MIRA
INFORM REPORT
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Report Date : |
07.05.2012 |
IDENTIFICATION DETAILS
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Name : |
KOLORJET CHEMICALS PRIVATE LIMITED (w.e.f. 07.05.2007) |
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Formerly Known
As : |
GOLDRICH DYECHEM PRIVATE LIMITED |
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Registered
Office : |
B/4, Rajaratna Industrial Estate, Near American, Spring Works, Liberty
Garden Road, Malad (West), Mumbai - 400064, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
16.03.1995 |
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Com. Reg. No.: |
11-086546 |
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Capital
Investment / Paid-up Capital : |
Rs.2.114 Millions |
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CIN No.: [Company Identification
No.] |
U24110MH1995PTC086546 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Dyestuff Pigments, Food Colours and
Aromatics Chemicals. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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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 240000 |
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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 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
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
INFORMATION PARTED BY (General Details)
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Name : |
Mr. Mitul |
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Designation : |
Director |
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Contact No.: |
91-22-28826803 |
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Date : |
18.04.2012 |
LOCATIONS
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Registered Office/ Factory : |
B/4, Rajaratna Industrial Estate, Near American, Spring Works, Liberty
Garden Road, Malad (West), Mumbai - 400064, Maharashtra, India |
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Tel. No.: |
91-22-28826803 |
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Fax No.: |
91-22-28805268 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
As on: 10.01.2012
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Name : |
Mr. Bharat Jaswantlal Mehta |
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Designation : |
Director |
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Address : |
B-1206, 12th Floor, Whispering, Heights Ivory Prop., Mind
Space, |
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Date of Birth/Age : |
19.03.1952 |
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Date of Appointment : |
16.03.1995 |
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DIN No.: |
00484454 |
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Name : |
Ms. Raksha Bharat Mehta |
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Designation : |
Director |
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Address : |
B-1206, 12th Floor, Whispering, Heights Ivory Prop., Mind
Space, |
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Date of Birth/Age : |
28.09.1954 |
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Date of Appointment : |
16.03.1995 |
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DIN No.: |
00484573 |
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Name : |
Mr. Kunal Bharat Mehta |
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Designation : |
Director |
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Address : |
B-1206, 12th Floor, Whispering, Heights Ivory Prop., Mind
Space, |
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Date of Birth/Age : |
11.07.1980 |
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Date of Appointment : |
03.05.2007 |
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DIN No.: |
01479060 |
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Name : |
Mr. Mitul Bharat Mehta |
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Designation : |
Additional Director |
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Address : |
B-1206, 12th Floor, Whispering, Heights Ivory Prop., Mind
Space, |
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Date of Birth/Age : |
27.06.1982 |
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Date of Appointment : |
01.04.2008 |
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DIN No.: |
02184302 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 10.01.2012
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Names of Shareholders |
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No. of Shares |
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Bharat Mehta |
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4228 |
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Raksha Mehta |
|
7399 |
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Kunal Mehta |
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8456 |
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Mitul Mehta |
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1057 |
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Total |
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21140 |
Equity Share Break up (Percentage of Total Equity)
As on: 10.01.2012
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Dyestuff Pigments, Food Colours and
Aromatics Chemicals. |
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Products : |
·
Dyestuff ·
Inkjet Dyes ·
Dyes for Wax Printing ·
Textile Auxilliaries ·
Optical Brigher ·
Caramel Colour ·
Synthetic Food Colour ·
Natural Food Colour ·
Pigments ·
Inorganic Pigments ·
Dyes Intermediates ·
Detergent ·
Resist Salt ·
Klostrozal Dyes |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C and Advance |
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Purchasing : |
L/C and Advance |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers and Others
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No. of Employees : |
100 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
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Auditors1 : |
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Name : |
Vinod Shah Chartered Accountant |
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Address : |
402, Tardeo Air Conditioned Market, |
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PAN.: |
AACPJ4258K |
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Auditors2 : |
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Name : |
S. H. Bathiya and Associates Chartered Accountants |
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Sister Concern : |
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CAPITAL STRUCTURE
As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
21140 |
Equity Shares |
Rs.100/-
each |
Rs.2.114 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.114 |
2.114 |
2.114 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
59.813 |
40.507 |
30.423 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
61.927 |
42.621 |
32.537 |
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LOAN FUNDS |
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1] Secured Loans |
0.309 |
0.962 |
1.585 |
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2] Unsecured Loans |
20.154 |
5.000 |
1.403 |
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TOTAL BORROWING |
20.463 |
5.962 |
2.988 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
82.390 |
48.583 |
35.525 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.824 |
2.287 |
2.828 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.472 |
0.220 |
0.133 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
24.532
|
1.509 |
5.080 |
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Sundry Debtors |
113.510
|
79.237 |
24.341 |
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Cash & Bank Balances |
9.200
|
4.124 |
12.017 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
15.032
|
17.877 |
14.325 |
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Total
Current Assets |
162.274
|
102.747 |
55.763 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
62.557
|
38.026 |
6.464 |
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Other Current Liabilities |
6.235
|
3.189 |
3.934 |
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Provisions |
13.388
|
15.456 |
12.801 |
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Total
Current Liabilities |
82.180
|
56.671 |
23.199 |
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Net Current Assets |
80.094
|
46.076 |
32.564 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
82.390 |
48.583 |
35.525 |
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PROFIT & LOSS
ACCOUNT
|
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
457.516 |
350.476 |
283.046 |
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Other Income |
23.858 |
10.726 |
17.620 |
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TOTAL |
481.374 |
361.202 |
300.666 |
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Less |
EXPENSES |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
471.029 |
345.282 |
274.617 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
10.345 |
15.920 |
26.049 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.589 |
0.705 |
0.449 |
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PROFIT BEFORE
TAX |
29.120 |
15.215 |
25.600 |
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Less |
TAX |
9.756 |
(0.087) |
8.786 |
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PROFIT AFTER TAX |
19.364 |
15.302 |
16.814 |
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EARNINGS IN
FOREIGN CURRENCY |
441.600 |
344.100 |
259.900 |
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Earnings Per
Share (Rs.) |
913 |
724 |
786 |
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Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
460.000 |
Expected Sales (2012-2013): Rs.460.000 Millions (Increase in Sales
Capacity)
The above information has been parted by Mr. Mitul
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.02
|
4.24 |
5.59 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.36
|
4.34 |
9.04 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
17.75
|
14.49 |
43.69 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.47
|
0.36 |
0.79 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.66
|
1.47 |
0.80 |
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Current Ratio (Current Asset/Current Liability) |
|
1.97
|
1.81 |
2.40 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
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Locality
of the Firm |
Yes |
|
Construction
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
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No.
of Employees |
Yes |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
Yes |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
Yes |
|
Major
Customers |
Yes |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
Yes |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
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Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
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Buyer
visit details |
- |
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Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24110MH1995PTC086546 |
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Name of the
company |
KOLORJET CHEMICALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B/4, Rajaratna Industrial Estate, Near American, Spring Works, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10082494 |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
Bank of Baroda, Malad West Branch, Shantinath Shopping Centre, 1st
Floor, S.V. Road, Malad West, Mumbai-400064, Maharashtra, India |
|
Nature of description
of the instrument creating or modifying the charge |
Supplemental
Composite Agreement of Hypothecation of Goods, Book-Debts, Movable Machinery
and Vehicles |
|
Date of
instrument Creating the charge |
29.01.2009 |
|
Amount secured by
the charge |
Rs.85.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest on the
Packing Credit limit at the rate of 3.50% below Prime Lending Rate of the
Bank per annum with monthly rests Terms of
Repayment On Demand Margin 10% on the Stocks 10% on the Book
Debts 25% Cash Margin
in respect of Foreign LC Facility Extent and
Operation of the charge The charge is modified
to secure the FBP/UFBP – Rs.70.000 Millions (With sub-limit : PC – Rs.50.000
Millions ) and Foreign LC – Rs.15.000 Millions, aggregating to Rs.85.000
Millions together with interest, additional interest, furthers interest by
way of liquidated damages, compound interest, commitments charges,
commission. premia on pre-payment, cost, charges expenses and other moneys
payable by the borrower to the bank |
|
Short particulars
of the property charged |
All the
borrower’s stock of RMs, SIP, FGs, consumable spares and packing materials,
all the book-debts in respect of suppliers made to various Government
Departments or limited companies etc. as evidenced by supply bills, receipted
invoices deposited with the bank form time to time and all the moveable machinery
of the borrower, including all stores and spare parts, both present and
future, belonging to the borrower and all the vehicles. |
|
Particulars of
the present modification |
The charge is increased
upto Rs.85.000 Millions to cover FBP/UFBP - Rs.70.000 Millions (increased
from Rs.55.000 Millions) [with sub-limit: PC - Rs.50.000 Millions (increased
from Rs.10.000 Millions)] and Foreign LC - Rs.15.000 Millions (increased from
Rs.10.000 Millions). |
FIXED ASSETS:
- Air Conditioner
- Computer
- Laboratory Testing Machine
- Machinery
- Motor Car
- Office Equipments
TRADE REFERENCE:
- Technocolour
Chemicals
- Aditya
Synthetic
- ISO Chemicals
- Durplex
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.53.72 |
|
|
1 |
Rs.86.98 |
|
Euro |
1 |
Rs.70.65 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
48 |
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.