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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

493692

Report Date :

24.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

JAY CHEMICAL INDUSTRIES LIMITED         

 

 

Registered Office :

Jay House, Near Saffron Building, Panchvati Circle, Ellisbridge, Ambawadi,  Ahmedabad – 380006, Gujarat

Tel. No.:

91-79-26423363

 

 

Country :

India

 

 

Financials (as on) :

31.03.2016

 

 

Date of Incorporation :

31.03.2000

 

 

Com. Reg. No.:

04-037683

 

 

Capital Investment / Paid-up Capital :

INR 143.340 Million

 

 

CIN No.:

[Company Identification No.]

U24119GJ2000PLC037683        

 

 

IEC No.:

[Import-Export Code No.]

0888017031

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACJ7628J 

 

 

GSTN :

[Goods & Service Tax Registration No.]

Not Divulged

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer of Chemicals. (Registered Activity)

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A+

 

Credit Rating

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

 

Maximum Credit Limit :

USD 10300000

 

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Jay Chemical Industries Limited is a manufacturer of Chemicals. The company was incorporated in the year 2000 and has its base in Ahmedabad (Gujarat).

 

Management has not filed its financial record with government department for the year 2017 and same are not available from any other sources.

 

As per the financial records of 2016, the company has achieved a fair net profit margin of 9.80% but has reported a decline in its revenue as compared to the previous year.

 

The company possesses strong financial position marked by sound net worth base along with low debt balance sheet profile and comfortable liquidity parameters.

 

Rating takes into consideration the company’s favourable Earnings Per Share (EPS) of INR 65.68 as against its Face Value (FV) of INR 10.

 

Business is active. Payment seems to be regular.

 

In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition.

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long Term Loans= A+

Rating Explanation

Adequate degree of safety and carry low credit risk.

Date

11.12.2017

 

Rating Agency Name

CARE

Rating

Short Term Loans = A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

11.12.2017

 

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 31-03-2016.

 

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

 

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 24.02.2018

 

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

 

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

 

LOCATIONS

 

Registered / Head Office :

Jay House, Near Saffron Building, Panchvati Circle, Ellisbridge, Ambawadi,  Ahmedabad – 380006, Gujarat, India

Tel. No.:

91-79-26423363

Fax No.:

91-79-26425763

E-Mail :

cs@jaychemical.com

info@jaychemical.com

Website :

www.jaychemical.com

 

 

Warehouse:

Located at:

  • Gujarat

 

 

India Sales Network:
  • Bihar
  • Delhi
  • Himachal Pradesh
  • Jammu and Kashmir
  • Karnataka
  • Madhya Pradesh
  • Orissa
  • West Bengal
  • Punjab
  • Andhra Pradesh
  • Haryana
  • Maharashtra
  • Gujarat
  • Tamil Nadu
  • Rajasthan
  • Uttar Pradesh

 

 

Overseas Sales Network
  • Agency Network
  • Sales Presence
  • Representatives

 

 

DIRECTORS

 

As on 31.03.2017

 

Name :

Mr. Jayendrakumar Hiralal Kharawala

Designation :

Managing Director

Address :

2, Spring Vally, Mohamadpura Road, Behind Karnavati Club, Bodakdev, Ahmedabad - 380015, Gujarat, India

Date of Birth/Age :

18.02.1939

Qualification :

B.Sc. (Chemistry)

Date of Appointment :

31.03.2000

PAN No.:

ABMPK6325P

DIN No.:

00077389

Other Directorship:

 

CIN/FCRN

Company Name

Begin Date

End Date

U24100GJ1980PTC004022

J H KHARAWALA PRIVATE LIMITED

28/10/1980

-

U24304GJ2017PTC097514

JAYKON INDUSTRIES PRIVATE LIMITED

23/05/2017

-

U29199GJ1996PLC029914

ODHAV ENVIRO PROJECTS LIMITED

27/03/1997

-

U33300GJ1982PTC005114

JAY LIFECARE PRIVATE LIMITED

30/09/2016

-

U65910GJ1982PTC005117

JALDHARA TRADING AND INVESTMENTS PVT LTD

07/08/1990

-

U74140GJ2008PTC055674

JAY CORPORATE MANAGEMENT PRIVATE LIMITED

15/12/2008

-

U74999GJ1996PTC030600

JAYSON CREATIVE SOURCE PRIVATE LIMITED

30/08/1996

-

 

 

Name :

Greeven Jayendrakumar Kharawala

Designation :

Managing Director

Address :

