MIRA INFORM REPORT

 

 

Report Date :

27th June 2006

 

IDENTIFICATION DETAILS

 

Name :

SUJAL DYE CHEMICAL INDUSTRIES

 

 

Registered Office :

C-1, 132, Phase –1, Near Nika Tube, GIDC,Vatva,  Ahemdabad,

Gujarat -382 445 

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

1990

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

 AHMS02506A

 

 

PAN No.:

[Permanent Account No.]

AADFS0876P

 

 

Legal Form :

Partnership Concern with an Unlimited Liability of Partners.

 

 

Line of Business :

Manufacturer.& Exporter of Dyes & Dye Intermediates.

 

RATING & COMMENTS

 

MIRA’s Rating :

       Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 40000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Salary are 30 Days

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established concern having satisfactory  track .

Partner are reported as experienced, respectable and having Satisfactory Means of their own.

 

Their trade relations are reported as fair. Payments are reported as slow

but correct.

 

The concern can be considered normal for Business dealings at usual trade terms and conditions.

 

LOCATIONS

 

Registered Office/Factory  :

C-1, 132, Phase –1, Near Nika Tube, GIDC,Vatva,  Ahemdabad 382445,Gujarat .

Tel. No.:

91-79-25833271

Mobile No.:

91-9825039144

Fax No.:

91-79-25890695

E-Mail :

sujaldyechemind@sify.com

Website :

http://www.Sujaldyechem.in

Area :

2000  sq. fts

Location :

Leased

 

PARTNERSHIP

 

Name :

Mr.Kunalbhai R Patel

Designation :

 Partner

Date of Birth/Age :

26 Years

Experience :

5 Years

 

 

Name :

Mrs.Mandakiniben Patel

Designation :

Partner

Date of Birth/Age :

58 Years

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer.& Exporter of Dyes & Dye Intermediates

 

 

Products :

OAVS, DMAVS, PCVS

 

 

Brand Names :

Dye Intermediates

 

 

Exports to :

Korea, China

 

 

Imports from :

China, Japan

 

 

Terms :

 

Selling :

L/C

 

 

Purchasing :

L/C Credit (90 days)

GENERAL INFORMATION

 

Customers :

End User

 

 

No. of Employees :

15 Person in Office and 40 in factory

 

 

Bankers :

      Corporation Bank

      IFB Ahemdabad

 

 

Facilities :

Rs.40.000 million(DIA)

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

Dattani & Associates

Chartered Accountant

Address

1003, Samudra Annene, Hotel Klassic Gold , Ellibridge, Ahmedabad  

Tel. No.:

91-79-2656824

Fax No.:

91-79-26464412

 

 

 

CAPITAL STRUCTURE

 

Capital Investment :

 

Owned :

RS.11.138  million

Borrowed :

-

Total :

RS.11.138 million

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

 

31.03.2006

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

 

11.138

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

0.000

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

11.138

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

13.831

2] Unsecured Loans

 

 

0.000

TOTAL BORROWING

 

 

13.831

DEFERRED TAX LIABILITIES

 

 

0.000

 

 

 

 

TOTAL

 

 

24.969

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

8.677

Capital work-in-progress

 

 

0.000

 

 

 

 

INVESTMENT

 

 

0.298

DEFERREX TAX ASSETS

 

 

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

 

10.084

 

Sundry Debtors
 

 

25.231

 

Cash & Bank Balances
 

 

1.912

 

Other Current Assets
 

 

0.000

 

Loans & Advances
 

 

2.097

Total Current Assets
 

 

39.324

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

 

22.834

 

Provisions
 

 

0.496

Total Current Liabilities
 

 

23.330

Net Current Assets
 

 

15.994

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.000

 

 

 

 

TOTAL

 

 

24.969

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

 

31.03.2006

Sales Turnover [including other income]

 

 

107.536

 

 

 

 

Profit/(Loss) After Tax

 

 

0.984

 

 

 

 

Total Expenditure

 

 

106.552

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

 

31.03.2006

PAT / Total Income

(%)
 

 

0.91

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

 

0.91

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

 

2.04

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

 

0.08

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

 

3.33

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

 

1.68

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Trade Reference :

 

      Sajjan India Limited

      Crystal Quinone Limited

      O Yark Industrial Limited, Korea

      Everlight Industries Limited

 

 

 

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

Rs.46.36

UK Pound

1

Rs.84.49

Euro

1

Rs.58.38

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--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

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

45

 

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

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

 

 

 

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