MIRA
INFORM REPORT
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Report Date : |
09.08.2007 |
IDENTIFICATION DETAILS
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Name : |
EMCO DYESTUFF PRIVATE LIMITED |
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Registered Office : |
201, Garadia House,
100/104, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.04.1990 |
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Com. Reg. No.: |
11-56053 |
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CIN No.: [Company
Identification No.] |
U24110MH1990PTC056053 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUME01774D |
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PAN No.: [Permanent
Account No.] |
AAACE1167D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importers, Exporters, Buyers and Sellers of and Dealers in all kinds of Chemicals, Organic. |
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 72000 |
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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 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 : |
6, Surabhi Apartment, |
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Tel. No.: |
91-22-28943521/4906 |
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Fax No.: |
91-22-28945431 |
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E-Mail : |
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Website : |
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Area : |
Owned |
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Head Office : |
201, Garadia House,
100/104, |
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Tel. No.: |
91-22-23410153/ 28943521 |
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Fax No.: |
91-22-23421763/ 28945431 |
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E-Mail : |
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Warehouse : |
Gala No. 5, Zaver Compound, Behind Batra Petrol Pump, Purna Village, Bhiwandi, Thane, Maharashtra |
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Branches : |
2, New Castle Drive, Apt No. 11, Nashua, New Hampshire, 03060, USA |
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Tel. No.: |
1-917-5588161 |
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Fax No.: |
1-917-5588161 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Mukund Kasturchand Shah |
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Designation : |
Chairman cum Managing Director |
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Address : |
A/102, Pleasant Palace, Sodawala Lane, Borivali
(West), Mumbai - 400 092, |
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Date of Birth/Age : |
14/12/1955 |
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Date of Appointment : |
03/04/1990 |
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Name : |
Mr. Prakashchandra K. Shah |
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Designation : |
Director |
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Address : |
B/302, Pleasant Palace, Sodawala Lane, Borivali
(West), Mumbai - 400 092, |
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Date of Birth/Age : |
31/07/1963 |
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Date of Appointment : |
03/04/1990 |
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Name : |
Mr. Bipin K Shah |
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Designation : |
Director |
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Address : |
402, Pleasant Palace,
Sodawala Lane, Borivali (West), Mumbai-400092, |
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Date of Birth/Age : |
12/07/1958 |
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Date of Appointment : |
03/04/1990 |
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Name : |
Mr.Arvind Kasturchand Shah |
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Designation : |
Director |
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Address : |
A/502, Pleasant Palace,
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Date of Birth/Age : |
20/11/1953 |
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Date of Appointment : |
03/04/1990 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Bipin K Shah |
4020 |
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Mr. Mukund Shah |
5020 |
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Mr. Prakash Shah |
520 |
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Mr. Arvind K Shah |
5970 |
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Mr. Kundan A Shah |
4040 |
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Mr. Sweta P Shah |
2040 |
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Mrs. Dahiben K Shah |
1015 |
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Ms. Dipika Shah |
3535 |
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Bipin K Shah HUF |
10 |
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Ms. Bharti M Shah |
2530 |
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Mukund K Shah HUF |
10 |
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Mr. Prakash K Shah |
10 |
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Mr. Kasturchand M Shah |
10 |
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Mr. Devendra Shah |
5 |
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Mr. Sharmil A Shah |
2065 |
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Arvin K Shah (HUF) |
2400 |
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Mr. Sanket K Shah |
2000 |
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Mr. Ruchir Shah |
2000 |
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Mr. Swapnil B Shah |
2800 |
All the shares are held by directors or their relatives.
