MIRA INFORM REPORT

 

 

Report Date :

29.03.2011

 

IDENTIFICATION DETAILS

 

Name :

JAYANT AGRO-ORGANICS LIMITED

 

 

Registered Office :

38, Marol Co-op Industrial Estate, Off M V Road, Sakinaka, Andheri (East), Mumbai – 400 059, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

07.05.1992

 

 

Com. Reg. No.:

11 – 66691

 

 

CIN No.:

[Company Identification No.]

L24100MH1992PLC066691

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMJ08573F

 

 

PAN No.:

[Permanent Account No.]

AAACJ7581Q

 

 

Legal Form :

Public Limited Liability Company. The Company Shares are listed on Stock Exchange

 

 

Line of Business :

Manufacturer and Exporter of Castor Oil and Castor Oil Derivatives.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (51)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 3200000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and a reputed company having good track. Directors are reported to be experienced and respectable businessman. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments.

 

The company can be considered good 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

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. Prakash

Designation :

Export Manager

Contact No.:

91-9820158366

 

 

LOCATIONS

 

Registered Office/Corporate Headquarters :

Akhandanand, 38, Marol Co-op Industrial Estate, Off M V Road, Sakinaka, Andheri (East), Mumbai – 400 059, Maharashtra, India

Tel. No.:

91-22-66970470 / 91-22-40271300

Fax No.:

91-22-66970474 / 91-22-40271399 

E-Mail :

jaol@vsnl.net

Website :

www.jayantagro.com

Location :

Owned

 

 

Factory 1:

Plot No.602, 624-627, Behind G.A.C.L., Post Petrochemicals, Dist. Vadodara – 391 346, Gujarat, India

Tel. No.:

91-265-2230350  

E-Mail :

91-265-2230958

 

 

Factory 2 :

Plot No. 667, State Highway No. 41, Jagana , Palanpur. Dist. Banaskantha, Gujarat – 385011, India

Tel. No.:

91-2742-252658

E-Mail :

91-2742-257158

 

 

DIRECTORS

 

As on 30.09.2010

 

Name :

Mr. Vithaldas G Udeshi

Designation :

Chairman

 

 

Name :

Mr. Hemant V Udeshi

Designation :

Managing Director

 

 

Name :

Mr. Subhash V Udeshi

Designation :

Director

 

 

Name :

Mr. Jayasinh V Mariwala

Designation :

Director

 

 

Name :

Mr. Vijay Kumar Bhandari

Designation :

Director

 

 

Name :

Mr. Mukesh C Khagram

Designation :

Director

 

 

Name :

Mr. Deepak V Bhimani

Designation :

Director

 

 

KEY EXECUTIVES

 

Name :

Mr. Dinesh Kapadia

Designation :

Company Secretary

 

 

Name :

Mr. Abhay V Udeshi

Designation :

Executive Director

 

 

Name :

Mr. Sudhir V. Udehsi

Designation :

Director

 

 

Name :

Mr. Vikram V. Udeshi

Designation :

Chief Financial Officer

 

 

Name :

Mr. Prakash

Designation :

Export Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2010

 

Names of Shareholders

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

Individuals / Hindu Undivided Family

767,246

5.11

Bodies Corporate

8,222,959

54.82

Sub Total

8,990,205

59.93

(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

8,990,205

59.93

(B) Public Shareholding

 

 

(1) Institutions

 

 

Mutual Funds / UTI

7,200

0.05

Financial Institutions / Banks

5,190

0.03

Sub Total

12,390

0.07

(2) Non-Institutions

 

 

Bodies Corporate

1,303,712

8.69

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs.0.100 millions

2,915,019

19.43

Individual shareholders holding nominal share capital in excess of Rs.0.100 millions

1,158,242

7.72

Any Others (Specify)

620,434

4.14

Non Resident Indians

20,432

0.14

Overseas Corporate Bodies

600,000

4.00

Sub Total

5,997,405

39.98

Total Public shareholding (B)

6,009,795

40.07

Total (A)+(B)

15,000,000

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

-

-

Total (A)+(B)+(C)

15,000,000

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and exporter of industrial castor oil, food castor oil, chemical castor oil, castor oils that includes agricultural manure, additives textile chemicals and many more.

