MIRA INFORM REPORT

 

 

Report Date :

29.12.2008

 

IDENTIFICATION DETAILS

 

Name :

MAYUR DYECHEM INTERMEDIATES LIMITED

 

 

Registered Office :

A -1/108, Phase – II, GIDC Vatva, Ahmedabad – 382 445, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

13.02.1989

 

 

Com. Reg. No.:

04-11882

 

 

CIN No.:

[Company Identification No.]

U24231GJ1989PLC011882

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMM01934C

 

 

PAN No.:

[Permanent Account No.]

AABCM6908M

 

 

Legal Form :

A closely held Public Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporters of Dyes and Intermediates

 

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

 

 

 

 

Status :

Sick Unit

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Unknown

 

 

Comments :

Subject is a sick unit. Its networth has been eroded. General financial position is weak. Payments are reported as slow and delayed.

 

The company can be considered for any business dealings on fully safe and secured trade terms and conditions.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Nambiar

Designation :

Finance Manager

Contact No.:

91-9228721243

Date :

27.12.2008

 

 

LOCATIONS

 

Registered Office :

A -1/108, Phase – II, GIDC Vatva, Ahmedabad – 382 445, Gujarat, India

Tel. No.:

91-79-25831476 / 25833445 / 25834398

Mobile No.:

91-9925019805

Fax No.:

91-79-25834681

E-Mail :

mayurdyechem@sify.com

Website :  

http://www.mayurdyechem.co.in

Area :

Approx 1200 Sq. ft.  

Location :

Owned

 

 

Corporate Office : 

Office No. 101, 1st Floor, 265, Birya House, Bazar Gate Street, Fort, Mumbai- 400 001, Maharashtra, India

Tel. No.:

91 -22 -2265 7420 / 2265  6536

Fax No.:

91-22-2266 6030

E-Mail :

mayurdyechem@vsnl.net

 

 

Factory 1 :

265- Birya House, Bazargate Street, Fort, Mumbai – 400 001, Maharashtra, India

Tel. No.:

91-22-2656536 / 2657420

Fax No.:

91-22-2666030

 

 

Factory 2 :

Unit III, Survey No. 327 to 334A, Village Karakhadi, Dudhwala, Taluka Padra, Baroda – 391 210, Gujarat, India

Tel. No.:

91-2662-273271 / 273600

Mobile No.:

91-9825364800

Fax No.:

91-2662-273601

 

 

Marketing Office :

Located at Mumbai at Fort

 

 

DIRECTORS

 

Name :

Mr. Babubhai Somabhai Patel

Designation :

Chairman cum Managing Director

Address :

43 A, Tulip Bunglow, Nr Drive in , Thaltej, Ahmedabad – 380 054, Gujarat, India

Date of Birth/Age :

19.01.1943

Qualification :

SSC

Date of Appointment :

13.02.1989

Directorship in other companies:

CIN of the Company: U55101GJ1991PTC015381

Name of the Company: Shrunkhala Investment Private Limited

Designation: Director

 

 

Name :

Mr. Rajeshbhai Patel

Designation :

Director

Address :

12, Radhanpur Society Maninagar, Ahmedabad – 380 008, Gujarat, India

Date of Birth/Age :

10.05.1959

Date of Appointment :

01.08.2006

Directorship in other companies:

CIN of the Company: U55101GJ1991PTC015381

Name of the Company: Shrunkhala Investment Private Limited

Designation: Director

 

 

Name :

Mr. Mayurbhai Babubhai Patel

Designation :

Director

Address :

43 A, Tulip Bunglow, Nr Drive in , Thaltej, Ahmedabad – 380 054, Gujarat, India

Date of Birth/Age :

29.01.1967

Qualification :

BA

Date of Appointment :

13.08.1989

 

 

Name :

Mr. Rajeshkumar Somabhai Patel

Designation :

Director

Address :

12, Radhanpur Society, Bhairavnath Road, Ahmedabad – 380 008, Gujarat, India

Date of Birth/Age :

10.05.1959

Qualification :

BE

Date of Appointment :

13.02.1989

 

 

Name :

Mr. Sujal Patel

Designation :

Director

Address :

12, Radhanpur Society, Main Road, Bhairavnath Road, Ahmedabad – 380 008, Gujarat, India

Date of Birth/Age :

27.06.1986

Qualification :

MBA

Date of Appointment :

01.11.2006

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

(As on 29.09.2007)

