MIRA INFORM REPORT
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Report Date : |
21st June, 2006 |
IDENTIFICATION DETAILS
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Name : |
COLOURTEX
PRIVATE LIMITED |
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Registered Office : |
705,
Sharda Chamber, 15 Sir V Thackercy Marg, Mumbai 400020 |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
24.09.
1982 |
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Com. Reg. No.: |
11-28309 |
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CIN No.: [Company Identification No.] |
U24114MH1982PTC028309 |
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TAN No.: [Tax Deduction & Collection Account No.] |
MUMC09664E |
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PAN No.: [Permanent Account No.] |
AAACC4513F |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturing of Dyes And Chemicals, Texturised Yarn And Dyeing, Printing Of Art Silk Cloths. |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
RATING
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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 : |
USD800000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track. Directors are reported as
experienced, respectable and resourceful businessmen. Their trade relations
are reported as fair. General financial position is good. Payments are
usually correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
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LOCATIONS
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Registered Office : |
705,
Sharda Chamber, 15 Sir V Thackercy Marg, Mumbai 400020 |
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Tel. No.: |
91-22-22000418
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Head Office : |
Survey
No. 74, 79, 80, Plot No. 158 Bhestan GIDC, Pandesara, Surat- 394221, Gujarat,
India. |
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Tel. No.: |
91-261-2890122/2000418 |
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Fax No.: |
91-261-2895452/2009514 |
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E-Mail : |
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Website : |
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Overseas Office : |
Colourtex Inc 8000 Corporate Lane Drive Suite # 105, Charlotte, NC
28226, USA |
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Tel. No.: |
1-704-540
1528 |
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Fax No.: |
1-704-540
1529 |
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E-Mail : |
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Overseas Office : |
7804,
Waterford Lake Drive, # 1515, Charlotte N. C. 28210, USA |
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Tel. No.: |
1-704-552-7623 |
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Fax No.: |
1-704-552-7624 |
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Sales Office : |
Tel.
91-80-25585998 Fax.
91-80-25585998
Tel.: 91 11 23975525 / 55398911
Tel.
91-551-2255713/2256542 Fax.
91-551-2255713/2258887/2256542
Tel. 91-40-23243144/33034 Fax.
91-40-23229820 E-mail.
badamikar@eth.net
Tel.
91-512-2213763/7761 Fax.
91-512-2297845 E-mail.
sales.kanpur@colourtex.co.in
Tel.
91-33-22352337/3812 Fax.
91-33-22352947 E-mail.
chemaux@cal2.vsnl.net.in |
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Branches : |
v
Survey No. 91,
Opposite Navin Flouring, Udhna Navasari Road, Bhestan, Surat, Gujarat v
Ahmedabad, Gujarat Tel. 91-79-26423892/26568487 Fax. 91-79-26405112 E-mail. ctxamg@icenet.net
Tel.
91-183-2421405 Fax.
91-183-2421405
Tel.
91-1482-243662/3 Fax.
91-1482-243662 E-mail.
colourtex@sancharnet.in
Telefax.
91-172-2897904
Tel.
91-44-26411728/1960 Fax.
91-44-26411728 E-mail.
colourtexchennai@vsnl.com
Tel.
91-120-24831353/2353 Fax.
91-120-24831353 E-mail.
colourtexgzb@hotmail.com
Tel.
91-230-2433990 Fax.
91-230-2433990
Tel.
91-421-2740182 Fax.
91-421-2745686 |
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Factory 1 : |
Kim,
Karanj, Bhestan, District Surat, Gujarat |
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Factory 2 : |
Survey
No. 80, GIDC, Pandesara, District Surat, Gujarat |
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Tel. No.: |
Tel.
91-261-2691428/429 |
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E-Mail : |
E-mail.
colourtex@vsnl.com |
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Sales Network |
Head Quarter Colourtex Pvt. Ltd. International INDIA Colourtex
Exports USA
HK
Domestic Regional Offices Ahmedabad Bhilwara Chandigarh Chennai Gaziabad Ichhalkaranji Mumbai Tirupur |
DIRECTORS
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Name : |
Mr.
