MIRA
INFORM REPORT
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Report Date : |
29.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
AKIK DYECHEM |
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Registered Office : |
B/H J. K. Barrel, Near Chandola Police Chowki, Danilimda,
Ahmedabad – 380 028, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Year of Establishment : |
1984 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMA02733D |
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Legal Form : |
Sole Proprietory concern |
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Line of Business : |
Manufacturing of Dyes, Vat Dyes, Reactive Dyes, Intermediates and their raw materials. |
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 280000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established concern having satisfactory track. Proprietor of the concern is reported as experienced, respectable resourceful businessmen. His trade relations are reported as fair. Payments are reported as slow but correct. The concern can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
B/H J. K. Barrel, Near Chandola Police Chowki, Danilimda,
Ahmedabad – 380 028, Gujarat , India |
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Tel. No.: |
91-79-25321400 / 25321500 / 25321600 |
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Fax No.: |
91-79-25323778 |
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E-Mail : |
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Website : |
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Area : |
2500 sq. ft |
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Premises : |
Owned |
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Administrative Office : |
M. I. Rangwala, Savaijini Galli, Jamalpur-Nariawad, Gollimda, Ahmedabad, Gujarat, INDIA |
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Tel. No.: |
91-79-25352077 |
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Area : |
500 sq. ft |
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Premises : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Mohemadsharif
Musaji Rangwala |
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Designation : |
Proprietor |
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Date of Birth/Age : |
41 Years |
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Qualification : |
S.S.C. |
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Experience : |
21 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Dyes, Vat Dyes, Reactive Dyes,
Intermediates and their raw materials. |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
China |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C at sight terms. |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
30 |
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Bankers : |
IDBI Bank Ahmedabad, Gujarat, India. |
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Facilities : |
The concern reported to enjoy substantial facility from
its banker. |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
M. I. Rangwala Savaijini Galli, Jamalpur-Nariawad, Gollimda, Ahmedabad, Gujarat, INDIA Tel. No. 91-79-25352077 |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.70.000 Millions |
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Borrowed : |
-- |
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Total : |
Rs.70.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
260.000 |
255.000 |
250.000 |
Expected Sales (2007-08) : Rs.270.000 Millions
LOCAL AGENCY FURTHER
INFORMATION
BUSINESS :
The concern has an installed capacity of about 25 tonnes per month.
Subject is a Government Recognised Export House.
AS PER WEBSITE
Profile
Subject the flagship company of the Ranagwala (Savaijiwala)
Group of industries, was established in 1989 as a Proprietory Concern to
initially manufacture REACTIVE DYES for meeting the diversified needs of the
domestic textile industries; has now grown into a major manufacturer and
exporter of VAT DYES (A high valued and internationally short supplied product
in full range) and PIGMENT PASTE.
Subject has three modern manufacturing facilities & spray drier with
installed capacity of 60 MT and 20 MT to manufacture REACTIVE AND VAT DYES
respectively; spread over in a plot area of 2750 square meters in a highly
infrastructure and easy accessible Industrial Estate of Ahmedabad ( Gujarat )
in INDIA.
All the three plants have Primary and Secondary are effluent Treatment Plants
and being strictly monitored & regulated by Pollution Control Regulations
of the Country, to maintain harmony with the mother nature.
Infrastructure
Subject’s manufacturing plants are located in the well
developed industrial area in the heart of Ahmedabad.
Subject equipped with all infrastructural requirements is
now operating with capacity of MT. in the vast area of Sq. Meters. Subject have
6 different manufacturing plants to produce individual group of dyes which
comprise VAT DYES, REACTIVE DYES, DISPERSE DYES & PIGMENTS that covers full
range of dyes for textile industries.
• 2 Manufacturing Plants of VAT Dyes
• 1 Manufacturing Plants of Solubilised VAT Dyes
• 1 Manufacturing Plants of Reactive Dyes.
• 1 Manufacturing Plants of Disperse Dyes
• 1 Manufacturing Plants of Pigments.
Subject is the only manufacturer who is producing all the
forms of VAT Dyes which includes CDP (Crude Dry Press Cake) Form, Powder Form,
Micro Disperse, Colloisol Form, Solubilised Form, and also the Paste Form.
Products
Vat Dyes
Vat dyes are an ancient class of dye, based on the original
natural dye, Indigo, which is now produced synthetically. Both cotton and wool,
as well as other fibers, can be dyed with vat dyes. "Vat dyeing"
means dyeing in a bucket or vat. It can be done whenever a solid even shade,
the same color over the entire garment, is wanted, using almost any dye,
including fiber reactive dye, direct dye, acid dye, etc. The opposite of vat
dyeing is direct dye application, such as, for example, tie dyeing. "Vat
dyes" are a sepcial class of dyes that work with a special chemistry.
Reactive Dyes
Fiber reactive dye is the most permanent of all dye types.
Unlike other dyes, it actually forms a covalent bond with the cellulose or
protein molecule. Once the bond is formed, what you have is one molecule, as
the dye molecule has become an actual part of the cellulose fiber molecule. No
wonder you can safely wash a garment that has been dyed in bright fiber
reactive colors with white clothing, a hundred times, without endangering the
whites in the least - even if it is all different bright colors, or even solid
black!
Disperse Dyes
Polyester requires the use of disperse dyes. Other types of
dyes leave the color of polyester almost entirely unchanged. Disperse dye can
be used by even young children to make designs on paper, which can then be
transferred to polyester fabric, or other synthetics, with a hot iron. The
possibilities are endless, using fabric crayons, rubber stamps, painting, and
even screen printing.
Pigment Paste
Pigment Paste has the characteristics of wide application.
It is widely applied to the industrial field such as dyeing and finishing,
textile, towel, sheet, handkerchief, construction, chemical and light industry.
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.39.47 |
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UK Pound |
1 |
Rs.77.98 |
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Euro |
1 |
Rs.57.92 |
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 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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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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45 |
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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