BUSINESS DETAILS
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Line of Business : |
Importers, Exporters, Buyers and Sellers of and Dealers in all kinds of Chemicals, Organic. |
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Products : |
Generic Names of Principal Product/Service of the company is as under
: Ř
Dyes and Intermediates Ř
Buta Nappthoe Ř
Aniline Ř
Tobias Acid |
GENERAL INFORMATION
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Suppliers : |
Some of the major suppliers of the company are as under : Ř
Zenith Limited Ř
Anirox Pigments Limited Ř
Multi Organics Limited Ř
BASP Chemical Products Limited Ř
Dynamic Products Limited Ř
Jindal Drugs Limited Ř
Jemby Chem Limited Ř
Gopinath Chemtech Limited Ř
Aarti Industries Limited Ř
Balaji Amines Limited Ř
Chromatic India Limited Ř
Sadhaya Nitro Chem Limited Ř
China National Chem Supply Company Ř
Import Interchem Private Limited |
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Customers : |
Some of the major customers of the company are as under : Ř
Astik Dyestuff Private Limited Ř
Jaysynth Dye Chem Limited Ř
Jupiter Dyes Private Limited Ř
Rama Pump & Paper Limited Ř
Naik Chemical Industrial Private Limited Ř
S. B. Organics Limited Ř
Vipul Dye-Chem Limited Ř
Spack Chemicals Private Limited Ř
Dragon Drugs Private Limited Ř
Siddharth Colour Chem Limited Ř
Alginate Allied Chem Private Limited Ř
Idol Textiles Limited Ř
Jeevan Products Private Limited |
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No. of Employees : |
30 |
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Bankers : |
Ř HDFC Bank Limited Ř Standard Chartered Bank Ř Tamilnadu Mercantile Bank Limited, Goradia House, 101-104, Kazi Sayed Street, Mumbai - 400 003 |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Jayesh P. Shah And Company Chartered Accountants |
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Address : |
10, Ruturaj, 2nd Floor, Near Lide Theatre, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000 |
Equity Shares |
Rs.100/-
each |
Rs.4.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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4.000 |
4.000 |
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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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14.233 |
11.581 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
18.233 |
15.581 |
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LOAN FUNDS |
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1] Secured Loans |
|
2.379 |
1.384 |
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2] Unsecured Loans |
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43.968 |
33.681 |
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TOTAL BORROWING |
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46.347 |
35.065 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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64.580 |
50.646 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.335 |
4.756 |
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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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7.338 |
10.125 |
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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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Sundry Debtors |
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82.454 |
59.330 |
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Cash & Bank Balances |
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2.327 |
0.026 |
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Other Current Assets |
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14.834 |
12.357 |
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Loans & Advances |
|
2.836 |
1.208 |
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Total
Current Assets |
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102.451 |
72.921 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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47.999 |
35.569 |
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Provisions |
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1.545 |
1.587 |
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Total
Current Liabilities |
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49.544 |
37.156 |
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Net Current Assets |
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52.907 |
35.765 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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64.580 |
50.646 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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279.332 |
284.930 |
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Other Income |
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Total Income |
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279.332 |
284.930 |
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Profit/(Loss) Before Tax |
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4.196 |
3.720 |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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4.196 |
3.720 |
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Expenditures : |
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Interest |
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4.304 |
4.920 |
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Depreciation & Amortization |
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0.612 |
0.719 |
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Other Expenditure |
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270.220 |
275.565 |
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Total Expenditure |
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275.136 |
281.204 |
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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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PAT / Total Income |
(%) |
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1.50 |
1.31 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.50 |
1.31 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.93 |
4.79 |
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Return on Investment (ROI) (PBT/Networth) |
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0.23 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.26 |
4.63 |
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Current Ratio (Current Asset/Current Liability) |
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2.07 |
1.96 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
|
Corporation identity number or foreign company registrations number of
the company |
U24110MH1990PTC056053 |
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Name of the company |
EMCO DYESTUFF PRIVATE LIMITED |
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Address |
201, Garadia House, 100/104, |
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This Form is for |
Creation of charge |
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Type of Charges |
Book debts Movable property |
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Particular of the charge holder
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Tamilnad Mercantile Bank Limited Goradia House, 1st Floor, 101-104, |
