MIRA
INFORM REPORT
|
Report Date : |
07.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
IHSEDU SPECIALITY CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
Akhandanand 38 Marol Co-operative Industrial Estate, Off M. V. Road, Sakinaka,
Andheri (East), Mumbai – 400059, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
08.09.2006 |
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Com. Reg. No.: |
11-164412 |
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Capital Investment
/ Paid-up Capital : |
Rs.250.000 Millions |
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CIN No.: [Company Identification
No.] |
U24117MH2006PTC164412 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI07331C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Adhesives, Glue Sealants, Paper Products, Textile and Dyeing Finishing Chemical. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (16) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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Status : |
Yet to Commence |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Jayant Agro Organics Limited. As per last available financials, the company has not started its commercial
business activities. Payment terms are unknown. Initially, the company can be considered for business dealings on a
secured 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 |
|
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
|
Name : |
Mr. Kapadiya |
|
Designation : |
Company Secretary |
|
Date : |
06.06.2011 |
LOCATIONS
|
Registered Office : |
Akhandanand 38 Marol Co-operative Industrial Estate, Off M. V. Road,
Sakinaka, Andheri (East), Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
91-22-40271314/ 40271300/ 66970470 |
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Fax No.: |
91-22-40271399/ 40271390/ 66970474 |
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E-Mail : |
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Website : |
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Project Office : |
Plot No.59, P2/P1, Near Jasubhai’s Godown, Opposite Bhagwan Park, GACL
Road, Ranoli, Tal. Vadodara – 391350, Gujarat, India |
|
Tel. No.: |
91-265-2240410 |
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Fax No.: |
91-265-2240403 |
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Factory : |
296/300, Village Dhanora, Vadodara, Gujarat, India |
DIRECTORS
(AS ON 15.07.2010)
|
Name : |
Mr. Vithaldas Gokuldas Udeshi |
|
Designation : |
Director |
|
Address : |
13 AB Sett Minar, 16-A, Peddar Road, Mumbai – 400026, Maharashtra,
India |
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Date of Birth/Age : |
20.04.1931 |
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Date of Appointment : |
08.09.2006 |
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Name : |
Mr. Hemant Vithaldas Udeshi |
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Designation : |
Director |
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Address : |
13 AB Sett Minar, 16-A, Peddar Road, Mumbai – 400026, Maharashtra,
India |
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Date of Birth/Age : |
20.09.1957 |
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Date of Appointment : |
09.09.2008 |
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|
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Name : |
Mr. Vikram Udeshi |
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Designation : |
Director |
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Address : |
Hicons Classics 1, Flat No.1101, 11th floor, Dr. Ambedkar Road,
Opposite Beam Hospital, Khar (West), Mumbai – 400052, Maharashtra, India |
|
Date of Birth/Age : |
04.07.1967 |
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Date of Appointment : |
08.09.2006 |
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|
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|
Name : |
Mr. Abhay Udeshi |
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Designation : |
Director |
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Address : |
13 AB Sett Minar, 16-A, Peddar Road, Mumbai – 400026, Maharashtra,
India |
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Date of Birth/Age : |
18.06.1960 |
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Date of Appointment : |
06.12.2007 |
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|
|
|
Name : |
Mr. Subhash Udeshi |
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Designation : |
Director |
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Address : |
13 AB Sett Minar, 16-A, Peddar Road, Mumbai – 400026, Maharashtra,
India |
|
Date of Birth/Age : |
13.12.1961 |
|
Date of Appointment : |
06.12.2007 |
|
|
|
|
Name : |
Mr. Sudhir Udeshi |
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Designation : |
Director |
|
Address : |
Hicons Classics 1, Flat No.1101, 11th floor, Dr. Ambedkar
Road, Opposite Beam Hospital, Khar (West), Mumbai – 400052, Maharashtra,
India |
|
Date of Birth/Age : |
13.10.1951 |
|
Date of Appointment : |
06.12.2007 |
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|
|
|
Name : |
Mr. Jayasinh Vallabhdas Mariwala |
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Designation : |
Director |
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Address : |
Sudha Kunj 3 Tardeo, Mumbai – 400034, Maharashtra, India |
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Date of Birth/Age : |
09.07.1933 |
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Date of Appointment : |
18.09.2009 |
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|
Name : |
Mr. Masanori Ikebe |
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Designation : |
Director |
|
Address : |
Grand Clair Okamoto F-201, Okamoto 3-25-3 Stagaya-Ku, Tokyo, Japan |
|
Date of Birth/Age : |
07.11.1958 |
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Date of Appointment : |
18.06.2008 |
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|
Name : |
Mr. Makoto Kato |
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Designation : |
Director |
|
Address : |
14, Poorvi Marg Vasant Vihar, Delhi – 110057, India |
|
Date of Birth/Age : |
26.10.1968 |
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Date of Appointment : |
20.04.2010 |
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|
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|
Name : |
Mr. Kimihide Kondo |
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Designation : |
Director |
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Address : |
Tahnea Heights, 301, Nepean Sea Road, Mumbai – 400006, India |
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Date of Birth/Age : |
14.05.1966 |
|
Date of Appointment : |
10.08.2010 |
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Email : |
KEY EXECUTIVES
|
Name : |
Mr. Kapadiya |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 15.07.2010)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
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Jayant Finvest Limited, India |
|
5000 |
|
Gokuldas K. Udeshi |
|
5000 |
|
Jayant Agro Organics Limited, India |
|
18989400 |
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Jayant Agro Organics Limited, India Jointly with Mr. Vithaldas G.