2, Spring Vally, Behind Karnavati Club, Mohmadpura, Bodakdev, Ahmedabad -  380015, Gujarat, India

Date of Birth/Age :

29.09.1974

Qualification :

B. Sc.

Date of Appointment :

31.03.2000

PAN No.:

ADEPK7004P

DIN No.:

00358381

Other Directorship:

 

CIN/FCRN

Company Name

Begin Date

End Date

U24100GJ1980PTC004022

J H KHARAWALA PRIVATE LIMITED

01/09/1995

-

U24304GJ2017PTC097514

JAYKON INDUSTRIES PRIVATE LIMITED

23/05/2017

-

U33300GJ1982PTC005114

JAY LIFECARE PRIVATE LIMITED

30/09/2016

-

U74140GJ2008PTC055674

JAY CORPORATE MANAGEMENT PRIVATE LIMITED

15/12/2008

-

U74999GJ1996PTC030600

JAYSON CREATIVE SOURCE PRIVATE LIMITED

30/08/1996

-

U93090GJ2007NPL050142

NOVEL SPENT ACID MANAGEMENT

02/03/2007

-

 

 

Name :

Mr. Ravi Babulal Kabra

Designation :

Whole-Time Director

Address :

283-C, Satyagrah Chhvani Lan No.165, Ahmedabad - 380015, Gujarat, India

Date of Birth/Age :

12.05.1976

Qualification :

MBA ( Finance)

Date of Appointment :

01.04.2009

DIN No.:

00080979

Other Directorship:

 

CIN/FCRN

Company Name

Begin Date

End Date

U51909GJ1990PTC014227

JAY INFA TRADE PRIVATE LIMITED

01/11/2005

-

U24119GJ2000PLC037683

JAY CHEMICAL INDUSTRIES LIMITED

01/04/2009

-

U24100GJ1980PTC004022

J H KHARAWALA PRIVATE LIMITED

30/03/2003

-

 

 

Name :

Mr. Dakshesh Mohanlal Machhar

Designation :

Whole-Time Director

Address :

Block No. 212, Anmol Park, Plot No. 10, Bopal, Ahmedabad - 380058, Gujarat, India

Date of Birth/Age :

29.09.1966

Date of Appointment :

01.04.2009

DIN No.:

00081032

Other Directorship:

 

CIN/FCRN

Company Name

Begin Date

End Date

U24100GJ1980PTC004022

J H KHARAWALA PRIVATE LIMITED

30/03/2003

-

U51909GJ1990PTC014227

JAY INFA TRADE PRIVATE LIMITED

01/11/2005

-

 

 

Name :

Mr. Shambhunath Sushilkumar Chakraverty

Designation :

Whole-Time Director

Address :

B-71, Venus Apartment, Ashima Tower, Bodakdev, Vastrapur, Ahmedabad - 380015, Gujarat, India

Date of Birth/Age :

20.08.1942

Qualification :

M. Sc. ( Tech )

Date of Appointment :

01.04.2005

DIN No.:

00689059

 

 

Name :

Mr. Alpesh Popatlal Shah

Designation :

Whole-Time Director

Address :

13/B, Gulab Park Co-Operative H Soc Limited, Near Gulab Tower, Sola Road, Ahmedabad - 380061, Gujarat, India

Date of Birth/Age :

01.02.1974

Date of Appointment :

01.08.2014

DIN No.:

06943944

 

 

Name :

Mr. Bipinbhai Rughnathbhai Patel

Designation :

Director

Address :

44, Mithila Society,, Opposite Shreyas Foundation, Ambawadi, Ahmedabad - 380015, Gujarat, India

Date of Birth/Age :

01.03.1946

Qualification :

B.A. ( Eco. ), LLB

Date of Appointment :

01.03.2016

DIN No.:

01186974

Other Directorship:

 

CIN/FCRN

Company Name

Begin Date

End Date

L24110GJ1986PLC009003

BODAL CHEMICALS LIMITED

29/09/2007

-

U24231GJ1989PLC011882

MAYUR DYECHEM INTERMEDIATES LIMITED

01/01/2014

-

U36998GJ1997PTC032218

AMI PIGMENTS PRIVATE LIMITED

14/05/1998

-

U37100GJ2014PTC080566

ECOCARE INFRASTRUCTURES PRIVATE LIMITED

25/08/2014

-

U91110GJ2012NPL070701

CONFEDERATION OF INDIAN CLUBS

23/07/2012

-

 

 

Name :

