MIRA
INFORM REPORT
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Report Date : |
07.09.2011 |
IDENTIFICATION DETAILS
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Name : |
J.G. CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
34A, Metcalfe Street, Kolkata – 700013, West Bengal |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
28.06.2001 |
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Com. Reg. No.: |
21-093380 |
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Paid-up Capital
: |
Rs. 12.200 Millions |
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CIN No.: [Company Identification
No.] |
U24100QB2001PTC093380 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Luxmi Brand Zinc Oxide |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 280000 |
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Status : |
Satisfactory |
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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. 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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/Head Office : |
34A, Metcalfe Street, Kolkata – 700013, West Bengal, India |
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Tel. No.: |
91-33-40140100 |
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Fax No.: |
91-33-40140199 |
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E-Mail : |
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Website : |
DIRECTORS
As On 30.09.2010x
|
Name : |
Mr. Vinay Kumar Parmanand Churiwala |
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Designation : |
Director |
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Address : |
4, National Library Avenue, Alipore, Kolkata – 700027, West Bengal,
India |
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Date of Birth/Age : |
24.06.1953 |
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Date of Appointment : |
29.06.2001 |
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Date of Cessation : |
27.05.2010 |
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DIN No.: |
00180527 |
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Name : |
Mr. Suresh Jhunjhunwala |
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Designation : |
Managing Director |
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Address : |
12, Mulidhar Sen Lane, Kolkata – 700073, West Bengal, India |
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Date of Birth/Age : |
02.02.1953 |
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Date of Appointment : |
28.06.2001 |
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DIN No.: |
002234725 |
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Name : |
Mr. Anirudh Suresh Jhunjhunwala |
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Designation : |
Director |
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Address : |
12, Mulidhar Sen Lane, Kolkata – 700073, West Bengal, India |
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Date of Birth/Age : |
22.02.1979 |
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Date of Appointment : |
28.06.2001 |
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DIN No.: |
00234879 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
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Names of Shareholders |
|
No. of Shares |
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Jhunjhunwala Suresh |
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150000 |
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Eeshwar Fiscal Services Private Limited – India |
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112500 |
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Jhunjhunwala Alka |
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160000 |
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Jhunjhunwala Anirudh |
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160000 |
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Vision Projects and Finvest Private Limited – India |
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140000 |
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Jayanti Commercial Limited – India |
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122500 |
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Anirudh Jhunjhunwala HUF |
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25000 |
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Jhunjhunwala Anuj |
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150000 |
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Suresh Kumar Jhunjhunwala HUF |
|
50000 |
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Alkan Fiscal Services Private Limited – India |
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100000 |
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BDJ Chemcials Private Limited – India |
|
50000 |
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Total |
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1220000 |
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As On 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
43.03 |
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Directors or relatives of Directors |
56.97 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Luxmi Brand Zinc Oxide |
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Products : |
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Brand Names : |
“Luxmi” |
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PRODUCTION STATUS (As On 31.03.2010)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Zinc Oxide |
MT |
NA |
5400 |
5449.200 |
|
Zinc Residue |
MT |
NA |
NA |
NA |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Bank of Baroda – India Exchange Branch, 4, India
Echange Place, Kolkata – 700001, West Bengal, India ·
ICICI Bank ·
HDFC Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. K. S. and Company Chartered Accountant |
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Address : |