Udeshi |
|
100 |
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Jayant Agro Organics Limited, India Jointly with Mr. Hemant V. Udeshi |
|
100 |
|
Jayant Agro Organics Limited, India Jointly with Mr. Sudhir V. Udeshi |
|
100 |
|
Jayant Agro Organics Limited, India Jointly with Mr. Abhay V. Udeshi |
|
100 |
|
Jayant Agro Organics Limited, India Jointly with Dr. Subhash V. Udeshi
|
|
100 |
|
Jayant Agro Organics Limited, India Jointly with Mr. Vikram V. Udeshi |
|
100 |
|
Mitsui and Company Limited, Japan |
|
3000000 |
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Mitsui and Company (Asia) Pacific Pte. Limited, Singapore |
|
3000000 |
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|
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|
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Total |
|
25000000 |
(AS ON 30.09.2010)
|
Category |
|
Percentage |
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|
|
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
24.00 |
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Bodies corporate |
|
76.00 |
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|
|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Adhesives, Glue Sealants, Paper Products, Textile and Dyeing Finishing Chemical. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
· Central Bank of India Corporate Finance Branch, MMO Building, 1st Floor, M G
Road, Mumbai – 400023, Maharashtra, India |
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Facilities : |
NOTE: Loan is secured by hypothecation of stocks, bills documents etc and
pari passu charge on fixed assets and personal guarantee of two directors and
corporate guarantee of Jayant Agro-Organics Limited (Holding Company) |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
T. P. Ostwal and Associates Chartered Accountant |
|
Address : |
Bharat House, 4th Floor, 104, Mumbai Samachar Marg, Fort,
Mumbai – 400001, Maharashtra, India |
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Tel. No.: |
91-22-40693900 |
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Fax No.: |
91-22-40693999 |
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Email : |
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Holding Company : |
· Jayant Agro –Organics Limited CIN No.: L24100MH1992PLC066691 |
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Associates Company : |
· Mitsui and Company (Asia Pacific) Pte Limited, Singapore · Mitsui and Company Limited, Japan |
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Fellow Subsidiary : |
· Ihsedu Agrochem Private Limited · Ihsedu Coreagri Services Private Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Share |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Share |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
Note:
Of the above 18,990000 Equity shares are held by
Jayant Agro Organics Limited, Holding company
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 |
250.000 |
150.000 |
76.250 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
24.588 |
24.588 |
12.312 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
274.588 |
174.588 |
88.562 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
419.121 |
127.198 |
6.295 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
419.121 |
127.198 |
6.295 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
693.709 |
301.786 |
94.857 |
|
|
|
|
|
|
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|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
179.112 |
39.789 |
39.699 |
|
|
Capital work-in-progress |
422.384 |
246.816 |
18.311 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
20.170 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
31.152
|
0.000 |
0.000 |
|
|
Sundry Debtors |
1.059
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
9.052
|
5.422 |
4.508 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
51.137
|
12.258 |
0.309 |
|
Total
Current Assets |
92.400
|
17.680 |
4.817 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
39.365
|
7.934 |
0.594 |
|
|
Other Current Liabilities |
40.151
|
25.550 |
0.683 |
|
|
Provisions |
0.088
|
0.088 |
0.021 |
|
Total
Current Liabilities |
79.604
|
33.572 |
1.298 |
|
|
Net Current Assets |
12.796
|
(15.892) |
3.519 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.128 |
0.128 |
0.128 |
|
|
Pre-operative Expenses Pending Capitalisation |
79.289 |
30.945 |
13.030 |
|
|
|
|
|
|
|
|
TOTAL |
693.709 |
301.786 |
94.857 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.82
|
0.92 |
0.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16
|
0.53 |
3.71 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
The Company has commenced trial production w.e.f. 27th March,
2010.
