MIRA
INFORM REPORT
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Report Date : |
07.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
PREM DYE CHEM INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
306, Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri (East),
Mumbai – 400 053, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.04.1995 |
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Com. Reg. No.: |
11-87111 |
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CIN No.: [Company
Identification No.] |
U51496MH1995PTC087111 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP08536D |
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Legal Form : |
A Closely held Public Limited Liability Company. |
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Line of Business : |
Manufacturers of Acid dyes, Reactive dyes and Direct 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 82000 |
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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 company having fine track.
Trade relations are reported as fair. Business is active. Payments are
reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Administrative Office : |
306, Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai 400 053, India. |
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Tel. No.: |
91-22 - 5698 9381 / 23443570 |
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Fax No.: |
91-22 - 2636 6699 / 23444025 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Premchand Radhakishan Choudhary |
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Designation : |
Director |
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Address : |
9, Abhishek Bunglow, N Dutta Marg, Four Bunglow Road, Andheri (West),
Mumbai – 400 058, Maharashtra, India |
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Date of Birth/Age : |
14.07.1944 |
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Date of Appointment : |
03.04.1995 |
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Name : |
Mr. Balkishna Radhakishan Choudhary |
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Designation : |
Director |
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Address : |
9, Abhishek Bunglow, N Dutta Marg, Four Bunglow Road, Andheri (West),
Mumbai – 400 058, Maharashtra, India |
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Date of Birth/Age : |
15.10.1949 |
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Date of Appointment : |
03.04.1995 |
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Name : |
Mr. Sushil Choudhary |
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Designation : |
Director |
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Address : |
9, Abhishek Bunglow, N Dutta Marg, Four Bunglow Road, Andheri (West),
Mumbai – 400 058, Maharashtra, India |
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Date of Birth/Age : |
26.09.1968 |
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Date of Appointment : |
03.04.1995 |
KEY EXECUTIVES
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Name : |
Mr. Prem Choudhary |
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Designation : |
Chairman |
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Name : |
Mr. Mahesh Choudhary |
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Designation : |
Sales Executive |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Premchand Radhakrishnan Choudhary |
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20004 |
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Mr. Sushil Kumar Punamchand Choudhary |
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20010 |
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Mr. Premchand Choudhary (HUF) |
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80000 |
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Mr. Radhakrishnan Choudhary (HUF) |
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79998 |
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Mrs.Krisdhnidevi Radhakishan Choudhary |
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2 |
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Mrs.Bimladevi Premchand Choudhary |
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2 |
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Mrs. Sushiladevi Punamchand Choudhary |
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2 |
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Mrs.Meeradevi Balkishan Choudhary |
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2 |
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Total
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200020 |
Equity Shares Breakup (Percentage of Total Equity):
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Acid dyes, Reactive dyes and Direct dyes. |
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Products: |
· Leather · Ink · Textiles · Silks · Paper · Wool |
GENERAL
INFORMATION
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Bankers : |
·
Indian
Overseas Bank ·
Tamilnad
Mercantile Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Gandhi and Shrimankar Chartered Accountants |
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Address : |
Sadhana , Ground Floor, 116, Bapubhai Vashi Road, Vile Parle (West),
Mumbai – 400 056, Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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20020 |
Equity Shares |
Rs. 10/- each |
Rs. 0.200
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.000 |
2.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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18.278 |
15.714 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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20.278 |
17.714 |
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LOAN FUNDS |
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1] Secured Loans |
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6.765 |
5.244 |
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2] Unsecured Loans |
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6.975 |
3.174 |
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TOTAL BORROWING |
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13.740 |
8.418 |
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DEFERRED TAX LIABILITIES |
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0.065 |
0.000 |
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TOTAL |
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34.083 |
26.132 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.406 |
3.969 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.023 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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11.247 |
12.399 |
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Sundry Debtors |
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33.579 |
15.775 |
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Cash & Bank Balances |
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3.168 |
2.203 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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9.853 |
10.299 |
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Total
Current Assets |
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57.847 |
40.676 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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21.963 |
12.954 |
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Provisions |
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5.207 |
5.581 |
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Total
Current Liabilities |
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27.170 |
18.535 |
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Net Current Assets |
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30.677 |
22.141 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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34.083 |
26.132 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.01 |
1.52 |
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Current Ratio (Current Asset/Current Liability) |
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2.13 |
2.19 |
LOCAL AGENCY
FURTHER INFORMATION
WEBSITE DETAILS:
In 1977, Subject laid its foundation stone to produce Synthetic Organic Dyes at a plant situated in the chemical zone of Mumbai
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Subject in the beginning started with the manufacturing of Reactive and Acid Dyes to capture the whole Indian Market. By early 1980's, Subject had ventured into Exports of its products through Export Houses and Directly round the Globe. In 1985, Subject expanded its range of products by manufacturing Direct Dyes and Leather Dyes by setting up another Plant in the same Chemical Zone.
In 1990, to fulfil the growing demand and to keep its goal of good Quality, Subject started a third Plant in Vapi (Gujarat) thus adding up its annual production capacity to 1,000 metric tons.
To accelerate the upgrading of Dyes and to improve the Quality of finished goods, Subject set up a well equipped Modern Laboratory. Their products are subjected to strict Quality Controls at various levels of production and thus, consumed by many Multinationals of repute with full confidence.
The Research and Development unit of Subject carries out Innovation work, helps in adding new products which are Eco-friendly and free from Banned Amines with strong thrust on Quality Consistency and Reliablity. The company's Products have already found a ready market in the major countries of the world.
They are manufacturers of Acid dyes, Reactive dyes and Direct dyes. A complete list of their product and C.I. names for each of the category is provided here.
· Leather
· Ink
· Textiles
· Silks
· Paper
· Wool
Organisation
The name of the company is derived from their founder chairman's name Mr. Prem Choudhary. His vision, leadership and relationship skills have enabled the organization to grow from a size of 4-5 persons into staff strength of 150 persons.
Over the last three decades their products have enjoyed repute from several companies belonging to textiles, paper, leather, ink, silk, wool and other industries.
Theirs is a family business and all key positions are held by family members:
Mr. Prem Choudhary - (Chairman)
Mr. P.R. Choudhary - Director (Purchase)
Mr. B.K. Choudhary - Director (Production)
Mr. Sushil Choudhary - Director (Exports)
Mr. Mahesh Choudhary - (Sales Executive)
Buyers
Their products are being sold to many countries worldwide. They supply regularly to their customers from Italy, Spain, France, Holland, Korea, Taiwan, Australia, Canada, Central America, New York, Turkey, Far East, and others.
Their products find a place in the Textiles, Paper, Leather, Ink, Silk, Wool and other industries worldwide.
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.39.73 |
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UK Pound |
1 |
Rs.77.34 |
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Euro |
1 |
Rs.57.80 |
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 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
6 |
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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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53 |
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. |
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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