MIRA
INFORM REPORT
|
Report Date : |
16.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
RAVI DYEWARE COMPANY LIMITED |
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Registered Office : |
121, Atlanta, Nariman Point, Mumbai 400021, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
31.03.1997 |
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Com. Reg. No.: |
106983 |
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CIN No.: [Company
Identification No.] |
U24200MH1997PLC106983 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR10674G |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturing, Processing, Formulating, Buying, Selling, Dealing, Importing and Exporting of Dyes, Dyes Intermediates, Dyestuff, Organic and/or Inorganic Chemicals, Insecticides, Pesticides, Wedicides, Fertilizers and Agricultural Chemicals. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1700000 |
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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. Trade relations are fair. Business is active. General financial position is
satisfactory. Payments are reported as
usually correct and as per commitments. The Company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
121, Atlanta, Nariman Point, Mumbai 400021, Maharashtra, India |
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Tel. No.: |
91-22-22851007 / 22840293 |
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Fax No.: |
91-22-22029146 |
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E-Mail : |
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Website : |
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Factory 1 : |
G-12, MIDC, Taloja, Behind Hindustan Lever Limited, Dist. – Thane, Maharashtra, India |
DIRECTORS
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Name : |
Mr. Banwarilal Singhania |
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Designation : |
Director |
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Address : |
Shree Vardhan Co-operative Housing Society, 6th Floor,
Opposite Tata Garden, B. D. Road, Mumbai 400026, Maharashtra, India |
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Date of Birth/Age : |
15.11.1933 |
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Date of Appointment : |
31.03.1997 |
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Name : |
Mr. Vinod Singhania |
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Designation : |
Director |
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Address : |
28, Maheshwar Niketan, Peddar Road, Mumbai 400026, Maharashtra, India |
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Date of Birth/Age : |
06.03.1957 |
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Date of Appointment : |
31.03.1997 |
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Name : |
Mr. Rajesh Singhania |
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Designation : |
Director |
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Address : |
28, Maheshwar Niketan, Peddar Road, Mumbai 400026, Maharashtra, India |
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Date of Birth/Age : |
31.03.1997 |
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Date of Appointment : |
02.05.2005 |
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Name : |
Mr. Siddharth Singhania |
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Designation : |
Director |
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Address : |
28, Maheshwar Niketan, Peddar Road, Mumbai 400026, Maharashtra, India |
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Date of Birth/Age : |
10.11.1982 |
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Date of Appointment : |
02.05.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 30.09.2005]
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Names of Shareholders |
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No. of Shares |
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Banwarilal Singhania |
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3251000 |
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Rajesh Singhania |
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3453800 |
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Vinod Singhania |
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1302500 |
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Namrata Singhania |
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75000 |
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Abha Singhania |
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3642000 |
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Phuldevi Singhania |
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200700 |
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Anita Mody |
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75000 |
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Siddharth Singhania |
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100000 |
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Shivang Singhania |
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115000 |
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Devang Singhania |
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103600 |
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Harshvardhan Singhania |
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115000 |
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Equity Share
Break-up [As on 31.03.2007] |
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Percentage of
Holding |
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Directors or relatives of the Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing, Processing, Formulating, Buying, Selling, Dealing, Importing and Exporting of Dyes, Dyes Intermediates, Dyestuff, Organic and/or Inorganic Chemicals, Insecticides, Pesticides, Wedicides, Fertilizers and Agricultural Chemicals. |
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Exports : |
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Countries : |
Europe, USA and Far East Countries |
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Imports : |
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Products : |
Raw materials |
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Countries : |
Germany and China |
GENERAL
INFORMATION
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No. of Employees : |
Around 600 |
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Bankers : |
Ilaco House, Sir
P. M. Road, Mumbai 400001, Maharashtra, India
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kailash Chand Jain and Company Chartered Accountants |
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Address : |
Edena, 1st Floor, 97, Maharshi Karve Road, Near Income Tax
Office, Mumbai 400020, Maharashtra, India |
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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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15000000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13058480 |
Equity Shares |
Rs. 10/-
each |
Rs. 130.584
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
130.585 |
124.336 |
124.336 |
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2] Share Application Money |
0.000 |
6.249 |
0.000 |
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3] Reserves & Surplus |
295.667 |
265.048 |
240.051 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
426.252 |
395.633 |
364.387 |
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LOAN FUNDS |
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1] Secured Loans |
170.716 |
165.872 |
185.413 |
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2] Unsecured Loans |
0.356 |
0.356 |
4.402 |
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TOTAL BORROWING |
171.072 |
166.228 |
189.815 |
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DEFERRED TAX LIABILITIES |
14.592 |
17.354 |
19.916 |
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TOTAL |
611.916 |
579.215 |
574.118 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
150.942 |
155.693 |
122.835 |
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Capital work-in-progress |
0.941 |
4.797 |
14.514 |
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INVESTMENT |
13.473 |
9.904 |
19.245 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
171.795
|
181.280 |
304.033 |