 

 

Products :

ITC CODE

Product Description

151620.03

Hydrogenated Castor Oil

151530.00

Castor Refined Oil

151911.00

12 Hydroxy Stearic Acid/Fatty Acid

 

 

Exports :

 

Products :

Castor Oil and Castor Oil Derivatives

Countries :

Singapore, USA, United Kingdom, Japan, Germany, Middle East, Switzerland, Thailand, Taiwan, etc

 

 

Terms :

 

Selling :

Cash / Credit (30 / 60 days)

 

 

Purchasing :

Cash / Credit (30 / 60 days)

 

PRODUCTION STATUS (As on 31.03.2010)

 

Particulars

Unit

Licensed Capacity

Installed Capacity

Actual Production

Castor Oil and its derivatives including refined Castor Oil, Oxidized, Dehydrated, Blown, Polymerized etc.

MT

50400

43000

-

Hydrogenated Castor Oil

MT

15600

18720

-

Fatty Acid and its Salt, Easters, Amides, Polyamides, Polyols, and its allied products

MT

38340

27000

-

Castor Oils

MT

-

-

68877.843

Derivatives

MT

-

-

42774.187

By-Products

MT

-

-

118913.730

Others

MT

-

-

6497.229

 

 

GENERAL INFORMATION

 

Customers :

End Users and Trader

 

 

No. of Employees :

500 ( In Office + In Factory)

 

 

Bankers :
  • Central Bank of India, Fort Branch
  • State Bank of India, Cuffe Parade
  • Oriental Bank of Commerce, Andheri Branch
  • Kotak Mahindra Bank Limited, Andheri Branch

 

 

Facilities :

Secured Loans :

 

As on 31.03.2010

Rs. in Millions

Long Term

From Banks (Note 1)

 

44.816

Short Term

From Banks (Note 2)

 

1323.663

Interest Accrued and Due

10.057

Total

1378.536

Note :

 

  1. Long term loans are secured against hypothecation of Wind Mill, Plant & Machinery, Vehicles, other Fixed Assets and Equitable Mortgage of Land and Building and personal guarantee of Directors. Installments due within a year Rs.16.432 millions (P.Y. Rs. 14,963 millions )
  2. Short term loans are secured by joint deed of hypothecation, on pari passu basis of raw material, work- in process, finished goods, spares and receivables and personal guarantee of the Directors. Further, collaterally secured by equitable mortgage charge on all present and future immovable properties comprising inter alia machinery, equipments, plant and spares.

 

Unsecured Loans :

As on 31.03.2010

Rs. in Millions

From Banks

275.000

Total

275.000

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

T P Ostwal and Associates

Chartered Accountant

 

 

Subsidiaries :
  • Ihsedu Agrochem Private limited
  • Ihsedu Speciality Chemicals Private limited
  • Jayant Finvest Limited
  • Enlite Chemical Industries Limited
  • Gokuldas K. Udeshi Investment
  • Innovative Micro Systems Private Limited
  • Varun Leasing and Finance Private Limited
  • Gokulmani Real Estate Development Private Limited
  • Ihsedu Coreagri Services Private Limited
  • Akhandanand Engineering and Trading Company

 

 

Associates :
  • Mitsui and Co (Asia Pacific) Pte Limited, Singapore
  • Mitsui and Co Limited Japan

 

 

CAPITAL STRUCTURE

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

29000000

Equity Share

Rs.5/- Each

Rs. 145.000 Millions

6000000

7% Redeemable Preference Shares

Rs.5/- Each

Rs. 30.000 Millions

 

 

 

 

Total

Rs. 175.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

15000000

Equity Share

Rs.5/- Each

Rs.75.000 Millions

 

 

 

 

 

NOTE:

 

Of the above:

6,000,000 Equity Shares of Rs.5/- each fully paid up have been issued as bonus shares by capitalisation of General Reserves.

