MIRA
INFORM REPORT
|
Report Date : |
12.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TEXTILE DYE CHEM PRIVATE LIMITED |
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Registered Office : |
Old No.161, New No.168, Govindappa Naicken Street, Chennai – 600001,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.04.2004 |
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Com. Reg. No.: |
18-52874 |
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CIN No.: [Company
Identification No.] |
U24114TN2004PTC052874 |
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IEC No.: |
0401000907 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHET07383F |
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PAN No.: [Permanent
Account No.] |
AACCT0262E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importer, Dealer and Distributors of IUPITAL, All Industrial
Chemicals, Solvents, Pharma and Metals. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 70312 |
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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
satisfactory track. Directors are reported as experienced and respectable
businessmen. Trade relations are 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
|
Registered Office : |
Old No.161, New No.168, Govindappa Naicken Street, Chennai – 600001,
Tamilnadu, India |
|
Tel. No.: |
91-44-52146822/52146833 |
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Fax No.: |
91-44-28553723 |
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E-Mail : |
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Corporate Office: |
IV Floor, Cisions Complex No. 150, Montieth Road, Egmore, Chennai –
600008, Tamilnadu, India |
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Tel. No.: |
91-44-42290909/28554485 |
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Mobile No.: |
91-9841091818 |
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Fax No.: |
91-44-28553723 |
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E-Mail : |
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Website : |
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Area : |
2500 sq. ft. |
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Location : |
Rented |
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Branch 1 : |
31 A/16, Sidco Industrial Estate, Ambattur, Chennai – 600098 |
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Tel. No.: |
91-44-26252818 |
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Area : |
7200 sq. ft. |
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Location : |
Rented |
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Branch 2 : |
Room No. 522/1. 3rd Floor, Prabhat Complex, No.8, K.G.
Road, Bangalore – 560009, India |
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Tel. No.: |
91-80-22267433 |
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Fax No.: |
91-80-22255975 |
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Area : |
3200 sq. ft. |
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Location : |
Owned |
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Branch 3 : |
No.5, Parasuraman Nagar, Opp. PASIC, Muthryarpalayam, Pondicherry –
605009 |
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Tel. No.: |
91-413-6534550 |
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Fax No.: |
91-413-2266416 |
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Area : |
7200 sq. ft. |
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Location : |
Rented |
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Branch 4 : |
3/207, Parapalayam, Mannarai – Uthukuli Road, Tirupur - 641607 |
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Tel. No.: |
91-421-2223994 |
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Area : |
3500 sq. ft. |
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Location : |
Rented |
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Branches 5 : |
76, West Street, Rayapuram, Tirupur - 641601 |
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Tel. No.: |
91-9360566378 |
DIRECTORS
|
Name : |
Mr. K. Harnath Gupta |
|
Designation : |
Chairman and Managing Director |
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Address : |
No.9-D, Karneeswarar Koli Street, Santhome, Mylapore, Chennai – 600004 |
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Date of Birth/Age : |
02.10.1945 |
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Experience : |
40 years |
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Name : |
Mr. K. Siva Prasad |
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Designation : |
Director |
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Address : |
No.9-D, Karneeswarar Koli Street, Santhome, Mylapore, Chennai – 600004 |
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Date of Birth/Age : |
19.08.1969 |
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Qualification : |
B.Com |
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Experience : |
12 years |
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Name : |
Mrs. K. Sudharani |
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Designation : |
Director |
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Address : |
No.9-D, Karneeswarar Koli Street, Santhome, Mylapore, Chennai – 600004 |
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Date of Birth/Age : |
19.04.1972 |
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Experience : |
7 years |
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Date of Appointment : |
18.10.2004 |
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Name : |
Mr. P. Esswara Gupta |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
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|
Mr. K. Haranath Gupta |
|
770000 |
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Mr. K. Sivaprasad |
|
250000 |
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Mrs. K. Sudharani |
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20 |
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Mrs. K. Padmavathy |
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20 |
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Mr. S. V Subrahmanyam |
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10 |
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Mr. D. B. Amaresh |
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10 |
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Total |
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1020060 |
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Category |
|
Percentage |
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Directors or Relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importer, Dealer and Distributors of IUPITAL, All Industrial
Chemicals, Solvents, Pharma and Metals. |
|
|
|
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Agencies Held : |
·
The Travancore Cochin Chemicals Limited, Cochin ·
Binani Zinc Limited, Cochin ·
Reliance Industries Limited, Chennai ·
Indian Petrochemicals Limited, Chennai |
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Terms : |
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Selling : |
L/C, Cash and Credit (30-60-90 days) |
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Purchasing : |
L/C, Credit (30-60-90 days) |
GENERAL
INFORMATION
|
Customers : |
·
Wholesalers ·
Retailers ·
End Users |
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No. of Employees : |
50 (30 – Office, 21 – Factory) |
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Bankers : |
·
HDFC Bank Limited No. 759, ITC Centre, Anna Salai, Opp. TVS. Chennai – 600002 ·
ICICI Bank Limited No.110, Nungambakkam High Road, Nungambakkam, Chennai - 600034 |
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Facilities : |
- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vijaisarathy and Company Chartered Accountants |
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Address : |
18 – A, Rajamannar Street, T. Nagar, Chennai – 600017 |
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Tel. No.: |
91-44-28153830 |
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Associates/Subsidiaries : |
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Name : |
Balaha Chemicals Private Limited |
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Address: |
IV Floor, Cisons Complex, No. 150. Montieth Road, Egmore, Chennai -
600008 |
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Line of Business: |
Chemicals |
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|
|
|
Name : |
Gem Enterprises |
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Address: |
IV Floor, Cisons Complex, No. 150. Montieth Road, Egmore, Chennai -
600008 |
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Line of Business: |
Chemicals |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1100000 |
Equity shares |
Rs.10/- each |
Rs.11.000 Millions |
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|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1020060 |
Equity shares |
Rs.10/- each |
Rs.10.200
Millions |
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|
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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 |
|
|
|
|
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1] Share Capital |
10.221 |
10.221 |
10.201 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
7.357 |
4.232 |
2.643 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
17.578 |
14.453 |
12.844 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
46.683 |
40.000 |
30.000 |
|
|
2] Unsecured Loans |
35.498 |
34.448 |
37.738 |
|
|
TOTAL BORROWING |
82.181 |
74.448 |
67.738 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
99.759 |
88.901 |
80.582 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
5.197 |
4.799 |
4.717 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
13.441
|
14.457 |
5.681 |
|
|
Sundry Debtors |
166.312
|
171.657 |
118.027 |
|
|
Cash & Bank Balances |
1.111
|
1.656 |
0.706 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
57.113
|
56.075 |
72.989 |
|
Total
Current Assets |
237.977
|
243.845 |
197.403 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
135.983
|
156.186 |
120.208 |
|
|
Provisions |
7.720
|
3.709 |
1.479 |
|
Total
Current Liabilities |
143.703
|
159.895 |
121.687 |
|
|
Net Current Assets |
94.274
|
83.950 |
75.716 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.288 |
