MIRA
INFORM REPORT
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Report Date : |
05.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
NOVA DYESTUFF
INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
251, GIDC
Industrial Estate, Pandesara, Surat – 394221, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
30.03.1989 |
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Com. Reg. No.: |
04-12071 |
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CIN No.: [Company
Identification No.] |
U24231GJ1989PTC012071 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTN00088E |
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PAN No.: [Permanent
Account No.] |
AAACN9073B |
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Legal Form : |
Private Limited
Liability Company. |
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Line of Business : |
Manufacturer and Exporter of Disperse Dyes, Solvent Colours and Synthetic
Aroma Chemicals |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
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 : |
USD 170000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established and reputed company having satisfactory track records. Directors
are reported as experience and respectable businessmen. Trade relations are
reported as fair. Business is active. Payments are usually correct and as per
commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office/Factory : |
251, GIDC
Industrial Estate, Pandesara, Surat – 394221, Gujarat, India |
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Tel. No.: |
91-261-2691105 /
2691108 / 2898556/2898551 |
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Fax No.: |
91-261-2691106 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Kamal Omprakash Jain |
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Designation : |
Director |
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Address : |
501 Ashwamegh
Apartment Parle Point, Surat – 395001, Gujarat, India |
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Date of Birth/Age : |
27.03.1967 |
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Date of Appointment : |
13.12.2000 |
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Name : |
Mr. Omprakash Chiranjilal
Jain |
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Designation : |
Director |
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Address : |
501 Ashwamegh
Apartment Parle Point, Surat – 395001, Gujarat, India |
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Date of Birth/Age : |
27.08.1943 |
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Date of Appointment : |
25.06.1996 |
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Name : |
Mr. Ashish Jain |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Sadhna Jain |
237000 |
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Anita Jain |
200000 |
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Ashish Jain – HUF
|
56000 |
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Mitali Jain |
48000 |
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Ashish Jain |
278600 |
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Kamal Jain |
353000 |
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Karishma Jain |
65000 |
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Shalu Exports
Private Limited |
377790 |
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Rajesh Johar
Singh |
3000 |
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Banwarilal Shah |
5000 |
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Nandkishor Gupta |
10 |
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Om Prakash Jain |
449100 |
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Pushpadevi Jain |
100000 |
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Satya Prakash
Gupta |
150000 |
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JMD Telefilm
Industries Limited |
50000 |
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Universal
Multimedia Limited |
100000 |
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Kanak Projects
Limited |
100000 |
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Poonam
Corporation Limited |
150000 |
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Prime Capital
Market Limited |
50000 |
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Total |
2772500 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Disperse Dyes, Solvent Colours and
Synthetic Aroma Chemicals |
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Products : |
Disperse Dyes and
Pigment |
GENERAL
INFORMATION
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No. of Employees : |
About 100 |
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Bankers : |
v
Bank of
Baroda, GIDC Industrial Estate, Pandesara, Surat – 394221, India v
Vijaya Bank |
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Facilities : |
-- |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
M/s. Shah Kailash & Associates Chartered Accountant |
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Address : |
524/525, Royal Trading Tower, Near Ratan Cinema, Salabatpura, Surat –
395003 |
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Tel. No.: |
91-261-2334411/2335216 |
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Fax No.: |
91-261-2352647 |
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E-Mail : |
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Associates/Subsidiaries : |
v Shalu Exports
Private Limited v JMD Telefilm
Industries Limited v Universal
Multimedia Limited v Kanak Projects
Limited v Poonam Corporation
Limited v Prime Capital
Market Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2772500 |
Equity Shares |
Rs. 10/- each |
Rs. 27.725 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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27.725 |
27.725 |
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2] Share Application Money |
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0.075 |
0.075 |
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3] Reserves & Surplus |
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14.758 |
15.087 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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42.558 |
42.887 |
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LOAN FUNDS |
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1] Secured Loans |
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10.774 |
15.622 |
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2] Unsecured Loans |
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4.285 |
3.988 |
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TOTAL BORROWING |
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15.059 |
19.610 |
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DEFERRED TAX LIABILITIES |
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0.053 |
0.142 |
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TOTAL |
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57.670 |
62.639 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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23.962 |
23.831 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.005 |
0.005 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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17.240 |
19.037 |
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Sundry Debtors |
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43.576 |
47.532 |
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Cash & Bank Balances |
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0.762 |
0.327 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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10.768 |
9.268 |
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Total
Current Assets |
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72.346 |
76.164 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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38.212 |
37.430 |
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Provisions |
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0.465 |
0.000 |
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Total
Current Liabilities |
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38.677 |
37.430 |
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Net Current Assets |
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33.669 |
38.734 |
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MISCELLANEOUS EXPENSES |
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0.034 |
0.069 |
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TOTAL |
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57.670 |
62.639 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.26 |
1.33 |
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Current Ratio (Current Asset/Current Liability) |
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1.87 |
2.03 |
LOCAL AGENCY FURTHER
INFORMATION
|
Corporate
identity number of the company |
U24231GJ1989PTC012071 |
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Name of the
company |
NOVA DYESTUFF
INDUSTRIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
251, GIDC
Industrial Estate, Pandesara, Surat – 394221, Gujarat |
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This form is for |
Creation of
Charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
Bank of Baroda, GIDC Industrial
Estate, Pandesara, Surat
– 394221, India |
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Nature of
description of the instrument creating or modifying the charge |
Hypothecation
agreement |
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Date of
instrument Creating the charge |
25.07.2006 |
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Amount secured by
the charge |
Rs. 15.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
0.05 % BPLR Repayment on
Demand |
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Description of
the property charged |
Plant and
Machinery Stock in trade Book Debts and
other |
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Particulars of
the property charged |
Stock in trade,
Plant and Machinery and stores and spares located at Plot 251 GIDC,
Pandesara, Surat – 394221, Gujarat and Book Debts |
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.42.90 |
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UK Pound |
1 |
Rs.84.69 |
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Euro |
1 |
Rs.57.21 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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46 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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