MIRA
INFORM REPORT
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Report Date : |
05.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
MEERA DYESTUFF INDUSTRIES |
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Registered Office : |
C-1, 243/2, Phase-II, Vinzol Road, GIDC
Industrial Estate, Vatva, Ahmedabad-382445, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1996 |
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Legal Form : |
Partnership concern with an unlimited liability of the partners |
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Line of Business : |
Manufacturers and Exporter of Reactive Dyes – Salt Free Dyes, Cold
Brand Dyes, Hot Brand Dyes, Bifunctional Dyes, High Exhaust Dyes, Vinyl
Sulfone Dyes, Acid Dyes, Direct Dyes, Dyes Intermediates, Organic and
Inorganic Pigments with brand names “ Meeractoion”. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established concern having satisfactory track. The
concern’s year 2006 – 2007 was not good. Its profit margin was very low. The
concern’s payments are reported as slow but delayed. It can be considered for small to mediocre business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/Factory : |
C-1, 243/2, Phase-II, Vinzol Road, GIDC
Industrial Estate, Vatva, Ahmedabad-382445, Gujarat |
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Tel. No.: |
91-79-25831415 / 25891539 |
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Mobile No.: |
91-9824280417/9824031187 |
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Fax No.: |
91-79-25831287 |
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E-Mail : |
keplad1@sancharnet.in,rajesh@meeradyestuff.com, exports@kepl.com |
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Website : |
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Area : |
80000 Sq. ft |
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Location : |
Leased |
PARTNERS
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Name : |
Mr. Rajesh D. Shah |
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Designation : |
Managing Partner |
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Address : |
4, Dharmnath Society, Camp Road, Shahibag,
Ahmedabad-380004, Gujarat, India |
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Date of Birth/Age : |
40 Years |
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Qualification : |
B.E. |
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Experience : |
18 Years |
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Mobile No.: |
91-9824031187 |
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Name : |
Mr. Devichand K. Shah |
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Designation : |
Partner |
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Address : |
4, Dharmnath Society, Camp Road, Shahibag,
Ahmedabad-380004, Gujarat, India |
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Date of Birth/Age : |
64 Years |
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Qualification : |
B. Com |
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Experience : |
39 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporter of Reactive Dyes – Salt Free Dyes, Cold
Brand Dyes, Hot Brand Dyes, Bifunctional Dyes, High Exhaust Dyes, Vinyl
Sulfone Dyes, Acid Dyes, Direct Dyes, Dyes Intermediates, Organic and
Inorganic Pigments with brand names “ Meeractoion”. |
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Products : |
Its product range includes :- Reactive
Dyes
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Reactive Saltfree
Dyes ˜
Reactive
"M" (Cold Brand) Dyes ˜
Reactive
"H" (Hot Brand) Dyes ˜
Reactive "Me"
Dyes (Bifunctional Dyes) ˜
Reactive "He"
Dyes (High Exhaust Dyes) ˜
Reactive "Hexl" Dyes ˜
Reactive Vinyl
Sulfone Based Dyes ˜
Reactiver Series & Rgb Series
Dyes |
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Exports: |
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Countries : |
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Switzerland ˜
Italy ˜
Belgium ˜
U.K. ˜
Germany ˜
Spain ˜
Portugal ˜
Pakistan ˜
Bangladesh ˜
HongKong ˜
Taiwan ˜
Singapore ˜
U.S.A. ˜
Turkey ˜
Canada ˜
Argentina ˜
Egypt |
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Imports : |
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Products : |
Raw materials and dyes and intermediates |
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Countries : |
China |
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Terms : |
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Selling : |
Cash or Credit terms |
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Purchasing : |
L/C (90 days) Cash and Credit terms |
GENERAL
INFORMATION
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Customers : |
Wholesalers and End Users |
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No. of Employees : |
35 |
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Bankers : |
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Oriental Bank of Commerce, Neel Kamal, Opp. Sales India, Ashram Road,
Ahmedabad, Gujarat, India ˜
HDFC Bank Limited, Mithakhali Branch, Ahmedabad, Gujarat, India ˜
State Bank of India, GIDC Branch, Vatva Industrial Estate, Vatva,
Ahmedabad, Gujarat |
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Facilities : |
The concern do not enjoy facility from its bankers |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P. Parekh and Associates Chartered Accountant |
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Address : |
504/, Sahjanand Shopping Centre, Shahibaug, Ahmedabad-380004, Gujarat |
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Tel. No.: |
91-79-25621950/4627/8628 |
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E-Mail : |
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Memberships : |
Nil |
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Collaborators : |
Nil |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 2.458 Millions |
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Borrowed : |
-- |
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Total : |
Rs. 2.458 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2006 |
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Sales Turnover |
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50.000 |
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Export Value |
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20.000 |
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Import Value |
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10.000 |
Expected Sales (2006-07) : Rs. 40.000 Millions & Export – Rs. 20.000
Millions
LOCAL AGENCY
FURTHER INFORMATION
BUSINESS
Subject is engaged in the business as Manufacturers and Exporter of
Reactive Dyes – Salt Free Dyes, Cold Brand Dyes, Hot Brand Dyes, Bifunctional
Dyes, High Exhaust Dyes, Vinyl Sulfone Dyes, Acid Dyes, Direct Dyes, Dyes
Intermediates, Organic and Inorganic Pigments with brand names “ Meeractoion”.
It is in trade terms with :
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Sino Chem Group of China
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Gujarat Dyestuff Manufacturers Association, “Karma”, 8th
Floor, Opp. Mahalaxmi Marketing, Paldi, Ahmedabad, Gujarat, India
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Vatva Industries Associations, G-1, Phase-I, GIDC, Vatva, Ahmedabad -
382445, Gujarat, India
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Green Environment Services Co-operative Society Limited, Plot No. 244- 251, Phase - II, GIDC, Vatva, Ahmedabad,
Gujarat, India
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.56 |
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UK Pound |
1 |
Rs.85.79 |
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Euro |
1 |
Rs.58.40 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
NO |
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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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38 |
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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