0.152 |
0.149 |
|
|
|
|
|
|
|
|
TOTAL |
99.759 |
88.901 |
80.582 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
590.718 |
501.540 |
|
|
Other Income |
|
7.421 |
9.092 |
|
|
Total Income |
|
598.139 |
510.632 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
6.983 |
3.822 |
|
|
Provision for Taxation |
|
3.858 |
2.233 |
|
|
Profit/(Loss) After Tax |
|
3.125 |
1.589 |
|
|
|
|
|
|
|
|
Export Value |
|
N.A. |
N.A. |
|
|
|
|
|
|
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Imports : |
|
|
|
|
|
|
Raw Materials |
|
33.202 |
17.649 |
|
|
Others |
|
0.000 |
0.000 |
|
Total Imports |
|
33.202 |
17.649 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
|
469.030 |
424.584 |
|
|
Administrative Expenses |
|
77.159 |
63.247 |
|
|
Depreciation |
|
1.436 |
1.383 |
|
|
Interest |
|
9.312 |
8.722 |
|
|
Other Expenditure |
|
34.219 |
8.874 |
|
Total Expenditure |
|
591.156 |
506.810 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.52
|
0.31 |
N.A. |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.18
|
0.76 |
N.A. |
|
|
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|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.87
|
1.53 |
N.A. |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40
|
0.26 |
N.A. |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
12.85
|
16.21 |
14.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.66
|
1.52 |
1.62 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U24114TN2004PTC052874 |
|
Name of the
Company |
TEXTILE DYE CHEM PRIVATE LIMITED |
|
Address |
Old No.161, New No.168, Govindappa Naicken Street, Chennai – 600001,
Tamilnadu, India |
|
This form is for |
Creation of
Charge |
|
Type of Charge |
Book Debts Movable Property (Not being pledge) Floating Charge |
|
Particulars of
the charge holder |
HDFC bank Limited HDFC Bank Houses
Napati Bapat Marg. Lower Parel (West), Mumbai – 400013, Maharashtra, India CIN :
L65920MH1994PLC080618 |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Letter of
Hypothecation of Stocks and Book Debts dated 16th October, 2006. |
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Date of the
instrument creating or modifying the charge |
16.10.2006 |
|
Amount secured by
the charge |
Rs.20.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: Any such rate as
may be advised to the company from time to time in respect of the credit
facilities. Terms of
repayment: Repayable of
Demand Margin: As may be
prescribed by the Bank from time to time for the credit facilities. Extent and
operation of the charge: The company has created
security by Hypothecation of Stocks and Book debts described in the
Attachment as security for payment of credit facilities granted /to be
granted to the company aggregating to Rs.20.000 Millions together with
interest, costs, charges and other dues any time hereafter may become due and
owing to the bank in respect of and under the credit facilities. |
|
Short particulars
of the property charged (including location of the property) |
Hypothecation by
way of Exclusive First Charge in favour of HDFC Bank Limited, of the company
all the stocks in trade and Book Debts (more particular described in the
ATTACHMENT). |
|
Particular of the
present modification |
N.A. |
|
Name of the company |
TEXTILE DYE CHEM PRIVATE LIMITED |
||||||
|
Presented By |
Mr. K. Siva
Prasad, Director |
||||||
|
1) Date and description of instrument creating the change |
30th
August, 2004 Deed of Hypothecation |
||||||
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.40.000
Millions Nature of
Facility
|
||||||
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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 |
Primary Security
: First exclusive charge on all current assets of the company, present and
future. |
||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Cash Credit/ WCDL
– Payable on Demand Margin at 25% on stock and Receivables age not exceeding
90 days Letter of Credit/
Bank Guarantee Up to 90 days BG- Up to 1 year Margin @10% by way of Fixed
Deposit Interest rate on
cash credit/ WCDL - @9.00%p.a. (All taxes, duties and levies as applicable to
specific transaction would be bome by the borrower) Letter of
Credit/Bank Guarantee – As per FEDA/IBA Processing
Charges – 1.00% on total facilities excluding intra-day. |
||||||
|
5) Name and Address and description of the person entitled to the charge. |
HDFC Bank Limited Mariam Centre, 751-B,
Anna Salai, Chennai - 600002 |
||||||
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6) Date and brief description of instrument modifying the charge |
Supplemental
Letter of Hypothecation of Stocks and Book debts dated 19.02.2005. |
||||||
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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. |
The charge is
modified due to revision in the fund based and non-fund based limits as given
below
Interest on Bills
Discounting 8% p.a. |
Trade Reference:
·
Reliance Industries Limited, Chennai - 60034
·
The Travancore Cochin Chemicals Limited, Cochin
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.39.29 |
|
UK Pound |
1 |
Rs.77.02 |
|
Euro |
1 |
Rs.58.16 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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 |
|