MIRA
INFORM REPORT
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Report No. : |
307216 |
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Report Date : |
16.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
JPB CHEMICAL INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
101, C Wing, Eastern Court, Off |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
02.05.1996 |
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Com. Reg. No.: |
11-099271 |
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Capital
Investment / Paid-up Capital : |
Rs.10.890 Millions |
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CIN No.: [Company Identification
No.] |
U24110MH1996PTC099271 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ09264D |
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PAN No.: [Permanent Account No.] |
AAACJ6054E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Importer and Distributor of Pharmaceuticals, solvents, bulk
drugs, aromatics and agrochemicals, such as acetone, benzene, methanol,
renin, caustic soda lye and other solvents. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 100000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established private limited liability company having
moderate track record. The company has reported low profitability. As per financials of 2012-13 and 2013-14 the company has huge external
borrowings. However, trade relations seems to be fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings with some caution. |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
India Ratings and Research |
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Rating |
Long term funds = BB |
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Rating Explanation |
Inadequate credit quality and high credit risk. |
|
Date |
February, 2014 |
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Rating Agency Name |
India Ratings and Research |
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Rating |
Short term funds = A4+ |
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Rating Explanation |
Minimal degree of safety very high credit risk. |
|
Date |
February, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
LOCATIONS
|
Registered Office : |
101, C Wing, Eastern Court, Off Tejpal Road, Vile Parle (East), Mumbai
– 400057, Maharashtra, India |
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Tel. No.: |
91-22-261371234 / 26710022 (R) |
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Fax No.: |
91-22-61371235 |
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E-Mail : |
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Website : |
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Factory : |
Plot No.94, Taloja Industrial Area, MIDC New Chemical Zone, Navade
Phate, Taloja, Taluka-Panvel, District Raigad – 410208, Maharashtra, India |
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Tel. No.: |
91-22-65769927 |
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Branch Office : |
Office No. 116/117, Sunrise, Opposite Jayambe Hostel, Manjalpur,
Village – Vadodara, Taluka - Vadodara, District – Vadodara – 390010, Gujarat,
India |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Jitendra Dayalji Gandhi |
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Designation : |
Managing Director |
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Address : |
2/9, Kashturi, Building No. 80, |
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Date of Birth/Age : |
01.03.1946 |
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Date of Appointment : |
02.05.1996 |
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PAN No.: |
AABPG9818R |
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DIN No.: |
00975010 |
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Name : |
Mr. Hiten Jitendra Gandhi |
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Designation : |
Whole Time Director |
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Address : |
2/9, Kashturi, Building No. 80, |
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Date of Birth/Age : |
10.10.1974 |
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Date of Appointment : |
02.05.1996 |
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PAN No.: |
AABPG7198N |
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DIN No.: |
00975139 |
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Other
Directorship:
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Name : |
Mr. Parag Jitendra Gandhi |
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Designation : |
Director |
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Address : |
2/9, Kashturi, Building No. 80,
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Date of Birth/Age : |
18.11.1976 |
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Date of Appointment : |
13.11.2013 |
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PAN No.: |
AAFPG6291A |
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DIN No.: |
02833176 |
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Other
Directorship:
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MAJOR SHAREHOLDERS
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Hiten Jitendra Gandhi |
270000 |
21.13 |
|
Parag Jitendra Gandhi |
270000 |
21.13 |
|
Harsha Gandhi |
900 |
0.07 |
|
Jitendra Dayalal Gandhi |
659200 |
51.58 |
|
Jitendra Gandhi HUF |
900 |
0.07 |
|
Dhruti Hiten Gandhi |
38500 |
3.01 |
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Priti Parag Gandhi |
38500 |
3.01 |
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Total |
1278000 |
100.00 |
As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer and Distributor of Pharmaceuticals, solvents,
bulk drugs, aromatics and agrochemicals, such as acetone, benzene, methanol,
renin, caustic soda lye and other solvents. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
Not Available |
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Customers : |
Not Available |
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No. of Employees : |
Not Available |
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Bankers : |