Names of Shareholders

No. of Shares

Babubhai S Patel

2675672

Shrunkhala Investments Limited

1068200

Mayurbhai Patel

1534549

Rajeshbhai Patel

1037054

Hetal M Patel

200000

Dharmendra L Patel

199882

Shelja Finlease

160000

Vishal Construction

70000

Valiant Pharmachem Limited

40000

Millennium Imports Private Limited

35000

Aasiyana Technocast

30000

Askan Chemicals (Guj)

30000

Nexus Software Limited

30000

Avinstar Multilink

20000

Tribhuvan Housing Limited

20000

Genus Commu Trade

10000

Mahasagar Securities

10000

Goldstar Finlease

10000

Mihir Agencies Private Limited

10000

Rameshbhai S Patel

100

Pareshkumar B Patel

40

Harshad D Patel

20

 

 

Total

7190517

 

Equity Shares Breakup (Percentage of Total Equity):

 (As on 30.09.2007)

Category

Percentage

Bodies Corporate

18.00

Directors or relative of directors

82.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporters of Dyes and Intermediates

 

 

Products :

·         Dyes Intermediates

·         Dyestuffs

·         Shade Cards

·         Specialty Products 

 

 

Exports :

 

Countries :

·         USA

·         Japan

·         Kenya

 

 

Terms :

 

Selling :

L/C and Credit (30 days / 60 days)

 

 

Purchasing :

Credit (30 days / 60 days)

 

PRODUCTION STATUS

 

(As on 31.03.2005) 

Particulars

 

Unit

Installed Capacity

Actual Production

VS

 

MT

3600

2796.271

Reactive Dyes

 

MT

600

113.950

H – Acid

 

MT

2700

2542.978

 

 

GENERAL INFORMATION

 

Suppliers :

·         A R Plastics Industries

·         Amar Chemicals

·         C J Polymer

·         Dhanlaxmi Industries

·         Hardik Ice Factory

·         Jay Ranchodrai Industries

·         Laxminarayan Ice Factory

·         Sahajanand Ice Factory

·         Narayan Industries

·         Shreenathji Polymers

·         Shree Mahakali Ice Factory

·         Shree Mahalaxmi Ice Factory

·         Shree Neelkanth Ice Factory

·         Shree Neelkanth Ice Industries 

 

 

Customers :

Traders  

 

 

No. of Employees :

430 (Contract – 150)  

 

 

Bankers :

·         Development Credit Bank

C G Road Branch, Ahmedabad, Gujarat, India 

 

·         The Kalupur Commercial Co-Operative Bank Limited

Kalupur Bank Bhavan, Near Iuncome Tax Circle, Ashram Road, Ahmedabad – 380 009, Gujarat, India

 

·         HDFC Bank

·         Standard Chartered Bank

·         Vijaya Bank

State Bank of India, Overseas Branch, Ahmedabad

 

 

Financial Institutions:

·         Fiat Sundaram Auto Finance Limited

No. 21, Patullos Road, Chennai – 600 002, Tamilnadu, India

 

·         Cholamandalam Investment Finance Company Limited

 

 

 

Banking Relations :

---

 

 

Auditors :

 

Name :

Gatani and Company

Chartered Accountant

Address :

1003, Samundra Annexe, Near Classic Gold, Ellisbridge, Ahmedabad – 380 009, Gujarat, India

 

 

Associates/Subsidiaries :

·         Suraj Dye Chem Industries

·         Shrunkhala Investments

·         Hetal Trading Private Limited

·         Shree Mahalaxmi Ice Factory

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

7500000

Equity shares

Rs.10/- each

Rs.75.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

7190517

Equity shares

Rs.10/- each

Rs.71.905 millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2007

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

71.905

71.905

71.905

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

0.000

0.000

0.000

4] (Accumulated Losses)

(148.683)

(241.722)

(205.142)

NETWORTH

(76.778)

(169.817)

(133.237)

LOAN FUNDS

 

 

 

1] Secured Loans

61.459

107.416

105.774

2] Unsecured Loans

30.404

72.638

40.970

TOTAL BORROWING

91.863

180.054

146.744

DEFERRED TAX LIABILITIES

32.123

32.285

36.377

 

 

 

 

TOTAL

47.208

42.522

49.884

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

189.393

166.450

164.329

Capital work-in-progress

0.682

0.172

0.000

 

 

 

 

INVESTMENT

3.655

3.655

3.655

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
79.135

73.011

58.443

 

Sundry Debtors
111.305

72.476

51.742

 

Cash & Bank Balances
9.358

6.843

8.427

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
34.870

12.401

18.423

Total Current Assets
234.668

164.731

137.035

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
379.366

292.269

252.868

 

Provisions
2.677

1.227

3.435

Total Current Liabilities
382.043

293.496

256.303

Net Current Assets
(147.375)

(128.765)

