MIRA
INFORM REPORT
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Report Date : |
05.03.2011 |
IDENTIFICATION DETAILS
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Name : |
JAYASHREE POLYMERS PRIVATE LIMITED |
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Registered Office : |
21/4, D-Block MIDC, Chinchwad, Pune 411019, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
02.02.1996 |
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Com. Reg. No.: |
11-096879 |
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CIN No.: [Company
Identification No.] |
U24134PN1996PTC096879 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEJ04748C |
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PAN No.: [Permanent
Account No.] |
AAACJ4677K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Rubber Products |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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 800000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered for normal 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 : |
21/4, D-Block MIDC, Chinchwad, Pune-411019, |
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Tel. No.: |
91-20-66111882-4 / 27662584 / 27477638 / 30691402/03/04 |
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Fax No.: |
91-20-27440237 |
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E-Mail : |
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Website : |
DIRECTORS
As on 25.09.2010
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Name : |
Mr. Vinod Surajbhan Bansal |
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Designation : |
Director |
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Address : |
427/27, A, P.C.N.T., Nigdi, Pune 411044, |
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Date of Birth/Age : |
05.10.1959 |
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Date of Appointment : |
02.02.1996 |
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Name : |
Mr. Ramdhari Surajbhan Agarwal |
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Designation : |
Director |
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Address : |
174/24, A, P.C.N.T., Nigdi, Pune 411044, |
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Date of Birth/Age : |
11.03.1944 |
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Date of Appointment : |
02.02.1996 |
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Name : |
Mr. Rajeev Ramdhari Bansal |
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Designation : |
Director |
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Address : |
174/24, A, P.C.N.T., Nigdi, Pune 411044, |
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Date of Appointment : |
11.09.2002 |
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Name : |
Mr. Rahulkumar Ramdhari Bansal
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Designation : |
Director |
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Address : |
174/24, A, P.C.N.T., Nigdi, Pune 411044, |
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Date of Appointment : |
01.10.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2010
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Names of Shareholders |
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No. of Shares |
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Ramdhari Surajbhan Agarwal |
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533657 |
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Ramdhari Surajbhan Agarwal(HUF) |
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120700 |
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Kaushalya Ramdhari Agarwal |
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201957 |
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Rajiv Ramdhari Agarwal |
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66000 |
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Shweta Rajlv Bansal |
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86057 |
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Rahul Ramdhari Bansal |
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75331 |
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Vinod Surajbhan Bansal |
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279062 |
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Vinod Surajbhan Bansal(HUF) |
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4002 |
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Shakuntala Vinod
Bansal |
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152229 |
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Varuk Vlnod Bansal |
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29143 |
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Shruti Vlnod Bansal |
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90000 |
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Mittal Narendra |
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5 |
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Mittal Jogindra |
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5 |
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Mttal Pallavi |
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2 |
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Mittal Arvind |
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3 |
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Agarwal Mukesh |
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2 |
As on 25.09.2010
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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 |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Rubber Products |
GENERAL INFORMATION
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Customers : |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
L.B. Laddha and Company Chartered Accountant |
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Address : |
Flat No. 7 and 8, Second Floor, Sukhwani Chambers, |
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Tel. No.: |
91-20-27426966/27420547 |
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E-Mail : |
CAPITAL STRUCTURE
As on 25.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1674215 |
Equity Shares |
Rs.10/- each |
Rs.16.742
Millions |
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 |
16.742 |
16.742 |
16.742 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
185.201 |
148.499 |
130.134 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
201.943 |
165.241 |
146.876 |
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LOAN FUNDS |
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1] Secured Loans |
269.126 |
221.378 |
223.647 |
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2] Unsecured Loans |
82.612 |
72.570 |
72.658 |
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TOTAL BORROWING |
351.738 |
293.948 |
296.305 |
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DEFERRED TAX LIABILITIES |
1.814 |
0.000 |
0.265 |
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TOTAL |
555.495 |
459.189 |
443.446 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
371.529 |
218.682 |
221.709 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
41.722 |
35.558 |
41.792 |
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DEFERREX TAX ASSETS |
0.000 |
1.912 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
67.542
|
47.235 |
78.800 |
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Sundry Debtors |
161.616
|
176.890 |
128.464 |
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Cash & Bank Balances |
1.144
|
