MIRA INFORM REPORT

 

 

Report Date :

2nd November, 2006

 

IDENTIFICATION DETAILS

 

Name :

KIRI DYES AND CHEMICALS PRIVATE LIMITED

 

 

Registered Office :

53, Manek Baug Society, Ambawadi,  Ahmedabad – 380 015, Gujarat, India.

 

 

Country :

India

 

 

Financials (as on) :

31.03.2005

 

 

Date of Incorporation :

14.05.1998

 

 

Com. Reg. No.:

04-34094

 

 

CIN No:

U24231GJ1998PTC034094

 

 

TAN No.:

(Tax Deduction & Collection Account No.)

AHMK01019E

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Synthetic Organic Dyestuffs and 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 700000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established company having fine track. Directors are reported as experienced, respectable and having resourceful businessmen. Their trade relations are fair. Financial position is good. Payments are usually correct and as per commitments.

 

The company can be considered good for any normal business dealings at usual trade terms and conditions.

 

LOCATIONS

 

Registered Office :

53, Manek Baug Society, Ambawadi,  Ahmedabad – 380 015, Gujarat, India.

Tel. No.:

91-79-26422802/25894477

Fax No.:

91-79-26569529/25834960

E-Mail :

exports@kiridyes.com

Website :

http://www.kiridyes.com

Area :

1000 sq. ft (Owned)

 

 

Factory 1 :

Plot No. 299/1/A, Near Water Tank, Phase II, GIDC Estate, Vatva, Ahmedabad – 382 445, Gujarat, India

Tel. No.:

91-79-25894477/ 25835297

Fax No.:

91-79-25834960/ 26569529

E-Mail :

exports@kiridyes.com

Area :

Owned

 

 

Factory 2 :

10/8, Valu Via-Vinzol, District – Descroi, Ahmedabad

Area :

2539 sq. fts.(Owned)

 

 

Branches :

7th Floor, Hasubhai Chaber, Ashram Road, Ellisbridge, Ahmedabad

Tel. No.:

91-79-26574321

Fax No.:

91-79-26574373-74

E-Mail :

export@kiridyes.com

Area :

Owned

 

DIRECTORS

 

Name :

Mr. Pravinbhai Amritlal Kiri

Designation :

Whole Time Director

Address :

53, Manek Baug Society, Ambawadi, Ahmedabad-380 006, Gujarat

Date of Birth/Age :

01.11.1945

Date of Appointment :

14.05.1998

 

 

Name :

Mr. Manishbhai Pravinbhai Kiri

Designation :

Whole Time Director

Address :

53, Manek Baug Society, Ambawadi, Ahmedabad-380 006, Gujarat

Date of Birth/Age :

26.12.1972

Date of Appointment :

14.05.1998

 

 

Name :

Mrs. Arunaben Pravinbhai Kiri

Designation :

Whole Time Director

Address :

53, Manek Baug Society, Ambawadi, Ahmedabad-380 006, Gujarat

Date of Birth/Age :

29.10.1942

Date of Appointment :

14.05.1998

 

KEY EXECUTIVES

 

Name :

Mr. R. S. Shah

Designation :

Company Secretary

Address :

B-3, Deepkunj Flats, Near Purnanand Ashram, Navjivan Post, Ahmedabad - 380014

 

MAJOR SHAREHOLDERS

 

Names of Shareholders

No. of Shares

Mr. Pravinbhai Amritlal Kiri

849900

Mrs. Arunaben Pravinbahi Kiri

150100

Mr. Manishbhai Pravinbhai Kiri

150100

Mr. Pravinbhai Amritlal Kiri (HUF)

100,000

TOTAL

1150000

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Synthetic Organic Dyestuff and Intermediates

 

 

Products with ITC Code :

¯      Synthetic Organic Dyestuff – 320429

¯      Dyes

¯      Chemicals

¯      Intermediates

 

 

Imports from :

Europe, U.S.A. and Germany

 

 

Terms :

 

Purchasing :

L/C

 

PRODUCTION STATUS

 

Particulars

Unit

 

 

Actual Production

Dyes

Kgs.

 

 

5820198

Traders in Exports

Kgs.

 

 

7758584

 

GENERAL INFORMATION

 

No. of Employees :

40

 

 

Bankers :

·         State Bank of India, Vatva Industrial Estate Branch, Ahmedabad – 382 445,Gujarat

·         State Bank of India, Mumbai

·         Bank of Baroda, Rakhial, Gujarat

·         Bank of Baroda  Kaligram

·         Bank of Baroda Ahmedabad, Gujarat

·         Bank of Baroda, Mumbai

·         State Bank of Saurashtra, Ahmedabad, Gujarat

·         State Bank of Saurashtra, Mumbai

 

 

 

Facilities :

Secured Loan

(Rs in millions)

 

2005

Term Loan from State Bank of India

7.861

Cash Credit from State Bank of India

5.000

Export Packing Credit from State Bank of India

77.757

Bills Discounted but not released

101.196

Overdraft against F. D.

--

Term Loan secured against vehicles

0.906

(secured against hypothecation of inventories, present and future receivable other movable assets, equitable mortgage of various land and buildings and personal guarantee of directors)

 

Total

192.720

 

 

Unsecured Loans

 

(Rs in millions)

 

2005

Deposits from

n       Directors

n       Shareholders

 

3.365

0.371

Deferred Tax Liability

5.800

Total

9.536

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

Vimal D Shukla and Company

Chartered Accountants

Address :

22, Akruti Society, Satellite Road, Ahmedabad – 380 015, Gujarat, India

Tel. No.:

91-79-26445335

 

 

Associates/Subsidiaries :

BSB Dyechem Private Limited

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1250000

Equity Shares

Rs. 10/- each

Rs. 12.500 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

1150000

Equity Shares

Rs. 10/- each

Rs. 11.500 millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2005

31.03.2004

31.03.2003

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

11.500

11.500

11.500

2] Reserves & Surplus

168.424

136.830

113.460
NETWORTH

179.924

148.330

124.960

LOAN FUNDS

 

 

 

1] Secured Loans

192.720

193.296

57.541

2] Unsecured Loans

9.536

8.536

3.671
TOTAL BORROWING

202.256

201.832

61.212
 

 

 

 
TOTAL

382.180

350.162

186.172
 

 

 

 
APPLICATION OF FUNDS

 

 

 
 

 

 

 
FIXED ASSETS [Net Block]

87.015

78.300

55.504
Capital work-in-progress

0.000

0.000

0.000
 

 

 

 
CURRENT ASSETS, LOANS & ADVANCES

 

 

 
 
Inventories
182.152
150.757
114.264
 
Sundry Debtors
193.534
6.934
54.868
 
Cash & Bank Balances
27.690
15.559
17.261
 
Other Current Assets
37.664
219.533
0.000
 
Loans & Advances

7.609

6.402

70.643
Total Current Assets

448.649
392.783

257.036
Less: CURRENT LIABILITIES & PROVISIONS

 
 

 
 
Current Liabilities
149.765

125.160
113.611
 
Provisions
3.750

2.200
12.800
Total Current Liabilities

153.515
127.360

126.411
Net Current Assets

295.134
271.825
130.625
 

 

 

 
MISCELLANEOUS EXPENSES

0.031

0.037

0.043
 

 

 

 
TOTAL

382.180

350.162

186.172

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2005

31.03.2004

31.03.2003
Sales Turnover [including other income]

763.821

785.860

913.998
 

 

 

 
Profit/(Loss) Before Tax

34.145

26.375

44.806
Provision for Taxation

2.550

3.006

4.000
Profit/(Loss) After Tax

31.595

23.369

40.806
 

 

 

 
Export Value

454.297

609.611

732.191
 

 

 

 
Import Value

82.651

96.694

112.772
 

 

 

 
Total Expenditure

729.677

759.484

0.813

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2005

31.03.2004

31.03.2003
PAT / Total Income
(%)
4.46

4.52

6.31
 
 
 

