MIRA
INFORM REPORT
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Report Date : |
01.08.2007 |
IDENTIFICATION DETAILS
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Name : |
CORA CHEM – DIVISION OF COLOURTEX INDUSTRIES PRIVATE LIMITED |
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Formerly Known As: |
Pandesara Dyes and Intermediaries Private Limited |
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Registered Office : |
Plot No. 31 /32, GIDC, Pandesara, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23.10.1989 |
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Com. Reg. No.: |
04 - 12922 |
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CIN No.: [Company
Identification No.] |
U24231GJ1989PLC012922 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTC00075F |
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PAN No.: [Permanent
Account No.] |
AABFC6691G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Dyes and Intermediaries. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 3400000 |
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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 and reputed company having satisfactory
track. Directors are reported as
experienced 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 : |
Plot No. 31 /32, GIDC, Pandesara, |
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E-Mail : |
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Head Office: |
Plot No. 69/73 and 74, GIDC Estate, Pandesara, |
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Corporate Office: |
Survey No. 91, Bhestan, Pandesara, |
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Tel No.: |
91-261-2897800 |
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Factory: |
Survey No. 80, Bhestan GIDC, Pandesara, |
DIRECTORS
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Name : |
Mr. Pravinchandra Dhansukhlal Kabutarwala |
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Designation : |
Director |
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Address : |
4, Ekta, Opposite Trinidhi Apartment, |
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PAN No.: |
AFIPK6382A |
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Name : |
Mr. Maheshchandra Dhansukhlal Kabutarwala |
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Designation : |
Director |
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Address : |
4, Ekta, Opposite Trinidhi Apartment, |
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PAN No.: |
ABTPK3090N |
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Name : |
Mr. Kanakkumar Jayantilal Jariwala |
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Designation : |
Director |
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Address : |
4, Ekta, Opposite Trinidhi Apartment, |
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PAN No.: |
AAWPJ4339B |
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Name : |
Mr. Vishadkumar Jayantilal Jariwala |
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Designation : |
Director |
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Address : |
4, Ekta, Opposite Trinidhi Apartment, Ghod Dod Raod, |
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PAN No.: |
AAWPJ4340G |
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Name : |
Mr. Bipin Chandra Dhansukhlal Kabutarwala |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
N. J. Savaliya and Associates |
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Designation : |
Company Secretary |
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Address : |
R-11, |
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Tel. No.: |
91-261-2340400 |
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Mobile No.: |
91-9825328364 |
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E-Mail: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Pravinchandra Dhansukhlal Kabutarwala |
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212200 |
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Mr. Mahesh Chandra Dhansukhlal Kabutarwala |
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210100 |
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Mr. Kanakkumar Jayantilal Jariwala |
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317200 |
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Mr. Vishadkumar Jayantilal Jariwala |
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317100 |
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Mr. Rameshchandra Dhansukhlal Kabutarwala |
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212100 |
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Mr. Bipinchandra Dhansukhlal Kabutarwala |
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210100 |
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Mrs. Ushaben Pravinchandra Kabutarwala |
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100 |
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Mrs. Hemlataben Rameshchandra Kabutarwala |
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100 |
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Mrs. Jagrutiben Bipinchandra Kabutarwala |
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100 |
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Mrs. Ishweriben Maheshchandra Kabutarwala |
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100 |
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Mr. Jayantilal Thakordas |
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212200 |
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Mrs. Urmilaben Jayantilal Jariwala |
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100 |
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Mr. Jenish Pravinchandra Kabutarwala |
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100 |
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Mr. Ketan Pravinchandra Kabutarwala |
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100 |
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Mr. Dhanesh Rameshchandra Kabutarwala |
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100 |
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Mr. Shyam Maheshchandra Kabutarwala |
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100 |
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Mrs. Shilpaben Kanakkumar Jariwala |
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1000 |
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Mrs. Jyotiben Vishadkumar Jariwala |
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100 |
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Mr. Jay Bipinchandra Kabutarwala |
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100 |
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Mr. Krunal Maheshchandra Kabutarwala |
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100 |
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Mr. Jayantilal Thakordas Jariwala |
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100 |
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Total |
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1693300 |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Dyes and Intermediaries. |
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Exports: |
No Direct Exports |
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Imports from: |
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GENERAL INFORMATION
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Bankers : |
Bank of Parsi Sheri
Branch, E-mail: parsis@bankofbaroda.com |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M. S. Choksi Chartered Accountants |
