Jayavant Products Ltd Company Summary

Jayavant Products Ltd Summary

Jayavant Products was incorporated on 5 Dec.94 to take over Jayavant Industries, a partnership firm which was carrying on the business of manufacture and selling of all kinds of brooms, broom handles and allied products. The company is promoted by Shantilal J Mehta, Nemichand J Mehta, Goutamchand S Mehta and Kuntukumar S Mehta.In 1995-96, the company undertook to expand its capacity of hill grass brooms to 100.50 lac pa and also take up the manufacture of plastic brooms (cap. : 6 lac pa) and toilet brushes (cap. : 15 lac pa). The project was undertaken at Hubli, Karnataka. It already has two units at Hubli and Hosur, both in Karnataka.The company came out with a public issue of 28,50,000 equity shares of Rs 10 each for cash at par aggregating Rs 285 lac, in Dec.95 to part-finance its expansion project.The products manufactured by the company are marketed under the Monkey brand name through well-established distribution network spread throughout the country. During the 1998-99, the company diversified its activities into the manufacture and sale of the scented supari.Having regard to the lossess incurred alongwith the brought forward losses of the earlier year, the companys networth has completely eroded and the company has thus become sick as defined under SICA and made a reference to the BIFR, during 1999-2000. To raise the funds required for OTS the company has sold its fixed assets and goodwill along with the Brand Names of the brooms business,which it had borrowed from KSFC and SBM.