(119.268)

 

 

 

 

MISCELLANEOUS EXPENSES

0.853

1.010

1.168

 

 

 

 

TOTAL

47.208

42.522

49.884

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2007

31.03.2006

31.03.2005

Sales Turnover

1545.630

800.531

848.555

Other Income

13.618

1.125

0.000

Total Income

1559.248

801.656

848.555

 

 

 

 

Profit/(Loss) Before Tax

153.646

(39.630)

15.000

Provision for Taxation

0.000

(3.052)

34.795

Profit/(Loss) After Tax

153.646

(36.578)

(19.795)

 

 

 

 

Expenditures :

 

 

 

 

Raw Material Consumed

1055.967

628.802

617.455

 

Interest

2.146

2.912

5.056

 

Depreciation & Amortization

13.935

13.224

12.745

 

Other Expenditure

333.554

196.348

198.299

Total Expenditure

1405.602

841.286

833.555

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2007

31.03.2006

31.03.2005

PAT / Total Income

(%)
9.85

(4.56)

(2.33)

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
9.94

(4.95)

1.77

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
36.23

(11.97)

4.98

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
(2.00)

(0.23)

(0.11)

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
(6.17)

(2.79)

(3.03)

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
0.61

0.56

0.53

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Trade References

 

·         Bodal Chem Private Limited, Phase II, Vatva

·         Sujal Dye Chem Intermediates, Vatva

 

Form No. 8  

 

Name of the company

MAYUR DYECHEM INTERMEDIATES LIMITED, Ahmedabad

Presented By

M/s Sundaram Finance Limited, No. 21, Patullos Road, Chennai

1) Date and description of instrument creating the change

Loan Agreement Dated 10.06.2004

Bearing Loan Cont. No. WG-0075

 

2) Amount secured by the charge/amount owing on the securities of charge

Rs.0.650 million

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

On the security of 1.o. 2004 Model, Mitsubishi Pickup,  Bearing E .No. E483ND4E103133, Ch .No. 20HC4E004355 as mentioned in the 1st schedule of the enclosed copy of the loan agreement.

4) Gist of the terms and conditions and extent and operation of the charge.

The total loan amount of Rs.0.699 million is repayable in 23 monthly installment as follows:- 

The 1st instalment of Rs.0.030 million and the rest of the 22 monthly instalments of Rs.0.030 million each.

The Ist loan instalment falls due on 10.06.2004

5) Name and Address and description of the person entitled to the charge.

M/s Sundaram Finance Limited

No. 21 Patullos Road, Chennai – 600 002

6) Date  and brief description of instrument modifying the charge

Not Available

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 Available

 

 

Corporate identity number of the company

U24231GJ1989PLC011882

Name of the company

MAYUR DYECHEM INTERMEDIATES LIMITED

Address of the registered office or of the principal place of  business in India of the company

A -1/108, Phase – II, GIDC Vatva, Ahmedabad – 382 445, Gujarat, India

This form is for

Creation of charge

Type of charge

·         Others

o        Foreign Bills Purchase / Letter of Continuing

Particular of charge holder

The Kalupur Commercial Co-Operative Bank Limited

Kalupur Bank Bhavan, Near Iuncome Tax Circle, Ashram Road, Ahmedabad – 380 009, Gujarat, India

Nature of instrument creating charge

Foreign Bills Purchase / Letter of Continuing Security dated 31.10.2007

Date of instrument Creating the charge

31.10.2007

Amount secured by the charge

Rs.40.000 millions

Brief of the principal terms an conditions and extent and operation of the charge

·         Rate of interest

3% over Bank PLR Rate of the Bank

 

·         Terms of repayment

Nil

 

·         Margin

Nil

 

·         Extent and operation of the charge

Nil

 

·         Others

Nil

Particulars of the property charged

Foreign Bill Purchase facility up to Limit to Rs.40.000 millions

To consider and agreeing to purchase, discount, negotiable or collect advance to us from time to time against the security of promissory notes and foreign currency bills etc.


FIXED ASSTES:

 

·         Land

·         Shed and Building

·         Plant and machineries

·         Furniture and Fixtures

·         Vehicles

·         Office Equipments

·         Computer

 

 

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 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 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.47.89

UK Pound

1

Rs.70.84

Euro

1

Rs.67.37

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

1

PAID-UP CAPITAL

1~10

1

OPERATING SCALE

1~10

---

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--PROFITABILIRY

1~10

--

--LIQUIDITY

1~10

1

--LEVERAGE

1~10

1

--RESERVES

1~10

--

--CREDIT LINES

1~10

--

--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

NO

TOTAL

 

6

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions