MIRA
INFORM REPORT
|
Report Date : |
07.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
RAVI DYEWARE COMPANY LIMITED |
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Registered
Office : |
121, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
31.03.1997 |
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Com. Reg. No.: |
11-106983 |
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Capital
Investment / Paid-up Capital : |
Rs.130.584
Millions |
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|
|
CIN No.: [Company Identification
No.] |
U24200MH1997PLC106983 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR10674G |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Textile Chemicals and Petroleum Dyes. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1700000 |
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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.
INFORMATION PARTED BY
|
Name : |
Mr. Manish |
|
Designation : |
Director |
LOCATIONS
|
Registered Office : |
121, |
|
Tel. No.: |
91-22-22851007 / 22840293 |
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Fax No.: |
91-22-22029146 |
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E-Mail : |
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|
Website : |
DIRECTORS
(AS ON 28.09.2010)
|
Name : |
Mr. Vinod Singhania |
|
Designation : |
Director |
|
Address : |
Shreevardhan Co-operative Housing Society, |
|
Date of Birth/Age : |
06.03.1957 |
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Date of Appointment : |
31.03.1997 |
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DIN No.: |
00759292 |
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|
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Name : |
Mr. Siddharth Vinod Singhania |
|
Designation : |
Director |
|
Address : |
Shreevardhan Co-operative Housing Society, |
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Date of Birth/Age : |
10.11.1982 |
|
Date of Appointment : |
02.05.2005 |
|
DIN No.: |
01549748 |
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|
|
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Name : |
Mr. Harshvardhan Singhania |
|
Designation : |
Director |
|
Address : |
28, Maheshwar Niketan, Peddar Road, Mumbai – 400026, Maharashtra,
India |
|
Date of Birth/Age : |
16.12.1987 |
|
Date of Appointment : |
30.09.2006 |
|
DIN No.: |
01499199 |
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|
|
|
Name : |
Mr. Vikas Brijgopal Saraogi |
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Designation : |
Director |
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Address : |
606, Anjali park, Plot No. 1, Sector 2, Sanpada, Mumbai – 400705,
Maharashtra, India |
|
Date of Birth/Age : |
24.12.1968 |
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Date of Appointment : |
04.10.2008 |
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DIN No.: |
02350315 |
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Name : |
Mr. Manish |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 28.09.2010)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Singhania Banwarilal |
|
3251000 |
|
Singhania Vinod |
|
1302500 |
|
Singhania Namrata |
|
3529680 |
|
Singhania Abha |
|
3642000 |
|
Singhania Phool Devi |
|
200700 |
|
Modi Anita |
|
139000 |
|
Singhania Siddharth |
|
100000 |
|
Singhania Shivang (Minor) |
|
243000 |
|
Singhania Devang (Minor) |
|
535600 |
|
Singhania Harshvardhan |
|
115000 |
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|
|
|
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Total |
|
13058480 |
(AS ON 28.09.2010)
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Textile Chemicals and Petroleum Dyes. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
Licensed Capacity: N.A.
Installed Capacity: 11500.00 MT
Others: 6785.87 MT
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Union Bank of Mumbai Samachar Marg Branch, 66/80, Fort, Mumbai – 400023, |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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|
Name : |
Kailash Chand Jain and Company Chartered Accountant |
|
Address : |
Edena, 1st Floor, 97, Mharshi Karve Road, Near Income Tax
Office, Mumbai – 400020, Maharashtra, India |
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Tel. No.: |
91-22-22009131 / 22065373 |
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Fax No.: |
91-22-22089978 |
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E-Mail : |
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Associates
Companies : |
· Siddharth Color Chem. Limited · Kevat Developers Private Limited |
CAPITAL STRUCTURE
(AS ON 28.09.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Share |
Rs.10/- each |
Rs.150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13058480 |
Equity Share |
Rs.10/- each |
Rs.130.584
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 |
130.584 |
130.584 |
130.584 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
293.516 |
273.548 |
288.750 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
424.100 |
404.132 |
419.334 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
162.812 |
140.414 |
257.688 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
162.812 |
140.414 |
257.688 |
|
|
DEFERRED TAX LIABILITIES |
3.559 |
6.516 |
10.922 |
|
|
|
|
|
|
|
|
TOTAL |
590.471 |
551.062 |
687.944 |
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|
|
|
|
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APPLICATION OF FUNDS |
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|
|
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FIXED ASSETS [Net Block] |
130.147 |
121.752 |
138.138 |
|
|
Capital work-in-progress |
1.209 |
3.833 |
1.010 |
|
|
|
|
|
|
|
|
INVESTMENT |
13.532 |
13.532 |
13.532 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
