MIRA
INFORM REPORT
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Report Date : |
07.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
ASSOCIATED DYE STUFF PRIVATE LIMITED |
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Registered Office : |
C – D, 8th Floor, Center Point, Ambawadi, Ahmedabad –
380006, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.03.2000 |
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Com. Reg. No.: |
04 - 37659 |
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CIN No.: [Company
Identification No.] |
U24119GJ2000PTC037659 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AACCA4885C |
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PAN No.: |
ARSPS2485A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer,
Exporter and Importer of Textile and Leather Dye. |
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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 144085 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory track. Trade relations are fair.
Payments are usually correct and as per commitments. The company is
faring well. It can be
considered normal for business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Hitesh |
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Date : |
03.06.2008 |
LOCATIONS
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Registered Office : |
C – D, 8th Floor, Center Point, Ambawadi, Ahmedabad –
380006, Gujarat, India |
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Tel. No.: |
91-79-25831354 |
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Fax No.: |
91-79-25890702 |
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E-Mail : |
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Area : |
7000 Sq. Yrds |
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Location : |
Owned |
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Head Office : |
98, New Cloth
Market, Ahmedabad - 380 002, Gujarat, India |
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Factory : |
Plot No. A-1/5, GIDC, Phase I, Vatva,
Ahmedabad - 382 445, Gujarat, India. |
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Tel. No.: |
91-79-25831062 / 1354 / 25890702 |
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Fax No.: |
91-79-25890702 |
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E-Mail : |
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Area : |
50000 sq.fts |
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Location : |
Leased |
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Branches : |
Located at : v
Istanbul v Turkey |
DIRECTORS
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Name : |
Mr. Vipul Shah |
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Designation : |
Director |
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Address : |
2, Jain Nagar Society, Paldi, Ahmedabad – 380 007, Gujarat, India |
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Date of Birth/Age : |
20.02.1974 |
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Qualification : |
Graduate |
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Date of Appointment : |
29.03.2000 |
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Name : |
Mr. Viral Shah |
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Designation : |
Director |
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Address : |
2, Jain Nagar Society, Paldi, Ahmedabad – 380 007, Gujarat, India |
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Date of Birth/Age : |
26.09.1976 |
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Date of Appointment : |
29.03.2000 |
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Name : |
Mrs. Vidhyaben Shah |
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Designation : |
Director |
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Address : |
2, Jain Nagar Society, Paldi, Ahmedabad – 380 007, Gujarat, India |
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Date of Birth/Age : |
28.10.1949 |
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Date of Appointment : |
10.09.2002 |
KEY EXECUTIVES
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Name : |
Mr. Shambhu J Bhikadia |
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Designation : |
Company Secretary |
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Address : |
Flat No. E – 202, Vraj Vihar – 4, Near Chandan Party Plot, Satelite, Ahmedabad
– 380015, Gujarat, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
No. of Shares |
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Mrs. Vidyaben H. Shah |
306134 |
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Mr. Vishal H. Shah |
297133 |
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Mr. Viral H. Shah |
297133 |
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Mr. Vishal H. Shah – HUF |
100 |
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Ramanlal Will Trust |
100 |
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Mr. Vishal H. Shah – HUF |
100 |
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Ms. Manushi Vishal Shah |
100 |
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Mr. Viral H. Shah - HUF |
100 |
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Total |
900900 |
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 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer,
Exporter and Importer of Textile and Leather Dye. |
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Products : |
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Exports : |
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Products : |
All Products |
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Countries : |
v Pakistan v Europe v Middle East v Africa v Belgium v UK v Netherland v Turkey v Greece v Bangladesh v Indonesia v Hong Kong v South Korea v Italy v Srilanka |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
v China v Switzerland v USA v Germany |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash |
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PRODUCTION
STATUS
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Particulars |
Unit |
Installed Capacity |
Actual Production |
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Dyes |
Kgs. |
1200000 Kgs. |
755462 Kgs |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
70 |
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Bankers : |
Bank of Baroda Gandhi Road Branch, P B No. 1, Ahmedabad – 380001, Gujarat, India |
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Facilities : |
Note: Above Working
Capital facilities are secured against:
Personal
Guarantee of Directors. |
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Banking Relations : |
Satisfactory |
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Auditors : |
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Name : |
N M Nagri and Company, Chartered Accountants |
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Address : |
E – 26, 5th Floor, Capital Commercial Center, Ashram Road,
Ahmedabad – 380009, Gujarat, India |
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Membership: |
v
Gujarat Dyestuff
Manufacturers' Association v
Gujarat
Chamber of Commerce & Industry v
CHEMEXIL v
Federation
of Indian Export Organisation |
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Associates: |
Vishal
Intermediates Private Limited Incorporated on
12th January, 1987 having Company Registration Number 9312. Authorised Capital : Rs. 17.500 millions Paid up Capital : Rs. 12.000
millions Sales Turnover
: Rs. 110.000 millions (1997)Rs. 210.000
millions (1996) Rs. 450.000
millions (1995) - This Company was in loss for quite some
time mainly due to non-operation as per the guidelines of the High Court of
Gujarat on Pollution Control Norms and recession in the dyes markets. Subject almost discontinued activities in
this company now a day. |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 millions |
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50,000 |
Preference Shares |
Rs. 10/- each |
Rs. 0.500 million |
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Total |
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Rs. 10.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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900,900 |
Equity Shares |
Rs. 10/-
each |
Rs. 9.009
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.009 |
9.009 |
9.009 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
19.808 |
17.790 |
15.835 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
28.817 |
26.799 |
24.844 |
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LOAN FUNDS |
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1] Secured Loans |
8.165 |
0.000 |
9.986 |
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2] Unsecured Loans |
43.287 |
43.422 |
45.882 |
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TOTAL BORROWING |
51.452 |
43.422 |
55.868 |
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DEFERRED TAX LIABILITIES |
1.766 |
2.321 |
2.667 |
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TOTAL |
82.035 |
72.542 |
83.379 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
21.950 |
23.787 |
23.883 |
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Capital work-in-progress |
2.402 |
0.000 |
0.000 |
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INVESTMENT |
0.010 |
0.010 |
0.010 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
33.832
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36.772 |
25.416 |
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Sundry Debtors |
39.277
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15.590 |
40.326 |
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Cash & Bank Balances |
4.897
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2.213 |
5.000 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
13.903
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9.209 |
11.130 |
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Total
Current Assets |
91.909
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63.784 |
81.872 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
32.674
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13.980 |
21.880 |
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Provisions |
1.593
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1.100 |
0.557 |
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Total
Current Liabilities |
34.267
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15.080 |
22.437 |
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Net Current Assets |
57.642
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48.704 |
59.435 |
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MISCELLANEOUS EXPENSES |
0.031 |
0.041 |
0.051 |
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TOTAL |
82.035 |
72.542 |
83.379 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
147.619 |
92.810 |
121.921 |
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Other Income |
6.573 |
5.514 |
10.315 |
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Total Income |
154.192 |
98.324 |
132.236 |
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Profit/(Loss) Before Tax |
2.953 |
2.597 |
1.991 |
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Provision for Taxation |
0.935 |
0.643 |
0.509 |
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Profit/(Loss) After Tax |
2.018 |
1.954 |
1.482 |
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Earnings in Foreign Currency : |
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FOB Value of Exports |
122.868 |
74.045 |
95.679 |
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Total Earnings |
122.868 |
74.045 |
95.679 |
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Imports : |
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Raw Materials |
33.559 |
29.580 |
24.753 |
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Components |
0.000 |
0.128 |
0.000 |
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Total Imports |
33.559 |
29.708 |
24.753 |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
5.767 |
(9.367) |
1.998 |
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Financial Charges |
1.378 |
0.796 |
1.252 |
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Depreciation & Amortization |
2.692 |
2.583 |
2.396 |
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Other Expenditure |
141.402 |
92.348 |
124.599 |
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Total Expenditure |
151.239 |
95.727 |
130.245 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.31
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1.99 |
1.12 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.00
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2.80 |
1.63 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.91
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2.64 |
1.51 |
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Return on Investment (ROI) (PBT/Networth) |
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0.10
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0.09 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.19
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0.56 |
0.90 |
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Current Ratio (Current Asset/Current Liability) |
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2.68
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4.23 |
3.65 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
80004933 |
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Corporate
identity number of the company |
U24119GJ2000PTC037679 |
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Name of the
company |
ASSOCIATED DYE STUFF PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
C – D, 8th Floor, Center Point, Ambawadi, Ahmedabad –
380006, Gujarat, India |
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Type of charge |
v Book debts v Movable property
(not being pledge) |
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Particular of
charge holder |
Name : Bank of
Baroda Address : Gandhi
Road Branch, Gandhi Road City : Ahmedabad State : Gujarat ISO country code
: IN Pin code : 380001 e-mail ID : ganham@bankofbaroda.com |
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Nature of description
of the instrument creating or modifying the charge |
Supplemental
composite instrument of hypothecation of goods, book debts, movable machinery
and vehicles. |
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Date of
instrument Creating the charge |
22.01.2007 |
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Amount secured by
the charge |
Rs. 34.250
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest On CC A/C
(Hypothecation of stocks) 0.50% below BPLR i.e. at present 11.5% p.a. monthly
rest. On PC cum FBPPCBP
PC; upto 180 days BPLR minues 3.00% i.e. 9.5% Cum RBD/ FCBD
beyond 180 days and 270 days 0.50% below BPLR i.e. 11.5% beyond 270 days as
per RBI/ Banks Guidelines from time to time RBD/FBD : Commission as per
Bank’s norms. On Documentary
Import L/C, DP/ Da – as per FEDAI rules and Banks guidelines issued from time
to time. Terms of
repayment CC – Rs. 2.500
millions – 12 months subject to annual renewal PC cum FBP Rs.
15.000 millions as per sanction terms Margin On Cash Credit –
25% On Stock On PC cum FBP/ FCBP cum FBD –
10% on PC. On documentary
Import L/C, DP / Da – 15% On sub limit –
Bank Guarantee – 10% for performance and other general purpose guarantee 100%
for financial and disputed guarantees. Extent operation
of the charge For the various
credit facilities Company has
hypothecation to and in favour of Bank Stock of Raw Materials, Stock in
Process, Inside Goods, Consumable Spares and Packing materials, vehicles all
the book debts and all movable machinery of the company, including all stocks
and spare parts as mentioned in the supplemental composite instrument of
hypothecation of goods, book debts, movable machinery and vehicles. |
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Short particulars
of the property charged |
Company has Hypothecated
to and in favour of the bank of the stocks of raw materials, stock in
process, inside goods, consumable spares and packing materials all the book
debts, both present and future, all the movable machinery as mentioned in the
supplemental composite instrument of hypothecation of goods, book debts,
movable machinery and vehicles – situated at A – 1/5, GIDC Phase – 1, Vatva,
Ahmedabad – 382 245, Gujarat, India |
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Date of latest
modification prior to the present modification |
26.04.2006 |
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Particulars of
the present modification |
Various Credit
facilities limits has been increased from Rs. 17.500 millions against charged
on 26.04.2006 to Rs. 34.250 millions. The company is required to secure
additional facilities of Rs. 16.75 millions by way of extension of charge on
the hypothecated premises and company agrees that all charges created on the
hypothecated premises and company agrees that all the charges created on the
hypothecated premises under the principal hypothecation agreement be further extended
and shall also be a continuing secure the additional limit of Rs. 11.750
millions in aggregate to Rs. 34.250 millions |
Form 8
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Name of the company |
ASSOCIATED DYE STUFF PRIVATE LIMITED |
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Presented By |
Mr. Hemendra R. Shah
(Director) |
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1) Date and description of instrument creating the change |
Hypothecation
agreement dated 19.07.2000 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 8.500
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 |
1. Hypothecation
of goods both present and future and all stocks of raw materials, work in
process, semi finished goods and finished goods such as dyes and
intermediates packing materials and stores. 2. Equitable
Mortgage |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
10% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda,
Gandhi Road, Ahm,edabad |
HISTORY
Subject was
originally established as a proprietorship concern in the year 1977 at Ahmedabad
in Gujarat by Late Mr. Hemendra R. Shah (who expired on 12.07.2001 and later
his sons looks after the administration as directors) at 98, New Cloth Market,
Ahmedabad - 380 002, Gujarat. Subject
shifted its office to 8th Floor, Centre Point in the year 1998.
Subject was taken
over by newly formed company Associated Dyestuff Private Limited in 29th
March, 2000 having Company Registration Number 37659 and become the proprietor
of the above firm. The entire assets and liabilities of the above firm was
taken over by the company w. e. f. that date takeover the business as changed
to the present style w. e. f. 10th November, 1994.
The entire share
capital of the proprietor was transferred to the directors of the company
Subject shifted its
Registered Office and Administration Office to the works premises at Vatva in
Gujarat in October, 2001.
Fixed Assets:
v
Land, Building
v
Plant &
Machinery
v
Furniture
& Fixtures
v
Office
Equipments
v
Computers
v
Vehicles
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. 42.79 |
|
UK Pound |
1 |
Rs. 83.77 |
|
Euro |
1 |
Rs. 66.71 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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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 |
6 |
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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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|