MIRA INFORM REPORT

 

 

Report Date :

13.09.2011

 

IDENTIFICATION DETAILS

 

Name :

VIPUL DYECHEM LIMITED

 

 

Registered Office :

102, Andheri Industrial Estate, Off Veera Desai Road, Andheri (West), Mumbai-400053, Maharashtra 

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

21.06.1972

 

 

Com. Reg. No.:

11-015857

 

 

Capital Investment / Paid-up Capital :

Rs.45.845 Millions

 

 

CIN No.:

[Company Identification No.]

L24110MH1972PLC015857

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMV10611G

 

 

PAN No.:

[Permanent Account No.]

AAACV1710B

 

 

Legal Form :

Public Limited Liability Company.  The company’s shares are listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturer of Pigments, Napthols, Herbal Extract, Food Coatings and Intermediates.

 

 

No. of Employees :

200 [Approximately] 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (36)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 380000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but 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 slow but 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.

 

 

ECGC Country Risk Classification List – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. Shiv Shankar Pandit

Designation :

Marketing Manger

Contact No.:

91-9594970433

Date :

02.09.2011

 

 

LOCATIONS

 

Registered Office :

102, Andheri Industrial Estate, Off Veera Desai Road, Andheri (West), Mumbai-400053, Maharashtra, India  

Tel. No.:

91-22-67749999

Mobile No.:

91-9594970433 [Mr. Shiv Shankar Pandit]

Fax No.:

91-22-67759975/67759977

E-Mail :

info@vipuldyes.com

Website :

http://www.vipuldyes.com

Area :

1200 sq. ft. (Owned)

 

 

Warehouse :

Purna Village, Bhiwandi, Maharashtra, India

 

 

Factory 1 :

Plot No. 11, Survey 35, Dewan and Sons Industries Estate Village, Aliyali, Palghar (W), Maharashtra, India

 

 

Factory 2 :

Plot A-14, MIDC AMP Road, Opposite Samrat Tiles, Ambernath (W), Maharashtra, India

 

 

Branches :

Located at:

 

  • Rawal Chamber
  • Masjid Bunder

 

 

DIRECTORS

 

As on 31.03.2010

 

Name :

Mr. Pravinchandra B. Shah

Designation :

Director

 

 

Name :

Mr. Vipul P. Shah

Designation :

Managing Director

 

 

Name :

Dr. S. N. Sahai

Designation :

Whole Time Director

 

 

Name :

Mr. R. L. Rathod

Designation :

Whole Time Director (Upto 15th July, 2010)

 

 

Name :

Mr. Arvind J. Patel

Designation :

Director

 

 

Name :

Mr. Jagdeep Mehta

Designation :

Director

 

 

Name :

Dr. Anil S. Salvi

Designation :

Director (Upto 15th July, 2010)

 

 

Name :

Mr. Prasannakumar Gawde

Designation :

Director

 

 

KEY EXECUTIVES

 

Name :

Mr. Shiv Shankar Pandit

Designation :

Marketing Manger

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.06.2011

 

Names of Shareholders

Total No. of Shares

Total Shareholding as a % of total No. of Shares

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

Individuals / Hindu Undivided Family

2,946,600

54.22

Sub Total

2,946,600

54.22

(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

2,946,600

54.22

(B) Public Shareholding

 

 

(1) Institutions

 

 

Mutual Funds / UTI

71,100

1.31

Sub Total

71,100

1.31

(2) Non-Institutions

 

 

Bodies Corporate

549,475

10.11

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs.0.100 Million

984,361

18.11

Individual shareholders holding nominal share capital in excess of Rs.0.100 Million

847,641

15.60

Any Others (Specify)

35,323

0.65

Non Resident Indians

33,750

0.62

Clearing Members

1,573

0.03

Sub Total

2,416,800

44.47

Total Public shareholding (B)

2,487,900

45.78

Total (A)+(B)

5,434,500

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

-

-

(1) Promoter and Promoter Group

-

-

(2) Public

-

-

Sub Total

-

-

Total (A)+(B)+(C)

5,434,500

-

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Pigments, Napthols, Herbal Extract, Food Coatings and Intermediates.

