431 |
0.000 |
0.000 |
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Commission Earnings |
6.047 |
3.719 |
4.639 |
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TOTAL EARNINGS |
8.478 |
3.719 |
4.639 |
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IMPORTS VALUE |
23.762 |
32.383 |
31.150 |
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Earnings Per
Share (Rs.) |
27.40 |
(53.50) |
34.70 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.44
|
(8.70) |
10.77 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.18
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(0.32) |
0.25 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.08
|
2.66 |
1.30 |
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Current Ratio (Current Asset/Current Liability) |
|
2.53
|
2.16 |
1.84 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
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For Goods |
2.576 |
7.587 |
6.620 |
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For Expenses |
0.362 |
0.448 |
0.811 |
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Total |
2.938 |
8.035 |
7.431 |
FORM 8
|
Corporate
identity number of the company |
U24110MH1986PTC040584 |
|
Name of the
company |
JAYVEE
ORGANICS AND POLYMERS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
11, Niraj Industrial Estate, Off Mahakali Caves Road, Andheri (E),
Mumbai-400093, Maharashtra, India |
|
This form is for |
Modification of charge |
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Type of charge |
Book debts Movable property (not being pledge) Others |
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Particular of
charge holder |
Dena Bank, Santacruz West Branch, Mumbai-400054, Maharashtra, India |
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Nature of
instrument creating charge |
Agreement
Of Hypothecation (Goods, Book Debts and Other Movable Assets) |
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Date of
instrument Creating the charge |
14.01.2009 |
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Amount secured by
the charge |
Rs.14.000 millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest BPLR
(presently BPLR 13.50%) i.e. 13.50 subject to change from time to time as per
H.O. Guidelines. Terms of
repayment As
per agreement of hypothecation Margin 25%
margin on stocks and 40% margin on book debts up to 90 days. Extent and
operation of the charge Cash
credit hypothecation of stocks and book debts – 11.000 millions Letter
of credit DP / DA - inland / foreign – 3.000 millions. The
charge stands in favour of Dena bank, Santacruz west branch. |
|
Short particulars
of the property charged (Including location of the property) |
Goods
such as stock in trade, various chemicals, etc. Book
debts, Movables
and other assets and All
that pieces & parcels located at industrial gala no. 11, niraj industrial
estate, Andheri
east, Mumbai- 400 093. |
|
Charge
identification number of the charge to be modified |
90232049 |
|
Date of instrument
modifying the charge |
24.08.2007 |
FIXED ASSETS
Ř Aqua Guard
Ř Mobile Phones
Ř Typewriters
Ř Vaccum Cleaners
Ř Air Conditioners
Ř Fax Machines
Ř Furniture and
Fixture
Ř Motor Cars
Ř Computers
Ř Dryer
Ř Xerox Machine
Ř EP ABX Machine
Ř Electric Fittings
Ř Electronic
Typewriter
WEB SIDE DETAILS
Profile
Subject was established in 1987. Their core activity is marketing
of Polymer Additives. They represent well know international companies like
Chemtura Vinyl Additives GmbH, Germany for PVC Additives, Constab Polyolefin
Additives GmbH, Germany for Additive Master batches, PPG Industries Inc., USA
for Glass Reinforcement for Thermoplastics, Cognis Oleo chemicals GmbH, Germany
for Lubricants, Baker Perkins Limited, UK for Twin Screw Extruders. In addition
they also hold representation of Indian Domestic Companies.
Polymers are wonderful materials. However they need care and
protection during processing and when used in rigorous conditions and external
weathering. More often polymers have to fulfill demanding needs of improved
mechanical properties, anti - static, anti - frictional characteristics,
resistance to flame and fires and provide ease in post processing operations
and handling. All these vital characteristics are incorporated in polymers
through selective use of additives either in primary or in master batch form.
At Jayvee Organics, they assist polymer manufacturers, compounders
and processors to select these additives and help protect, preserve and modify
polymers to enhance their performance.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.18 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--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 |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.