 

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

75.000

75.000

99.450

2] Share Application Money

0.000

17.850

25.065

3] Reserves & Surplus

713.633

643.199

547.208

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

788.633

736.049

671.723

LOAN FUNDS

 

 

 

1] Secured Loans

1378.536

228.030

770.710

2] Unsecured Loans

275.000

430.000

391.040

TOTAL BORROWING

1653.536

658.030

1161.750

DEFERRED TAX LIABILITIES

69.627

38.806

29.733

 

 

 

 

TOTAL

2511.796

1432.885

1863.206

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

354.222

317.481

300.691

Capital work-in-progress

5.299

1.279

2.774

Advanced Against capital commitments

11.808

0.000

0.000

 

 

 

 

INVESTMENT

257.304

209.678

123.900

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
927.295
431.646

1010.121

 

Sundry Debtors
429.818
267.422

287.524

 

Cash & Bank Balances
102.712
135.298

33.181

 

Other Current Assets
0.000
0.000

2.391

 

Loans & Advances
946.428
474.850

461.287

Total Current Assets
2406.253
1309.216

1794.504

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
187.931

239.159

 

 

Other Current Liabilities
159.628
39.359

267.756

 

Provisions
175.531
126.251

90.907

Total Current Liabilities
523.090
404.769

358.663

Net Current Assets
1883.163
904.447

1435.841

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

2511.796

1432.885

1863.206

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

8792.473

8510.608

5941.091

 

 

Other Income

10.836

19.071

131.349

 

 

TOTAL                                     (A)

8803.309

8529.679

6072.440

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Consumption of Raw Materials

6695.707

6101.919

4570.911

 

 

Purchases of Finished Goods

931.121

871.894

940.469

 

 

Personnel Cost

60.521

56.295

45.521

 

 

Manufacturing and Other Expenses

921.516

914.058

518.248

 

 

Increase/ (Decrease) in Stock

(105.593)

333.363

(226.161)

 

 

TOTAL                                     (B)

8503.272

8277.529

5848.988

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

300.037

252.150

223.452

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

121.093

128.934

105.069

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

178.944

123.216

118.383

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

23.826

22.487

21.508

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

155.118

100.729

96.875

 

 

 

 

 

Less

TAX                                                                  (H)

76.677

44.249

35.484

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

78.441

56.480

61.391

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

220.547

227.157

NA

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Preference Dividend

0.000

0.046

NA

 

 

Proposed Dividend

22.500

18.750

NA

 

 

Dividend Distribution Tax

3.356

8.293

NA

 

 

Transfer to Capital Redemption Reserve

0.000

30.00

NA

 

 

Transfer to General Reserve

7.900

6.000

NA

 

BALANCE CARRIED TO THE B/S

265.232

220.547

227.157

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

6919.253

6891.214

NA

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Chemicals

38.216

55.696

13.149

 

 

Capital Goods

1.529

1.314

--

 

TOTAL IMPORTS

39.745

57.010

13.149

 

 

 

 

 

 

Earnings Per Share (Rs.)

5.23

3.49

4.64

 

 

QUARTERLY / SUMMARISED RESULTS

 

PARTICULARS

 

30.06.2010

30.09.2010

31.12.2010

Type

1st Quarter

2nd Quarter

3rd Quarter

 Sales Turnover

2836.130

2851.280

2528.420

 Total Expenditure

2708.760

2714.750

2406.440

 PBIDT (Excl OI)

127.370

136.530

121.980

 Other Income

0.000

0.000

0.000

 Operating Profit

123.370

136.530

121.980

 Interest

44.960

52.200

48.750

 Exceptional Items

0.000

0.000

0.000

 PBDT

82.410

84.330

73.230

 Depreciation

6.600

6.650

7.050

 Profit Before Tax

75.810

77.680

66.180

 Tax

23.700

24.700

22.350

 Reported PAT

52.110

52.980

43.830

Extraordinary Items       

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

Net Profit

52.110

52.980

43.830

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
0.89

0.66

1.01

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
1.76

1.18

1.63

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
5.62

6.19

4.62

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.20

0.14

0.14

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.76

0.55

0.54

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
4.60

3.23

5.00

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Company History:

