MIRA
INFORM REPORT
|
Report Date : |
30.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
I S DYESTUFF INDUSTRIES LIMITED |
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Registered Office : |
8703 / XV Pratap Singh Building, D. B. Gupta Road, New Delhi – 110055,
India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
15.12.1987 |
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Com. Reg. No.: |
55-29986 |
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CIN No.: [Company
Identification No.] |
U17111DL1987PLC029986 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELI04822G |
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PAN No.: [Permanent
Account No.] |
AAACI2850D |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Authorised Dealers for Crompton Greaves |
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 380000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track records. Trade
relations are fair. Financial position is satisfactory. 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 : |
8703 / XV Pratap Singh Building, D. B. Gupta Road, New Delhi – 110055,
India |
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Tel. No.: |
91-11-25192449 |
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Fax No.: |
91-11-25176740 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Kailash Goel |
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Designation : |
Director |
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Address : |
27 Aradhana Enclave, New Delhi |
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Date of Appointment : |
18.05.1992 |
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Name : |
Mr. Pirag Chand Goel |
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Designation : |
Director |
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Address : |
27 Aradhana Enclave, New Delhi |
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Date of Appointment : |
18.05.1992 |
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Name : |
Mr. Shiv Lal Goel |
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Designation : |
Director |
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Address : |
Flat No. 204 Santok Chamber Sardar Nagar, Baroda |
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Date of Appointment : |
01.04.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Prabha Goel |
|
160000 |
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Archana Goel |
|
160000 |
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Mange Ram |
|
55700 |
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Shakuntala Devi |
|
55000 |
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Nathu Ram |
|
52800 |
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Kanta Devi |
|
160000 |
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Lata Devi |
|
23000 |
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Saroj Devi |
|
60000 |
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Priyanka Goel |
|
83500 |
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Dalip Singh |
|
88000 |
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Kewal Singh |
|
77500 |
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Vijay Goel |
|
92500 |
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Raman Goel |
|
77000 |
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Amit Goel |
|
75000 |
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Rahul Goel |
|
90000 |
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Shiv Lal Goel |
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802000 |
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Lal Goel [HUF] |
|
285000 |
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Kailash Goel |
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916000 |
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Kailash Goel [HUF] |
|
297000 |
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Jai Prakash |
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757000 |
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Jai Prakash [HUF] |
|
208000 |
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Surender Goel |
|
788000 |
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Vijender Goel |
|
488500 |
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Richa Goel |
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22850 |
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P. C. Goel |
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305000 |
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Total |
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6179350 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Authorised Dealers for Crompton Greaves |
GENERAL
INFORMATION
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No. of Employees : |
About 50 |
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Bankers : |
International Business Branch, Suraj
Plaza Building, Baroda – 390005, Gujarat, India
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sunita and Chadha Chartered Accountants |
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Address : |
8703, D. B. Gupta Road, New Delhi – 110055, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 70.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6,179,350 |
Equity Shares |
Rs. 10/-
each |
Rs. 61.794
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
61.794 |
61.794 |
61.794 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
33.389 |
18.484 |
17.008 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
95.183 |
80.278 |
78.802 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
53.011 |
34.309 |
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2] Unsecured Loans |
29.602 |
28.205 |
28.205 |
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TOTAL BORROWING |
29.602 |
81.216 |
62.514 |
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DEFERRED TAX LIABILITIES |
0.000 |
11.080 |
10.523 |
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TOTAL |
124.785 |
172.574 |
151.839 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.000 |
60.953 |
60.590 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
26.341 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
69.382 |
22.893 |
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Sundry Debtors |
10.069
|
14.377 |
21.877 |
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Cash & Bank Balances |
0.598
|
0.877 |
0.173 |
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Other Current Assets |
0.028
|
0.231 |
1.169 |
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Loans & Advances |
130.869
|
69.802 |
58.178 |
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Total
Current Assets |
141.564
|
154.669 |
104.290 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
43.758
|
44.010 |
14.324 |
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Provisions |
0.003
|
0.000 |
0.000 |
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Total
Current Liabilities |
43.761
|
44.010 |
14.324 |
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Net Current Assets |
97.803
|
110.659 |
89.966 |
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MISCELLANEOUS EXPENSES |
0.641 |
0.962 |
1.283 |
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TOTAL |
124.785 |
172.574 |
151.839 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
203.807 |
260.907 |
273.669 |
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Other Income |
4.970 |
0.537 |
0.195 |
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Total Income |
208.777 |
261.444 |
273.864 |
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Profit/(Loss) Before Tax |
5.259 |
2.043 |
2.016 |
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Provision for Taxation |
1.434 |
0.181 |
0.233 |
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Profit/(Loss) After Tax |
3.825 |
1.862 |
1.783 |
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Expenditures : |
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Raw Material Consumed |
127.135 |
233.570 |
0.000 |
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Consumption of stores and spares parts |
1.218 |
1.424 |
0.000 |
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Increase/(Decrease) in Finished Goods |
30.426 |
[25.026] |
0.000 |
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Salaries, Wages, Bonus, etc. |
4.159 |
3.317 |
0.000 |
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Managerial Remuneration |
0.900 |
0.480 |
4.321 |
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Payment to Auditors |
0.050 |
0.050 |
0.050 |
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Interest |
6.335 |
5.884 |
5.646 |
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Insurance Expenses |
0.146 |
0.220 |
0.231 |
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Power & Fuel |
14.283 |
15.653 |
0.000 |
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Depreciation & Amortization |
4.196 |
3.996 |
3.808 |
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Other Expenditure |
14.670 |
19.833 |
257.792 |
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Total Expenditure |
203.518 |
259.401 |
271.848 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
2.52
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0.71 |
0.65 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.58
|
0.78 |
0.74 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.71
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0.95 |
1.22 |
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Return on Investment (ROI) (PBT/Networth) |
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0.06
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0.03 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.77
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1.56 |
0.98 |
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Current Ratio (Current Asset/Current Liability) |
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3.23
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3.51 |
7.28 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
I S DYESTUFF
INDUSTRIES LIMITED |
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Presented By |
Mr. Shivlal
Goyal, Director |
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1) Date and description of instrument creating the change |
No instrument. On
01.08.2005 charge on company’s immovable property war created by way of
Memorandum of Entry |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 51.300
Millions as per the facilities mentioned below Rs. In 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 |
The following
properties owned by the company mortgaged. : Plot No. 122/1 and
122/1 at Nandesari Industries Estate, GIDC Baroda consisting of R. S. No.
531/P, 532 / P, 533/P, 533/I/P adm 5888 sq. mtrs. Together with all buildings
and structures now thereon or to be erected thereon and plant and machinery
attached to the earth both present and future. Plot no. 157,
consisting R. S. No. 492/P, 493/P, 502/P and 503/P adm. 10479.30 sq. Mtrs. At
Nadesari, GIDC Baroda together and Plant and Machinery attached to the earth
both present and future. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of
Interest 0.5 % over BPLR
i.e. 11.00 % p.a. with monthly rest. Margin 25 % on Raw
Material 40 % on Book
debts 35 % on Rest Commission Rs. 150
+ 2 % p.a. For the performance guarantee and 150 + 3 % p.a. for financial
guarantee. The facilities
shall be for the period of 2 months, subject to yearly review. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda International Business Branch, Suraj Plaza Building, Baroda – 390005, Gujarat, India |
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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 |
Fixed Assets
- Plant and
Machinery
- Building
- Land
- Furniture and
Fixture
- Office
Equipments
- Air Conditioners
- Scooters
- Vehicles
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.39.67 |
|
UK Pound |
1 |
Rs.81.78 |
|
Euro |
1 |
Rs.58.46 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
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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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
|
45 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
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 |
|