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MIRA
INFORM REPORT
|
Report Date : |
22.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
ATLAS DYE CHEM (INDIA) PRIVATE LIMITED |
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Registered Office : |
2nd Floor, Shiromani Satellite Road, Ahmedabad – 380015,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.04.2004 |
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Com. Reg. No.: |
4-44016 |
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CIN No.: [Company
Identification No.] |
U24114GJ2004PTC044016 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMA04086F |
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PAN No.: [Permanent
Account No.] |
PANAPPLIED |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter, Importer and Trader of all sorts and various categories
of dyes, chemicals, intermediates. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 80000 |
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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 flagship company of a medium-sized group in Gujarat. Available
information indicates satisfactory financial responsibility of the company.
Trade relations are 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
|
Registered Office : |
2nd Floor, Shiromani Satellite Road, Ahmedabad – 380015,
Gujarat |
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Tel. No.: |
91-79-26769721/22/23 |
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Fax No.: |
91-79-26744295 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Jagdish Kantilal Sheth |
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Designation : |
Chairman and Managing Director |
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Address : |
Saudamini, Ashwamegh Bungalows 1, Opp. Jay Sefali Row House, Satellite
Ahmedabad – 380015, Gujarat |
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Date of Birth/Age : |
18.02.1944 |
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Date of Appointment : |
22.04.2004 |
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Name : |
Mr. Keyur Jagdish Sheth |
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Designation : |
Executive Director |
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Address : |
Saudamini, Ashwamegh Bungalows 1, Opp. Jay Sefali Row House, Satellite
Ahmedabad – 380015, Gujarat |
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Date of Birth/Age : |
02.12.1974 |
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Date of Appointment : |
22.04.2004 |
KEY EXECUTIVES
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Name : |
Umesh Parikh and Associates |
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Designation : |
Company Secretary |
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Address : |
109, Sarita Complex, Near Sarovar Complex, Behind Jain Derasar,
Vallabha Dinning Hall Lane, Office CG Road, Navrangpura, Ahmedabad – 380 015,
Gujarat, India |
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Tel. No.: |
91-26405454 / 30025454 |
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Mobile No.: |
91-9825067518 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Jagdish Kantilal Sheth |
|
64000 |
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Mr. Keyur Jagdish Sheth |
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32000 |
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Mrs. Pravina Sheth |
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16000 |
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Mrs. Pravina Sheth |
|
16000 |
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Mrs. Akshka Sheth |
|
16000 |
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Mr. Jagdish Sheth |
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7520 |
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Mr. Keyur Jagdish Sheth |
|
8000 |
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Mr. Arvind Talati |
|
160 |
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Mr. Bhavesh Doshi |
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160 |
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Mr. Malay Shah |
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160 |
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Total |
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160000 |
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Category |
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Percentage |
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Directors or relatives of directors |
|
99.70 |
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Other top fifty(50) shareholders (other than listed above) |
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0.30 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter, Importer and Trader of all sorts and various
categories of dyes, chemicals, intermediates. |
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Brand Name: |
'Reactron' |
GENERAL
INFORMATION
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Bankers : |
· ICICI Bank Limited, Ahmedabad · Bank of Baroda · Citi Bank NA · HDFC Bank Limited · State Bank of India |
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Financial Institutions: |
ICICI Home
Finance Company Limited 11th
Floor, Sakar -1, Ashram Road, Ahmedabad |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Hemant R. Shah Chartered Accountants |
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Address : |
E/1, M-Floor, Vittalbhai Bhavan, Sardar Patel Railway Crossing,
Ahmedabad – 380013, Maharashtra |
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Associates/Subsidiaries : |
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Name and Address: |
Atlas Dye-Chem
(India) Private Limited |
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Address: |
2nd Floor, Shiromani Complex, Satellite Road,
Ahmedabad – 380015, India |
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Tel No.: |
91-79-2676 97/21/22/23 |
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Fax No.: |
91-79-2674 4295 |
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Email: |
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Name: |
Atlas
Fibrepack Industries |
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Address: |
360 - 361, G. I. D.C. Odhav,Ahmedabad - 382415, India |
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Tel No.: |
91-79-2287 0641 |
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Fax No.: |
91-79-2287 5045 |
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Email: |
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Name: |
Organica
Products |
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Address: |
2nd Floor, Shiromani Complex, Satellite Road, Ahmedabad - 380015,
India |
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Tel No.: |
91-79-2676-97-21/22/23 |
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Fax No.: |
91-79-2674 4295 |
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Email: |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
3000000 |
Equity shares |
Rs.10/- each |
Rs.30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1600000 |
Equity shares |
Rs.10/- each |
Rs.16.000
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 |
|
16.000 |
16.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
2.312 |
1.166 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
18.312 |
17.166 |
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LOAN FUNDS |
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1] Secured Loans |
|
23.085 |
18.202 |
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2] Unsecured Loans |
|
24.006 |
30.199 |
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TOTAL BORROWING |
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47.091 |