Chinar Rajkumar Jethwani

Designation :

Director

Address :

B-71,Sunbreeze Towers, Opp. A-One School, Subhash, Gurukul Road, Memnagar, Ahmedabad, 380052, Gujarat, India

Date of Appointment :

30.03.2015

DIN No.:

07141393

Other Directorship:

 

CIN/FCRN

Company Name

Begin Date

End Date

L17111GJ2003PLC043354

CIL NOVA PETROCHEMICALS LIMITED

26/09/2016

-

L51909GJ1994PLC023680

OMKAR OVERSEAS LIMITED

30/09/2015

-

U45200GJ1999PLC036877

KETAN CONSTRUCTION LIMITED

30/09/2016

-

 

 

Name :

Mr. Bhupendra Pannalal Sharma

Designation :

Director

Address :

2-A, Ashoknagar Society Opposite Bhattha, Paldi, Ahmedabad - 380007, Gujarat, India

Date of Appointment :

30.03.2015

DIN No.:

07141410

 

 

KEY EXECUTIVES

 

Name :

Mr. Uchchhablal Kannwarlal Pandwar

Designation :

Chief Financial Officer

Address :

42, Swastik Chambers, Navjivan Press Road, Ahmedabad – 380014, Gujarat, India

Date of Appointment :

01.06.2015

PAN No.:

AFIPP7670L

 

 

Name :

Ms. Pooja Yadav

Designation :

Secretary

Address :

Q. No. B-239 ONGC Colony, Western Sector, Chandkheda, Ahmedabad - 380005, Gujarat, India

Date of Birth/Age :

03.08.1992

Date of Appointment :

01.08.2014

PAN No.:

AGMPY7448L

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.03.2016

 

Names of Shareholders

 

No. of Shares

Jayendra H. Kharawala

 

8705530

Greeven J. Kharawala

 

1503390

Ushaben J. Kharawala

 

1624760

Mokshada G. Kharawala

 

50290

Jay Infa Trade Private Limited, India

 

49500

J. H. Kharawala HUF

 

1799530

Ravi B. Kabra

 

100*

G. J. Kharawala HUF

 

600000

Greeva Trading and Investments Private Limited, India

 

100*

Jay Lifecare Private Limited (Formerly known as Janmejay Trading and Investments Private Limited), India

 

395*

Jayendrakumar Trading and Investments Private Limited, India

 

395*

Total

 

14333990

 

Note: *The percentage of holding totals 0.04%

 

Equity Share Break up (Percentage of Total Equity)

 

As on: 30.09.2016

 

Category

Percentage

 

 

Promoters (Individual/Hindu Undivided Family-Indian)

99.64776032

Promoters (Body corporate)

0.34533302

Public/Other than promoters (Individual/Hindu Undivided Family-Indian)

0.0006764

Public/Other than promoters (Body corporate)

0.00620902

Total

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Chemicals. (Registered Activity)

 

 

Products :

NIC Code No.

Product Description

32041680

Reactive Dyes (synthetic organic dyes)

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

Not Available

 

PRODUCTION STATUS NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Available

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

Reference :

Not Available

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

Not Available

 

 

Bankers :

Bank Name

Bank Of Baroda

Branch

Ashram Road Branch,Vallabh Sadan, Opposite Natraj Cinema, Ashram Road, Ahmedabad, Gujarat 380009 India

Person Name (With Designation)

--

Contact Number

--

Name of Account Holder

--

Account Number

--

Account Since (Date/Year of Account Opening)

--

Average Balance Maintained (If Possible)

--

Credit Facilities Enjoyed (If any)

--

Account Operation

--

Remarks (If any)

--

 

 

Facilities :

Secured Loan

31.03.2016

(INR in Million)

31.03.2015

(INR in Million)

Long-term Borrowings

 

 

Rupee term loans from banks

190.464

577.362

Short-term borrowings

 

 

Loans repayable on demand from banks

(Secured by hypothecation of Plant and Machinery, Movable Assets, Current Assets, Equitable Mortgage Of Land and Building and Personal Guarantee of Directors.)

