MIRA
INFORM REPORT
|
Report Date : |
09.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
NEELIKON FOOD DYES AND CHEMICALS LIMITED |
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Registered
Office : |
D-08, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
18.04.1994 |
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Com. Reg. No.: |
11-077761 |
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Capital
Investment / Paid-up Capital : |
Rs.10.251 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15100MH1994PLC077761 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN04499F |
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Food Colours, Pharmaceutical
Colours, Cosmetic Colour, Dyes, Writing Ink and Flurorescent Colour. |
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|
|
|
No. of Employees
: |
200 (Approximately) |
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 1900000 |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
D-08, |
|
Tel. No.: |
91-22-66661415 |
|
Mobile No.: |
91-9970004009 (Mr. Rakesh More) |
|
Fax No.: |
91-22-23523945 / 66626916 |
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E-Mail : |
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Website : |
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Area : |
5000 Sq.ft. |
|
Location : |
Owned |
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|
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|
Factory : |
Plot No. 17 and 67, M.I.D.C. Industrial Area, Dhatav-402116, Roha, District- Raigad, |
|
Tel. No.: |
91-2194-263694 / 264599 |
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Fax No.: |
91-2194-263998 |
|
Area : |
25000 Sq.ft. |
|
Location : |
Owned |
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|
|
|
Overseas Office : |
|
|
Tel. No.: |
44(0)1932
227323 |
|
Fax No.: |
44(0)1932
254950 |
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E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Satyen Mukund Turakhia |
|
Designation : |
Managing director |
|
Address : |
Syam Niwas, 7-2B, 51, |
|
Date of Birth/Age : |
05.02.1973 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
18.04.1994 |
|
DIN No : |
00268361 |
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|
|
|
Name : |
Mr. Mukund Bhogilal Turakhia |
|
Designation : |
Managing director |
|
Address : |
Syam Niwas, 7-2B, 51, |
|
Date of Birth/Age : |
19.12.1943 |
|
Date of Appointment : |
18.04.1994 |
|
DIN No : |
01211077 |
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|
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Name : |
Mr. Bhaumik Mukund Turakhia |
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Designation : |
Managing director |
|
Address : |
Syam Niwas, 7-2B, 51, |
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Date of Birth/Age : |
13.05.1971 |
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Qualification : |
Graduate |
|
Date of Appointment : |
18.04.1994 |
|
DIN No : |
01313530 |
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|
|
|
Name : |
Mr. Ram Hanumant Shetty |
|
Designation : |
Director |
|
Address : |
SI-6, Trimurti Nagar, Roha, Raigad-402109, |
|
Date of Birth/Age : |
06.06.1952 |
|
Date of Appointment : |
01.02.2010 |
|
DIN No : |
02922909 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Mukund Bhogilal Turakhia F/N Bhogilal Turakhia |
|
560000 |
|
Bhaumik Mukund Turakhia F/N Mukund Bhogilal Turakhia |
|
232500 |
|
Satyen Mukund Turakhia F/N Mukund Bhogilal Turakhia |
|
232500 |
|
Bhaumik Mukund Turakhia F/N Bhogilal Turakhia |
|
10 |
|
Satyen Mukund Turakhia F/N Mukund Bhogilal Turakhia |
|
10 |
|
Seema Bhaumik Turakhia F/N Bhaumik Mukund Turakhia |
|
10 |
|
Indira Indubhushan Doctor H/N Indubhushan Doctor |
|
10 |
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Sejal Satyen Turakhia H/N Satyen Mukund Turakhia |
|
10 |
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Indira Indubhushan Doctor H/N Indubhushan Doctor |
|
10 |
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Daksha Mukund Turakhia H/N Mukund Bhogilal Turakhia |
|
10 |
|
Total |
|
1025070 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Food Colours, Pharmaceutical Colours,
Cosmetic Colour, Dyes, Writing Ink and Fluorescent Colour. |
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Products : |
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Brand Names : |
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PRODUCTION STATUS (As On 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Food and |
MT |
2755 |
2000 |
1307.07 |
GENERAL INFORMATION
|
No. of Employees : |
200 (Approximately) |
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Bankers : |
ING Vysya Bank Limited, Patel Chambers, Ground Floor, Sandhurst
Bridge, Opera House, Mumbai-400007, Maharashtra, India |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
R. R. Rele and Company Chartered Accountants |
|
Address : |
Ground Floor, |
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Tel. No.: |
91-22-22066980 / 22066008 |
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Fax No.: |
91-22-22085917 / 22073377 |
|
PAN.: |
AADPR9934K |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1250000 |
Equity Shares |
Rs.10/- each |
Rs.12.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1025070 |
Equity Shares |
Rs.10/- each |
Rs.10.251
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10.251 |
10.251 |
10.251 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
485.254 |
431.189 |
381.259 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
495.505 |
441.440 |
391.510 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
72.157 |
52.648 |