 

 
Net Profit Margin

(PBT/Sales)

(%)
4.90

4.64

6.46
 

 
 

 

 
Return on Total Assets

(PBT/Total Assets}

(%)
14.33

13.10

19.90
 

 
 

 

 
Return on Investment (ROI)

(PBT/Networth)

 
0.35

0.39

0.58
 

 
 

 

 
Debt Equity Ratio

(Total Liability/Networth)

 
1.50

2.06

2.00
 

 
 

 

 
Current Ratio

(Current Asset/Current Liability)

 
2.03

1.57

1.84

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Review of Operations

 

The Directors are pleased to note that company has continued to achieve reasonably good turnover and profitability in spite of the forces of recession and competition prevailing in the economy. The turnover has decreased. However, the figures of the turnover are not strictly comparable with those of previous year as the company was converted into 100% EOU from 01.12.2004. Therefore both input raw material are without the component of excise duty at 16% and gross turnover does not include export incentives in terms of excise duty refund and DEFB which together account for around 20%. Hence as a compared to previous year, export incentives have gone down by about Rs. 50.000 millions.

 

Future Prospects

 

The Directors are both confident and optimist about future. Products are now widely accepted internationally which is evident from the fact that company has become preferred suppliers of the reputed multinational companies like Dystar, Clariant etc.

 

Fixed Assets

 

Ø       Land

Ø       Building

Ø       Plant and Machinery

Ø       Electric Installation

Ø       Furniture

Ø       Laboratory Equipment

Ø       Aquaguard

Ø       Car

Ø       Computer

Ø       Fan

Ø       Fax Machines

Ø       Scooter

Ø       Telephone Line

Ø       Air Condition

Ø       ETP

Ø       Electronic Typewriter

Ø       Pump, Pipes and Pipe Fitting

Ø       Vessel

Ø       Hundai Car

Ø       Fire Equipments

Ø       Mineral Water Plant

Ø       Packing Machine

Ø       Spectrometer

Ø       Xerox Machines

Ø       Toyota Car

Ø       Water cooler

Ø       Tata Indica

Ø       Freeze

 

Website Details Attached:

 

Profile:

Kiri Dyes and Chemicals Pvt. Ltd. is one of the foremost manufacturers and suppliers of high quality dyes and intermediates in the dyestuff industry. Through innovation, dedication to total quality and consumer satisfaction, as well as commitment to research and development, we have succeeded in meeting the needs of a broad range of customers worldwide.

KDC production facilities are strategically located in the heart of chemical industrial zone, which provides comparative ease and convenience to effectively utilize the Common Effluent Treatment Plant to further treat outlets. Centralized administration is established in highly commercial area of the city, Ahmedabad.

History - Strength in the foundation

Based on more than 30 years of experience in exporting dyes and intermediates to more than 30 countries all over the world (Taiwan, Japan, Korea, Germany, U. K., U. S. A., Australia..... to name a few). Pravin Kiri, a successful and accomplished businessman, President of Kiri Dyes and Chemicals Pvt. Ltd., set up independent dyes manufacturing unit in Ahmedabad, India. His exploration and development of many innovative concepts, products and technologies in the field of dye manufacturing is the heart of the strength of Kiri Dyes and Chemicals Pvt. Ltd..

Business Philosophy and Beliefs

Products:

 

Production Details

Products - exceeds customer expectations

KDC has one of the most extensive product line in the world of dyes and intermediates. KDC product range comprises of more than 120 dyestuffs for textiles, leather, paint and printing-ink industries with total production capacity of more than 2700 MT per annum. KDC supplies Reactive, Acid, and Direct Dyes as well as Dye-Intermediates in various forms like Standardized Spray Dried / Tray Dried - Powder / Granular, Crude and Reserve Osmosis. KDC products are attractive to many clients since we customize solutions to the customers needs. Our operations caster to the customer's needs at every stage of business.