1037.279

1404.405

Total

1227.743

1981.767

 

Auditors :

 

Name :

Shah and Nagori

Chartered Accountant

Address :

T-1, Dhaval Complex, Behind Navarangpura Post Office, Navarangpura,  Ahmedabad-380009, Gujarat, India

Income-tax PAN of auditor or auditor's firm :

AACFS5758B

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates  :

 
  • Jay Infa Trade Private Limited
  • Jay Lifecare Private Limited
  • Greeva Trading And Investments Private Limited

 

 

Subsidiary Companies :

 
  • Solunaris GmbH
  • Jay Global Pte. Limited

 

 

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :
  • Jushika Corporation
  • Prem Chemical Ind.
  • Jay Enterprise
  • Ronuk Dyes and Chemicals
  • India Textile Products
  • Greeva

 

 

CAPITAL STRUCTURE

 

As on 30.09.2016

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

15000000

Equity Shares

INR 10/- each

INR 150.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

14333990

Equity Shares

INR 10/- each

INR 143.340 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in INR Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2016

31.03.2015

31.03.2014

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

143.340

143.340

143.340

(b) Reserves and Surplus

3454.626

2513.226

1442.732

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

3597.966

2656.566

1586.072

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

259.407

642.819

754.632

(b) Deferred tax liabilities (Net)

522.028

403.161

274.072

(c) Other long-term liabilities

0.000

0.000

0.000

(d) long-term provisions

90.427

81.565

53.516

Total Non-current Liabilities (3)

871.862

1127.545

1082.220

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short-term borrowings

1037.279

1404.405

1800.285

(b) Trade payables

1872.402

1914.856

1489.748

(c) Other current liabilities

336.515

449.195

472.819

(d) Short-term provisions

0.000

0.000

0.000

Total Current Liabilities (4)

3246.196

3768.456

3762.852

 

 

 

 

TOTAL

7716.024

7552.567

6431.144

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

3341.296

3031.516

2306.725

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Tangible assets capital work-in-progress

207.397

165.416

85.397

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

394.490

355.876

45.232

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d) Long-term loans and advances

74.054

65.064

4.882

(e) Other Non-current assets

0.895

17.659

34.425

Total Non-Current Assets

4018.132

3635.531

2476.661

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

1238.710

1446.729

1399.787

(c) Trade receivables

1924.127

1936.308

2154.957

(d) Cash and bank balances

60.672

96.488

79.181

(e) Short-term loans and advances

389.625

390.703

268.534

(f) Other current assets

84.758

46.808

52.024

Total Current Assets

3697.892

3917.036

3954.483

 

 

 

 

TOTAL

7716.024

7552.567

6431.144

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2016

31.03.2015

31.03.2014

 

SALES

 

 

 

 

Revenue from operations

9605.929

9970.419

7545.911

 

Other Income

60.254

36.252

23.686

 

TOTAL

9666.183

10006.671

7569.597

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

4870.842

5285.800

4367.513

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

4.983

36.457

(147.683)

 

Employee benefit expense

514.185

456.293

352.655

 

CSR expenditure

3.293

4.974

0.000

 

Other expenses

2370.040

2169.527

1719.004

 

Exceptional items before tax

0.000

0.000

0.032

 

Extraordinary items before tax

(0.450)

(0.446)

0.000

 

TOTAL

7762.893

7952.605

6291.521

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

1903.290

2054.066

1278.076

 

 

 

 

 

Less

FINANCIAL EXPENSES

167.150

239.400

278.204

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

1736.140

1814.666

999.872

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

300.435

235.298

272.441

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

1435.705

1579.368

727.431

 

 

 

 

 

Less

TAX

494.305

508.874

276.503

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

941.400

1070.494

450.928

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

4400.797

4950.779

3725.749

 

Other Earning

0.000

0.000

0.000

 

TOTAL EARNINGS

4400.797

4950.779

3725.749

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

1309.771

1636.599

1752.359

 

Components and spare parts

0.000

0.000

0.000

 

Capital Goods

216.460

235.429

235.522

 

TOTAL IMPORTS

1526.231

1872.028

1987.881

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

65.68

74.68

31.46

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2016

31.03.2015

31.03.2014

Current Maturities of Long term debt

164.500

293.457

303.522

Net cash flows from (used in) operations

1616.564

2058.891

830.003

Net cash flows from (used in) operating activities

1155.523

1481.371

475.299

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2016

31.03.2015

31.03.2014

Average Collection Days

(Sundry Debtors / Income * 365 Days)

73.11

70.88

104.24

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

4.99

5.15

3.50

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

140.31

132.23

124.50

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

1.54

1.42

0.91

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.54

0.64

0.53

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2016

31.03.2015

31.03.2014

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.48

0.62

0.75

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.41

0.88

1.80

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.90

1.42

2.37

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.99

1.20

1.51

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

11.39

8.58

4.59

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

((PAT / Sales) * 100)