 

 

Products :

Product Description

Item Code

Dye Intermediates

32.04

 

Industrial Chemicals

  • Vat Paste
  • Food Colours and Lake Colours
  • Pigment Dispersions

 

Reactive Dyes

  • Dichloro Triazine Cold
  • High Performance ‘H’
  • Vipactive Bi-Functional

 

Azoic Components

  • Fast Colour Salts
  • Fast Colour Bases

 

 

Exports :

 

Products :

Pigments, Napthols, Herbal Extracts and Food Coatings

Countries :
  • Indonesia
  • Brazil
  • Germany

 

 

Imports :

 

Products :

Raw Material

Countries :
  • Japan
  • China
  • Germany

 

 

Terms :

 

Selling :

L/C and Credit

 

 

Purchasing :

L/C and Credit

 

 

PRODUCTION STATUS (AS ON 31.03.2010)

 

Particulars

Unit

Installed Capacity

Actual Production

Dyes

M.T.

310.00

242.94

 

Notes:

 

1. The Installed Capacities, Production and Consumption of Raw Materials are as per the certificate given by the management on which the Auditors have relied, being a technical matter.

 

2. Under the Industrial Policy Statement dated 24th July 1991, and the notification issued there under, there is no licensing requirement for the Company's product.

 

GENERAL INFORMATION

 

Customers :

Industries

 

 

No. of Employees :

200 [Approximately] 

 

 

Bankers :

Vijaya Bank, Mandvi Branch, Mumbai, Maharashtra, India

 

 

Facilities :

Secured Loan

As on 31.03.2010

[Rs. in Millions]

As on 31.03.2009

[Rs. in Millions]

# 1. Packing Credit Loan

(Secured By Hypothecation of Goods Ment For Export)

17.122

14.439

# 2. Bill Discounting

(Secured By Foreign Bill Purchase)

35.053

26.742

3. Overdraft Against Fixed Deposit

1.700

0.000

Motor Car Loan

0.433

0.686

Total

54.308

41.867

 

 

 

Unsecured Loan

 

 

** From Banks

2.500

0.000

Total

2.500

0.000

 

Note:

 

# the above loans also covered by collateral securities as under

1) EMDTD of landed property and  building with machinery/electrical installation situated at Survey no 35, Diwan and  Sons Industrial Estate, Palghar

 

2) Land and  Building along with machineries at Plot no.11, Diwan and  Sons Industrial Estate, Palghar of M/s VIP Chem Private Limited.

 

3) Land and  Building at Plot no 10 and  16, Diwan and  Sons Industrial Estate, Palghar of Jayshree Chemicals

 

4) Also covered in personal guarantee of 2 directors and  corporate guarantees of Jayshree Chemicals and  VIP Chem Private Limited.

 

** Personal Guarantee by Directors

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

J.A. Rajani and Company

Chartered Accountant

Address :

Mumbai, Maharashtra, India

 

 

Associates/Subsidiaries :
  • Jayshree Chemicals
  • Ganesh Tiles and Marble Industries
  • Amar Trading Corporation
  • Riddhi Sidhi Corporation
  • J.V. Dye Chem. Private Limited
  • Shree Ambica Dye Chem. Private Limited
  • Jayapriya Chemical Industries Limited
  • VIP Chem Private Limited
  • Standardcon Private Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

6000000

Equity Shares

Rs.10/- each

Rs.60.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

4584500

Equity Shares

Rs.10/- each

Rs.45.845 Millions

 

Note: Out of the above 3,80,000 Equity Shares fully paid have been issued as Bonus Shares by Capitalization of Revaluation Reserve.

 

 

As on 30.06.2011

 

Authorised Capital : Rs.70.000 Millions

 

Issued, Subscribed & Paid-up Capital : Rs.54.345 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

45.845

45.845

44.598

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

51.162

50.471

48.131

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

97.007

96.316

92.729

LOAN FUNDS

 

 

 

1] Secured Loans

54.308

41.867

51.474

2] Unsecured Loans

2.500

0.000

0.030

TOTAL BORROWING

56.808

41.867

51.504

DEFERRED TAX LIABILITIES

0.738

0.796

0.896

 

 

 

 

TOTAL

154.553

138.979

145.129

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

25.440

15.601

15.491

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

2.494

2.593

2.594

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
26.526

24.240

37.483

 