 

A member company of the Jayant Oil Mills group, Subject was promoted by V G Udeshi, B M Kapadia and H V Udeshi. It set up a project to refine and hydrogenate castor oil, part-financed by a public issue in May '93. The product finds application in paints, varnishes, print inks, lubricants, etc. The technology to be employed was supplied by one of the associate companies, Jayant Industrial and Scientific Research, for a fee of Rs 25 lac. On commencement of its refining unit on 8 Jul.'93 and the commissioning of its hydrogenation facilities on 29 Sep.'93 the company acquired the status of a 100% EOU. In Jul.'94, JAOL commissioned an expansion programme to double the capacity of hydrogenated castor oil from 20 tpd to 40 tpd. A further increase in capacity to 60 tpd has been proposed. During 1997-98, the company completed its erection of Effluent Treatment -cum Recovery plant. The Company's performance during the year 2000-2001 was excellent and the company continues to focus on development of the market for its value added products. The company has expanded the installed capacity of Hydroxy Stearic Acid and Castor Oil during the financial year 2002-03 by 3096 MT and 11800 MT respectively. With this expansion, the total capacity of H S Acid and Castor Oil have been increased to 15576 MT and 43000 MT respectively. The company has set up a separate division to undertake import and export of commodities and mercandise manufactured by others, which has commenced its activities during January 2005.

 

BUSINESS PERFORMANCE:

 

The Company’s sales turnover during the year under report was Rs.8792.473 millions against the sales of Rs.8510.608 millions during the previous year, an increase of 3.31%. Profit after tax has increased by Rs.21.961 millions i.e. by 38.88% as compared to the previous year.

 

BUSINESS PROSPECTS:

 

After a subdued first half, business across the globe returned to normalcy. The Company has seen strong growth in demand and sales in the second half during the year and the same continues in the current fiscal year 2010-2011.

 

The Company is responding to requirements of its customers and continues on expanding its existing facilities and add new products. The continuous focus and investments of the company in Research and Development has enabled the Company to expand its product portfolio and its customer base.

 

The Company’s subsidiary, Ihsedu Speciality Chemicals Private Limited, a joint venture with Mitsui and Company has started trial production of Sebacic Acid, a complex value added castor oil based derivative, during the previous year. Barring unforeseen circumstances the Company expects a reasonable growth in turnover and profits in the coming year. The Company expects increase in demand for green chemicals leading to increase in demand for the Company’s products.

 

PERFORMANCE OF SUBSIDIARY COMPANIES:

 

Ihsedu Agrochem Private Limited (IHSEDU)

 

During the year, IHSEDU wholly owned Subsidiary of the Company achieved a turnover of Rs.1193.571 millions as compared to Rs.895.847 millions in the previous year. The profit after tax increased to Rs.46.745 millions against Rs.18.455 millions in the previous year. During the year ended March 31, 2010 IHSEDU has declared a maiden Dividend of Rs.0.50 per equity share of Rs.10/-  each.

 

Ihsedu Speciality Chemicals Private Limited ( ISCPL)

 

During the year, the Company had invested a sum of Rs.76.000 millions by way of subscription on 7,600,000 equity shares of Rs.10/- each. Mitsui and Company Limited, Japan and Mitsui and Company( Asia Pacific) Pte. Limited, Singapore, each of them had invested a sum of Rs.24.000 millions by way of subscription on 1,200,000 equity shares of Rs. 10/- each respectively. ISCPL has commenced trial production on March 27, 2010.

 

Ihsedu Coreagri Services Private Limited ( ICSPL)

 

During the year , ICSPL has started its marketing activities for selling Deoiled Cake (DOC) Castor Meal. ICSPL also started backward integration and provides good hybrid seed to farmers and also provides knowhow and extension services to farmers to improve yield and reduce cost by providing scientific methods and input.

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

Industry Structure and Developments.

