MIRA
INFORM REPORT
|
Report Date : |
23.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
TULSI DYECHEM PRIVATE LIMITED |
|
|
|
|
Registered Office : |
401, 4th Floor, ATP Arcade, Near National Handloom Law
Garden, Behind Samartheshwar Mahadev Temple, C.G. Road, Ellisbridge,
Ahmedabad – 380006, Gujarat |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
23.05.2002 |
|
|
|
|
Com. Reg. No.: |
04-040774 |
|
|
|
|
Paid-up Capital : |
Rs. 17.480 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24114GJ2002PTC040774 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMT00887F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCT6769P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Trader and Exporter of Chemicals and Intermediate. |
|
|
|
|
No. of Employees : |
30 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 96000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct. The company can be considered for small to mediocre 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.
INFORMATION PARTED BY
|
Name : |
Mr. Sandip Parikh |
|
Designation : |
Director |
|
Contact No.: |
91-9327021348 |
|
Date : |
21.05.2011 |
LOCATIONS
|
Registered Office : |
401, 4th Floor, ATP Arcade, Near National Handloom Law
Garden, Behind Samartheshwar Mahadev Temple, C.G. Road, Ellisbridge, Ahmedabad
– 380006, Gujarat, India |
|
Tel. No.: |
91-79-26582031 |
|
Mobile No.: |
91-9327021348 (Mr. Sandip Parikh) |
|
Fax No.: |
91-79-26581879 |
|
E-Mail : |
|
|
Area : |
1500 Sq.ft |
|
Location : |
Owned |
|
|
|
|
Administrative Office : |
406, |
|
Tel. No.: |
91-79-27972619 |
DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Sandip Vallabhdas Parikh |
|
Designation : |
Director |
|
Address : |
37, Vaibhav Bunglows, Part II, Near Sun – N Step Club, |
|
Date of Appointment : |
23.05.2002 |
|
DIN No.: |
00378855 |
|
|
|
|
Name : |
Mr. Mittul Rameshbhai Patel |
|
Designation : |
Director |
|
Address : |
9, Tilak Apt, Near Nalanda Hotel, Mithakali, Ahmedabad, |
|
Date of Appointment : |
23.05.2002 |
|
DIN No.: |
01948959 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mittul R Patel |
|
812700 |
|
Sandip V. Parikh |
|
339500 |
|
Ritu M Patel |
|
3500 |
|
UBS Enterprise Private Limited |
|
100000 |
|
Chaitaniya Puwar |
|
120000 |
|
Gunvant Patel |
|
38000 |
|
Nilam S Parikh |
|
177800 |
|
Mittula Patel HUF |
|
66500 |
|
Shobhagya Cinimay Private Limited |
|
25000 |
|
Shashijyoti Textiles Private Limited |
|
15000 |
|
Poddar Agro Company Private Limited |
|
15000 |
|
Rameshwar Finvest Private Limited |
|
20000 |
|
Tara Vinimay Private Limited |
|
15000 |
|
Total |
|
1748000 |
As On 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader and Exporter of Chemicals and Intermediate. |
|
|
|
|
Products : |
Trading in Chemicals |
|
|
|
|
Exports : |
|
|
Products : |
|
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Credit: 30/60/90 Days |
|
|
|
|
Purchasing : |
Cash, Credit: 30/60/90 Days |
GENERAL INFORMATION
|
Customers : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
30 (approximately) |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
Cash Credit – Rs. 320.000 Millions (Standard Chartered Bank)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Shashikant J Shah Chartered Accountant |
|
Address : |
Near Gandhigram Railway Station, |
|
Pan No.: |
ABIPS3405J |
|
|
|
|
Associates/Subsidiaries : |
Shaily Dies and Intermediates Address: Ahmedabad, Line of Business: Trader and Exporter of Chemicals and Intermediate. |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1750000 |
Equity Shares |
Rs.10/- each |
Rs. 17.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1748000 |
Equity Shares |
Rs.10/- each |
Rs. 17.480 Millions |
|
|
|
|
|
After 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs 20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1748000 |
Equity Shares |
Rs.10/- each |
Rs. 17.480 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
17.480 |
16.580 |
5.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6.652 |
2.116 |
4.450 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
24.132 |
18.696 |
9.450 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
32.324 |
24.790 |
9.942 |
|
|
2] Unsecured Loans |
25.566 |
22.723 |
28.764 |
|
|
TOTAL BORROWING |
57.890 |
47.513 |
38.706 |
|
|
DEFERRED TAX LIABILITIES |
0.362 |
0.005 |
0.003 |
|
|
SHARE CAPITAL PREMIUM |
18.420 |
10.320 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
100.804 |
76.534 |
48.159 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4.432 |
1.419 |
1.579 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.888 |
1.146 |
0.846 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
12.912
|
40.319
|
19.595 |
|
|
Sundry Debtors |
278.731
|
91.525
|
67.899 |
|
|
Cash & Bank Balances |
18.252
|
7.767
|
8.604 |
|
|
Other Current Assets |
0.636
|
0.437
|
0.000 |
|
|
Loans & Advances |
0.686
|
2.796
|
0.818 |
|
Total
Current Assets |
311.217
|
142.844
|
96.916 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
210.494
|
67.987
|
48.736 |
|
|
