MIRA
INFORM REPORT
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Report Date : |
06.10.2007 |
IDENTIFICATION DETAILS
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Name : |
AVANI DYE CHEM INDUSTRIES |
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Registered Office : |
C1/57, Phase – II, GIDC, Vatva, Ahmedabad – 382 445, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1977 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer of Synthetic Organic Dyes |
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 50000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed concern having
satisfactory track. Proprietor is reported as experienced and respectable
businessmen. Trade relations are reported as fair. Business is active.
Payments are usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
C1/57, Phase – II, GIDC, Vatva, Ahmedabad – 382 445, |
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Tel. No.: |
91-79-2581106 / 65434989 |
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Fax No.: |
91-79-25895642 |
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E-Mail : |
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Website : |
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Area : |
2500 sq.mtrs |
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Location : |
Owned |
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Branch Office: |
7, |
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Tel. No.: |
44(0) 20 8930 3715 |
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Fax No.: |
44(0) 20 8206 0955 |
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E-Mail : |
SOLE PROPRIETOR
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Name : |
Mr. Yogesh Parikh |
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Designation : |
Proprietor |
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Date of Birth/Age : |
56 years |
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Qualification : |
Post Graduate |
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Experience : |
35 years |
KEY EXECUTIVES
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Name : |
Mr. Shirin Parikh |
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Designation : |
Chief Executive officer |
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Date of Birth/Age : |
23 years |
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Qualification : |
Graduate |
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Experience : |
4 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Synthetic Organic Dyes |
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Products : |
· Reactive Turquoise Blue H5G (C.I blue 25) · Reactive Turquoise Blue G (C.I Blue 21) · Reactive Turquoise Blue H2GP (C.I Blue 77) |
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Exports : |
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Products : |
All products |
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Countries : |
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Terms : |
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Selling : |
L/C, DP Basis |
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Purchasing : |
Credit ( 30 Days) |
GENERAL INFORMATION
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Customers : |
End users |
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No. of Employees : |
5 |
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Bankers : |
Vijaya Bank Address: Relief Road Branch |
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Facilities : |
C/C and L/C – Rs. 10.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Shailesh Shah and Company Chartered Accountants |
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Address : |
Ahmedabad |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 2.500 millions |
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Borrowed : |
Rs. 10.000 millions |
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Total : |
Rs. 12.500 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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50.000 |
40.000 |
Expected Sales (2007-08) : Rs.80.000 millions
LOCAL AGENCY FURTHER INFORMATION
WEBSITES DETAILS:
From The Chairman’s
Desk: -
Subject is well-established concern. The chairman of the company
Mr. Yogesh Parikh has started this manufacturing unit in 1977 in the soil of
The Concern servers the best quality of Reactive Dyes from last 30 years. The Concern is in export field from last two decades and they hope to continue The concern’s reputation by serving the quality excellence to the world.
Production: -
The Concern offers wide range of Reactive Dyes. The Concern have the capacity of 150 M.T/ Month. The concern has well qualified workers for maintaining the production unit. Around 40 workers get employment in the concern.
Quality Control: -
Subject is an ISO 9001:2000 Company. The concern has full range of Reactive Dyes. Quality is been the main strength of the concern since last 30 years. They have well established Laboratory with the modernized Equipments for the best Quality Control. This kind of modernized equipments gives best quality result to the customers and gives the exact idea and whole details about the product.
Export Promotions: -
The concern always believe in expansion and growth of the
business. For that purpose Concern has separate Export Office. They also have
agents and branch offices in different countries i.e. U.K, U.S.A and
This is where the company has been grown in the market of Dyes and Dyestuffs and still growing worldwide to serve Excellent Quality of material to all customers
Process of Dyes:
· Reactive ‘M’ Dyes
· Reactive ‘H’ Dyes
· Reactive Dyes
· Reactive ‘HE’ Dyes
· Reactive ‘ME’ Dye
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.39.49 |
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1 |
Rs.80.41 |
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Euro |
1 |
Rs.55.76 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
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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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
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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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