ISSUE OF FURTHER
CAPITAL:
The Company has allotted at par totaling 10,000,000 Equity Shares of
Rs.10/- each, out of which, 7,600,000 Equity Shares of Rs.10/- each to Jayant
Agro-Organics Limited; 1,200,000 Equity Shares of Rs.10/- each to Mitsui and
Company (Asia Pacific) Pte. Limited, Singapore and 1,200,000 Equity Shares of
Rs.10/- each to Mitsui and Company Limited, Japan. Hence, the paid-up Equity
Share Capital of the Company has increased to Rs.250,000,000/- (Rs.250 Million)
comprising of 25,000,000 Equity Shares of Rs.10/- each.
DIRECTORS:
The Board of Directors at their meeting held on 20"
April, 2010, have appointed Mr. Makoto Kato, in the casual vacancy caused by
the replacement of Mr. Kimihide Kondo, a Director of the Company, by Mitsui and
Company (Asia Pacific) Pte. Limited,
Singapore. The Board of Directors of the Company wishes to place on record
their sincere appreciations to the advice and valuable services rendered by him
during his tenure as Director of the Company.
During the year, Mr. J. V. Mariwala, Independent Director, has been appointed as an Additional Director on the Board on 18th September, 2009 in compliance with the provisions of the listing agreement of Stock Exchanges with Jayant Agro-Organics Limited. As per the provisions of Section 260 of the Companies Act, 1956, Mr. J.V. Mariwala, holds office only upto the date of the forthcoming Annual General Meeting of the company.
FORM 8:
|
Corporate
identity number of the company |
U24117MH2006PTC164412 |
|
Name of the
company |
Ihsedu Speciality
Chemicals Private Limited |
|
Address of the
registered office or of the principal place of business in |
Akhandanand 38 Marol
Co-Operative Indusial Estate, Off. M. V. Road, Sakinaka, Andheri (East),
Mumbai – 400059, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Movable property (not being pledge) Fixed Assets |
|
Particular of
charge holder |
Central Bank of
India Corporate Finance
Branch, MMO Building, 1st Floor, M G Road, Mumbai – 400023,
Maharashtra, India |
|
Nature of
instrument creating charge |
1.Joint Deed of
Hypothecation |
|
Date of
instrument Creating the charge |
16.11.2010 |
|
Amount secured by
the charge |
Rs.110.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: As stipulated by
bank from time to time Terms of
Repayment: As stipulated by
bank from time to time Margin: As stipulated by
bank from time to time Extent and Operation
of the charge: First Charge
(Present and Future) =Total Limit Rs.110.000 Millions (1) Central Bank of
India -Term Loan =Rs.65.000 Millions
(2) ICICI Bank Limited-Term Loan =Rs.45.000 Millions) and/or as
stipulated by bank from time to time Others: As stipulated by
bank from time to time |
|
Particulars of
the property charged |
First paripassu
charge (present and future on following assets) (1) Hypothecation and charge
on entire land and building, all movable/immovable plant and machinery
together with all accessories, stores and spares of the company (2) Hypothecation
of all movable and fixed assets of the company (3) Hypothecation
of all the assets purchased out of term loan/bank finance. |
|
Particulars of the
present modification |
By this
modification SBI has opted out and ICICI Bank has joined CBI consortium, now
Total Limit stands to Rs.110.000 Millions (1) Central Bank of India -Term
Loan =Rs.65.000 Millions (2) ICICI Bank Limited-Term Loan =Rs.45.000 Millions),
securities are continued as given by original charge as well as by
modifications, terms and conditions. |
FIXED ASSETS:
· Freehold Land
· Building
· Plant and Machinery
· Computers
· Furniture and fixtures
· Vehicles
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 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.44.85 |
|
|
1 |
Rs.73.29 |
|
Euro |
1 |
Rs.64.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
16 |
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.