MIRA
INFORM REPORT
|
Report Date : |
07.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
JAYANT FINVEST LIMITED |
|
|
|
|
Registered
Office : |
Akhandanand 37 Marol Co-Opindl Estate of M V Road, Sakinara Andheri East,
Mumbai – 400059, Maharashtra |
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|
Country : |
India |
|
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|
Financials (as
on) : |
31.03.2010 |
|
|
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|
Date of
Incorporation : |
09.04.1992 |
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|
|
|
Com. Reg. No.: |
11-066277 |
|
|
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Capital
Investment / Paid-up Capital : |
Rs.9.999 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1992PLC066277 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ08574G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACJ0231F |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Investment and Finance Company. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 980000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
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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. There
appears some losses being incurred by the company in the current year i.e.
2009-10. However, net worth appears to be satisfactory. 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 |
INFORMATION DECLINED BY
|
Name : |
Mr. Kapadiya |
|
Designation : |
Company Secretary |
|
Date : |
02.06.2011 |
LOCATIONS
|
Registered Office : |
Akhandanand 37 Marol Co-Opindl Estate of M V Road, Sakinara Andheri
East, Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
91-22-66970470 |
|
Fax No.: |
91-22-66970474 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Udeshi Gokaldas Vlthaldas. |
|
Designation : |
Chairman |
|
Address : |
13 AB, Sett Minar, G. Deshmukh Marg, Mumbai - 400 026, Maharashtra,
India |
|
Date of Birth/Age : |
20.04.1931 |
|
Date of Appointment : |
07.05.1992 |
|
|
|
|
Name : |
Mr. Udeshi Gokaldas Jayraj |
|
Designation : |
Director |
|
Address : |
502, 5th Floor, Godavari Worli Sagar Chs Limited, Sir
Pochkhanwala Road, Worli, Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
13.09.1940 |
|
Date of Appointment : |
01.04.2002 |
|
|
|
|
Name : |
Mr. Udeshi Gokaldas Mulraj |
|
Designation : |
Director |
|
Address : |
11, Lalbaug Society, Manzalpur, Baroda – 390011, Gujarat, India |
|
Date of Birth/Age : |
10.11.1933 |
|
Date of Appointment : |
01.04.2002 |
|
|
|
|
Name : |
Mr. Udeshi Vijaysinh Vikram |
|
Designation : |
Wholetime Director |
|
Address : |
Hicon Classic I, Flat No. 101. 11th Floor Near Beam
Hospital, Dr. Ambedkar Road, Khar (West), Mumbai – 400052, Maharashtra, India
|
|
Date of Birth/Age : |
04.07.1967 |
|
Date of Appointment : |
01.08.1998 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Vithaldas G. udeshi |
|
100 |
|
Vithaldsas G. Udeshi |
|
450 |
|
Hemant V. Udeshi |
|
550 |
|
Abhay V. Udeshi |
|
550 |
|
Dr. Subhash V. Udeshi |
|
550 |
|
Sudhir Udeshi |
|
450 |
|
Dhruv V. Udeshi |
|
450 |
|
Vikram V. Udeshi |
|
450 |
|
Yatin V. Udeshi |
|
450 |
|
Vijaysin G. Udeshi |
|
300 |
|
Mulraj Udeshi |
|
900 |
|
Bharat Udeshi |
|
600 |
|
Malti Udeshi |
|
600 |
|
Jayraj Udeshi |
|
900 |
|
Hitesh J. Udeshi |
|
600 |
|
Vipul J. Udeshi |
|
600 |
|
Udeshi Trust |
|
990200 |
|
Gokuldas K. Udeshi |
|
1200 |
|
|
|
|
|
Total |
|
999900 |
AS ON 30.09.2010
|
Category |
Percentage |
|
|
|
|
Bodies corporate |
0.12 |
|
Directors or relatives of Directors |
99.88 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Investment and Finance Company. |
GENERAL INFORMATION
|
Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
T.P. Ostwal and Associates Chartered Accountant |
|
Address : |
Bharat House, 4th Floor, 104, Mumbai Samachar Marg, Fort,
Mumbai – 400001, Maharashtra, India |
|
|
|
|
Associates/Subsidiaries : |
·
Jayant Agro Organics Limited ·
Ihsedu Agro-Chem Private Limited ·
Ihsedu Coreagri Services Private Limited ·
Enlite Chemical Industries Limited ·
Gokudas K. Udeshi Investment ·
Innovation Micro Systems Private Limited ·
Gokulmani Real Estate Development Private Limited
·
Kailan Impex Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
200000 |
12% Redeemable Cumulative Preference Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
999900 |