 

Environment:

Safety and the Environment - Highest Priority

Nothing is more important than the safety of our people and out communities. We integrate environmental considerations into our business decisions, and we design or modify our products and processes to minimize their environmental, health and safety impact. Demonstrating our management as well as individual level of commitment to safeguarding the environment. Kiri Dyes and Chemicals Pvt. Ltd. maintains the highest level of compliance with all applicable environmental regulations, especially Gujarat Pollution Control Board where our plants are located. KDC has one of the advanced and effective effluent treatment plant to ensure required outlet norms. High marks and appreciation for our zero - discharge products by representatives, government agencies and environmental groups are evidences of our leadership for pure and healthy environment. Thus it is justified that development and environment can go together.

At KDC, quality control encompasses raw material sourcing, production processing, final product analysis and documentation order processing and delivery. This commitment to quality control enforces our company to provide consistent products to meet our exact specifications.

Throughout the production process, the utmost care is taken to ensure rigorous standardized tests and adhere to strict specifications. KDC's quality control policy guarantees that customers are supplied only with products that meet the highest quality standards. KDC products have been successfully recognized standards. KDC products have been successfully recognized nationally as well as internationally - KDC quality speaks for itself.

This internationally recognized and popular products of KDC are Kiri Direct(Kirect) Turquoise Blues, Kiractive Hot, Cold, High Exhaustive and Bifunctional Reactive Dyes, Kiri Acid Blacks, Kiri pigments and intermediates for reactive dyes.

Detailed technical illustration, information and shade cards are provided to KDC customers.

R & D - Continual Pursuit of Excellence

Research and Development is given prime importance at KDC. About 4% to 5% of the total sales is allocated to R & D. R & D laboratories are equipped with sophisticated and technologically advanced equipment, where highly skilled team of research chemists, engineers and technicians serve our deverse range of products.

R & D programs are designed to achieve four objectives:

  1. Continual improvement in quality by improving manufacturing technology and processes.
  2. Low manufacturing costs through process improvement.
  3. Conduct exploratory research to develop new product lines and markets.
  4. Develop new products and processes that we environmentally responsible.

 

Name of the company

KIRI DYES & CHEMICALS PRIVATE LIMITED

Presented By

Shri Pravinbhai Kiri

1) Date and description of instrument creating the change

Memorandum of entry dated 19.03.2001

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 121.500 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

All the immovable properties of the cum including land, building etc. situated Plot No. 299/1/A, in the Vatva Industries Area / Estate consisting of revenue  No . 416 (Paiki)  and 410 (Paiki) within village limit of Vonzol of Dascroi Tax   in the sub district of Ahmedabad – 5(Nari Containing by admeasurements 3767 sq. mtr. Thereabouts toetherwith all or superstructure standing thereon)

4) Gist of the terms and conditions and extent and operation of the charge.

Following facilities will be covered.

 

 

Rs in millions

Export packing Credit

27.000

Foreign Bills Discounting Purchase

48.000

Term Loan - I

10.000

Letter of Credit

30.000

Bank Guarantee

2.500

Term Loan - II

4.000

 

121.500

5) Name and Address and description of the person entitled to the charge.

State Bank of India

Vatva industrial Estate,

Branch Ahmedabad

6) Date  and brief description of instrument modifying the charge

Not Applicable

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Not Applicable

 

 

Name of the company

KIRI DYES & CHEMICALS PRIVATE LIMITED

Presented By

Shri Pravinbhai Kiri

1) Date and description of instrument creating the change

General agreement for the grant of small Industrial Advance and Hypothecation of Movables Book- debts and other assets dated 15.09.1998

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 5.500 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

All Goods, movables Book-debts, raw materials and other assets.

4) Gist of the terms and conditions and extent and operation of the charge.

Rate of Interest @ 2.75 % p.a. above State Bank of India, rate subject to minimum of rate of 15.75 %

 

Margin : 

 

Raw materials stock : 25 %

 

Finished goods and working process : 40 %

 

Inland and Export D A Bill : Nil

 

Sub Limits within overall limit of Rs. 5.500 millions

 

Demand cash credit : Rs. 1.500 millions

 

Discounting of Inland and export Rs. 4.000 millions and other export bills

5) Name and Address and description of the person entitled to the charge.