 

India ranks as the largest source of Castor Seeds in the world, accounting for nearly 75% of the world’s crop. About 90% of the world demand for Castor Oil and derivatives is met by India. The estimated total production of castor seeds for the year is around 10.00 lac tons against 9.8 lac tons in the previous year. The availability and pricing of castor seeds continues to be governed amongst other things, by Castor seeds grown in the major castor growing areas – Gujarat, Rajasthan and Andhra Pradesh, weather condition and growing international demand. Strong export demand for castor oil has led to an acceleration of castor seed processing in India, leading to low availability of castor seed. The supply squeeze and rising prices are also due to the fact that there is an increase in demand for the products. Increase in prices coupled with increase in demand should lead to an increase in the castor crop in the coming future.

 

Opportunities and Threats

 

The global economy which was in deep trouble due to worldwide recession in the last year has improved to a great extent. The impact of last year recession had affected the sectors like services, automobiles, infrastructures housing and paint business, since castor oil is used in manufacturing paints, adhesives, lubricants etc. In-house Research and Development Department of the Company enables the Company to improve the quality of existing range of products, cost reduction, development and introduction of new products and exports, improvement in manufacturing process, product cost and export promotion. The current fundamentals are likely to keep prices well supported in the foreseeable future.

 

The products are being used by Cosmetics, Perfumeries, Plastics and Rubbers, Lubrication, Textile Chemicals, Paper, Paints, Inks and Adhesives, Pharmaceuticals, Food and Electrical, Electronics and Telecommunication etc. So, potential for growth is virtually boundless.

 

Castor Seeds continue to be a volatile raw material in terms of its price. Being an agricultural product, it depends on the rainfall and weather condition prevailing in the area of castor growing States in the country, though it is sturdy crop.

 

Since, majority of the Company’s production is exported, foreign exchange fluctuations can impact the margins of the business.

 

Segment

 

The Company is organised into four business segments – Castor Oil and its Derivatives, based on customers different risks and returns and the internal financial reporting systems; Power Generation and Trading.

 

Outlook

 

There is a growing demand for the Company’s products. Further, increased worldwide focus in green chemicals is

Expected to further accelerate the demand for castor oil based derivatives.

 

The Company is continuously undertaking backward integration and forward integration programs to increase the

Availability of castor seeds on one side and increase supply of castor oil products on the other hand. Barring unforeseen circumstances the directors expect satisfactory growth in turnover and profits

 

 

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER, 2010

(Rs. In Millions)

Particulars

Quarter Ended

Nine Months  Ended

Unaudited

31.12.2010

Unaudited

31.12.2010

 

 

 

(a) Net Sales / Income from operations

2514.668

8156.581

(b) Other Operating Income

13.748

59.246

Total Income

2528.416

8215.827

 

 

 

Expenditure

 

 

a) (Increase) / Decrease in stock in trade and work in progress

423.431

6.284

b) Consumption of raw materials

1727.595

7063.265

d) Employees cost

17.379

49.997

e) Depreciation

7.050

20.300

f) Other expenditure

238.032

710.408

Total

2413.487

7850.254

 

 

 

Profit from operations before other income, interest

114.929

365.573

Other income

--

--

Profit before interest and exceptional Items

114.929

365.573

Interest

48.749

145.907

Profit after Interest but before Exceptional Items

66.180

219.666

Exceptional Items

--

--

Profit (+)/Loss(-) from Ordinary Activities before tax

66.180

219.666

Tax expense

 

 

Provision for taxation

20.550

65.450

Provision for fringe benefit tax

--

--

Provision for deferred tax

1.800

5.300

Wealth tax

--

--

Previous year adjustments

--

--

Net Profit (+)/Loss(-) from Ordinary Activities after tax

43.830

148.916

Extraordinary Items

--

--

Net Profit (+) / Loss (-) for the year period

43.830

148.916

Paid up equity share capital (Face value of Rs.5/- per share)

75.000

75.000

Reserves excluding revaluation reserves as per balance sheet of previous accounting year

--

--

Earning per share (EPS)