Babubhai T. Jariwala |
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Designation : |
Director |
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Address: |
27,
Joothica Society, Naushir Bharucha Marg, Opposite Grant Road, Mumbai
400007 |
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Date of Birth/Age : |
13.02.
1935 |
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Date of leaving : |
29th
Spetember 2001 |
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Experience : |
7
years |
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Date of Appointment : |
24.09.
1998 |
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Name : |
Mr.
Rameshchandra. D. Kabutarwala |
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Designation : |
Director |
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Address : |
Etka
5, Opp Trinidhi Apt, Ghad Dod Road, Surat. |
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Date of Birth/Age : |
09.05.1958 |
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Date of Appointment : |
19.08.
1985 |
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Name : |
Mr.
Kankkumar J. Jariwala |
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Designation : |
Director |
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Address : |
Etka
3, Opp Trinidhi Apt, Ghad Dod Road, Surat. |
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Date of Birth/Age : |
17.11.
1973 |
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Date of Appointment : |
10.09.
1993 |
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Name : |
Mr. Vishadkumar J. Jariwala |
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Designation : |
Director |
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Address : |
Etka
5, Opp Trinidhi Apt, Ghad Dod Road, Surat. |
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Date of Birth/Age : |
26.09.
1975 |
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Date of Appointment : |
02.06.
1997 |
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Name : |
Mr. Bipinchandra D.
Kabutarwala |
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Designation : |
Director |
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Address : |
Etka
5, Opp Trinidhi Apt, Ghad Dod Road, Surat. |
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Date of Birth/Age : |
09.06.
1964 |
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Date of Appointment : |
03.12.
2001 |
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Name : |
Jayantilal
T. Jariwala |
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Designation : |
Director |
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Address : |
Etka
3, Opp Trinidhi Apt, Ghad Dod Road, Surat. |
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Date of Birth/Age : |
04.11.
1943 |
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Date of Appointment : |
15.11.
1983 |
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Name : |
Mr. Pravin Kabutarwala |
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Designation : |
Director (Operations /
HRD) |
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Name : |
Mr. Mahesh
Kabutarwala |
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Designation : |
Director (Engineering
and Projects) |
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Name : |
Mr. Kanak Jariwala |
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Designation : |
Director (Procurement) |
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Name : |
Mr. Vishad Jariwala |
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Designation : |
Director (Finance
control) |
MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
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Mr. Pravinchandra D. Kabutarwala |
115800 |
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Ms. Urmilaben J. Jariwala |
32900 |
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Ms. Hemlataben R.
Kabutarwala |
20400 |
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Ms. Ushben P. Kabutarwala |
17900 |
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Mr. Maheshchadra D.
Kabutarwala |
100825 |
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M/s. Colourexy Export
Private Limited |
3831900 |
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Mr. Jayantilal T. Jariwala |
100 |
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Ms. Jaguruti Bipinchandra
Kabutarwala |
10400 |
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Mr. Vishadkumar J. Jariwala |
165400 |
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Mr. Kankkumar J. Jariwala |
187355 |
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Mr. Rameshchandra. D. Kabutarwala |
20400 |
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Mr. Bipinchandra D
Kabutarwala |
108320 |
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Mr. Rameshchandra. D. Kabutarwala |
144155 |
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Mr.
Jayantilal T. Jariwala |
295445 |
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Mr.
Ketan Pravinchandra Kabutarwala |
25000 |
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Mr.
Jenish Pravinchandra Kabutarwala |
32900 |
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Total |
5109200 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing
of Dyes And Chemicals, Texturised Yarn And Dyeing, Printing Of Art Silk
Cloths. |
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Products : |
Dyes-Chemicals
Manufacturing Yarn and Process of Cloths The companys products
range includes: - v
Disperse (Coralene) v
Acid
(Colomil/Colocid/Cololan) v
Modified basic
(Coracryl) v
Speciality Direct
(Colozol) v
Leather (Coloderm)
dyes |
PRODUCTION STATUS
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Particulars |
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Licensed Capacity |
Installed Capacity |
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Yarn
Textuising |
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370 M.T. per month 84/36
Denier 220 M.T. per month 62/36 |
Dyeing printing art silk
cloth process mts. 30000 per day |
GENERAL INFORMATION
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No. of Employees : |
200 |
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Bankers : |
v
Syndicate Bank v
Central Bank of India v
IDBI Bank Limited v
Bank of Baroda v
ICICI Bank Limited |
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Facilities : |
Secured Loan Secured loans are cash
credit and over draft balances against the stocks and debtors of Bhavin
textiles. Rs. 7.713 Millions |
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Banking Relations : |
Good |
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Auditors : |
M/s.