123.919 |
|
|
2] Unsecured Loans |
0.861 |
1.036 |
1.075 |
|
|
TOTAL BORROWING |
73.018 |
53.684 |
124.994 |
|
|
DEFERRED TAX LIABILITIES |
11.796 |
12.012 |
11.267 |
|
|
|
|
|
|
|
|
TOTAL |
580.319 |
507.136 |
527.771 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
286.584 |
290.238 |
310.999 |
|
|
Capital work-in-progress |
16.473 |
0.000 |
0.155 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.042 |
0.042 |
0.042 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
176.074
|
161.299
|
140.803
|
|
|
Sundry Debtors |
87.411
|
69.400
|
73.702
|
|
|
Cash & Bank Balances |
78.230
|
54.632
|
31.081
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
54.275
|
62.125
|
56.237
|
|
Total
Current Assets |
395.990
|
347.456 |
301.823 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
91.598 |
64.322
|
|
|
Other Current Liabilities |
|
1.024
|
3.353
|
|
|
Provisions |
15.986
|
37.978
|
17.573
|
|
Total
Current Liabilities |
118.770
|
130.600 |
85.248 |
|
|
Net Current Assets |
277.220
|
216.856
|
216.575
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
580.319 |
507.136 |
527.771 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
753.493 |
602.218 |
539.648 |
|
|
|
Other Income |
5.191 |
3.442 |
3.015 |
|
|
|
TOTAL (A) |
758.684 |
605.660 |
542.663 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenditure |
636.940 |
490.653 |
480.401 |
|
|
|
Variation in Stock |
(10.942) |
(0.863) |
(6.961) |
|
|
|
TOTAL (B) |
625.999 |
489.790 |
473.440 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
132.685 |
115.870 |
69.223 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.595 |
10.836 |
16.282 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
128.090 |
105.034 |
52.941 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
36.297 |
37.133 |
37.986 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
91.793 |
67.901 |
14.955 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
21.591 |
11.995 |
1.854 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (I) |
70.202 |
55.906 |
13.101 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
390.352 |
346.013 |
348.526 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
7.020 |
5.591 |
1.310 |
|
|
|
Dividend |
2.298 |
5.125 |
12.301 |
|
|
|
Corporate Tax on Dividend |
13.838 |
0.851 |
2.003 |
|
|
BALANCE CARRIED
TO THE B/S |
437.398 |
390.352 |
346.013 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
154.389 |
115.909 |
|
|
TOTAL IMPORTS |
NA |
154.389 |
115.909 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
68.49 |
54.54 |
12.78 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
9.25
|
9.23 |
2.41 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.18
|
11.28
|
2.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.45
|
18.47
|
2.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.15
|
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.39
|
0.91
|
0.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.33
|
2.66
|
3.54 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last two years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
Note : Registered Office
of the company has been shifted from D-17, Everest, 5th Floor, M M
Malviya Marg,
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U15100MH1994PLC077761 |
|
Name of the
company |
NEELIKON
FOOD DYES AND CHEMICALS LIMITED |
|
Address of the
registered office or of the principal place of business in |
D-08, |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10258684 |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
ING Vysya Bank Limited, Patel Chambers, Ground Floor, Sandhurst
Bridge, Opera House, Mumbai-400007, Maharashtra, India |
|
Nature of
instrument creating charge |
Mortgage by
deposit of title deeds. |
|
Date of
instrument Creating the charge |
15.06.2011 |
|
Amount secured by
the charge |
Rs.247.500
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest No charge Terms of Repayment No charge Margin No charge Extent and Operation of the charge First charge on
the immovable property of the company Others The mortgage by
deposit of title deeds is taken for the total limit of Rs.255.400 Millions in
which Rs.7.900 Millions has been filed under separate charge ID
10258683. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All the immovable
property of the company mentioned in Annexure. |
|
Particulars of
the present modification |
There in no
charge in the limit of Rs.247.500 Millions. The limit has been additionally
secured by the immovable property of the company. All other terms
and conditions are remain same. |
FIXED ASSETS
- Land
- Building
- Plant and Machinery
- Furniture and Fixtures
- Office Equipment
- Electrical Fittings
- Fire Extinguishers
- Office Premises
- Laboratory Equipments
- Vehicles
- Computer
- Plant Road
- R and D
WEB DETAILS
History
Neelikon Dyestuffs was founded in 1983 by Mukund Turakhia
and was incorporated into the present company in 1994, as Neelikon Food Dyes
and Chemicals Ltd. Neelikon manufactures Colours from its plants in Dhatav -
120 km from Mumbai (formerly
Neelikon has emerged as a prime manufacturer of high quality colourants (Colours, lakes and pigments) for the food, pharmaceutical, colour cosmetic, personal care and ink industries. It also produces specialty fluorescent Colours used in manufacturing of daylight fluorescent pigments and other specialty industrial applications. The majority of its production is exported around the world.
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.51.05 |
|
|
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.67.39 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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.