48.401 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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65.403 |
65.567 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
22.223 |
23.291 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
0.004 |
0.004 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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11.239 |
12.768 |
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Sundry Debtors |
|
34.394 |
35.824 |
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Cash & Bank Balances |
|
1.089 |
0.726 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
26.152 |
22.587 |
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Total
Current Assets |
|
72.874 |
71.905 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
26.125 |
26.196 |
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Provisions |
|
3.772 |
3.700 |
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Total
Current Liabilities |
|
29.897 |
29.896 |
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Net Current Assets |
|
42.977 |
42.009 |
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MISCELLANEOUS EXPENSES |
|
0.199 |
0.263 |
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TOTAL |
|
65.403 |
65.567 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
|
136.223 |
136.179 |
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Other Income |
|
1.304 |
0.781 |
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Total Income |
|
137.527 |
136.960 |
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Profit/(Loss) Before Tax |
|
1.217 |
1.266 |
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Provision for Taxation |
|
0.072 |
0.100 |
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Profit/(Loss) After Tax |
|
1.145 |
1.166 |
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Export Value |
|
4.020 |
8.125 |
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Import Value |
|
99.847 |
95.811 |
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Expenditures : |
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Depreciation & Amortization |
|
1.256 |
1.188 |
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Financials Charges |
|
1.338 |
2.881 |
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Other expenditure |
|
131.122 |
127.556 |
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Total Expenditure |
|
133.716 |
131.625 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
0.83 |
0.85 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
0.89 |
0.92 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
1.27 |
1.32 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.06 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
4.21 |
4.57 |
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2.44 |
2.41 |
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Current Ratio (Current Asset/Current Liability) |
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LOCAL AGENCY FURTHER
INFORMATION
Form 8
|
Name of the company |
ATLAS DYE CHEM (INDIA) PRIVATE LIMITED |
|
Presented
By |
Mr. Jagdish
Kantilal Sheth Chairman and Managing
Director |
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1) Date and description of instrument creating the change |
Memorandum of entry
(Constructive Delivery) dated 8th November, 2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.3.500 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 charge will
be on entrire Immovable properties being office no. 208-216, Shiromani
Complex, Nehru Nagar, to Shivranjani Char Rasta, Ambawadi, Ahmedabad.,
together with all structure thereon and all equipment, fixture etc, attached
to the earth pr permanently fastened to anything 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. |
All the securities
described herenabove in column No.3 are mortgaged and charged to ICICI Home
Finance Company Limited, to secure the financial
Assiatance of Rs.3.500 Millions granted by them. ICICI Bank FRP: 7.75% p.a. Adjustable Rate
of Interest: ICICI Bank FRP+2.25%=10% Per – EMI Interest :10%p.a. Additional Interest :24% p.a. Repayment of loan : By 60 monthly
installments each of Rs. 74365 |
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5) Name and Address and description of the person entitled to the charge. |
ICICI Home
Finance Company Limited 11th Floor,
Sakar -1, Ashram Road, Ahmedabad |
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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 |
OTHER INFORMATION:
Profile:
The flagship company of the Group, subject is one of the largest and best-known manufacturers in the
country. National as well as International markets receive its versatile range
of textile dyes as well as certain specialized non textile dyes, under the
brand name 'Reactron' with assurance of excellent standards, applications find
their way into a large spectrum of industries including textiles, paper, ink,
plastic, petroleum, rubber, wood staining and paint.
India's first dyestuff
company to get the ISO certification,
subject is also a government
certified Export House since
1993. It's Reactive dyes are listed in the Colour Index. It's R and D
laboratory, a Centre of Excellence, certified by the Ministry of Science
and Technology, Govt. of India, is a powerhouse of young and brilliant minds
who do not take any ceiling as a limit and strive to surpass the best in the
technology of making dyes. Atlas Dye-Chem maintains the latest testing
facilities.
A strategic move to top the best potential abroad, the International Business Centre was
set up in 2001. It has clear objectives to achieve the optimun export market
share by:
- Promoting
sales of affiliates and associates' products
- Seeking out
new avenues for their new products
- By
establishing strategic alliances with suppliers by providing them with a
gateway into international markets
International Business Centre, with a strategic alliance and
its focussed marketing strategies alongwith ample technical support, has managed
to expand and export intermediates, dyestuff and pigments to Africa, Western
Europe, America and Far East.
QUALITY
POLICY
Subject believes in constantly striving towards it's goal of
providing superior quality products which translates into maximum benefit to
the costomers whether small or big, domestic or overseas.
It's goal is to satisfy customers and in this endeavour it
always further develops and improves the products.
Educational training to raise the quality of employees and
their work has been given utmost priority, as backbone, to support customer
satisfaction.
QUALITY
CONTROL
- ISO 9001:2000
system procedure
- Specially
developed quality control software - Smart QC
- Testing
laboratories for raw material and finished products
- Temperature-controlled
room for sample preservation
- Modern
testing instruments
Mc-Beth CE - 7000 double beam spectrophotometer
Genecys UV Spectrophotometer
HPLC, HPTLC and IC
Roaches equipment for measurement of Dedusting
Dyeing machines for exhaust and pad dyeing
Light fastness, Wash fastness and Rubbing fastness equipment
Sieve Analysis
SCAN-O-LITE (Color Matching Booth)
Complete set for Printing applications. (Regular Printing,
Discharge Printing and Resist Printing)
Company Dyes:
- Reactive Dyes
- SL Dyes (for Silk)
- WL Dyes (for Wool)
- Acid Dyes
- Direct Dyes
- Basic Dyes
- Solvent Dyes
- Pigments
- Dye
Intermediates
- OBA (Optical Brightening Agent)
Achievement:
- R and D Lab recognized by Dept. of Science and Technology, Government of
India since 1991
- First Indian
company to get ISO 9002
accreditation for Synthetic
Organic Dyestuff since 1993 now ISO 9001 :
2000
- Government-recognised
Export House since
1993
- Winner
of several Chemexcil Export Awards
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.39.57 |
|
UK Pound |
1 |
Rs.79.91 |
|
Euro |
1 |
Rs.56.99 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|