H A Jagasheth & Company Chartered
Accountant |
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Sister Concern : |
Pandesara Industries
Limited Survey No. 80, Bhestan
GIDC, Pandesara, Surat 394 221, Gujarat Tel. 91-261-2690795 /
2691427 Fax. 91-261-2690080 E-mail. raoctx@hotmail.com Subject is a small scale
industry engaged in manufacturing of dyes, intermediates and chemicals. Financial Information :- Capital Investment 16.930
millions Annual Turnover 1698.739 New Worth 389.100
millions |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity
Shares |
Rs. 10 each |
Rs. 100.000 Millions |
Issued, Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
5109200 |
Equity
Shares |
Rs. 10 each |
Rs. 51.092 Millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
51.092 |
51.092 |
51.092 |
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2] Reserves &
Surplus/(Accumulated Losses) |
157.247 |
124.318 |
92.836 |
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NETWORTH
|
208.339 |
175.41 |
143.928 |
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LOAN FUNDS |
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1] Secured Loans |
7.713 |
0.000 |
0.000 |
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2] Unsecured Loans |
192.616 |
192.838 |
243.792 |
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TOTAL BORROWING
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200.329 |
192.838 |
243.792 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL
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408.668 |
368.248 |
387.720 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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91.227 |
98.578 |
100.433 |
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Capital work-in-progress
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0.000 |
0.000 |
1.285 |
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ADVANCE FOR FIXED ASSETS
|
0.100 |
0.100 |
0.000 |
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INVESTMENT
|
2.171 |
2.171 |
2.171 |
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DEFERREX TAX ASSETS
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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21.475
|
21.840 |
26.815 |
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Sundry Debtors
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654.078
|
684.193 |
392.118 |
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Cash & Bank Balances
|
39.199
|
36.557 |
59.899 |
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Loans & Advances
|
52.425
|
51.280 |
43.857 |
Total Current Assets
|
767.177
|
793.870 |
522.689 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
432.199
|
508.959 |
238.860 |
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Provisions
|
19.808
|
17.512 |
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Total Current Liabilities
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452.007
|
526.471 |
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Net Current Assets
|
315.170
|
267.399 |
283.830 |
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
|
408.668 |
368.248 |
387.720 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
153.532 |
155.475 |
116.586 |
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Profit/(Loss) Before Tax
|
52.984 |
48.877 |
15.775 |
Provision for Taxation
|
19.800 |
17.512 |
57.75 |
Profit/(Loss) After Tax
|
33.184 |
31.365 |
10.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
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(%)
|
21.61
|
20.12 |
8.57 |
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Net Profit Margin
(PBT/Sales) |
(%) |
34.51
|
31.43 |
0.13 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
6.17
|
5.46 |
2.51 |
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Return on Investment (ROI)
(PBT/Networth) |
(%) |
0.25
|
0.27 |
0.10 |
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Debt Equity Ratio
(Total Liability/Networth) |
(%) |
3.13
|
4.10 |
3.35 |
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Current Ratio
(Current Asset/Current
Liability) |
(%) |
1.69
|
1.50 |
1.84 |
LOCAL
AGENCY FURTHER INFORMATION
Financial
Results
Company M/s. Colourtex Private Limited carried on the business of Dyes and Chemical and manufacturing texturised yarn. Dying, Printing of Art Silk Cloths. The company had earned profit of Rs. 33.183 Millions after providing depreciations of Rs. 20.128 Millions
Fixed Assets
v
Land
v
Building
v
Plant & Machinery
v
Furniture & Fixture
v
Vehicles
As per Website Details:
About Us / Chairman's Message
Colourtex has been serving
textile and leather industry over three decades.
Development, manufacturing and marketing of quality dyestuffs has been and
shall remain their core activity.
