MIRA
INFORM REPORT
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Report Date : |
23.07.2007 |
IDENTIFICATION DETAILS
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Name : |
COLOUR SYNTH INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
C1-B 10, Plot No. 28 to 32 and 34 & 38
and Shed No. C-1/2, GIDC, Pandesara, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.09.1982 |
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Com. Reg. No.: |
04-5533 |
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CIN No.: [Company
Identification No.] |
U24299GJ1982PTC005533 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTC00037C |
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PAN No.: [Permanent
Account No.] |
AABCC1288N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Seller of Coltar Dyes and Intermediates. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 790000 |
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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 fine 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. The company can be regarded as a promising business partner in a
medium to long-run. We contacted the company and were informed that all the directors have
gone outstation and in their absence no one will be parting the required
details. The person identified him as the accountant of the company but
declined to part his name. |
LOCATIONS
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Registered Office : |
C1-B 10, Plot No. 28 to 32 and 34 & 38
and Shed No. C-1/2, GIDC, Pandesara, |
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Tel. No.: |
91-261-8690122 / 2900001 / 2690122 / 2869421 / 2690421 /2630122 / 2897800 / 2890122 |
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Fax No.: |
91-261-8695452 / 2690080 |
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E-Mail : |
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Branches : |
705, Sharda Chambers, 15, New Marine Lines, Mumbai – 400 020, |
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Tel. No.: |
91-22-22000416 / 22000418 / 22009430 |
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Fax No.: |
91-22-22009514 |
DIRECTORS
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Name : |
Mr. Pravinchandra Dhansukhlal Kabutarwala |
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Designation : |
Director |
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Address : |
6/682, Galemandi, Moti Singh, |
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Date of Birth/Age : |
03-10-1956 |
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Date of Appointment : |
24-04-1970 |
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Name : |
Mr. Kanakkumar Jayantilal Jariwala |
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Designation : |
Director |
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Address : |
6/682, Galemandi, Moti Singh, |
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Date of Birth/Age : |
17-11-1973 |
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Date of Appointment : |
02.01.1995 |
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Name : |
Mr. Videshkumar Jayantilal Jariwala |
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Designation : |
Director |
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Address : |
6/682, Galemandi, Moti Singh, |
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Date of Birth/Age : |
26-09-1975 |
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Date of Appointment : |
12.01.1994 |
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Name : |
Mr. Maheshchandra Dhansukhlal Kabutarwala |
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Designation : |
Director |
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Address : |
6/682, Galemandi, Moti Singh, |
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Date of Appointment : |
16.11.1999 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr.
Maheshchandra D. Kabutarwala |
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13130 |
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Mr. Jayantilal T Jariwala |
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17850 |
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Mr. Bipinchandra D. Kabutarwala |
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13110 |
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Mr. Rameshchandra D. Kabutarwala |
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12920 |
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Mrs. Hemlataben
R Kabutarwala |
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100 |
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Mr. Kanakkumar J Jariwala |
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17690 |
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Mrs. Ushaben P Kabutarwala |
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100 |
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Mr. Rameshchandra D. Kabutarwala |
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100 |
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Mr. Vishadkumar J Jariwala |
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17720 |
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Mr. Pravinchandra D Kabutarwala |
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13110 |
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Pandesara Industries Limited |
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110365 |
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Total |
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216195 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors of relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Seller of Coltar Dyes and Intermediates. |
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Products : |
Products ITC.
No. Synthetic Organic Dyes
3320420 Other Organic Dyes 294200 |
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Imports : |
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Products : |
Raw Materials, Components & Spares And Capital Goods |
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Countries : |
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Terms : |
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Purchasing : |
L/C terms |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
50 |
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Bankers : |
·
Bank of ·
Syndicate Bank. Jolly Bhavan-I, New Marine Lines,
Mumbai – 400 020, ·
State Bank of ·
The Surat People’s Co-operative Bank Limited,
Vasundara, Parsi Seri, Navapura, |
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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, |
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Holding Company : |
Pandesara Industries Limited |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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216,195 |
Equity Shares |
Rs. 10/- each |
Rs. 2.163
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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2.163 |
2.163 |
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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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195.525 |
175.527 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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197.688 |
177.690 |
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LOAN FUNDS |
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1] Secured Loans |
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18.822 |
21.357 |
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2] Unsecured Loans |
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195.648 |
237.589 |
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TOTAL BORROWING |
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214.470 |
258.946 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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412.158 |
436.636 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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92.742 |
84.741 |
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Capital work-in-progress |
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0.000 |
2.505 |
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INVESTMENT |
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2.075 |
7.594 |
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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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441.616 |
414.268 |
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Total
Current Assets |
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441.616 |
414.268 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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124.275 |
72.472 |
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Provisions |
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Total
Current Liabilities |
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124.275 |
72.472 |
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Net Current Assets |
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317.341 |
341.796 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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412.158 |
436.636 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.71 |
1.87 |
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Current Ratio (Current Asset/Current Liability) |
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3.55 |
5.72 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges Report
as per Registry
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Name of the company |
COLOUR SYNTH
INDUSTRIES PRIVATE LIMITED |
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Presented By |
Mr.
Pravinchandra D Kabutarwala – Director |
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1) Date and description of instrument creating the change |
17.09.2004 Memorandum of Deposit
of Title Deeds |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 171.500
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 |
Equitable
mortgage over the Company’s Immovable Property i.e. Flat No. 309,310,311 and
312 located at Anita Sankool admeasuring 600,400,650 ft 400 sq. ft.
respectively standing on the land bearing Block No. A of Revenue Survey No.
18/1, 18/3 and 18/4 together with undivided and importable right, title and
interest in the land on which the building is standing situated at Village
Bhestan Taluka, Choryasi, Belonging to colour Synth Industries Private
Limited to secure the following credit facility To Pandesara
Industries Private Limited
To Vipan
Industries
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge
operates security over the Immovable assets of the company as described in
Column No. 3 hereinabove to secure further the aggregate credit facilities of
Rs. 171.500 Millions granted by Bank of Baroda Parsi Sheri Brach, |
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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 |
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 |
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This form is for |
Modification of
charge |
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Charge identification
number of the charge to be modified |
80029161 |
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Corporate
identity number of the company |
U24299GJ1982PTC005533 |
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Name of the
company |
COLOUR SYNTH INDUSTRIES PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
District Gujarat – 394221, |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Bank of Parsi Sheri
Branch, |
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Nature of
description of the instrument creating or modifying the charge |
Memorandum of
entry extension of equitable mortgage |
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Date of
instrument Creating the charge |
16.03.2007 |
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Amount secured by
the charge |
Rs. 280.000 Millions
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per agreement
entered with the Bank Terms of
repayment As per agreement
entered with the Bank Margin As per agreement
entered with the Bank Extent operation
of the charge As per agreement
entered with the Bank |
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Particulars of
the present modification |
By this
modification, the overall limit granted to Colourtex Industries Private Limited,
has been increased to Rs. 280.000 Millions |
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.40.24 |
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1 |
Rs.83.04 |
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Euro |
1 |
Rs.55.60 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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PAID-UP CAPITAL |
1~10 |
8 |
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OPERATING SCALE |
1~10 |
8 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
8 |
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--CREDIT LINES |
1~10 |
8 |
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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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72 |
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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