MIRA INFORM REPORT
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Report Date : |
08.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
APEX DYES AND INTERMEDIATES |
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Registered
Office : |
C-1/47, Phase-II, GIDC, Vatva,
Ahmedabad-382445, Surat, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2008 |
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Date of
Incorporation : |
1978 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
AHMA00329A |
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PAN No.: [Permanent
Account No.] |
AADFA2959F |
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Legal Form : |
Partnership concern with an unlimited liability of the partner. |
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Line of Business
: |
Manufacturers,
Exporters, Importers & Traders of Dyes, Intermediates, Chemicals,
Pigments, Dyes Intermediates, Organic Pigment, Aqua Pastes, Pigment
Emulsions, Emulsions, Inorganic Pigments, Organic Pigment Powders, Organic
Pigments for Paint, Organic Pigments for Plastic, Acrylic Emulsions, Oil
Bound Distempers. |
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 40000 |
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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. Partners are reported as experienced and respectable businessmen.
Trade relations are 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. |
INFORMATION PARTED
BY
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Name : |
Mr. Prashant Merchant |
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Designation : |
Managing Partner |
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Date : |
08.04.2008 |
LOCATIONS
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Registered
Office / Godown / Works : |
C-1/47, Phase-II, GIDC, Vatva,
Ahmedabad-382445, Gujarat, India |
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Tel. No.: |
91-79-25831072 / 25831073 |
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Fax No.: |
91-79-25893858 |
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E-Mail : |
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Website : |
http://www.apexpigments.co.in |
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Area : |
Apx.1,000.Sq.Ft. [Work - 50,000.Sq. Ft. - Leased] [Godown
- 2,000.Sq.Ft. - Leased] |
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Location : |
Leased |
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Administrative Office : |
7-B, Ajanta Commercial Centre, 2nd
Floor, B-Wing, Ashram Road, Ahmedabad-300 014, Gujarat State, India |
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Tel. No.: |
91-79-27540436/ 27541070/27540570 |
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Fax No.: |
91-79-27543864 |
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E-Mail : |
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Website : |
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Area : |
2500 sq ft |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Prashant Merchant |
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Designation : |
Managing Partner |
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Res.
Phone : |
91-79-26620069 |
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Name : |
Mr. Shrenik Merchant |
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Designation : |
Partner |
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Res.
Phone : |
91-79-26620069 |
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Name : |
Mr. Tejas Merchant |
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Designation : |
Partner |
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Res.
Phone : |
91-79-26620069 |
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Name : |
Mr. Harnish Merchant |
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Designation : |
Partner |
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Res.
Phone : |
91-79-26620069 |
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Name : |
Mr. Kirit Merchant |
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Designation : |
Partner |
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Res.
Phone : |
91-79-26620069 |
BUSINESS DETAILS
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Line of Business
: |
Manufacturers,
Exporters, Importers & Traders of Chemicals, Pigments, Organic
Pigment, Aqua Pastes, Pigment Emulsions, Emulsions, Inorganic Pigments,
Organic Pigment Powders, Organic Pigments for Paint, Organic Pigments for
Plastic, Acrylic Emulsions, Oil Bound Distempers. |
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Products : |
v
Distemper
v Pigments |
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Exports to : |
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Countries: |
Europe, U.S.A. Middle East, and Far East [- Italy, U.S.A., Saudi Arabia, Sri Lanka, Indonesia etc.] |
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Imports from : |
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Products: |
Raw Material |
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Countries: |
Europe, U.S.A. and China |
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Terms : |
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Selling : |
L/C, Cash and Credit (up 60 Days) |
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Purchasing : |
L/C, Cash and Credit (up to 30 Days) |
GENERAL
INFORMATION
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Suppliers : |
v
Goldlink
Industries Company Limited, 17/F, 258, Zhong Shan Road, Wuxi, Peoples Republic of China v
Dinovhrm Jisnhdu
Wuxi Import Export Corporation, 17/F, 258 Zhong Shan Road, Wuxi, Peoples Republic of China v
Jiangasu Changyu
Chemical Company, Limited Zhongzhichang Leyu Town Zhangjiag City Jiangsu, 215621, Peoples Republic of China. |
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Customers : |
v
D/C India Limited v
Ciba Specialty Chemicals
India Limited v
Connell Brothers Company India Private Limited v
Ankit Pigments Exports Private
Limited, Ahmedabad v
Ankur Dyestuff Industries,
Ahmedabad v
Apex Dyes and Intermediates,
Ahmedabad v
Shree Radhakrishna Industries,
Ahmedabad v
Classic Colours Private Limited,
Vapi v
Colour India, Vapi |
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No. of Employees
: |
65 |
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Bankers : |
v Bank of Baroda, Navrangpura Branch,
Ahmedabad-380 0014 v
HDFC Bank Limited, Navrangpura
Branch, v
Nutan Nagrik Sahakari Bank Limited, Ashram
Road, Ahmedabad |
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Banking
Relations : |
Satisfactory |
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Auditors: |
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Name: |
Shah Brothers (Naushir Marjatia and Company) Chartered Accountant |
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Associates/Subsidiaries : |
v Ankur Dyestuff
Industries, GIDC, Vatra, Ahmedabad v Classic Colours
Private Limited, GIDC, Vapi v
Ankit Pigments Exports Private Limited v
Shree Radhakrishna Industries, Ahmedabad v
Colour India, Vapi |
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CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 10.000 Millions |
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Borrowed : |
-- |
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Total : |
Rs. 10.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
65.000 |
60.000 |
50.000 |
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Export Value |
Not Available |
Not Available |
20.000 |
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Import Value |
Not Available |
Not Available |
30.000 |
Average
Stock maintained: Rs. 2.500 Millions per month
LOCAL AGENCY
FURTHER INFORMATION
The Partners are well experienced and qualified, financially
sound, enjoys better credits and
reputation in the market.
Subject
seems to be progressive.
Installed
Capacity : 1,000. Tonnes per annum
Actual
Production : As Per Orders
Note:-
Mr. Prashant said they have handed
the overall marketing for Apex Dyes and Intermediates in India to Sheeba India
Limited – A German based company.
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
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Indian Rupees |
|
US Dollar |
1 |
Rs. 40.02 |
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UK Pound |
1 |
Rs. 79.44 |
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Euro |
1 |
Rs. 62.94 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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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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47 |
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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