MIRA
INFORM REPORT
|
Report Date : |
20.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
JAYSHREE AROMATICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
4705/1/3 GIDC, Ankleshwar – 393 002, |
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Country : |
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|
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|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
01.12.2004 |
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|
|
|
Com. Reg. No.: |
04-45069 |
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|
Capital
Investment / Paid-up Capital : |
Rs.86.100 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24249GJ2004PTC045069 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer,
Exporter of Organic Inorganic Solvents and Industrial Chemicals. |
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|
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 800000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
4705/1/3 GIDC, Ankleshwar – 393 002, |
|
Tel. No.: |
91-2646-224211 |
|
Mobile No.: |
91-9825031253 (Mr. Munshi Ashraf) |
|
Fax No.: |
91-2646-252718 |
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E-Mail : |
|
|
Website : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Hasmukh Jagjivanbhai Patel |
|
Designation : |
Director |
|
Address : |
B-28, Anurag Society, Akota, Vadodara – 390 020, |
|
Date of Appointment : |
01.12.2004 |
|
DIN No. : |
02357148 |
|
|
|
|
Name : |
Mr. Devdatta Keshav Bhembre |
|
Designation : |
Director |
|
Address : |
Flat No. 101, 1st Floor, Sujay Jewel, Plot No. 210, Sector
21, Nerul, Navi Mumbai – 400 706, |
|
Date of Appointment : |
01.12.2004 |
|
DIN No. : |
02357165 |
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|
|
|
Name : |
Mr. Mansukhbhai Jesubhai Seta |
|
Designation : |
Director |
|
Date of Appointment : |
01.12.2004 |
|
|
|
|
Name : |
Mr. Ajaykiran Kantilal Gudka |
|
Designation : |
Director |
|
Address : |
78/2, |
|
Date of Birth/Age : |
27.02.1969 |
|
Date of Ceasing : |
16.03.2011 |
|
DIN No. : |
01253267 |
|
|
|
|
Name : |
Mr. Percival A Fernandes |
|
Designation : |
Director |
|
Address : |
Flat No. 31, Building No. 20A, |
|
Date of Appointment : |
21.05.2007 |
|
Date of Ceasing : |
20.03.2010 |
KEY EXECUTIVES
|
Name : |
Mr. P A Fernandes |
|
Designation : |
Company Secretary |
|
Address : |
Flat No. 31, Building No. 20A, |
|
Date of Appointment : |
05.03.2009 |
|
Date of Ceasing : |
15.09.2009 |
|
PAN No. : |
AAGPF5782Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Hasmukh Jagjivanbhai Patel |
|
6529875 |
|
Devdatta Keshav Bhembre |
|
125 |
|
Kantilal H Gudka Hansa K Gudka |
|
416000 |
|
Ajaykiran Kantilal Gudka Harsha A Gudka |
|
624000 |
|
Hansa K Gudka Kantilal H Gudka |
|
104000 |
|
Shreya A Gudka (Guardian Ajaykiran K Gudka) |
|
208000 |
|
Kairavi A Gudka (Guardian Ajaykiran K Gudka) |
|
208000 |
|
Nayan K Gudka Nehal N Gudka |
|
520000 |
|
Total |
|
8610000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Exporter of Organic Inorganic Solvents and Industrial Chemicals. |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Aromatic Chemicals of different properties |
Tons |
NA |
5000 |
NA |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Axis Bank Limited Vardhman Complex, ·
ICICI Bank Limited, Ankleshwar ·
Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
Rahuldeo and Company Chartered Accountant |
|
Address : |
S-35, Uma Complex, GIDC, Ankleshwar – 393 002, |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8610000 |
Equity Shares |
Rs.10/- each |
Rs.86.100
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
86.100 |
86.100 |
86.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
114.289 |
77.251 |
26.181 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
200.389 |
163.351 |
112.281 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
182.395 |
191.319 |
112.317 |
|
|
2] Unsecured Loans |
1.187 |
2.190 |
2.190 |
|
|
TOTAL BORROWING |
183.582 |
193.509 |
114.507 |
|
|
DEFERRED TAX LIABILITIES |
5.168 |
0.240 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
389.139 |
357.100 |
226.788 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
255.824 |
199.191 |
89.709 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.220 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
123.510
|
102.334 |
79.952 |
|
|
Sundry Debtors |
94.202
|
76.835 |
36.491 |
|
|
Cash & Bank Balances |
2.496
|
19.302 |
33.570 |
|
|
Other Current Assets |
1.572
|
0.102 |
0.000 |
|
|
Loans & Advances |
12.438
|
12.704 |
24.046 |
|
Total
Current Assets |
234.218
|
211.277 |
174.059 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
96.113
|
47.487 |
34.466 |
|
|
Other Current Liabilities |
1.360
|
0.462 |
0.105 |
|
|
Provisions |
4.600
|
7.591 |
3.377 |
|
Total
Current Liabilities |
102.073
|
55.540 |
37.948 |
|
|
Net Current Assets |
132.145
|
155.737 |
136.111 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.950 |
2.172 |