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Sundry Debtors |
77.389
|
65.632 |
66.359 |
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Cash & Bank Balances |
102.443
|
142.542 |
70.541 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
221.735
|
162.387 |
139.337 |
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Total
Current Assets |
573.362
|
551.841 |
580.270 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
101.596
|
123.121 |
150.339 |
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Provisions |
25.256
|
20.025 |
12.610 |
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Total
Current Liabilities |
126.852
|
143.146 |
162.949 |
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Net Current Assets |
446.510
|
408.695 |
417.321 |
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MISCELLANEOUS EXPENSES |
0.050 |
0.126 |
0.203 |
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TOTAL |
611.916 |
579.215 |
574.118 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
943.140 |
774.815 |
997.277 |
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Other Income |
96.330 |
191.150 |
59.599 |
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Total Income |
1039.470 |
965.965 |
1056.876 |
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Profit/(Loss) Before Tax |
36.512 |
4.012 |
16.737 |
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Provision for Taxation |
29.013 |
5.897 |
6.110 |
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Profit/(Loss) After Tax |
7.499 |
[1.885] |
10.627 |
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Expenditures : |
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Raw Material Consumed |
692.525 |
666.533 |
629.065 |
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Purchases made for re-sale |
16.155 |
26.789 |
0.000 |
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Consumption of stores and spares parts |
27.498 |
21.818 |
13.845 |
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Increase/(Decrease) in Finished Goods |
7.066 |
21.654 |
26.582 |
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Salaries, Wages, Bonus, etc. |
19.117 |
14.941 |
10.513 |
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Managerial Remuneration |
0.600 |
0.550 |
0.000 |
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Payment to Auditors |
0.300 |
0.100 |
0.100 |
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Interest |
19.233 |
15.409 |
11.488 |
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Insurance Expenses |
2.493 |
2.121 |
1.733 |
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Power & Fuel |
58.841 |
52.600 |
41.228 |
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Depreciation & Amortization |
23.849 |
21.187 |
12.009 |
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Other Expenditure |
135.281 |
118.251 |
293.576 |
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Total Expenditure |
1002.958 |
961.953 |
1040.139 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
0.72
|
0.19 |
1.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.03
|
0.005 |
0.01 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.04
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0.56 |
2.38 |
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Return on Investment (ROI) (PBT/Networth) |
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0.08
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0.01 |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.69
|
0.78 |
0.96 |
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Current Ratio (Current Asset/Current Liability) |
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4.52
|
3.85 |
3.56 |
LOCAL AGENCY
FURTHER INFORMATION
The company's fixed assets of important value include leasehold land, factory building, office building, furniture & fixture, plant & machinery, lab equipments, vehicles, electric installation, electric telephone equipment, electric photo copy machine, typewriter, weighing machine, franking machine, time record machine, generator, A.C. machine, effluent equipments, fax machine, computer, computer telex machine, water cooler and office equipment.
Form 8
Bankers Charges
Report as per Registry
|
This Form is for |
Modification of charge |
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Charge identification
number of the charge to be modified |
80015963 |
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Corporate
identity number of the company |
U24200MH1997PLC106983 |
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Name of the
company |
RAVI DYEWARE
COMPANY LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
121, Atlanta, Nariman Point, Mumbai 400021, Maharashtra, India |
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Type of charge |
|
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Particular of
charge holder |
Punjab National
Bank Ilaco House, Sir
P. M. Road, Mumbai 400001, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Letter dated
11.04.2007 from Union Bank of India 66/80, Mumbai Samachar Marg, Fort, Mumbai
400023 ceding pari passu charge to Punjab National Bank, Ilaco House, Sir P.
M. Road, Mumbai 400001, Maharashtra, India for their FB limit of Rs. 250.000
Millions and NFB limit of Rs. 100.000 Millions to M/s. Ravi Dyeware Company
Limited |
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Date of instrument
Creating the charge |
11.04.2007 |
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Amount secured by
the charge |
Rs. 350.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
NA |
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Short Particulars
of the property charged |
Pari passu charge
on all the stock of raw material, work in process, finished goods,
consumables, stores and spares, packing material and book debts and
receivables forming part of current assets both present and future at the
factory site of M/s Ravi Dyeware Company Limited at MIDC, Taloja for the fund
based limit of Rs. 250.000 Millions and Non Fund based limit of Rs. 100.000
Millions of PNB, Ilaco House, Sir P. M. Road, Mumbai 400001, Maharashtra,
India and FB limit of Rs. 100.000 Millions of Union Bank of India, Mumbai |
|
Date of latest
modification prior to the present modification |
22.08.2005 |
|
Particulars of
the present modification |
By the present
modification letter ceding pari passu charge on the limit of Rs. 350.000
Millions of Punjab National Bank, Ilaco House, Sir P. M. Road, Mumbai 400001
with Union Bank of India, MS Marg, Mumbai limit of Rs. 100.000 Millions. |
AS PER WEBSITE
DETAILS:
PROFILE
Subject was established as Ravi Chem Dye in the year 1947. Whilst independent
India was basking in her new found freedom, a Dynamic and Pioneering young man
was busy sowing the seeds of a new enterprise that 55 years later has grown
phenomenally and stands on the threshold of even greater things to come.
The promoters of subject started out in 1947 as a Dyestuffs, Chemicals,
Pharmaceuticals, Textiles and Iron & Steel importing firm. Growth was
rapid, primarily because of the excellent work ethos.
The organisation and management was intelligent and precise.
The overseas network comprised of carefully chosen companies that were well
established and world renowned. Success was inevitable.
Thirty meticulously - planned and hard working years later,
subject was poised for diversification from an exclusively importing firm, it
entered the realms of manufacturing. In 1978 with the commissioning of its
plant at Taloja setup for manufacturing of Napthol Dyes. By 1987, every
available square root at Taloja was consumed in expansion. A second and larger
unit followed at Mahad, in order to meet the growing demands of the Dyestuffs
industry.
Ravi Dyeware group set up its third and a very up-to-date
unit in Taloja. By 1992 all of these three units are located in government
sanctioned chemical zones with proper effluent treatment plants meeting strict
Government Environmental Standards.
The Ravi Dyeware Group in now producing 5000 tonnes of Dyes
& Dyestuffs annually with a range of dyes for various applications. 80% of
its productions is exported to most competitive and quality conscious markets
like Europe and the United States of America.
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. 39.96 |
|
UK Pound |
1 |
Rs. 78.66 |
|
Euro |
1 |
Rs. 63.31 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
61 |
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 |
|