MIRA
INFORM REPORT
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Report Date : |
08.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
USHANTI COLOUR CHEM PRIVATE LIMITED |
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Registered Office : |
88/8, Phase – 1, GIDC, Vatva, Ahmedabad – 382445, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
12.05.1993 |
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Com. Reg. No.: |
04 – 19444 |
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CIN No.: [Company
Identification No.] |
U24231GJ1993PTC019444 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMU00322A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing And Exporting, Dyestuff, Pigment, Colour, Direct Dyes, Textile
Dyes, Leather Dyes, Reactive Dyes, Acid Dyes, Paper Dyes, Paint, Plastic
pigments, Cotton Dyes, Wool Dyes, Nylon Dyes, Dyes and Chemicals and Dyes
Intermediates. |
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 24610 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Mr. Pradeep of the company assured to up-date details but failed to do
so, Subject is a well established company having satisfactory track. Financial position is satisfactory. Trade relations are fair. Payments
are 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 : |
88/8, Phase – 1, GIDC, Vatva, Ahmedabad – 382445, Gujarat, India |
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Tel. No.: |
91-79-25894903/ 25833315 |
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Fax No.: |
91-79-25830128 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Shantilal Gandhi |
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Designation : |
Director |
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Address : |
17, Someshwar Complex II, Near Bidiwala Park, Satelite Road, Ahmedabad
– 380015, Gujarat, India |
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Date of Birth/Age : |
08.07.1928 |
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Date of Appointment : |
12.05.1993 |
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Name : |
Mr. Minku S. Gandhi |
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Designation : |
Managing Director (w.e.f. 15.12.1993 |
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Address : |
17, Someshwar Complex II, Near Bidiwala Park, Satelite Road, Ahmedabad
– 380015, Gujarat, India |
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Date of Birth/Age : |
21.02.1970 |
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Date of Appointment : |
12.05.1993 |
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Name : |
Ms. Maunal S. Gandhi |
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Designation : |
Managing Director (w.e.f. 15.12.1993) |
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Address : |
17, Someshwar Complex II, Near Bidiwala Park, Satelite Road, Ahmedabad
– 380015, Gujarat, India |
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Date of Birth/Age : |
21.02.1970 |
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Date of Appointment : |
12.05.1993 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
No. of Shares |
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Mr. Shantilal Gandhi |
57141 |
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Mr. Minku S. Gandhi |
48050 |
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Ms. Maunal S. Gandhi |
48225 |
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Mrs. Ushaben S. Gandhi |
5050 |
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Mrs. Asha Pradeepbhai Shah |
1025 |
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Mrs. Mona Maunal Gandhi |
17500 |
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Ms. Shefali Minku Gandhi |
17500 |
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Mr. Ganeshyamlal Gandhi |
500 |
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Mr. Minku S. Gandhi HUF |
1 |
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Ms. Maunal S. Gandhi HUF |
1 |
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Mrs. Jigishaben Shah |
1 |
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Mrs. Lajja Gandhi |
1 |
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Ms. Pooja and Purvi Shah |
1 |
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Ushanti Dyes and Intermediates |
1 |
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Mr. Vinodrai C. Modi HUF |
1 |
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Mr. Vinodbhai C. Modi |
1 |
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Mrs. Vinaben V. Modi |
1 |
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Mrs. Harsha N. Ishitbhai Mehta and Mr. Parthiv Nishitbhai Mehta |
1 |
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Mr. Dilipbhai Bhanubhai Desai and Mrs. Himaxiben D. Desai |
1 |
Equity share breakup
(percentage of total equity)
As on 31.03.2007
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Sr. No. |
Category |
Percentage |
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1. |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
LIST OF ALLOTTEES
As on 31.01.2007
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Names of Shareholders |
No. of Shares
Allotted |
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Mr. Shantilal Gandhi |
85712 |
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Mr. Minku S. Gandhi |
72075 |
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Ms. Maunal S. Gandhi |
72335 |
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Mrs. Ushaben S. Gandhi |
7575 |
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Mrs. Asha Pradeepbhai Shah |
1537 |
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Mrs. Mona Maunal Gandhi |
26250 |
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Ms. Shefali Minku Gandhi |
26250 |
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Mr. Minku S. Gandhi HUF |
1 |
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Ms. Maunal S. Gandhi HUF |
2 |
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Mrs. Jigishaben Shah |
1 |
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Mr. Ganeshyamlal Gandhi |
750 |
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Mrs. Lajja Gandhi |
2 |
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Ms. Pooja and Purvi Shah |
1 |
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Ushanti Dyes and Intermediates |
2 |
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Mr. Vinodrai C. Modi HUF |
1 |
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Mr. Vinodbhai C. Modi |
2 |
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Mrs. Vinaben V. Modi |
1 |
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Mrs. Harsha N. Ishitbhai Mehta |
2 |
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Mr. Dilipbhai Bhanubhai Desai |
1 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing And Exporting, Dyestuff, Pigment, Colour, Direct Dyes,
Textile Dyes, Leather Dyes, Reactive Dyes, Acid Dyes, Paper Dyes, Paint, Plastic
pigments, Cotton Dyes, Wool Dyes, Nylon Dyes, Dyes and Chemicals and Dyes
Intermediates. |
GENERAL
INFORMATION
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No. of Employees : |
About 20 |
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Bankers : |
v The Kalupur
Commercial Co-Op. Bank Limited Kalupur Bank Bhavan, Near Income Tax Circle, Ashram Road, Ahmedabad –
380006, Gujarat, India v Dena Bank Overseas Business Branch, 2nd Floor, Dena Laxmi Building,
Ashram Road, Ahmedabad – 380 009, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
C R Sharedalal and Company Chartered Accountants |
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Address : |
101 -102, 1st Floor, ‘Parishram”, 5-B, Rashmi Soc,
Mithakali Six Roads, Navrtangpura, Ahmedabad – 380009, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,00,000 |
Equity shares |
Rs. 10/- each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
195,000 |
Equity shares |
Rs. 10/- each |
Rs. 1.950
millions |
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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.950 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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2.972 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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4.922 |
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LOAN FUNDS |
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1] Secured Loans |
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19.851 |
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2] Unsecured Loans |
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5.531 |
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TOTAL BORROWING |
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25.382 |
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DEFERRED TAX LIABILITIES |
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0.328 |
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TOTAL |
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30.632 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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11.332 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.125 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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13.223 |
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Sundry Debtors |
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13.412 |
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Cash & Bank Balances |
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1.135 |
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Other Current Assets |
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3.666 |
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Loans & Advances |
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3.144 |
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Total
Current Assets |
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34.580 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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15.190 |
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Provisions |
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0.215 |
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Total
Current Liabilities |
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15.405 |
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Net Current Assets |
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19.175 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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30.632 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.12 |
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Current Ratio (Current Asset/Current Liability) |
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2.24 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the company |
USHANTI COLOUR CHEM PRIVATE LIMITED |
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Presented By |
Chief Manager Dena Bank Overseas
Business Branch, 2nd Floor, Dena Laxmi Building, Ashram Road,
Ahmedabad – 380 009, Gujarat, India |
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1) Date and description of instrument creating the change |
Agreement of hypothecation (Goods, Book debts and other movable assets) dated 02.06.2003 executed by Ushanti Colour Chem Private Limited (Borowwer) in favour of Dena Bank. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 9.500 millions |
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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 |
(a) All the present and future stocks of raw materials such as direct blue green crude, HMP Glober Salt, reactive blue 21, director crude 86 etc. Stocks in process and finished goods such as Synthetic Organic Dyestuff etc. Consumable Stores, Spares, Packing Materials etc at 88/8, GIDC, Phase – I, Vatva, Ahmedabad – 382 445 or whatsoever or wheresoever situate and/ or in transit. (b) All the present and future book debts, outstandings, monies receivables, claims, bills etc. (c) All the tangible, movable properties including plant, machinery, tools and accessories, stores, spares relating to the plant and machinery, furniture, articles, office equipments, computers etc. at 88/8, GIDC, Phase – I, Vatva, Ahmedabad – 382 445, Gujarat, India |
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4) Gist of the terms and conditions and extent and operation of the charge. |
i) All the stocks, book debts, movable machinery, plant etc. and other assets described in column no. 3 hereinabove are hypothecated and charged to the Bank for its packing credit hypothecation cum foreign bills purchase/ discounting/ negotiation DP/ DA upto 180 days of Rs. 9.500 millions against packing credit hypothecation plus interest, commission, costs, charges, expenses and other monies payable by the company to the Bank. ii) Interest Rate, Commission and Margin : more particularly described in the annexure thereto. |
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5) Name and Address and description of the person entitled to the charge. |
Dena Bank Overseas Business Branch, 2nd Floor, Dena Laxmi Building, Ashram Road, Ahmedabad – 380 009, Gujarat, India |
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6) Date and brief description of instrument modifying the charge |
Supplemental agreement of hypothecation (Goods, Book debts and other movable assets to secure multiple facilities) dated 12th day of January, 2006 executed by Ushanti Colour Chem Private Limited (Borrower) in favour of Dena Bank. |
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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. |
(i) All the securities described in column No. 3 herein above hypothecated and charged to the Bank by agreement of hypothecation (Goods, Book debts and other movable assets) dated 02.06.2003 shall now also be a security for additional PCH/PCFC – FBP – REBA (DP/ DA 180 days) limit of Rs. 0.500 million (with sub limits of PCFC-PCH of Rs. 0.070 million in overall packing credit limit) (Rs. 0.500 million) plus interest commission, costs, charges, expenses and other monies payable by the borrower to the Bank. (ii) Margin, Rate of Interest, commission etc. more particularly described in the annexure hereto. |
Form 8
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This form is for |
Creation of charge |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U24231GJ1993PTC019444 |
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Name of the company |
USHANTI COLOUR CHEM PRIVATE LIMITED |
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Address |
88/8, Phase – 1, GIDC, Vatva, Ahmedabad – 382445, Gujarat, India |
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Type of Charges |
v Book debts |
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Particular of the charge holder |
Name : The Kalupur Commercial Co-Op Bank Limited Address : Kalupur Bank Bhavan, Nr. Income Tax Circle, Asharam Road City : Ahmedabad State : Gujarat ISO country code : IN Pin Code : 380006 e-mail ID : info@kalupurbank.com |
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Nature or description of the instrument creating or modifying the charge |
Agreement for hypothecation of goods and book debts. |
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Date of the instrument creating charge |
09.10.2007 |
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Amount Secure by the charge |
Rs. 1.000 million |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest 12.5 Terms of Repayment Renewal at one year Margin 30% Extent and operation of the charge The Charge is secured against the properties of the company until the loan and interest are fully paid up |
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Short particulars of the Property charged |
Book debts of the company at Plot No. 88/6, 88/7, and 88/8, GIDC, Vatva, Ahmedabad – 382445, Gujarat, India |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
As Per Website Details
Company Profile
Subject is a name to reckon with in the Dyestuff and Pigment industry and name synonymous with qualitative marketing of its products, has been serving the needs of its valued customers since 1961. From manufacturing and marketing of Direct Dyestuffs, Subject has successfully diversified into Direct, Reactive and Acid Dyestuff along with Pigments. Boosting of a young, dedicated and enthusiastic, yet experienced group of management and employees, Subject is expanding its horizon. Having established itself firmly in India, Subject is gearing itself to meet the challenges of global competition by venturing into various overseas markets.
All this is being achieved without any compromise on quality. Gone are the days
when no dyestuff Company used to give any guarantee on goods produced by it.
Subject takes a big, bold and pioneering step, to increase its customers
confidence, by giving guarantee in the consistency of quality of dyestuff
supplied. For achieving that purpose, Subject has installed highly
technological machines, like Spectrophotometer, Colour Matching System, Liquid
Testing, Mooller etc. For testing the strength and various other parameters of
its products. This state of art technology is available with only few companies
throughout India.
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 :
The 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.
The 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. 43.37 |
|
UK Pound |
1 |
Rs. 85.51 |
|
Euro |
1 |
Rs. 68.08 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
66 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
|
54 |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|