State Bank of India

Vatva industrial Estate,

Branch Ahmedabad

6) Date  and brief description of instrument modifying the charge

Supplimental General Agreement for grant of SIA and hypothecation of goods, book debts and other assets dated 26.02.2004

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

The original charge extended to further secure the additional working capital limit of Rs. 75.000 millions. The Total charge now stands at Rs. 342.500 millions.

 

 

Notes :

 

Charge include mortgage – Sec 124 A description of instrument that is to say whether trust deed, mortgage or debenture should also be given .

 

“Person entitled to the charge” will include mortgage.

 

Amount or rate percent of the commission, allowance or discount paid or made other directly or indirectly by the company toany person in consideration of his subscribing or agreeing to subscribe, whether absolutely or conditionally or procuring or agreeing subscription whether absolutely or conditional for any of the debentures included in this return should be given item No 4

 

 

Name of the company

KIRI DYES & CHEMICALS PRIVATE LIMITED

Presented By

State Bank of India, Vatva

1) Date and description of instrument creating the change

General agreement for the grant of small Industrial Advance and Hypothecation of Movables Book- debts and other assets dated 15.09.1998

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 5.500 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

All Goods, movables Book-debts, raw materials and other assets.

4) Gist of the terms and conditions and extent and operation of the charge.

Rate of Interest @ 2.75 % p.a. above State Bank of India, rate subject to minimum of rate of 15.75 %

 

Margin : 

 

Raw materials stock : 25 %

 

Finished goods and working process : 40 %

 

Inland and Export D A Bill : Nil

 

Syblimits within overall limit of Rs. 5.500 millions

 

Demand cash credit : Rs. 1.500 millions

 

Discounting of Inland and export Rs. 4.000 millions

5) Name and Address and description of the person entitled to the charge.

State Bank of India

Vatva industrial Estate,

Branch Ahmedabad

6) Date  and brief description of instrument modifying the charge

Supplimental General Agreement for the grant of small Industrial Advance and Hypothecation of Movables Book- debts and other assets dated 04.02.1999

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

The original change extended to further secure the additional working capital finance of Rs. 6.500 millions total charge now stands at Rs. 12.000 millions

 

 

Name of the company

KIRI DYES & CHEMICALS PRIVATE LIMITED

Presented By

State Bank of India, Vatva

1) Date and description of instrument creating the change

General agreement for the grant of small Industrial Advance and Hypothecation of Movables Book- debts and other assets dated 04.02.1999

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 10.000 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Present and future goods, book debts, movable and other assets including  documents of title to goods and other assets.

4) Gist of the terms and conditions and extent and operation of the charge.

Rate of Interest @ 1 % p.a. above State Bank of India, rate subject to minimum of rate of 13.75 %

 

Repayment :

 

In quarterly installments of Rs. 0.500 millions each. First installment to be paid at the end of one year from the date of first disbursement.

5) Name and Address and description of the person entitled to the charge.

State Bank of India

Vatva industrial Estate,

Branch Ahmedabad

6) Date  and brief description of instrument modifying the charge

Not Applicable

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Not Applicable

 

 

Name of the company

KIRI DYES & CHEMICALS PRIVATE LIMITED

Presented By

State Bank of India, Vatva

1) Date and description of instrument creating the change

Memorandum of entry creating he equitable mortgage by deposit of documents of title deeds dated 06.02.1999

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 22.000 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

All the immovable properties of the cum including land, building etc. situated Plot No. 299/1/A, in the Vatva Industries Area / Estate consisting of revenue No . 416 (Paiki) and 410 (Paiki) within village limit of Vonzol of Dascroi Tax   in the sub district of Ahmedabad – 5(Nari Containing by admeasurements 3767 sq. mtr. Thereabouts toetherwith all or superstructure standing thereon)

4) Gist of the terms and conditions and extent and operation of the charge.

Following facilities will be covered.

 

 

Rs in millions

Export packing Credit

1.500

Foreign Bills Discounting Purchase

7.500

Medium Term Loan

10.000

Letter of Credit

2.500

Bank Guarantee

0.500

Total

22.000

 

 

5) Name and Address and description of the person entitled to the charge.

State Bank of India

Vatva industrial Estate,

Branch Ahmedabad

6) Date  and brief description of instrument modifying the charge

Not Applicable

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Not Applicable

 

 

Name of the company

KIRI DYES & CHEMICALS PRIVATE LIMITED

Presented By

State Bank of India, Vatva

1) Date and description of instrument creating the change

General agreement for the grant of small Industrial Advance and Hypothecation of Movables Book- debts and other assets dated 15.09.1998

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 5.500 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

All Goods, movables Book-debts, raw materials and other assets.

4) Gist of the terms and conditions and extent and operation of the charge.

Rate of Interest @ 2.75 % p.a. above State Bank of India, rate subject to minimum of rate of 15.75 %

 

Margin : 

 

Raw materials stock : 25 %

 

Finished goods and working process : 40 %

 

Inland and Export D A Bill : Nil

 

Syblimits within overall limit of Rs. 5.500 millions

 

Demand cash credit : Rs. 1.500 millions

 

Discounting of Inland and export Rs. 4.000 millions

5) Name and Address and description of the person entitled to the charge.

State Bank of India

Vatva industrial Estate,

Branch Ahmedabad

6) Date  and brief description of instrument modifying the charge

Supplimental General Agreement for the grant of small Industrial Advance and Hypothecation of Movables Book- debts and other assets dated 20th May, 2000

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

The original change extended to further secure the additional working capital finance of Rs. 30.500 millions. Total charge now stands at Rs. 42.500 millions

 

Margin : 25 % on raw material, semi finished and finished goods.

 

 

 

 

Name of the company

KIRI DYES & CHEMICALS PRIVATE LIMITED

Presented By

State Bank of India, Vatva

1) Date and description of instrument creating the change

General agreement for the grant of small Industrial Advance and Hypothecation of Movables Book- debts and other assets dated 20th May, 2000

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 4.000 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Present and future goods, book debts, movable and other assets including documents of title to goods and other assets.

4) Gist of the terms and conditions and extent and operation of the charge.

Rate of Interest @ 3 % p.a. above State Bank of India, rate subject to minimum of rate of

15 %

 

Repayment :

 

In quarterly installments of Rs. 25.000 millions each. First installment to be paid at the end of one year from the date of June 2000

5) Name and Address and description of the person entitled to the charge.

State Bank of India

Vatva industrial Estate,

Branch Ahmedabad

6) Date  and brief description of instrument modifying the charge

Not Applicable

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Not Applicable

 

 

Name of the company

KIRI DYES & CHEMICALS PRIVATE LIMITED

Presented By

State Bank of India, Vatva

1) Date and description of instrument creating the change

Memorandum of entry creating he equitable mortgage by deposit of documents of title deeds dated 06.02.1999

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 22.000 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

All the immovable properties of the cum including land, building etc. situated Plot No. 299/1/A, in the Vatva Industries Area / Estate consisting of revenue No . 416 (Paiki) and 410 (Paiki) within village limit of Vonzol of Dascroi Tax   in the sub district of Ahmedabad – 5 (Nari Containing by admeasurements 3767 sq. mtr. Thereabouts toetherwith personal immovable of the Directors of the company)

4) Gist of the terms and conditions and extent and operation of the charge.

Following facilities will be covered.

 

 

Rs in millions

Export packing Credit

1.500

Foreign Bills Discounting Purchase

7.500

Medium Term Loan

10.000

Letter of Credit

2.500

Bank Guarantee

0.500

Total

22.000

 

 

5) Name and Address and description of the person entitled to the charge.