·
Central Bank of India, Turner Road Branch, C 94,
Pali Road, Opposite St. Joseph’s Convent, Bandra West, Mumbai – 400050,
Maharashtra, India ·
Yes Bank Limited, 9th Floor, Nehru
Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400018,
Maharashtra, India |
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Facilities : |
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Auditors : |
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Name : |
Gandhi and Lakhani Chartered Accountants |
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Address : |
4-D, Kakad House, 4th Floor 11, Sir V Thaksersey Marg,
Opposite Liberty Cinema, Mumbai – 400020, Maharashtra, India |
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PAN No.: |
AADPG1708J |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
2000000 |
Equity Shares |
Rs.10/-each |
Rs.20.000 Millions |
Issued & Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
1278000 |
Equity Shares |
Rs.10/-each |
Rs.12.780
Millions |
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
378000 |
Equity Shares |
Rs.5/-each |
Rs.1.890
Millions |
|
900000 |
Equity Shares |
Rs.10/-each |
Rs.9.000
Millions |
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Total |
|
Rs.10.890 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
10.890 |
9.000 |
9.000 |
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(b) Reserves &
Surplus |
44.119 |
32.205 |
27.037 |
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(c) Money received
against share warrants |
1.990 |
9.550 |
0.000 |
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(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’ Funds
(1) + (2) |
56.999 |
50.755 |
36.037 |
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(3) Non-Current
Liabilities |
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(a) long-term borrowings |
5.441 |
6.466 |
45.150 |
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(b) Deferred tax
liabilities (Net) |
0.122 |
0.143 |
0.104 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
5.563 |
6.609 |
45.254 |
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(4) Current Liabilities |
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(a) Short term borrowings |
198.561 |
102.434 |
196.814 |
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(b) Trade payables |
200.259 |
186.747 |
92.260 |
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(c) Other current
liabilities |
12.413 |
19.226 |
12.200 |
|
(d) Short-term provisions |
0.000 |
0.000 |
0.000 |
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Total Current Liabilities
(4) |
411.233 |
308.407 |
301.274 |
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TOTAL |
473.795 |
365.771 |
382.565 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
4.867 |
4.886 |
4.703 |
|
(ii) Intangible Assets |
0.039 |
0.046 |
0.065 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
3.646 |
0.000 |
0.500 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
14.851 |
14.918 |
10.579 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
23.403 |
19.850 |
15.847 |
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
26.146 |
21.253 |
34.312 |
|
(c) Trade receivables |
357.058 |
280.749 |
277.741 |
|
(d) Cash and cash
equivalents |
21.023 |
26.730 |
39.190 |
|
(e) Short-term loans and
advances |
45.247 |
16.060 |
13.967 |
|
(f) Other current assets |
0.918 |
1.129 |
1.508 |
|
Total Current Assets |
450.392 |
345.921 |
366.718 |
|
|
|
|
|
|
TOTAL |
473.795 |
365.771 |
382.565 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
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Income |
|
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Other Income |
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TOTAL |
1210.577 |
NA |
NA |
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|
Less |
EXPENSES |
1198.666 |
NA |
NA |
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|
PROFIT/ (LOSS) BEFORE TAX |
11.911 |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
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|
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.53 |
NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
NA |
NA |
|
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|
|
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|
Debt Equity Ratio (Total Debts/Networth) |
|
3.58 |
2.15 |
6.71 |
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|
|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10 |
1.12 |
1.22 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
9.000 |
9.000 |
10.890 |
|
Reserves & Surplus |
27.037 |
32.205 |
44.119 |
|
Money received against
share warrants |
0.000 |
9.550 |
1.990 |
|
Net worth |
36.037 |
41.205 |
55.009 |
|
|
|
|
|
|
long-term borrowings |
45.150 |
6.466 |
5.441 |
|
Short term borrowings |
196.814 |
102.434 |
198.561 |
|
Total borrowings |
241.964 |
108.900 |
204.002 |
|
Debt/Equity ratio |
6.714 |
2.643 |
3.709 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
one year |
Yes |
|
12] |
Profitability for last
one year |
Yes |
|
13] |
Reasons for variation
<> 20% |
---------------------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
Note :
Registered Office of the company has been
shifted from the R No.2, Shreenath Shopping Center DJ Road, Vile Parle (W),
Mumbai – 400056, Maharashtra, India to the present address w.e.f.01.12.2009.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10440848 |
04/09/2013 * |
220,000,000.00 |
Central Bank of India |
Turner Road Branch,
C 94, Pali Road, Opp., St. Joseph's Convent, Bandra West, Mumbai, Maharashtra
- |
B85759629 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM BORROWINGS |
|
|
|
Other Loans and Advances |
5.441 |
6.466 |
|
SHORT TERM
BORROWINGS |
|
|
|
Term loans from banks |
0.000 |
2.736 |
|
Total |
5.441 |
9.202 |
FIXED ASSETS
·
Land
·
Building
·
Furniture and Fixtures
·
Computer
·
Computer Equipments
·
Electrical Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.62.13 |
|
|
1 |
Rs.95.77 |
|
Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUC |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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.