%

9.80

10.74

5.98

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

12.20

14.17

7.01

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

26.16

40.30

28.43

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2016

31.03.2015

31.03.2014

Current Ratio

(Current Assets / Current Liabilities)

1.14

1.04

1.05

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.76

0.66

0.68

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.47

0.35

0.25

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

10.19

16.33

19.94

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.14

1.04

1.05

 

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

FINANCIAL ANALYSIS

[all figures are in INR Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2014

31.03.2015

31.03.2016

 

INR In Million

INR In Million

INR In Million

Share Capital

143.340

143.340

143.340

Reserves & Surplus

1442.732

2513.226

3454.626

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

1586.072

2656.566

3597.966

 

 

 

 

long-term borrowings

754.632

642.819

259.407

Short term borrowings

1800.285

1404.405

1037.279

Current maturities of long-term debts

303.522

293.457

164.500

Total borrowings

2858.439

2340.681

1461.186

Debt/Equity ratio

1.802

0.881

0.406

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2014

31.03.2015

31.03.2016

 

INR In Million

INR In Million

INR In Million

Sales

7545.911

9970.419

9605.929

 

 

32.130

(3.656)

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2014

31.03.2015

31.03.2016

 

INR In Million

INR In Million

INR In Million

Sales

7545.911

9970.419

9605.929

Profit

450.928

1070.494

941.400

 

5.98%

10.74%

9.80%

 

 

 

LEGAL CASES

 

 

HIGH COURT OF GUJARAT

 

TAX APPEAL No. 197 of 2017

Status : PENDING

( Converted from : O/ST/476/2017 )

CCIN No : 001092201700197

 

 

Last Listing Date:

03/04/2017

Coram

·         HONOURABLE MR.JUSTICE M.R. SHAH

·         HONOURABLE MR.JUSTICE B.N. KARIA

S.NO.

Name of the Petitioner

Advocate On Record

1

PRINCIPAL COMMISSIONER OF INCOME TAX - 2

MRS MAUNA M BHATT for: Appellant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

S.NO.

Name of the Respondant

Advocate On Record

1

JAY CHEMICAL INDS LTD

RULE NOT RECD BACK for :Opponent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1
RULE SERVED for :Opponent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

Presented On

: 23/03/2017

Registered On

: 24/03/2017

Bench Category

: DIVISON BENCH

District

: AHMEDABAD

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 3 times

StageName

: ADJOURNED MATTERS

 

Classification

·         DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260A

Act

·         INCOME-TAX ACT, 1961

 

Office Details

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

23/03/2017

APPEARANCE NOTE

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

0

MRS MAUNA M BHATT(174) for P:1

2

23/03/2017

CERTIFIED COPY

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

6

MRS MAUNA M BHATT(174), for P:1

3

23/03/2017

MEMO OF PETITION/APPEAL/SUIT

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

20

MRS MAUNA M BHATT(174), for P:1

 

Court Proceedings

 

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

27/03/2017

2

55

ADMISSION ( FRESH MATTERS )

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MR.JUSTICE B.N. KARIA

2

30/03/2017

2

50

ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MR.JUSTICE B.N. KARIA

3

03/04/2017

2

31

ADJOURNED MATTERS

RULE/ADMIT

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MR.JUSTICE B.N. KARIA

 

Available Orders

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

Download

1

TAX APPEAL/197/2017

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MR.JUSTICE B.N. KARIA

30/03/2017

N

ORDER

-

Y

2

TAX APPEAL/197/2017

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MR.JUSTICE B.N. KARIA

03/04/2017

N

ORDER

-

Y

Download

 

Certified Copy

 

S. No.

ApplicantName

ApplicationType

Application Date

UOL Number

Order Date

Notify Date

Delivery Date

Status

Nature Of Document

1

MRS MAUNA M BHATT

ORDINARY

04/04/2017

O/10849/2017

03/04/2017

06/04/2017

07/04/2017

Delivered

ORDER

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

No 

8

Designation of contact person

No 

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

Yes

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

AWARDS AND RECOGNITION:

Shri Jayendra H. Kharawala - Chairman and Founder of our company has been awarded with a "LIFE TIME ACHIEVEMENT AWARD" by CHEMEXCIL for his indelible contribution in the field of Production and Exports of Dyes from India. The award was given by Nirmala Sitharam - Minister of State (Independent Charge) for the Ministry of Commerce and Industry, as well as a Minister of State for Finance and Corporate Affairs at an august gathering in Mumbai on 8th Feb 2016. Life Time Achievement Award is given for the first time in the history of Chemexcil to a person representing dyestuff industry. This is recognition of decades of dedication, innovation, careful work, persistent advocacy of ethical practices which has had a positive impact on our team and those associated with JAY and to the dyestuff industry at large.

