MIRA
INFORM REPORT
|
Report Date : |
22.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VIPUL DYES AND SOLVENTS LIMITED |
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Registered Office : |
Room No. 5, Bandukwala Building, 226-228, Samual Street, Masjid (West),
Mumbai – 400003, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.09.2003 |
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Com. Reg. No.: |
11-84942 |
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CIN No.: [Company
Identification No.] |
U24114MH2003PLC084942 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV04981E |
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PAN No.: [Permanent
Account No.] |
AAACV2736R |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer, importers, exporters, re-sellers, dealers
and distributors of dyes, pigments, solvents and chemicals including fine
chemicals, drugs, medicinal preparations, medicinal formulations and to
exchange, alter, improve, develop and prepare for market, substitutes,
formulations and otherwise deal in all such chemicals allied products. |
RATING &
COMMENTS
|
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 216056 |
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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 an established company having satisfactory track. 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 : |
Room No. 5, Bandukwala Building, 226-228, Samual Street, Masjid
(West), Mumbai – 400003, Maharashtra, India |
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Tel. No.: |
91-22-25900058 |
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Fax No.: |
91-22-25900050 |
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E-Mail : |
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Administrative Office : |
205/206, BPS Plaza, Devidayal Road, Mulund (West(, Mumbai – 400080, Maharashtra, India |
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Tel. No.: |
91-22-25900658/59/25900111 |
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Fax No.: |
91-22-25900050 |
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E-Mail : |
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Factory: |
312/313, Mandvi Navjivan, 3rd Floor, 121 / 127 Kasi Syed Street, Mumbai – 400003, Maharashtra, India |
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Tel No.: |
91-22-23443240 / 25900658 / 56312103 |
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Fax No.: |
91-22-25900050 |
DIRECTORS
|
Name : |
Mr. Sunil Suresh Sheth |
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Designation : |
Director |
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Address : |
43, Kailash Darshan, Dr. Ambedkar Road, Mulund (W), Mumbai – 400080, Maharashtra,
India |
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Date of Birth/Age : |
24.03.1971 |
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Date of Appointment : |
25.01.1995 |
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Name : |
Mr. Vipul Suresh Sheth |
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Designation : |
Director |
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Address : |
43, Kailash Darshan, Dr. Ambedkar Road, Mulund (W), Mumbai – 400080, Maharashtra,
India |
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Date of Birth/Age : |
31.08.1975 |
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Date of Appointment : |
25.01.1995 |
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Name : |
Mr. Suresh Mulchand Sheth |
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Designation : |
Director |
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Address : |
43, Kailash Darshan, Dr. Ambedkar Road, Mulund (W), Mumbai – 400080, Maharashtra,
India |
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Date of Birth/Age : |
01.01.1939 |
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Date of Appointment : |
01.02.2001 |
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Name : |
Mr. Mukesh Kantilal Shah |
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Designation : |
Director |
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Address : |
Kailash Darshan, Dr. Ambedkar Road, Mulund (West), Mumbai – 400080, Maharashtra, India |
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Date of Birth/Age : |
05.04.2002 |
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Date of Appointment : |
01.04.1998 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on: 30.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Vipul Sheth |
|
8700 |
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Mr. Sunil Sheth |
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54480 |
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Mrs. Bina Sheth |
|
3210 |
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Mr. Suresh Sheth |
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2280 |
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Mr. Rama G. Gandhi |
|
5000 |
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Mr. Sanjeev Punja |
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1750 |
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Mr. Ajit Arbatti |
|
7000 |
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Mr. Jignesh Shah |
|
4000 |
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Mr. Vinod Gandhi |
|
1000 |
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Mrs. Pooja C. Gandhi |
|
4000 |
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Mr. Ravindra S. Gupta |
|
5000 |
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Mr. Ranchodlal K. Shah |
|
2000 |
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Mr. Arvind P. Vaidya |
|
1500 |
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Mrs. Nandini K. Bhatt |
|
1000 |
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Category |
|
Percentage of
Holding |
|
Directors or relatives of directors |
|
20.39 |
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Bodies Corporate |
|
22.10 |
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Other top fifty |
|
51.82 |
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Others |
|
5.69 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, importers, exporters, re-sellers, dealers
and distributors of dyes, pigments, solvents and chemicals including fine
chemicals, drugs, medicinal preparations, medicinal formulations and to
exchange, alter, improve, develop and prepare for market, substitutes,
formulations and otherwise deal in all such chemicals allied products. |
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Products: |
v Chemicals v Dyes and Solvents |
GENERAL
INFORMATION
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Suppliers : |
· Aarti Drugs Limited · TCC Chemicals Corporation · Prerna Pharma Intil Private Limited · Sinochem Jiangju I & E Corporation · Doctor Organics Chemicals Limited · Uttam Corporation · Jai Electronic Industrial Private Limited · All Chem (India) · Lonza Limited · Neuland Labor Limited |
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Customers : |
· Cadila Heathcare Limited · Wintac Limited · Hikal Limited · Ranbaxy Laboratories Limited · Hetero Labs Limited · Natco Pharma Limited · Biocol India Limited · Privi Organics Limited |
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No. of Employees : |
200 |
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Bankers : |
· Vysya Bank Limited, Mandvi · IndusInd Bank Limited · S.V.C. Bank, Mumbai · ING Vysya Bank Limited Address: Central Bombay , Infotech Park, modern Mill Compound , Sane Guruji Marg, mahalaxmi , Mumbai – 400 011, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name 1 : |
Lakhani and Company Chartered Accountants |
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Address : |
Jeevan Udyog, 278, D.N. Road, 2nd Floor, Above Khadi
Bhandar, Mumbai – 400001, Maharashtra, India |
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Name 2 : |
K A Gandhi and Company Chartered Accountant |
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Address : |
14-B, Vaibhav, 1st Floor, Corner of M.G.Road and S.L.Road, Mulund (West), Mumbai – 400080, Maharashtra, India |
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Tel No.: |
91-22-5675205 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
350000 |
Equity Shares |
Rs.100/- each |
Rs.35.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
339350 |
Equity Shares |
Rs.100/-
each |
Rs.33.935
millions |
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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|
|
|
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1] Share Capital |
30.935 |
30.935 |
27.935 |
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2] Share Application Money |
0.000 |
0.000 |
1.717 |
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3] Reserves & Surplus |
23.079 |
19.492 |
13.049 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
54.014 |
50.427 |
42.701 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
50.439 |
52.483 |
36.611 |
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TOTAL BORROWING |
50.439 |
52.483 |
36.611 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
104.453 |
102.910 |
79.312 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.392 |
2.358 |
2.512 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
3.920 |
13.054 |
3.672 |
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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 |
34.419 |
27.600 |
31.309 |
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Sundry Debtors |
113.514 |
85.033 |
103.266 |
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Cash & Bank Balances |
6.416 |
9.093 |
7.280 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
1.342 |
1.142 |
7.911 |
|
Total
Current Assets |
155.691 |
122.868 |
149.766
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
60.368 |
35.239 |
68.741 |
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Provisions |
0.327 |
0.313 |
8.115 |
|
Total
Current Liabilities |
60.695 |
35.552 |
76.856
|
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Net Current Assets |
94.996 |
87.316 |
72.910
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MISCELLANEOUS EXPENSES |
0.145 |
0.182 |
0.218 |
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TOTAL |
104.453 |
102.910 |
79.312 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
432.651 |
370.358 |
|
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Other Income |
|
1.835 |
1.259 |
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Total Income |
|
434.486 |
371.617 |
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Profit/(Loss) Before Tax |
|
5.819 |
4.884 |
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Provision for Taxation |
|
2.232 |
1.441 |
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Profit/(Loss) After Tax |
|
3.587 |
3.443 |
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Expenditures : |
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Manufacturing Expenses |
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Purchases made for re-sale |
|
405.057 |
347.817 |
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Salaries, Wages, Bonus, etc. |
|
1.510 |
1.311 |
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Managerial Remuneration |
|
1.560 |
1.560 |
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Payment to Auditors |
|
0.057 |
0.057 |
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Interest |
|
3.697 |
4.584 |
|
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Insurance Expenses |
|
0.238 |
0.142 |
|
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Depreciation & Amortization |
|
0.643 |
0.703 |
|
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Other Expenditure |
|
15.905 |
10.559 |
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Total Expenditure |
|
428.667 |
366.733 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.83
|
0.93 |
NA |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.34
|
1.32 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.53
|
3.53 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
1.75 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.06
|
1.75 |
2.66 |
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Current Ratio (Current Asset/Current Liability) |
|
2.57
|
3.46 |
1.95 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Name of the
company |
VIPUL DYES AND SOLVENTS LIMITED |
|
Presented By |
ING Vysya Bank Limited , Mumbai
|
|
1) Date and description
of instrument creating the change |
Agreement for
hypothecation of stock in trade, Machinery , book debts, bills and all other
movables dated 20.04.2002 Regd on 14.06.2000 (D-23) |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 6.600
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 |
hypothecation of
stocks of chemicals purchased out of LCs opened and receivables from sale of
chemicals procured under LCs |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Margin 15% FLC DA – Rs. 5.400 millions,
FLC of Rs. 1.200 millions Security also to secure Interest, cost of expenses,
charges, commission etc . |
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5) Name and
Address and description of the person entitled to the charge. |
ING Vysya Bank Limited Central Bombay , Infotech Park, modern
Mill Compound , Sane Guruji Marg, mahalaxmi , Mumbai – 400 011, and having
branch at , Mandvi Branch, Narsi
Natha Street, Mumbai – 400 009, Maharashtra, India |
|
6) Date and brief description of instrument
modifying the charge |
Supplemental
agreement for hypothecation of stock in trade, machinery, book debts, bills,
and all other movables dated 30.04.2004 Letter of
hypothecation to secure time trust loan against goods dated 30.04.2000 both
documents create single charge. |
|
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 original
change dated 20.04.2002 for Rs. 6.600 millions now modified enhancing the
limit from Rs. 6.600 millions to Rs. 20.000 millions Margin: 20% upto Rs. 10.000 millions 44% for CC and Rs. 10.000 millions Import LC Limit
of Rs. 20.000 millions with sub limit of Rs. 5.000 millions for Inland LC. |
OTHER DETAILS:
Subject Registered
address changed from:
43, Kailash Darshan, Dr. Ambedkar Road, Mulund (W), Mumbai – 400080,
Maharashtra, India
To
Room No. 5, Bandukwala Building, 226-228, Samual Street, Masjid (West),
Mumbai – 400003, Maharashtra, India
FIXED ASSTES:
· Computers,
· Furniture,
· Fax,
· Telephone,
· Motorcars,
· Air Conditioners,
· Mobile Phone And
· Electric Installation.
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.42.72 |
|
UK Pound |
1 |
Rs.83.96 |
|
Euro |
1 |
Rs.66.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|