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Address : |
304, Abhishek Complex, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs.10.00 each |
Rs. 30.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1693300 |
Equity Shares |
Rs.10.00 each |
Rs. 16.933 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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16.933 |
16.933 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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835.447 |
816.859 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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852.380 |
833.792 |
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LOAN FUNDS |
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1] Secured Loans |
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163.846 |
71.325 |
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2] Unsecured Loans |
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1042.932 |
859.530 |
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TOTAL BORROWING |
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1206.778 |
930.855 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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2059.158 |
1764.647 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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673.086 |
678.050 |
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Capital work-in-progress |
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16.851 |
14.162 |
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INVESTMENT |
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33.235 |
45.440 |
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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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0.000 |
0.000 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
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0.000 |
0.000 |
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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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1856.132 |
1438.271 |
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Total
Current Assets |
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1856.132 |
1438.271 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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520.146 |
411.276 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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520.147 |
411.276 |
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Net Current Assets |
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1335.986 |
1026.995 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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2059.158 |
1764.647 |
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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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2.03 |
1.61 |
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Current Ratio (Current Asset/Current Liability) |
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3.57 |
3.50 |
LOCAL AGENCY FURTHER INFORMATION
Note: Originally incorporated on 23.10.1989 under the name “Pandesara
Dyes and Intermediaries Private Limited” The name changed into the Present Name
“Colourtex Industries Private Limited” w.e.f. 01.09.2004.
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Name of the company |
PANDESARA INDUSTRIES PRIVATE LIMITED |
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Presented By |
Mr. Vishadkumar
J. Jariwala |
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1) Date and description of instrument creating the change |
- Instrument of
Hypothecation of Machinery - Instrument of
Hypothecation of Goods -Instruments of Hypothecation
of Book-Debts |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 25.000
millions |
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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 |
1)
Existing
Machinery of the company 2)
Stock
of goods i.e. Raw Materials, stock in process and finished goods. 3)
Book-Debts
of the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Limit:
Margin:
Interest: -C/C (Stock) 6%
over Bank rate with minimum of 18% p.a. -C/C (B.D.) 7%
over Bank rate with minimum of 19% p.a. -Interest and
commission as per FEDAI Rate. Period: One year with Review Repayable: On Demand |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Parsi Sheri
Branch, |
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6) Date and brief description of instrument modifying the charge |
17.08.2002 No Due
certificate for Term Loan |
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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. |
Bank’s Charge of
Rs. 213.800 millions against Hypothecation of Machinery, Goods, Book-Debts
and further charge by way of Collateral Security over the Company’s Immovable
Assets (along with other Immovable Properties) is modified on full and final
settlement of Term Loan of Rs. 136.800 millions thereby reducing the Total
Charge from Rs. 213.800 millions to Rs. 77.000 millions. Now Charge of
Bank against Hypothecation of Machinery, Goods, Book-Debts and Immovable
Assets Covers Total Limits of Rs. 77.000 millions |
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Corporate identity
number (CIN) Foreign company registration number |
U24231GJ1989PLC012922 |
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Name of the
Company |
COLOURTEX
INDUSTRIES LIMITED |
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Address |
Plot No. 31 /32,
GIDC, Pandesara, |
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This form is for |
Modification of
Charge |
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Type of Charge |
A Charge on: v
Immovable
Property v
Book
Debts v
Movable
Property |
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Particulars of
the charge holder |
Bank of Parsi Sheri
Branch, E-mail: parsis@bankofbaroda.com |
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Nature or
description of the instrument(s) creating or modifying the charge |
Supplemental
composite agreement of Hypothecation of Goods, Book Debts, Movables and
Vehicles and Memorandum of Entry extension of Equitable Mortgage. |
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Amount secured by
the charge |
Rs. 280.000
millions |
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Brief particulars of the principal terms and
conditions and extent and operation of the charge |
(a) Rate of
Interest: Cash Credit –
0.50% below BPLR with monthly rests. (b) Terms of Repayment: As per Agreement
entered with the Bank (c) Margin: 30% on Stocks 50% on Book Debts Cash Margin 30%
In respect of Bank Guarantee (d) Extent and
operation of the charge As per agreement
entered with the Bank |
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Date of
Instrument |
16.03.2007 |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 40.55 |
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1 |
Rs. 82.06 |
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Euro |
1 |
Rs. 55.35 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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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 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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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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59 |
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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