State Bank of India

Vatva industrial Estate,

Branch Ahmedabad

6) Date  and brief description of instrument modifying the charge

Memorandum of Entry by way of Extension dated 22nd May, 2000

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

The original charge by way of mortgage of immovable assets created to secure various limits aggregating to Rs. 22.000 millions is now further extended to secure additional working capital and term loan facilities of Rs. 34.500 millions the total charge now stands at Rs. 56.600 millions

 

 

Name of the company

KIRI DYES & CHEMICALS PRIVATE LIMITED

Presented By

State Bank of India, Vatva

1) Date and description of instrument creating the change

General agreement for the grant of small Industrial Advance and Hypothecation of Movables Book- debts and other assets dated 15.09.1998

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 5.500 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

All Goods, movables Book-debts, raw materials and other assets.

4) Gist of the terms and conditions and extent and operation of the charge.

Rate of Interest @ 2.75 % p.a. above State Bank of India, rate subject to minimum of rate of 15.75 %

 

Margin : 

 

Raw materials stock : 25 %

 

Finished goods and working process : 40 %

 

Inland and Export D A Bill : Nil

 

Syblimits within overall limit of Rs. 5.500 millions

 

Demand cash credit : Rs. 1.500 millions

 

Discounting of Inland and export Rs. 4.000 millions

5) Name and Address and description of the person entitled to the charge.

State Bank of India

Vatva industrial Estate,

Branch Ahmedabad

6) Date  and brief description of instrument modifying the charge

Supplimental General Agreement for the grant of small Industrial Advance and Hypothecation of Movables Book- debts and other assets dated 19.03.2001

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

The original change extended to further secure the additional working capital finance of Rs. 65.000 millions. Total charge now stands at Rs. 107.500 millions

 

Margin : L/C and Guarantee 25 % on raw material, semi finished and finished goods 25 %.

 

 

Name of the company

KIRI DYES & CHEMICALS PRIVATE LIMITED

Presented By

State Bank of India, Vatva

1) Date and description of instrument creating the change

Memorandum of entry dated 19.03.2001

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 121.500 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

All the immovable properties of the cum including land, building etc. situated Plot No. 299/1/A, in the Vatva Industries Area / Estate consisting of revenue No . 416 (Paiki) and 410 (Paiki) within village limit of Vonzol of Dascroi Tax   in the sub district of Ahmedabad – 5 (Nari Containing by admeasurements 3767 sq. mtr. Thereabouts toetherwith all or any superstructure standing thereon)

4) Gist of the terms and conditions and extent and operation of the charge.

Following facilities will be covered.

 

 

Rs in millions

Export packing Credit

27.000

Foreign Bills Discounting Purchase

48.000

Medium Term Loan

10.000

Letter of Credit

30.000

Bank Guarantee

2.500

Total

4.000

 

121.500

5) Name and Address and description of the person entitled to the charge.

State Bank of India

Vatva industrial Estate,

Branch Ahmedabad

6) Date  and brief description of instrument modifying the charge

Memorandum of Entry by way of Extension dated 6th September, 2002

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

The original charge by way of equitable mortgage of the properties described in point no. 3, above is further extended to secure enhanced various credit limits of Rs. 113.983 millions making total charge of Rs. 235.483 millions. The equitable mortgage and has created security on the Memorandum of Entry dated 9.6.2002 on the property described in 5th Schedule to secure the original and additional credit limits aggregating to Rs. 235.483 millions. The brief description of the properties is As Follows:

 

All the immovable properties of the cum including land, building etc. situated Plot No. 299/1/B, in the Vatva Industries Area / Estate consisting of revenue No . 416 (Paiki) and 410 (Paiki) within village limit of Vonzol of Dascroi Tax   in the sub district of Ahmedabad – 5 (Nari Containing by admeasurements 2050 sq. mtr. Thereabouts toetherwith all or any superstructure standing thereon

 

 

 

 

 

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. 44.84

UK Pound

1

Rs. 85.55

Euro

1

Rs. 57.28

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

54

 

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

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