Sundry Debtors
52.284

36.689

38.754

 

Cash & Bank Balances
14.058

7.749

11.916

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
78.723

86.995

88.554

Total Current Assets
171.591

155.673

176.707

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
28.581

21.047

26.775

 

Other Current Liabilities
8.295

7.957

17.552

 

Provisions
8.096

5.884

5.336

Total Current Liabilities
44.972

34.888

49.663

Net Current Assets
126.619

120.785

127.044

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

154.553

138.979

145.129

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

265.418

236.068

203.337

 

 

Other Income

0.684

1.013

0.181

 

 

TOTAL                                     (A)

266.102

237.081

203.518

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Material Cost Inventory Adjustments

221.315

192.266

170.502

 

 

Personnel Cost

3.211

2.905

2.049

 

 

Manufacturing Expenses

10.559

9.531

9.730

 

 

Administrative, Selling and Distribution Expenses

16.595

17.879

9.184

 

 

TOTAL                                     (B)

251.680

222.581

191.465

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

14.422

14.500

12.053

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

4.132

4.770

3.347

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

10.290

9.730

8.706

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

1.947

1.985

1.704

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

8.343

7.745

7.002

 

 

 

 

 

Less

TAX                                                                  (H)

2.742

2.494

2.010

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

5.601

5.251

4.992

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

20.031

18.607

17.876

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Dividend

3.668

2.751

2.613

 

 

Tax on Dividend

0.567

0.425

0.444

 

 

Tax / Other Adjustment Earlier Years

0.676

0.651

1.204

 

BALANCE CARRIED TO THE B/S

20.721

20.031

18.607

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Dyes and Dyes Intermediates 

229.700

202.578

169.326

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

20.593

20.578

57.510

 

 

 

 

 

 

Earnings Per Share (Rs.)

1.22

1.21

1.15

 

 

Particulars

 

 

 

31.03.2011

Sales Turnover [Approximately]

 

 

1000.000

 

 

The above information has been parted by Mr. Shiv Shankar Pandit.

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2010

30.09.2010

31.12.2010

31.03.2011

30.06.2011

Type

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

5th Quarter

Net Sales

70.900

77.430

71.140

110.760

65.440

Total Expenditure

66.790

72.280

67.230

104.740

61.610

PBIDT (Excl OI)

4.110

5.150

3.910

6.020

3.830

Other Income

0.270

0.210

0.190

0.690

0.220

Operating Profit

4.380

5.360

4.110

6.700

4.050

Interest

0.810

0.980

1.180

1.030

0.930

PBDT

3.5700

4.380

2.930

5.670

3.120

Depreciation

0.450

0.480

0.510

0.850

0.600

Profit Before Tax

3.110

3.900

2.420

4.830

2.520

Tax

0.710

1.260

0.790

1.460

0.600

Profit After Tax

2.410

2.640

1.630

3.360

1.920

Net Profit

2.410

2.640

1.630

3.360

1.920

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
2.10

2.21

2.45

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
3.14

3.28

3.44

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
4.23

4.52

3.64

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.09

0.08

0.07

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.05

0.80

1.09

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
3.82

4.46

3.55

 

 

LOCAL AGENCY FURTHER INFORMATION

 

OPERATIONS:

 

The Company has achieved a turnover of Rs. 265.417 Millions during the year as compared to Rs. 236.068 Millions during the previous year. The Profit before tax has been increased to Rs. 8.343 Millions from Rs. 7.745 Lac in the previous year. After considering the provision for taxation of Rs. 2.741 Millions (previous year 2.494 Millions), the Company has achieved a net profit of Rs. 5.601 Millions (previous year 5.251 Millions) during the year.