 

UNSECURED LOAN

 

PARTICULARS

31.03.2016

(INR in Million)

31.03.2015

(INR in Million)

Long-term Borrowings

 

 

Deposits from others

56.042

45.658

Other loans and advances

12.901

19.799

Total

68.943

65.457

 

INDEX OF CHARGES

 

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

C65335275

10593308

BANK OF BARODA

11/09/2015

-

-

1450000.0

ASHRAM ROAD BRANCH,VALLABH SADAN,OPP.NATRAJ CINEMA, ASHRAM ROAD, AHMEDABAD GUJARAT 380009 INDIA

2

C19660943

10518681

BANK OF BARODA

23/08/2014

-

-

2075000.0

ASHRAM ROAD BRANCH,VALLABH SADAN,OPP.NATRAJ CINEMA, ASHRAM ROAD, AHMEDABAD GUJARAT 380009 INDIA

3

G07169634

10474050

PNB INVESTMENT SERVIC LTD - SEC TRUSTEE OF BOB CONST BOB -HDFC- AXIS - ICICI AND EXIM

18/01/2014

13/06/2016

-

3569000000.0

C/O PUNJAB NATIONAL BANK, CIRCLE OFFICE, 6TH FLOORGUJARAT BHAVAN, OPP. M J LIBRARY, ELLISBRIDGE AHMEDABAD GUJARAT 380006 INDIA

4

G07177017

10082281

PNB INVESTMENT SERVIC LTD - SEC TRUSTEE OF BOB CONST BOB -HDFC- AXIS - ICICI

23/11/2007

13/06/2016

-

3569000000.0

C/O PUNJAB NATIONAL BANK, CIRCLE OFFICE, 6TH FLOORGUJARAT BHAVAN, OPP. M J LIBRARY, ELLISBRIDGE AHMEDABAD GUJARAT 380006 INDIA

5

C00017822

10081172

Axis Bank Limited

17/12/2007

19/01/2013

25/02/2014

3430100000.0

TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLELAW GARDEN ELLISBRIDGE AHMEDABADGUJARAT 380006 INDIA

6

B16867715

10087261

Export - Import Bank of India

04/02/2008

-

15/07/2011

100000000.0

FLOOR 21, CENTRE ONE BUILDING,WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI MH 400005 INDIA

7

B14630339

10081160

BANK OF BARODA

17/12/2007

-

03/06/2011

792000000.0

ASHRAM ROAD BRANCH,VALLABH SADAN,OPP.NATRAJ CINEMA, ASHRAM ROAD, AHMEDABAD GUJARAT 380009 INDIA

8

B14892004

10081168

BANK OF BARODA

17/12/2007

-

03/06/2011

792000000.0

ASHRAM ROAD BRANCH,VALLABH SADAN,OPP.NATRAJ CINEMA, ASHRAM ROAD, AHMEDABAD GUJARAT 380009 INDIA

9

B13369350

10130271

BANK OF BARODA

22/10/2008

-

05/05/2011

50000000.0

ASHRAM ROAD BRANCH,VALLABH SADAN,OPP.NATRAJ CINEMA, ASHRAM ROAD, AHMEDABAD GUJARAT 380009 INDIA

10

A42252296

90104219

BANK OF BARODA

01/09/2003

12/06/2007

21/07/2008

851300000.0

ASHRAM ROAD BRANCH,VALLABH SADAN,OPP.NATRAJ CINEMA, ASHRAM ROAD, AHMEDABAD GUJARAT 380009 INDIA

 

 

CONTINGENT LIABILITIES:

 

(INR in million)

PARTICULARS

31.03.2016

Bank guarantee issued by Bank

56.214

LC opened but liability not accepted in books

6.487

 

FIXED ASSETS

 

  • Freehold Land
  • Leasehold Land
  • Estate
  • Buildings
  • Plant and Machinery
  • Furniture and Fixtures
  • Vehicles
  • Office Equipment
  • Computer software

 

 

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

INR 64.82

UK Pound

1

INR 79.94

Euro

1

INR 90.66

 

 

INFORMATION DETAILS

 

Analysis Done by :

NYT

 

 

Report Prepared by :

RKI

 

 

SCORE FACTORS

 

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES 

--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

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

 

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.