Other Current Liabilities |
0.000
|
0.000
|
1.358 |
|
|
Provisions |
5.385
|
1.039
|
1.100 |
|
Total
Current Liabilities |
215.879
|
69.026
|
51.194 |
|
|
Net Current Assets |
95.338
|
73.818
|
45.722 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.146 |
0.151 |
0.012 |
|
|
|
|
|
|
|
|
TOTAL |
100.804 |
76.534 |
48.159 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
101.244 |
77.865 |
52.178 |
|
|
|
Other Income |
933.358 |
NA |
NA |
|
|
|
TOTAL |
1034.602 |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
Financial Expenses |
|
|
|
|
|
|
TOTAL |
1027.399 |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
7.203 |
2.592 |
3.337 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
0.594 |
0.174 |
0.135 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
6.609 |
2.418 |
3.202 |
|
|
|
|
|
|
|
|
|
|
TAX |
1.654 |
0.750 |
1.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
4.597 |
1.668 |
2.102 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.118 |
4.450 |
2.348 |
|
|
|
|
|
|
|
|
|
|
Profit
for Bonus |
0.000 |
4.000 |
0.0008 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
6.651 |
2.118 |
4.450 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.63 |
1.01 |
-- |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (approximately) |
|
|
120.000 |
|
|
|
|
|
Expected Sales (2011-12): Rs. 150.000 Millions
The above information has been parted by Mr. Sandip Parikh
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.44
|
NA
|
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.53
|
3.11
|
6.14 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.09
|
1.68
|
3.25 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.13
|
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
11.34
|
6.23
|
9.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.44
|
2.07
|
1.89 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
For Transport |
8.923 |
0.645 |
0.959 |
|
For Goods |
201.347 |
66.285 |
46.569 |
|
For Expenses |
0.224 |
1.057 |
1.208 |
|
Total |
210.494 |
67.987 |
48.736 |
Trade Reference:
- Kiri Dyes and
Chemicals Limited
- Meghmani Dyes
and Intermediates Limited
- Anjani Dyes
and Intermediates Private Limited
Performance:
During the year, the company's performance remained very good. The company achieved excellent turnover of Rs.101.244 millions (P.Y.Rs.77.865 millions), resulting into Net Profit after tax of Rs.4.597 millions (P.Y. RS.1.668 millions )
The Main objective of the company is to manufacture, import, and export, trade and deal in all types of Colours, Chemicals, Dyes Etc.,
Change of Address:
The Registered Address of the company has been shifted from 406,
Form 8:
|
Corporate identity
number of the company |
U24114GJ2002PTC040774 |
|
Name of the
company |
TULSI DYECHEM PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
401, 4th Floor, ATP Arcade, Near National Handloom Law
Garden, Behind Samartheshwar Mahadev Temple, C.G. Road, Ellisbridge,
Ahmedabad – 380006, Gujarat, India |
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
10130351 |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Standard Chartered Bank, Ground Floor, Abhijeet II, Mithakali Six
Road, Ahmedabad, Gujarat, India |
|
Nature of instrument
creating charge |
Supplement
Hypothecation Agreement For First Exclusive Charge On Stock , Book Debts And
Moveble Fixed Assets Of The Company Dated 22.10.2010 |
|
Date of
instrument Creating the charge |
22.10.2010 |
|
Amount secured by
the charge |
Rs. 320.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 1 As Advice by Bank from Time to Time Terms of
Repayment As Advice by Bank
from Time to Time Margin As applicable if
any Extent and
Operation of the charge first exclusive
charge on security for Rs.320.500
millions |
|
Short particulars
of the property charged |
All Stocks And
Moveable Assets Of The Company Lying At Company's Registered Office At
401,Atp Arcade, Nr. National Handloom, Off C G Road, Ahmedabad Or At Any
Place Whatsoever And Wheresoever In The Borrower's Possession Or Occupation
Or At Any Other Place Or In Transit. All Present And Future Book Debts,
Outstanding Moneys Receivable, Claims And Bills Which Are Now Due And Owing
Or Which May At Any Time Become Due To Borrower. All Fixed Moveble Fixed
Assets I.E.Plant and Machinery At Borrower's Premises Or At Any Other Place.
As More Particular Described In Attached Hypothecation Dated 22.10.2010 |
|
Description of the
property charged indicating whether it is a charged on |
29.03.2010 |
|
Particulars of
the present modification |
By This
Modification Earlier Limit Of Rs.239.500 millions Extended To Rs. 320.500
millions In Which Contents Are As Follows: Overdraft Of Rs.115.000 millions ( Inland/Import
Letter Of Credit For Rs.1922.500 millions Bank Guarantee
Rs.10.000 millions LER Rs.3.000
millions Total Limit Of
Rs.320.500 millions |
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.44.93 |
|
|
1 |
Rs.72.91 |
|
Euro |
1 |
Rs.64.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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.