Colourtex has forayed in to manufacturing and marketing of speciality chemicals
to support dyestuff application. Of late they have added range of non-textile
dyes for polymers, resins, inks, wood stains and non destructive testing.
They have been constantly working to retain competitive edge in cost and
quality of their products.
With nearly 50% domestic market share in polyester dyes, they aim to emulate
the performance in cellulosic dyes as well in next five years.
They exceeded USD 100 million sales in 2004 and aim to double it in next five
years.
My strength is my people and they are my real assets.
About
Us / Company Overview
Mr. Jayantibhai Jariwala, Chairman and Managing Director founded this
organization in the late sixties. In three decades Colourtex has grown into a
leading dyestuff producer, having a fully integrated plant with installed
capacity of 20,000 tpa dyes and 9000 tpa dye-intermediates.
Colourtex has emerged globally as a leading Indian dyestuff company with annual
sales exceeding $100 million in 2004.
Product mix includes Disperse, Reactive, Vat, Modified basic, Acid dyes and
Specialty textile chemicals.
In the past ten years most of the major investments have gone in to building
environment and resource infrastructure. With 7MW gas turbine power generation
and 60,000 M3 soft water reservoir, Colourtex is self sufficient in
the basic resources.
Colourtex has been environment conscious company, competently managing
effluent, hazardous waste and solid waste to ecological requirements.
With a worldwide sales network, Colourtex has earned reputation as reliable
producer of quality dyestuffs and chemicals.
Products
Colourtex
provides wide range of products for coloration of textile, leather and
polymers.
Over the years, Colourtex has established bench mark for dyestuff quality and
service.
Colourtex has imbibed and implemented ecological measures in inputs, synthesis
and final products to ensure safe environment for people on site as well as
those consuming the products and society at large.
Product Tree
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R & D Initiative
At Colourtex R&D center, their focus is on process research, waste
minimization, recovery - reuse, product development to enhance their capability
as competent dyestuff producer and to meet customer needs in terms of cost and
performance.
Objectives
Innovative Research
Cost Optimization
Product Development
Process Optimization
Custom Synthesis
Resources
Organic Chemistry Labs with state of the art equipments and facilities.
Well qualified and experienced team of scientists and chemists.
Pilot plant facility to support scale up processes.
Health and safety provisions like safety showers, emergency exit,
fire-protection
alarms & extinguishers located at all work areas.
Activities
Development of
- processes for known products as per customer
requirement,
- simpler routes with efficient recovery, cost
reduction for traditional products
and processes,
- value added products,
- analytical methods.
Scaling up of multi-step processes and achievement of high purities.
Stretch Trials to fix operating ranges for critical process parameters.
Extensive in-process checks employed to study scale-up aspects.
Cost reduction through process optimization.
Training work force for safe handling of raw materials, processes &
process
wastes.
Troubleshooting process, synthesis and dyestuff application related
issues
through in-house technical expertise
Instrumentation
HPLCs with PDA / UV detectors
HPTLC
GCs
GC-MS
UV Spectrophotometers
Computer Colour Matching System
Photofluorimeter
Atomic Absorption Spectrophotometer
Ion chromatograph
Men with Mission
Team of
scientists - Ph.Ds' in relevant sciences working with chemists formally
qualified - Masters in organic chemistry, on
short, medium and long term projects.
imparting knowledge and training to production chemists on safer &
efficient
processes and work practices.
A dedicated team of analytical chemists is engaged in
development of analytical methods,
impurity profiling,
raw material, in-process to final products analysis
closely monitoring and controlling eco-parameters of all the inputs
and final
products.
providing customer services in areas of eco-testing of finished textiles
and
leather.
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 Intl 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
companys 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
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Currency |
Unit
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Indian Rupees |
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US
Dollar |
1 |
Rs.46.01 |
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UK
Pound |
1 |
Rs.84.93 |
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Euro |
1 |
Rs.58.30 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP
CAPITAL |
1~10 |
6 |
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OPERATING
SCALE |
1~10 |
6 |
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FINANCIAL
CONDITION |
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--BUSINESS
SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT
LINES |
1~10 |
6 |
|
--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 |
|
54 |
This score serves as a reference to assess SCs 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 |
Unfavourable
& favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |