MIRA INFORM REPORT
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Report Date : |
20.04.2011 |
IDENTIFICATION DETAILS
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Name : |
SPECTRAM DYES AND CHEMICALS PRIVATE LIMITED |
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Registered Office : |
207, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
06.09.1989 |
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Com. Reg. No.: |
04-176088 |
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CIN No.: [Company
Identification No.] |
U24110MH1989PTC176088 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTS00486D |
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PAN No.: [Permanent
Account No.] |
AADCS3979A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Disperse Dyes |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 2000000 |
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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 an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
207, |
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Mobile No.: |
91-9824102590 (Mr. Yogesh Gupta) |
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E-Mail : |
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Website : |
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Corporate Office : |
Block No. 484, 502 and 503k, |
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Tel. No.: |
91-2622-264259 |
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Fax No.: |
91-2622-264615 |
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Area : |
50000 sq. mts. |
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Location : |
Owned |
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Factory 1 : |
B/503, |
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Tel. No.: |
91-261-2895410 |
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Fax No.: |
91-261-2895407 |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Yogesh R Gupta |
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Designation : |
Director |
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Address : |
Flat No. 715, 7th Floor, E Tower, |
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Date of Birth/Age : |
10.03.1969 |
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Qualification : |
B.Com |
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Date of Appointment : |
25.06.1991 |
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Mobile No.: |
91-9824102590 |
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E mail: |
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Name : |
Mr. Anveep V Bansal |
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Designation : |
Director |
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Address : |
A-10, Gokul Row House, Parle Point, Surat-395007, |
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Date of Birth/Age : |
12.05.1972 |
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Qualification : |
Chemical Engineer |
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Date of Appointment : |
06.08.1998 |
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Name : |
Mr. Mahendra Kumar Chawdhary |
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Designation : |
Director |
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Address : |
6/B, Rudrraj Apartment, Athwalines, Surat-395007, |
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Date of Birth/Age : |
09.06.1958 |
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Qualification : |
Mechanical Engineer |
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Date of Appointment : |
01.04.2004 |
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Name : |
Mr. Hardat Singh Tarar |
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Designation : |
Director |
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Address : |
B-502-03, N.H. No. 8, Palsana, Surat-394315, |
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Date of Birth/Age : |
13.03.1959 |
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Qualification : |
B.Com |
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Date of Appointment : |
23.08.2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
|
No. of Shares |
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Mahendra Kumar Chaudhary |
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3000 |
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Urmila Chaudhary |
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2847 |
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Gyanesh Chaudhary |
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500 |
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Pramod Kumar Chaudhary |
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1500 |
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Akshat (Minor) Chaudhary |
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1785 |
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Nilam Chaudhary |
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1288 |
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Pratibha Overseas Private Limited, |
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3250 |
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Pratibha Fabrics Limited, |
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7175 |
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Vasudha Chaudhary |
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1200 |
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Pioneer Syntex Private Limited, |
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2760 |
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Adinath Distributors Private Limited, |
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6434 |
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Vestal Merchants Private Limited, |
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4722 |
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Abhishek Stock Broking Services Private Limited, |
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3604 |
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Abhishek Share and Securities Private Limited, |
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1900 |
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Amol Fab Trade Private Limited, |
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8466 |
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Fast-N-Perfect Tracon Private Limited, |
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2400 |
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Vikram Capital Management Limited, |
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2900 |
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Newtree Mercantile Company Private Limited, |
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3700 |
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Geonet Trading Company Private Limited, |
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6200 |
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Rich Point Financial Services Private Limited, |
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2200 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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87.24 |
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Directors
or relatives of directors |
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12.76 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Disperse Dyes |
GENERAL INFORMATION
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Bankers : |
·
Bank of ·
State Bank of ·
Industrial Development Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Pradeep Singhi and Associates Chartered Accountant |
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Address : |
A-501, President Plaza, RTO Cicle, Ring Road, Nanapura, Surat-395001,
Gujarat, India |
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Tel. No.: |
91-261-2474714/ 2474954 |
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Memberships : |
· CHEMEXIL |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs.1000/- each |
Rs.150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
117500 |
Equity Shares |
Rs.1000/- each |
Rs.117.500
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
117.500 |
117.500 |
86.261 |
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2] Share Application Money |
0.900 |
0.000 |
18.552 |
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3] Reserves & Surplus |
405.162 |
345.293 |
229.173 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
523.562 |
462.793 |
333.986 |
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LOAN FUNDS |
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1] Secured Loans |
839.207 |
753.836 |
420.439 |
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2] Unsecured Loans |
10.343 |
11.925 |
4.005 |
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TOTAL BORROWING |
849.550 |
765.761 |
424.444 |
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DEFERRED TAX LIABILITIES |
49.855 |
41.374 |
25.683 |
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TOTAL |
1422.967 |
1269.928 |
784.113 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
659.047 |
624.141 |
253.034 |
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Capital work-in-progress |
6.539 |
21.424 |
64.994 |
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INVESTMENT |
51.098 |
27.133 |
21.733 |
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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 |
402.316
|
305.745
|
219.157
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Sundry Debtors |
441.378
|
400.168
|
315.039
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Cash & Bank Balances |
10.456
|
42.204
|
19.396
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
120.298
|
99.254
|
66.874
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Total
Current Assets |
974.448
|
847.371
|
620.466
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
217.838
|
219.290 |
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Other Current Liabilities |
8.252
|
9.486
|
147.149
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Provisions |
42.285
|
21.645
|
28.965
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Total
Current Liabilities |
268.375
|
250.421
|
176.114
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Net Current Assets |
706.073
|
596.950
|
444.352
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MISCELLANEOUS EXPENSES |
0.210 |
0.280 |
0.000 |
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TOTAL |
1422.967 |
1269.928 |
784.113 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
1857.823 |
1562.535 |
1180.043 |
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Other Income |
1.502 |
1.022 |
2.155 |
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TOTAL (A) |
1859.325 |
1563.557 |
1182.198 |
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Less |
EXPENSES |
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Raw Material Consumed |
1211.615 |
1000.267 |
664.353 |
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Manufacturing Expenses |
247.690 |
180.903 |
148.632 |
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Excise Duty |
144.518 |
162.861 |
151.670 |
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Sales and Administrative Expenditures |
129.459 |
108.434 |
89.632 |
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Increase/(Decrease) in Finished Goods |
(111.159) |
(29.762) |
30.065 |
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TOTAL (B) |
1622.123 |
1422.703 |
1084.352 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
237.202 |
140.854 |
97.846 |
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Less |
FINANCIAL
EXPENSES (D) |
92.566 |
58.570 |
40.554 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
144.636 |
82.284 |
57.292 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
62.156 |
39.046 |
27.055 |
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PROFIT BEFORE
TAX (E-F) (G) |
82.480 |
43.238 |
30.237 |
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Less |
TAX (H) |
22.611 |
20.835 |
10.791 |
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PROFIT AFTER TAX
(G-H) (I) |
59.869 |
22.403 |
19.446 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
114.619 |
92.216 |
72.770 |
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BALANCE CARRIED
TO THE B/S |
174.488 |
114.619 |
92.216 |
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EARNINGS IN
FOREIGN CURRENCY |
38.682 |
18.677 |
6.570 |
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IMPORTS |
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Raw Materials |
467.971 |
441.722 |
228.699 |
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Components and Spare Parts |
1.446 |
0.287 |
3.165 |
|
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Capital Goods |
5.616 |
12.957 |
1.503 |
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TOTAL IMPORTS |
475.033 |
454.966 |
233.367 |
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Earnings Per
Share (Rs.) |
509.52 |
231.10 |
225.44 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.22
|
1.43
|
1.64
|
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Net Profit Margin (PBT/Sales) |
(%) |
4.44
|
2.77
|
2.55
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.05
|
2.94
|
3.46
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.09
|
0.09
|
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Debt Equity Ratio (Total Liability/Networth) |
|
2.14
|
2.20
|
1.79
|
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Current Ratio (Current Asset/Current Liability) |
|
3.63
|
3.38
|
3.52
|
LOCAL AGENCY FURTHER INFORMATION
Note: The Registered Office
of the company has been shifted from 109, Sanjay Building No.6, Mital Estate,
Andheri (East), Mumbai – 400059,
Financial Results
The Profit and Loss Account of the company shows a Net Profit amounting to Rs.82.480 Millions.
General Review
The company's performance had been satisfactory in general during the year. Despite the stiff challenges, the company had achieved its targetted turnover and Net Profit as well. The Directors are hopeful to face challenges successfully and to make head way in the coming years. The company has also increased its manufacturing capacity during the year and the initial trends are encouraging.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10127824 |
|
Corporate
identity number of the company |
U24110MH1989PTC176088 |
|
Name of the
company |
SPECTRAM DYES AND
CHEMICALS PVT LTD |
|
Address of the registered
office or of the principal place of
business in |
207, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
State Bank of |
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Email |
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Nature of description
of the instrument creating or modifying the charge |
Memorandum
relating to Deposit of Title Deeds for creation of further charge for overall
credit limit where the initial charge is created by way of mortgage by
Deposit of Title Deeds |
|
Date of
instrument Creating the charge |
04.03.2011 |
|
Amount secured by
the charge |
Rs.1130.400
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Term Loan - 4.25%
above base rate, present effective rate 11.85% p.a. with monthly rests, to be
reset annually. Terms of
Repayment Existing Term
Loan - As per existing terms and conditions, New Term Loan - 48 Monthly
Installments. First 17 Installments of Rs.2.000 Millions each. Next 12
Installments of Rs.2.500 Millions each. Next 12 Installments of Rs.3.000
Millions each. Next 6 Installments of Rs.4.000 Millions each. Last
Installments of Rs.6.000 Millions. Margin TL - 30.11% Extent and
Operation of the charge (1) All those piece and parcel of immovable
property situated in the Dist. Surat, Tal. Palsana, Vill. Palsana bearing
Block No.502, R.S.No.466 Totally adm.6540 Sq. Mtrs. (2) All those piece and parcel of immovable
property bearing Block No.503, R.S.No.474 Totally adm.12011 Sq. Mtrs.
situated in the Dist. Surat, Tal. Palsana, Vill. Palsana (3) All those piece and parcel of N.A. Imm.
Prop. being land situated in Block No.484, situated at Vill Palsana, Surat
R.S.No.467 adm.10504 Sq. Mtrs. Others The charge operates
for due repayment by the company to SBI and
BOB of the o/s balance in individual limits within the overall limit
of Rs.113.04 Millions together with
interest, additional interest etc. Credit facilities SBI-on 1st Charge basis
TL-I-Rs.68.300 Millions , TL-II Rs.5.300 Millions , TL-III Rs.224.200
Millions , TL Fresh-Rs.130.000 Millions , Credit exposure limit-forward
contract-Rs.2.600 Millions Total
(SBI)-Rs.430.400 Millions , BOB-on 2nd charge basis CC-Rs.690.000
Millions + Inland/Frn BG-Rs.10.000
Millions Total (BOB) Rs.700.000
Millions aggr. Rs.1130.400 Millions. |
|
Short particulars
of the property charged |
(1) All those piece and parcel of immovable
property situated in the Dist. Surat, Tal. Palsana, Vill. Palsana bearing
Block No.502, R.S.No.466 Totally adm.6540 Sq. Mtrs. (2) (2) All those piece and parcel of
immovable property bearing Block No.503, R.S.No.474 Totally adm.12011 Sq.
Mtrs. situated in the Dist. Surat, Tal. Palsana, Vill. Palsana (3) All those piece and parcel of N.A. Imm.
Prop. being land situated in Block No.484, situated at Vill Palsana bearing
R.S.No.467 of Vill Palsana, Tal. Palsana, Sub Dist. Plsana, Dist. Surat
toally (4) adm.10504 Sq.Mtrs. (5) All that piece and parcel of the Industrial NA land of Block
No.504 situated at Palsana bearing R S No.471/1 Block No.504 of Vill:
Palsana, Tal: Pasana, Dist: Surat totally adm 16886 Sq. Mtrs |
|
Particulars of
the present modification |
By this execution
the charge extended to cover revised credit facility from Rs.913.500
Millions to Rs.1130.400 Millions Credit facilities SBI-on 1st Charge basis
TL-I-Rs.68.300 Millions , TL-II Rs.5.300 Millions , TL-III Rs.224.200
Millions , TL Fresh-Rs.13.00 Millions , Credit exposure limit-forward
contract-Rs.2.600 Millions Total
(SBI)-Rs.430.400 Millions , BOB-on 2nd charge basis CC-Rs.690.000
Millions + Inland/Frn BG-Rs.10.000
Millions Total (BOB) Rs.700.000
Millions aggr. Rs.1130.400 Millions. |
FIXED ASSETS:
·
Land
·
Flat
·
·
Furniture and Fixture
·
Office Equipments
·
Vehicles
·
Motor Car
·
Plant and Machinery
·
Computer
·
Know how
·
Laboratory Equipments
AS PER WEBSITE
HISTORY:
Subject was
incorporated in the year 1989 for manufacturing Disperse Dyes.
Company has a fully integrated installed plant for
manufacturing Disperse dyes and Intermediates and is the second largest
disperse dyestuff manufacturing company in
Company has a strong customer base. Besides the local
Company follows stringent quality controls in the
manufacturing process and sourcing of all the raw materials. These
products are manufactured in compliance to the international standards
acceptable in Dyes and Intermediates industry.
Company Research and Development Department is equipped
with the latest equipments. In a proactive measure, experienced
scientists continually research on improvements in existing products and
processes as well as innovation for higher efficiency and newer
products. One such step is to improve technologies to minimize impact on environment.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.68 |
|
|
1 |
Rs.72.56 |
|
Euro |
1 |
Rs.63.53 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.