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Nature or description of the instrument creating charge |
Certified copy of letter of hypothecation Certified copy of letter of hypothecation – Book debts loans Certified copy of demand promissory note Certified copy of letter of undertaking |
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Date of the instrument creating charge |
24.04.2007 |
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Amount Secure by the charge |
Rs.10.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interest : Bank financial charges by way of commission @ 1.5% p.a. Terms of repayment Adhoc foreign letter of credit 90 days DA limits are sanctioned on
Adhoc basis and are to be honoured and repaid within the period of 90 days Margin Foreign letter of credit (DA 90 days) – 15% of the value of goods Extent and operation of the charge Foreign letter of credit (DA 90 days) : Rs.10.000 millions To secure the due repayment of the aforesaid limits and for other
charges thereon the first charge and hypothecation charge on all imported
dyes and chemicals, lien over shipping bills/ documents, book debts and
continuing security of security charged to the existing limits. |
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Particulars of the Property charged
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Stock of imported goods whether situated at Borrower’s stores place,
ports, godowns, warehouses, premises or at various sites. Book debts present and future including outstanding moneys,
receivables, claims, bills, contracts, se3curities and rights. |
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Name of the company |
EMCO DYESTUFF PRIVATE LIMITED |
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Presented By |
TAMILNAD MERCANTILE BANK LIMITED, MANDVI BRANCH |
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1) Date and
description of instrument creating the change |
Letter of
hypothecation of book debs – loans dated 08.04.2005 Letter of
hypothecation dated 08.04.2005. (Both the
agreements constitute a single charge) |
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2) Amount secured
by the charge/amount owing on the securities of charge |
FLC Limit of
Rs.2.429 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 |
Hypothecation of
borrower’s present and future book debts, outstanding moneys, receivables,
claims, bills, contracts, securities, investments, rights and assets (except
property effectively otherwise hypothecat4ed or charged to the bank) shall be
hypothecated to the bank and their assigns by way of first charge. Hypothecation of
stock of dyes, chemicals and solvents whether raw or in process of
manufacture and all articles manufactured there from which now or hereafter
from time to time during the continuance of this security shall belong to or
be in the possession or under the control of the borrower in whatsoever
capacity and wherever lying stored or kept and whether in the possession of
the borrower or of the bank or of any third party whether in India or
elsewhere though the world (including all such goods as may be in course of
shipment transistor delivery and also all shipping and other documents of
title negotiable instruments, bills drafts, bills of lading, policies of
insurance and other documents and instrument relating to such goods together
with the benefit of all rights relating there to shall be hypothecated to the
bank and its assigns b y way of first charge |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
As per terms and conditions of the bank. |
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5) Name and
Address and description of the person entitled to the charge. |
The Tamilnad Mercantile Bank Limited Goradia House, 1st Floor, 101-104, Kazi Syed Street,
Mandvi, Post Box No.3181, Mumbai-400003 |
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6) Date and brief description of instrument modifying
the charge |
Not Applicable. |
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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. |
Not Applicable. |
BUSINESS
Subject acts as importers, exporters, buyers and sellers of and dealers
in all kinds of chemicals, organic and inorganic chemicals, industrial and
agricultural chemicals, alkalis, acids, tannins, essences, pigment, colours,
dyestuffs, intermediates chemicals for moulding materials, castings resins,
laminates adhesives and surface coating agents.
The company’s fixed assets of important values include office premises,
computer and printers, furniture and fixtures, office equipments, motor car, godown
and ownership flat.
Website Details :
Established in 1980, EMCO
chemicals, the leading manufacturers and exporters of superior quality
dyes, Dye intermediates, pigments and bulk drugs, are today considered to be
one of the industry's most dependable sources of conventional, specialty, and
custom-formulated dyes, dyestuffs, Dye
Intermediates and pigments, Pharma Intermediates and Bulk Drugs. Since
their inception, Emco Chemicals have always strived to be the leading and
renowned supplier of superior quality color concentrates by supplying the best
quality products at the most competitive rates. It took them 25 hard,
perspiring years to scale new heights and achieve a respectable position in the
worldwide Chemical Industry.
They at EMCO chemicals manufacture and export Dyes, Dyes Intermediates, Pigments Bulk Drugs and Pharma Intermediates
to countries like China, USA, Europe,
Latin America, Pakistan, Bangladesh, Far East and others, according to the demand of international
standard quality products, good price, prompt shipment and other services and
information on Indian Dyestuff Industries.
Their
To provide quality products and efficient and proactive services to the
customers, at competitive prices, so as to achieve total customer satisfaction.
Their Vision
To be a leading chemical manufacturer and supplier through constant
growth shall be achieved with the growth of their customers and partners
Customer Service
Known for technical expertise and best customer service, Emco chemicals
has resulted in maintaining many venerable customer relationships worldwide.
Reliability
Their reliability quotient comprises of their reputation as dye
industry’s most dependable source, with immense market awareness and
foresightedness that is servicing every need of the customer.
Their Corporate Values
Ř
High Priority To Customer Satisfaction.
Ř
High Standards Of Quality, Efficiency, Reliability
And Safety.
Ř
Promoting Use Of Modern Technology And Practices.
Ř
Maximizing Profitability and Cost-Effectiveness.
Ř
Nurturing And Developing Human Resources.
Ř
Cultivating Mutually Rewarding Relationships With
Its Partners In Business.
Ř
Commitment To Community Development And
Environmental Protection.
THEIR EXCELLENCE
All the raw materials and finished products undergo stringent quality
checks at different levels of manufacturing. Micro analysis is conducted on
incoming ingredients and products thereby offering safe products to their
users. For them total satisfaction of the customers is the prime concern.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.58 |
|
|
1 |
Rs.81.85 |
|
Euro |
1 |
Rs.55.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
|
48 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|