Company History: M/s Jayavant Products Limited was incorporated on 05.12.94 to take over the existing partnership business viz. M/s. Jayavant Industries under Section 565 of the Companies Act 1956. The main object of the company is to carry on the business of manufacture and selling of all kinds ofbrooms broom handles sweeping brushes toilet brushes and allied products. The unit is proposed to be located at CTS No.534 Off. Poona Bangalore Road Sherewadi Village Hubli Karnataka. The Administrative office of the company is situated in Hubli City. In addition to this the company has got its existing units at 2 locations in Hubli. TheAuthorised Capital of the company is Rs.600 lacs. The unit after expansion will have an installed capacity to manufacture 100 lakh pieces of Hill Grass Brooms 6 lakh pieces of Plastic Brooms and 15 lakh pieces of Toilet Brushes. The main raw material required for the manufactureis Hill Grass procured from North Eastern parts of India especially from Assam Siliguri Orissa etc.The company is in the process of expanding its capacity and upgrading its quality control facilities.
The past performance of the partnership unit M/s.Jayavant Industries which was taken over by the Public Limited Company on 05.12.94 as M/s.Jayavant Products Limited is given below:
(Rs. In lacs)
Particulars 1992-93 1993-94 Upto 4/12/94
INCOME
Sales 2.96 25.42 134.35Depreciation - - -Net Profit 0.22 0.56 9.37Networth 0.22 5.04 49.91Current Ratio 2.2 3.98 4.95Net Profit/Sales 7.46% 2.20% 6.27%Debt Equity Ratio - - 0.14
Mr. Goutamchand Mehta started with the manufacture of Grass brooms in the year 1992-93 as a proprietorship concern which was converted into a partnership firm on 01.04.94 under the name and style of M/s. Jayavant Industries. In view of the increased growth in demand for the product and consequent increased operations the unit for ensuring effective management and for increased business the promoters decided to form a limited company. The company has obtained Certificate of Commencement of business on 05.12.94 under the name Messrs Jayavant Products Ltd. and took over the partnership firm business.
The company took over the assets of the erstwhile partnership firm namely Messrs. Jayavant Industries worth Rs.75.71 lacs and liabilities worth Rs 25.80 lacs at their book values.
1. Inventories are valued at cost.
2. Agewise Debtors break-up is as given below (31/3/95):
0-60 days Rs.18.16 lakhs 60-90 days Rs.18.65 lakhs Above 90 days Rs.02.26 lakhs
Total Rs.39.07 lakhs
There is no provision for bad and doubtful debts.
PERFORMANCE OF JAYAVANT PRODUCTS LIMITED
The company has shown the following performance against the period mentioned.
Period Capacity Sales Net Profit Net Worth Utilised (Rs. in lacs) (Annualised)
5/12/94 to 90% 79.57 4.06 52.3131/3/95
1/4/95 to 90% 302.16 45.18 145.4931/8/95