 

MANAGEMENT DISCUSSIONS AND ANALYSIS

 

Industrial Scenario:

 

Presently India, China, Korea, Taiwan and Indonesia are the main Producer for the Dyestuffs and Pigments. Manufacturers in Europe and USA have almost shifted the production base to these Asian Countries. Main reason for this is the low cost of production and ample manpower within Asian Country. Dyestuff Industry is mainly depending on the textile industry and presently most of the Asian Countries are encouraging their textile business which used to be a core business once upon a time. Including India lot of incentives have been provided to the textile industries and presently all these textiles are being exported to Europe, USA and other Western Countries. So, definitely with the improved textile industry, Dyestuff Industry is bound to grow. Dyestuff Industry has gone into a tremendous change during last ten years as manufacturing activities in European countries have been stopped due to the environmental and pollution problems. Today, the global market of dyestuffs, pigments and intermediates is around USD 23.50 Billion with dyestuffs and pigments market is approximately around USD 16.25 Billion and the intermediates is about USD 7.25 Billion. India's share in the global market is about 7 to 8%. Today India is the second largest producer of Dyestuff after the China. Though the Chinese products are very cheap and economical, Indian products are always preferred because of the consistent quality. In effect now in China also the cost of production is increasing and hence the price difference between Indian products and the Chinese products is becoming more narrow. So, definitely in the very near future the price difference between Indian products and the Chinese products will no longer exist.

 

Opportunities:

 

In recent times we have increased the Customer Base. Besides exporting to developed countries such as USA, EEC, JAPAN, we are exporting even to the remote places like Guatemala, Urugway, Vietnam. Exports to Latin American Countries such as Brazil, Argentina, Colombia, Chile and Peru have also increased. Profitability is much more in the exports to these countries compared to highly competitive European and  other Far East Asian Market. The customer base has been very broadly increased so that the momentum can be continued. Company is also exploring the possibilities for the marketing of some new product line like Natural Colours, Herbal Extracts, etc. Initially the focus shall be on the trading of these new items. But, at the same time, R and D has already been started in the laboratory to successfully implement the production of these new kind of products Inhouse. Distributors and  Dealers Network has been established in certain areas within India to develop the domestic sales. Agents have been appointed in Indore, New Delhi, Nagpur, etc and slowly this network shall be expanded, Company has also acquired an Industrial Land at Tarapur wherein the manufacturing activity of the Pigments shall be expanded by nearly four-fold.

 

 

 

 

 

 

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

 

Particulars

 

31.03.2010

(Rs. in millions)

31.03.2009

(Rs. in millions)

Estimated amount of contract remaining to be executed on Capital account.

0.500

0.500

Income Tax Assessment Refund/Dues against which Company prefer appeal

0.054

0.054

Due Raised by M.S.E.B which is protested by Company

0.250

0.250

Total

0.804

0.804

 

 

TRADE REFERENCES:

 

  • Akik Dye Chem Private Limited
  • Shidmo Interax Private Limited

 

 

Fixed Assets:

 

  • Factory Land
  • Office Premises
  • Factory Building
  • Plant and Machinery
  • Electrical Installation
  • Motor Car
  • Air Conditioner
  • Furniture and Fixture
  • Computer
  • Office Equipment

 

 

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED ON 30.06.2011

 

Rs. in Millions

PARTICULAR

FOR THE QUARTER ENDED ON

FOR THE QUARTER ENDED ON

FOR THE YEAR ENDED ON

 

30.06.2011

30.06.2010

31.03.2011

 

UNAUDITED

UNAUDITED

AUDITED

 

 

 

 

(a) Net Sales / Income from operations

65.439

70.373

329.833

(b) Other Operating Income

0.000

0.529

0.399

Total Income

65.439

70.902

330.232

Expenditure

 

 

 

a) (Increase) / Decrease in stock in trade and work in progress

7.480

(4.632)

(8.461)

b) Consumption of raw materials

7.242

14.590

45.614

c) Purchase of traded goods

40.559

51.894

252.103

d) Personnel cost

1.053

0.971

3.706

e) Depreciation

0.601

0.454

2.291

f) Other expenditure

5.279

3.974

18.076

Total

62.214

67.251

313.329

Profit from operations before other income, interest and exceptional Items

3.225

3.651

16.902

Other income

0.224

0.271

1.355

Profit before interest and exceptional Items

3.449

3.922

18.257

Interest

0.931

0.809

3.998

Profit after Interest but before Exceptional Items

2.518

3.113

14.259

Exceptional Items

0.000

0.000

0.000

Profit (+)/Loss(-) from Ordinary Activities before tax

2.518

3.113

14.259

Tax expense

0.604

0.707

4.224

Net Profit (+)/Loss(-) from Ordinary Activities after tax

1.914

2.406

10.035

Extra Ordinary items

0.000

0.000

0.000

Net Profit (+) / Loss (-) for the year period

1.914

2.406

10.035

Paid up equity share capital (Face value of Rs.10/- per share)