 

 

 Before Extraordinary items- Basic

2.92

9.93

Before Extraordinary items- Diluted

2.92

9.93

After Extraordinary items- Basic

2.92

9.93

After Extraordinary items- Diluted

2.92

9.93

Public shareholding

 

 

          Number of shares

6009795

6009795

          Percentage of shareholding

40.07

40.07

 

 

 

Promoters and Promoters group Shareholding-

 

 

a) Pledged /Encumbered

 

 

Number of shares

NIL

NIL

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

NIL

NIL

Percentage of shares (as a % of total share capital of the company)

NIL

NIL

 

 

 

b) Non  Encumbered

 

 

Number of shares

8990205

8990205

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

100.00

100.00

Percentage of shares (as a % of total share capital of the company)

59.93

59.93

 

 

SEGMENT WISE REVENUE RESULTS AND CAPITAL EMPLOYED

(Rs. In Millions)

 

PARTICULARS

3 months ended

Year to date ended

31.12.2010

31.12.2010

 

 

 

SEGMENT REVENUE

 

 

 

 

 

A) Caster Oil Derivatives

1031.500

3418.886

b) Caster Oil

1479.973

4724.286

d) Power Generation

3.195

13.409

e) Unallocated

--

--

Total

2514.668

8156.581

Less: Inter Segment Revenue

 

 

 

 

 

Net Sales/ Income from operations

2514.668

8156.581

 

 

 

Segment results (Profit before tax and interest from each segment)

 

 

A) Caster Oil Derivatives

74.638

270.921

b) Caster Oil

39.578

86.505

c) Trading of Goods and Others

--

--

d) Power Generation

0.713

8.147

e) Unallocated

--

--

Total

114.929

365.573

Less:

 

 

Interest

48.749

145.907

Other unallocable income 

--

--

Total Profit Before Tax

66.180

219.666

 

 

 

3. Capital Employed

(Segment Assets- Segment Liabilities)

 

 

A) Caster Oil Derivatives

128.222

128.222

b) Caster Oil

118.294

118.294

c) Power Generation

68.016

68.016

d) Unallocated

623.017

623.017

Total

937.549

937.549

 

NOTES:

 

  • The auditors of the company have carried out the limited review of the above unadudited financial results.
  • The above results, after review by the audit committee were approved by the board and taken on record in the meeting held on 21st January 2011
  • During the quarter, the company has made an investment in the capital of ihsedu Itoh Green Chemicals Marketing Private Limited Consequently Ihsedu Itoh Green Chemicals Marketing Private Limited become a subsidiaries of the company
  • The consolidated Financial Results have been prepared in accordance with Accounting Standard (AS) 21 on '‘Consolidated Financial Statements" issued by the Institute of Chartered Accountants of India and includes financial results of its subsidiaries, but there is no effect on the minority interest as the Subsidiary Companies viz. Ihsedu Specialty Chemicals Private Limited, Ihsedu Coreagri Services Private Limited and Ihsedu Itoh Green Chemicals Marketing Private Limited have not commenced commercial production
  • No. of Complaints during the quarter ended 31.12.2010 opening Nil, Received Nil Pending Nil
  • Figures have been regrouped wherever necessary

 

FIXED ASSETS:

 

  • Freehold Land
  • Leasehold Land
  • Buildings
  • Plant and Machinery
  • Computers
  • Furniture and Fixtures
  • Vehicles

 

Website Details:

 

Subject is an emerging global oleochemical company with leadership in the castor-based specialty chemicals industry. With proven research capabilities, strict adherence to stringent quality controls conforming to International Standards and flawless record of honoring delivery schedules it is no wonder that Jayant Agro-Organics Limited is the preferred partner of choice worldwide for sourcing of castor oil and castor oil derivatives. With the long-term approach they have adopted to the industry it is no wonder that they balance the requirement equations not only chemically but also economically.

 

 

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 44.78

UK Pound

1

Rs. 71.64

Euro

1

Rs. 62.96

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

0

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

5

--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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

51

 

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

-

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.