71, Burtolla Street, 1st Floor, Kolkata – 700007, West
Bengal, India |
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Tel. No.: |
91-33-22686326 |
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Pan No.: |
AAIFS8725Q |
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Associates/Subsidiaries : |
·
Eeshwar Fiscal Services Private Limited |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
1500000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
1220000 |
Equity Shares |
Rs. 10/- each |
Rs. 12.200
Millions |
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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 |
12.200 |
10.200 |
10.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
59.669 |
34.640 |
31.788 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
71.869 |
44.840 |
41.988 |
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LOAN FUNDS |
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|
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1] Secured Loans |
92.131 |
49.290 |
82.323 |
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2] Unsecured Loans |
41.887 |
25.500 |
29.870 |
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TOTAL BORROWING |
134.018 |
74.790 |
112.193 |
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DEFERRED TAX LIABILITIES |
0.503 |
0.548 |
0.641 |
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TOTAL |
206.390 |
120.178 |
154.822 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
15.507 |
15.164 |
15.169 |
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Capital work-in-progress |
4.354 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.862 |
0.862 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
65.560
|
27.593 |
40.279 |
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Sundry Debtors |
100.883
|
55.221 |
90.708 |
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Cash & Bank Balances |
2.566
|
3.065 |
1.632 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
44.953
|
35.160 |
25.781 |
|
Total
Current Assets |
213.962
|
121.039 |
158.400 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
0.000
|
0.000 |
0.000 |
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Other Current Liabilities |
13.948
|
8.117 |
11.110 |
|
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Provisions |
13.490
|
8.780 |
8.514 |
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Total
Current Liabilities |
27.438
|
16.897 |
19.624 |
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Net Current Assets |
186.524
|
104.142 |
138.776 |
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MISCELLANEOUS EXPENSES |
0.005 |
0.010 |
0.015 |
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TOTAL |
206.390 |
120.178 |
154.822 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
540.457 |
392.239 |
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Other Income |
1.770 |
3.838 |
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TOTAL |
542.227 |
396.077 |
593.283 |
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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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Financial Expenses |
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TOTAL |
529.250 |
389.783 |
584.475 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
12.977 |
6.294 |
8.808 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
1.730 |
1.743 |
1.973 |
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PROFIT BEFORE
TAX |
11.247 |
4.551 |
6.835 |
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Less |
TAX |
4.217 |
1.699 |
2.444 |
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PROFIT AFTER TAX
|
7.030 |
2.852 |
4.391 |
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PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
14.840 |
11.988 |
7.397 |
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BALANCE CARRIED
TO THE B/S |
21.870 |
14.840 |
11.988 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
29.754 |
53.823 |
62.127 |
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TOTAL EARNINGS |
29.754 |
53.823 |
62.127 |
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IMPORTS |
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Raw Materials |
103.895 |
71.459 |
102.652 |
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TOTAL IMPORTS |
103.895 |
71.459 |
102.652 |
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Earnings Per
Share (Rs.) |
5.76 |
2.80 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.30
|
0.72 |
0.74 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.08
|
1.16 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.90
|
3.34 |
3.94 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.10 |
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.25
|
2.04 |
3.14 |
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|
Current Ratio (Current Asset/Current Liability) |
|
7.80
|
7.16 |
8.07 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
Economies across the globe are showing signs of recovery
post the financial crisis. The Indian economy also rebounded in the year 2009-10.
This was a landmark year for the Company as the Company recorded its highest
ever Profit and the total turnover in quantitative terms also increased by 24%.
The total sales volume increased to 5417.405 MT during the year 2009-10 from
4366.280 MT for the year 2008-09. The gross sales and other income have been
achieved at Rs. 542.227 millions as against Rs. 396.076 millions during the
financial year 2008-09. Anticipating the higher industrial growth in the coming
years and seeing the demand supply gap for Zinc Oxide in India as well as in
the overseas market, the Company is further expanding its production capacity
by setting up a new unit at its existing facility at Jalan complex. Jangalpur,
Form 8:
|
Corporate identity number of the company |
U24100WB2001PTC093380 |