Equity Shares |
Rs.10/- each |
Rs.9.999
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 |
9.999 |
9.999 |
9.999 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
234.823 |
263.034 |
232.428 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
244.822 |
273.033 |
242.427 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
337.156 |
|
|
2] Unsecured Loans |
50.300 |
18.000 |
31.800 |
|
|
TOTAL BORROWING |
50.300 |
18.000 |
368.956 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
295.122 |
291.033 |
611.383 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.050 |
0.094 |
0.106 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
206.082 |
174.391 |
198.479 |
|
|
DEFERREX TAX ASSETS |
0.724 |
0.339 |
0.140 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
374.224 |
|
|
Sundry Debtors |
66.312
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
15.837
|
8.191 |
6.114 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
115.461
|
161.515 |
124.280 |
|
Total
Current Assets |
197.610
|
169.706 |
504.618 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Other Current Liabilities |
101.426
|
46.408 |
88.375 |
|
|
Provisions |
7.918
|
7.089 |
3.585 |
|
Total
Current Liabilities |
109.344
|
53.497 |
91.960 |
|
|
Net Current Assets |
88.266
|
116.209 |
412.658 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
295.122 |
291.033 |
611.382 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
484.669 |
727.529 |
302.478 |
|
|
|
Long Term Capital Gains |
0.145 |
24.326 |
4.093 |
|
|
|
Gain On Settlement |
0.982 |
0.017 |
0.857 |
|
|
|
Gain on Sales of Investment (Short Term) |
0.000 |
0.000 |
2.215 |
|
|
|
Dividend |
7.248 |
9.281 |
9.205 |
|
|
|
Share of Income in Contributory Trust |
1.883 |
0.000 |
0.000 |
|
|
|
Short Term Capital Gain |
2.232 |
0.000 |
0.000 |
|
|
|
Other Income |
0.015 |
0.211 |
2.641 |
|
|
|
TOTAL (A) |
497.174 |
761.364 |
321.489 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of Goods |
452.115 |
315.756 |
478.807 |
|
|
|
Personnel Costs |
2.381 |
3.040 |
0.000 |
|
|
|
Operating and Administrative Expenses
|
4.877 |
5.729 |
7.114 |
|
|
|
Short Term Capital Loss |
0.000 |
1.310 |
0.000 |
|
|
|
Long Term Capital Loss |
0.372 |
0.000 |
0.000 |
|
|
|
Loss on Transaction on Derivatives |
0.000 |
0.362 |
0.802 |
|
|
|
Share Warrant Money Forfeited |
13.650 |
0.000 |
0.000 |
|
|
|
Sundry Balance W/off |
38.997 |
0.007 |
0.000 |
|
|
|
Increase / Decrease in Stock |
0.000 |
374.224 |
(188.601) |
|
|
|
Security Transaction Tax |
0.000 |
0.000 |
0.525 |
|
|
|
TOTAL (B) |
512.392 |
700.428 |
298.647 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(15.218) |
60.936 |
22.842 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
12.902 |
27.652 |
15.525 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(28.120) |
33.284 |
7.317 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.044 |
0.011 |
0.008 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(28.164) |
33.273 |
7.309 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.047 |
2.668 |
0.080 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(28.211) |
30.605 |
7.229 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
242.501 |
211.896 |
204.666 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
214.290 |
242.501 |
211.896 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
30.61 |
31.61 |
7.23 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(5.67)
|
4.01 |
2.24 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(5.81)
|
4.57 |
2.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(14.24)
|
19.59 |
1.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.11)
|
0.12 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.65
|
0.26 |
1.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.80
|
3.17 |
5.48 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE :
During the year, the company has made a loss of Rs. 28.212 millions as
against profit of Rs. 30.696 millions in the previous year. The total income is
Rs. 497.178 millions as against Rs. 387.142 millions in the previous year.
FIXED ASSETS :
·
Vehicles
·
Computers
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. 44.72 |
|
|
1 |
Rs. 73.46 |
|
Euro |
1 |
Rs. 65.47 |
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 |
NO |
|
--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.