0.968 |
|
|
|
|
|
|
|
|
TOTAL |
389.139 |
357.100 |
226.788 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
465.172 |
415.070 |
185.507 |
|
|
|
Other Income |
2.924 |
0.028 |
0.896 |
|
|
|
TOTAL (A) |
468.096 |
415.098 |
186.403 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
355.704 |
316.770 |
172.736 |
|
|
|
Manufacturing Expenses |
22.394 |
14.730 |
7.195 |
|
|
|
Payment and Benefits to Employees |
4.999 |
6.234 |
1.414 |
|
|
|
Administrative, Selling and Distribution Overheads |
28.687 |
24.351 |
12.523 |
|
|
|
Increase / (Decrease) in Stock of FG/SFG |
(28.256) |
(19.540) |
(48.810) |
|
|
|
TOTAL (B) |
383.528 |
342.545 |
145.058 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
84.568 |
72.553 |
41.345 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
15.848 |
11.854 |
5.197 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
68.720 |
60.699 |
36.148 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
23.167 |
6.600 |
5.373 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
45.553 |
54.099 |
30.775 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
7.046 |
3.029 |
2.681 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
38.507 |
51.070 |
28.094 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
66.718 |
15.648 |
(0.003) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS /
PRIOR PERIOD ADJUSTMENTS |
1.469 |
0.000 |
12.443 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
103.756 |
66.718 |
15.648 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IMPORTS |
183.247 |
200.307 |
106.904 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
4.47 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.23
|
12.30 |
15.07 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.79
|
13.03 |
16.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.30
|
13.18 |
11.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.33 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.43
|
1.52 |
1.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.29
|
3.80 |
4.59 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
The expansion of Plant capacity is completed by
the end of September 2009 and the trial production runs were undertaken
immediately. The plant was successfully commissioned and commercial production
is already started. Also, there was substantial refurbishing of the old plant
which is more than 8 years old. This was necessary and unavoidable so as to
maintain the quality of products and the yield of the same. The expenditure for
this was fully met by the cash accruals from the operations during the year.
Even after the turmoil in world economy, the company successfully achieved the
sales of Rs.480.200 millions of Gross Value, which in the previous financial
year was of Rs.409.500 millions. The company could earn Rs.2.828 millions from
foreign exchange fluctuation as compared to Rs.18.269 millions in the previous
financial year.
Total production including Captive Consumption
achieved during the year was of 3160.39 MT as against the installed capacity of
5000 M.T. which, in the previous year was 1918.40 MT and 2400 MT respectively.
The Directors are hopeful to show better
operations efficiency in the years to come.
FORM 8
|
Corporate identity number of the company |
U24249GJ2004PTC045069 |
|
Name of the company |
JAYSHREE AROMATICS PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
4705/1/3 GIDC, Ankleshwar – 393 002, |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10087424 |
|
Type of charge |
·
Book debts ·
Movable property (not being pledge) ·
Floating charge ·
Others o
Current Assets of the Company |
|
Particular of charge holder |
Axis Bank Limited Vardhman Complex, |
|
Nature of instrument creating charge |
Supplementary Deed of Hypothecation |
|
Date of instrument Creating the charge |
22.10.2010 |
|
Amount secured by the charge |
Rs.239.438 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest as per Sanction letter no.WZ/SME/pc/2010-11/611 dt. 20-10-2010 Terms of Repayment as per Sanction letter no.WZ/SME/pc/2010-11/611 dt. 20-10-2010 Margin as per Sanction letter no.WZ/SME/pc/2010-11/611 dt. 20-10-2010 Extent and Operation of the charge as per Sanction letter no.WZ/SME/pc/2010-11/611 dt. 20-10-2010 |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
·
All current assets of the company including stock
and book debts, both present and future ·
Plant and Machinery |
|
Particulars of the present modification |
Increase in amount of charge from Rs.225.056 millions to Rs.239.438
millions Deed of Hypothecation dt. 22-10-2010 |
FIXED ASSETS
·
·
Building
·
Vehicles
·
Plant and Machineries
·
Office Equipments
·
Computers
·
Furniture and Fixtures
·
Electrical Installations
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.44.59 |
|
|
1 |
Rs.71.62 |
|
Euro |
1 |
Rs.62.78 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
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 |
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.