54.345

45.845

54.345

Reserves excluding revaluation reserves as per balance sheet of previous accounting year

--

--

64.183

Earning per share (EPS)

 

 

 

 (a) Basic and diluted EPS before Extraordinary items

for the period, for the year to date and for the

previous year (not to be annualised)

0.35

0.52

2.10

(a) Basic and diluted EPS before Extraordinary items

for the period, for the year to date and for the

previous year (not to be annualised)

0.35

0.52

2.10

Public shareholding

 

 

 

          Number of shares

2487900

2287900

2487900

          Percentage of shareholding

45.78

49.91

45.78

 

 

 

 

Promoters and Promoters group Shareholding-

 

 

 

a) Pledged /Encumbered

 

 

 

Number of shares

Nil

Nil

Nil

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

Nil

Nil

Nil

Percentage of shares (as a % of total share capital of the company)

Nil

Nil

Nil

 

 

 

 

b) Non  Encumbered

 

 

 

Number of shares

2946600

2296600

2946600

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

100.00

100.00

100.00

Percentage of shares (as a % of total share capital of the company)

54.22

50.09

54.22

 

NOTE:

 

  1. The above results have been reviewed by the audit committee and approved by the board of director at their meeting held on 05.08.2011 and are subject to Limited Review by the auditors of the company.

 

  1. The company is dealing only in one segment i.e. Dyes and Intermediates, hence segment reporting is no applicable to the company.

 

  1. The number of investors complaints received during the quarter is Nil. There was no investors complaints pending at the beginning of the quarter and no complaint was pending at the end of the quarter.

 

  1. The previous period figures have been regrouped / rearranged, wherever necessary to confirm with current classification.

 

 

DISCLOSURE OF ASSETS AND LIABILITIES AS PER CLAUSE 41 (I) (EA) OF THE LISTING AGREEMENT AS ON 31ST MARCH 2011

 

Rs. in Millions

PARTICULAR

31.03.2011

 

 

SHARE HOLDER FUNDS

 

 

 

Share Capital

54.345

Application Money Warrant

5.625

Reserve and Surplus

64.183

 

 

LOAN FUNDS

 

Secured Loans

59.487

Unsecured Loan

2.830

 

 

Deferred Tax Liability

0.761

 

 

TOTAL

187.231

 

 

Fixed Assets

29.673

Investment

2.960

 

 

CURRENT ASSETS, LOANS AND ADVANCES

 

Inventories

34.988

Sundry Debtors

82.814

Cash and Bank Balances

23.624

Loan and Advances

74.983

 

 

LESS : CURRENT LIABILITIES AND PROVISION

 

Current Liabilities

50.664

Provision

11.267

 

 

Net Current Assets

154.478

 

 

Miscellaneous Expenditure

0.120

 

 

TOTAL

187.231

 

  1. The above result have been reviewed by the audit committee and approved by the board of directors at their meeting held on 30.05.2011.

 

  1. The company is dealing in one segment only i.e. Dyes and Intermediates, hence segment reporting is not applicable to the company.

 

  1. Status of investors complaints: Opening balance Nil, received and resolved during the quarter Nil, closing balance Nil

 

  1. The board of directors have recommended a divided @ Rs.0.80 per share (8%) for the financial year ended 31.03.2011, subject to approval of shareholders at ensuring annual general meeting.

 

  1. During the quarter, the company issued and allotted 850000 equity shares of Rs.10/- on preferential basis to promoter group and other @ Rs.20/- per share.

 

  1. During the quarter, the company subscribed for 2550 (56%) equity shares of Rs.100/- of Shree Ambika Naturals Private Limited accordingly this company has become subsidiary of the company.

 

  1. The previous year figure have been regrouped / rearranged, wherever necessary, to confirm with current classification.

 

 

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.46.97

UK Pound

1

Rs.74.21

Euro

1

Rs.63.66

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

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

4

--RESERVES

1~10

4

--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

YES

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

36

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.