277.738
|
267.819 |
300.329
|
|
|
Sundry Debtors |
100.167
|
35.552 |
48.705
|
|
|
Cash & Bank Balances |
34.701
|
39.902 |
61.849
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
249.380
|
220.806 |
261.211
|
|
Total
Current Assets |
661.986
|
564.079 |
672.094 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
195.027
|
139.821 |
111.638
|
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000
|
|
|
Provisions |
21.376
|
12.314 |
25.192 |
|
Total
Current Liabilities |
216.403
|
152.135 |
136.830
|
|
|
Net Current Assets |
445.583
|
411.944 |
535.264
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
590.471 |
551.062 |
687.944 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1040.704 |
964.869 |
1093.105 |
|
|
|
Other Income |
76.692 |
91.485 |
78.986 |
|
|
|
TOTAL (A) |
1117.396 |
1056.354 |
1172.091 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase / Decrease in Stock |
9.898 |
57.119 |
(92.297) |
|
|
|
Material Consumed |
766.639 |
694.934 |
995.083 |
|
|
|
Trading Purchases |
32.243 |
26.997 |
10.631 |
|
|
|
Labour Cost |
34.384 |
31.855 |
22.623 |
|
|
|
Manufacturing Expenses |
126.472 |
93.325 |
106.816 |
|
|
|
Selling and Administrative Expenses |
98.043 |
95.207 |
82.713 |
|
|
|
Preliminary Expenses Written off |
0.000 |
0.000 |
0.050 |
|
|
|
Loss on Sales of Assets |
0.128 |
0.325 |
0.116 |
|
|
|
TOTAL (B) |
1067.807 |
999.762 |
1125.735 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
49.589 |
56.592 |
46.356 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.964 |
17.798 |
8.457 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
44.625 |
38.794 |
37.899 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
26.258 |
25.330 |
25.058 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
18.367 |
13.464 |
12.841 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
6.105 |
5.550 |
19.758 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
12.262 |
7.914 |
(6.917) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
644.042 |
NA |
525.002 |
|
|
TOTAL EARNINGS |
644.042 |
NA |
525.002 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
279.505 |
NA |
304.705 |
|
|
TOTAL IMPORTS |
279.505 |
NA |
304.705 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.94 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.10
|
0.75 |
(0.59)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.76
|
1.27 |
1.17
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.32
|
1.96 |
1.58
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.03 |
0.03
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.89
|
0.72 |
0.94
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.06
|
3.71 |
4.91
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
|
Particulars |
As
on 31.03.2010 Rs.
in millions |
As
on 31.03.2009 Rs.
in millions |
As
on 31.03.2008 Rs.
in millions |
|
Creditors for purchase |
159.008 |
107.390 |
95.315 |
|
Creditors for Capital Goods and Others |
36.019 |
32.431 |
16.323 |
|
Total |
195.027 |
139.821 |
111.638 |
CONTINGENT
LIABILITIES NOT PROVIDED IN THE ACCOUNTS FOR THE YEAR 31.03.2010.
Bank Guarantee: Rs.0.130 Million
Bills Discounted: Rs.57.452 Millions
FORM 8
|
This form is for |
Modification of
Charge |
|
Charge identification
number of the modified |
80046518 |
|
Corporate
identity number of the company |
U24200MH1997PLC106983 |
|
Name of the
company |
RAVI DYEWARE
COMPANY LIMITED |
|
Address of the
registered office or of the principal place of business in |
121, |
|
Type of charge |
Movable Property (not
being pledge) |
|
Particular of
charge holder |
Union Bank of Mumbai Samachar Marg Branch, 66/80, Fort, Mumbai – 400023, |
|
Nature of
description of the instrument creating or modifying the charge |
Packing Credit
Agreement (SD-04) |
|
Date of instrument
Creating the charge |
18.12.2007 |
|
Amount secured by
the charge |
Rs.100.000
Millions |
|
Brief Particulars
of the Principal Terms and conditions and extent and Operation of the charge |
Rate of Interests
Interests: 9.50%
P.A. Terms of Repayment: On Demand Margin: Margin: 25% Extent and
Operation of the charge: To secure the
additional packing credit sub limit of Rs.20.000 Millions within the FDBP /
FUDBP limit of Rs.100.000 Millions granted by the bank to the company. |
|
Short particulars
of the property charged |
The borrower
hypothecates and charges in favour of the bank by way of first charge all
those movable properties meant or intended for export of goods, such as dyes,
dyes intermediates including raw materials, semi finished and finished goods
and/or any other goods meant, intended or being manufactured for export lying
in the factory / stored at the
borrower's premises at Taloja or wherever else the same may be both present
and future. |
|
Particulars of
the present modification |
Interchangeability
from FDBP / FUDBP limit to packing credit limit to the extent of Rs.20.000
Millions i.e. In addition to regular packing credit sub limit of Rs.50.000
Millions, thereby increasing the said sub limit to Rs.70.000 Millions within
the FDBP / FUDBP limit of Rs.100.000 Millions. |
FIXED ASSETS
·
Leasehold Land
·
·
·
Office Premises
·
Furniture and Fixture
·
Plant and Machinery
·
Lab Equipment
·
Vehicles
·
Electric Installation
·
Telephone Equipment
·
Xerox-machine
·
Typewriter
·
Weighing Scale Indicator
·
Time recorder machine
·
Generator
·
Air Conditioner
·
Effluent Equipment
·
Fax Machine
·
Computer
·
Telex Machine
·
Water Cooler
·
Office Equipment
·
Boiler
·
Burner
·
Refrigerator
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.46.13 |
|
|
1 |
Rs.74.18 |
|
Euro |
1 |
Rs.64.88 |
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 |
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 |
|
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 |
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.