8.546 |
11.111 |
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Other Current Assets |
35.836
|
50.459 |
35.372 |
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Loans & Advances |
0.000
|
0.000 |
0.000 |
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Total
Current Assets |
266.138
|
283.130 |
253.747 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
98.741
|
63.798 |
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Other Current Liabilities |
12.449
|
9.513 |
67.239 |
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Provisions |
12.704
|
6.782 |
6.563 |
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Total
Current Liabilities |
123.894
|
80.093 |
73.802 |
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Net Current Assets |
142.244
|
203.037 |
179.945 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
555.495 |
459.189 |
443.446 |
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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 |
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Other Income |
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TOTAL (A) |
827.237 |
676.500 |
568.554 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
696.797 |
570.261 |
477.633 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
130.440 |
106.239 |
90.921 |
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Less |
FINANCIAL
EXPENSES (D) |
23.073 |
28.890 |
27.624 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
107.367 |
77.349 |
63.297 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
37.090 |
30.336 |
27.788 |
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PROFIT BEFORE
TAX (E-F) (G) |
70.277 |
47.013 |
35.509 |
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Less |
TAX (H) |
28.694 |
22.012 |
(0.080) |
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PROFIT AFTER TAX
(G-H) (I) |
41.583 |
25.001 |
35.589 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.300 |
1.196 |
5.504 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
35.000 |
20.000 |
35.000 |
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Dividend |
4.186 |
4.186 |
4.186 |
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|
Tax on Dividend |
0.695 |
0.711 |
0.711 |
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BALANCE CARRIED
TO THE B/S |
3.001 |
1.300 |
1.196 |
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EARNINGS IN
FOREIGN CURRENCY |
193.451 |
164.196 |
NA |
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IMPORTS |
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Raw Materials |
96.814 |
66.199 |
NA |
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Stores & Spares |
37.819 |
6.573 |
NA |
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Capital Goods |
0.475 |
0.126 |
NA |
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Foreign Traveling Expense |
1.064 |
0.240 |
NA |
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TOTAL IMPORTS |
136.172 |
73.138 |
NA |
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Earnings Per
Share (Rs.) |
24.84 |
NA |
NA
|
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.03
|
3.70 |
6.26 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.02
|
9.37 |
7.47 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.28 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.35
|
2.26 |
2.52 |
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Current Ratio (Current Asset/Current Liability) |
|
2.15
|
3.54 |
3.44 |
LOCAL AGENCY FURTHER INFORMATION
Financial Results:
The performance of the company for the year 2009-10 was quite
satisfactory on all fronts. The company achieved a turnover of Rs. 827.200
millions as compared to Rs. 676.500 millions registering a growth of 22%. The
profit before tax was Rs. 703
millions as compared to Rs. 47.000
millions last year registering a growth of 50%. After including exceptional
items (shares loss), the growth in profit before tax is very impressive at 96%.
Haridwar plant has been commissioned well in time before 31st
March 2010 and the production is running smoothly and company is entitled for
all the fiscal incentives of Excise Duty and income tax for ten years and
capital subsidy kom state government. Though they are supplying to Hero Honda and its ancillaries in Haridwar right now,
they are developing the products for Tata Motors and Ashok Leyland. They are
also in discussion with Mahindra and Mahindra and BHEL and will soon get the
clearances for supply to them. In short, there is tremendous scope for growth
in Haridwar unit as due to time limit expiring on 31st March 2010
for all the fiscal incentives, no new units can be set up and hence all the
existing as well as future business will be shared by only the existing units
in operation. The windmill division is also performing well and as per plan.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90087060 |
|
Corporate
identity number of the company |
U24134PN1996PTC096879 |
|
Name of the company
|
JAYASHREE
POLYMERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
21/4, D-Block MIDC, Chinchwad, Pune-411019, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
Axis Bank Limited, Survey No. 186, CTS No. 3189, Opposite PCMC
Auditorium, Near Tata Motors, |
|
Email |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental Deed
of Hypothecation Deed of
Hypothecation of Machinery and other movable fixed assets (Both the
agreements constitute a single charge) |
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Date of
instrument Creating the charge |
23.10.2010 |
|
Amount secured by
the charge |
Rs.262.438
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As notified by
the bank from time to time Terms of
Repayment As stipulated by
the bank Margin As per norms of
bank Extent and
Operation of the charge CC Pune and
Manesar Unit : Rs. 60.000 Millions CC Haridwar
Unit : Rs. 15.000
Millions Term Loan(VI to
IX) : Rs. 67.788 Millions Term Loan
X(Haridwar) : Rs. 14.500 Millions
Term Loan XI
(Pune and Menesar):Rs.10.500 Millions Term Loan XII
(Fresh) : Rs.94.650 Millions LER
(Sublimit) ( : Rs.
4.000 Millions) ---------------------------------------------------------------- Total : Rs.
262.438 Millions |
|
Short particulars
of the property charged |
I)
First
pari passu hypothecation charge along with citi bank on all tangible movable
machinery, plant machinery, fixtures, fittings, other installation, cranes,
furniture, computers and other accessories. II)
First
pari passu hypothecation charge along with Citibank on the whole of the
Company's movable goods and assets both present and future.(excluding movable
fixed assets to be created out of Term Loan XII) III)
First
pari passu hypothecation charge along with Citibank on all the present and
future book-debts, outstanding monies, receivables, claims bills, contracts
engagements and securities. IV)
Exclusive
charge on entire fixed assets at Pune, Haridwar and Manesar units being
acquired out of Term Loan- XII of Rs.9,46,50,000.00 |
|
Date of latest
modification prior to the present modification |
22.03.2010 |
|
Particulars of
the present modification |
By present
supplemental deed of hypothecation dtd 23/10/2010.Total Credit facilities has
been enhanced upto Rs.262.438 Millions. |
Fixed Assets:
- Land
- Building
- Plant and Machinery
- Furniture
- Office Equipments
- Vehicles
- Computer
- Software
- Tools and Fixtures
- Dies and Moulds
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.44.99 |
|
|
1 |
Rs.73.23 |
|
Euro |
1 |
Rs.62.80 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
50 |
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.