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Name of the company |
J.G. Chemicals Private Limited |
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Address of the registered office or of the
principal place of business in |
34A
Metcalfe Street, Kolkata - 700013, West Bengal, India |
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This form is for |
Modification of charge |
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Type of charge |
Book Debts Movable Property Immovable Property Plant and machinery and other fixed and
current assets |
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Particular of charge holder |
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Nature of instrument creating charge |
Supplemental Composite Hypothecation Agreement Supplemental Memorandum Of Entry |
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Date of instrument Creating the charge |
23.09.2010 |
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Amount secured by the charge |
Rs. 134.317 Millions |
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Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest - Interest and other
charges shall be paid as per sanction terms i.e. for TL & CC - 0.75% below BPLR i.e 11.25% p.a.w.m.r (
ROI is subject to change). Terms of Repayment - Term Loan- 1.817
Million shall be repaid as per sanction terms i.e. 11 months @ 0.167 million
per month, to be repaid by March,2011. Working Capital ( Rs. 120.000 Millions by
way of CC , Rs. 10.000 Millions by way of LC-Foreign DA/DP upto 60 Days and
Rs. 2.500 Millions by way of BG). Interest to be serviced as and when
charged. Margin - The borrower shall maintain
stipulated margin as mentioned in the sanction letter of the bank. Presently the applicable margin is Term Laon :- 25.00% Cash Credit - 25% on Stock and book-debts LC:- 10% cash margin BG:- 10% cash margin Extent and Operation of the charge - The
security created under said Agreement shall operate as continuing security
and by way of first and exclusive charge
The charged assets property be kept at the
Company risk and expense in good condition and fully insured against loss or
damage by fire, lighting or explosion or theft and also against loss or
damage by riot and civil commotion etc. as may be required by the Bank in the
joint names of the Bank and the Company. Others - The Company hereby declares that
all the charged property now existing are absolute property of and at the
sole disposal of the Company and free from any prior charge or encumbrance
and undertakes that all future property shall like wise be the unencumbered
and absolute and disposable property of the Company. Other terms & conditions are as per
terms & conditions of above referred agreement and Sanction Letter of
the bank. |
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Particulars of the property charged |
The borrower Company hereby hypo. and
charges by way of 1st charge a) all
stocks of RM, WIP and FG and stores
and spares now being and lying in the
Borrower's Factory/ Works at 189, Girish Ghosh Road,Ghusuri and Jalan
Industrial Complex, Mouza- Biprannapara, P.S. Domjur, Dist.- Howrah. b) all the book-debts and receivables etc c) all movable / immovable Plant,
machinery cranes, Vehicles with spares, tools and accessories and other
office equipment and other Fixed Assets of the Company as mentioned in the
Schedule to Agreement. both present and future d) The Co. created
equitable mortgage by deposit of title
deeds in respect of Land along with factory shed, buildings, P&M standing
thereon admeasuring an area of 95.25 decimal situate, lying in at d) The Co.
created equitable mortgage by deposit
of title deeds in respect of Land along with factory shed, buildings, P&M
standing thereon admeasuring an area of 95.25 decimal situate, lying in at
4179,3743,3744,4116 and 3745. Deed of Conveyance being no. 4285 dated
20.11.2003 and registered in the office of ADSR, Domjur , Howrah Refer Attachment for details |
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Particulars of the present modification |
By present modification the overall limit
secured by charge has been enhanced from Rs. 99.500 Millions to Rs. 134.317
Millions. Revised Limit Rs. 120.000 Millions by way of CC, Rs.
10.000 Millions by way of LC -Foreign DA/DP upto 60 Days, Rs. 2.500 Millions
by way of BG and TL - Rs. 1.817 Million Other terms and conditions save as
modified above remain unchanged. |
Fixed Assets:
·
Land
·
Building and factory shed
·
Furniture and fixture
·
Vehicles
·
Plant and machinery
·
Office equipment
·
Computer
·
Air pollution equipment
·
Lab equipment
·
Fire fighting equipment
·
Tools and equipment
AS PER WEBSITE
DETAILS
HISTORY
A Rock Solid
Commitment
Subject) is a part of the renowned
BDJ Group and has been producing Zinc Oxide since its inception in the year
1975. The BDJ group is promoted by the "Jhunjhunwala " Family who
have been in Trade and Industry for over 90 years and have made major contribution
in the growth of various Industries in India.
The company stands for more than 30 years of reliable, consistent and high
quality service to the Zinc Oxide user industry. Today JGC's list of customers
includes leaders from the auto-tyres, tubes, beltings, other rubber goods
manufacturers, glassware, ceramics, lubricants, paints, pharmaceuticals,
cosmetics, electronics and agricultural sectors.
Throughout its history, it has adapted itself to face the challenges of the
time and emerged successful. The relentless process of change continues even
today through modernization, computerization, automation, diversification,
globalization, and innovation. The only constant factor throughout these
changes has been JGC's resolve to remain the supplier of choice for its
customers.
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.46.13 |
|
|
1 |
Rs.74.18 |
|
Euro |
1 |
Rs.64.88 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--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.