MIRA
INFORM REPORT
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Report Date : |
02.10.2012 |
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IDENTIFICATION DETAILS
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Name : |
MAYUR DYECHEM INTERMEDIATES LIMITED |
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Registered
Office : |
A -1/108 Phase II GIDC, Vatva, Ahmedabad -382445, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
13.02.1989 |
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Com. Reg. No.: |
04-011882 |
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Capital
Investment/ Paid-up Capital: |
Rs.80.239 Millions |
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CIN No.: [Company Identification
No.] |
U24231GJ1989PLC011882 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacture and Exporter of Dyes and Intermediates |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 472000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an establishing company having moderate track record. There
appears sharp dip in the profitability of the company. However trade
relations are reported to be fair business is active. Payment are reported to
be slow but correct. The company can be considered for business dealings with some caution.
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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 – June 30, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
INDIAN ECONOMIC OVERVIEW
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Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
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Registered Office/Head Office/Factory : |
A -1/108 Phase II GIDC, Vatva, Ahmedabad -382445, |
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Tel. No.: |
91-79-25831476/25833445/25834398/25831476 |
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Fax No.: |
91-79-25834681 |
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E-Mail : |
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Factory 2 : |
Unit 3, Survey No.327 to 334 –A, Village Karkhadi/Dudhwaa, Taluka
Padra, District |
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Tel. No.: |
91-2662-273600/273271 |
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Fax No.: |
91-2662-273601 |
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Marketing Office : |
Office No.101, 1st Floor, 265, Birya House, Bazar Gate
Street, Fort, Mumbai – 400001, Maharashtra, India |
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Tel. No.: |
91-22-22657420/22656536 |
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Fax No.: |
91-22-22666030 |
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E-Mail : |
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Web Site: |
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DIRECTORS
As on 30.09.2011
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Name : |
Mayurbhai Babubhai Patel |
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Designation : |
Managing Director |
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Address : |
43-A, Tulip Bungalows, |
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Date of Birth/Age : |
29.01.1967 |
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Qualification: |
Graduate |
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Date of Appointment : |
20.07.2011 |
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Din No.: |
00064214 |
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Other Directorship:
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Name : |
Mr. Rajeshkumar Somabhai Patel |
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Designation : |
Whole Time Director |
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Address : |
12, Radhanpur Society, |
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Date of Birth/Age : |
10.05.1959 |
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Qualification: |
Graduate |
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Date of Appointment : |
20.07.2011 |
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Din No.: |
00063133 |
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Other Directorship:
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Name : |
Mr. Sujal Rajeshkumar Patel |
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Designation : |
Whole Time Director |
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Address : |
12, Radhanpur Society, |
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Date of Birth/Age : |
27.06.1986 |
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Qualification : |
Graduate |
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Date of Appointment : |
20.07.2011 |
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Din No.: |
02477628 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Shrunkhala Investment Limited |
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1068200 |
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Mayurbhai B Patel |
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3062271 |
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Rajesbhai S Patel |
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588356 |
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Hetal M Patel |
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200000 |
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Hetal Trading Private Limited |
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3104950 |
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Rameshbhai S Patel |
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100 |
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Pareshkumar B Patel |
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40 |
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Total |
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8023917 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
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Category |
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Percentage |
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Bodies corporate |
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51.91 |
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Directors or relatives of directors |
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48.09 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture and Exporter of Dyes and Intermediates |
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PRODUCTION STATUS As ON 31.03.2010
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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V.S |
MT |
4200 |
3647.954 |
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Reactive Dyes |
MT |
600 |
388.281 |
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H- Acid |
MT |
2700 |
3660.352 |
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V.S. Padra |
MT |
3000 |
3344.142 |
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Note:
1.
Production includes goods
for internal consumption in manufacturer of end products and goods processed
for others
2.
The installed capacities
are as certified by the management on which auditors have relied being at
technical matter
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Bank of |
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Facilities : |
Rs.
In Millions
Note: *Inter Corporate Loan 0 |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Gattani Sharad Ramkrishna Chartered Accountant |
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Address : |
1003, Samudra Annex, Near Hotel Classic Gold, Ellisbridge,
Ahmedabad – 380006, |
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Pan No.: |
AADFG1032S |
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Associates : (as on 31.03.2010) |
·
Sujal Dye Chem Industries ·
Sujal Dye Chem Private limited ·
Shrunkhala Investments Private limited ·
Hetal Trading Private limited ·
Shree Mahalakshmi Ice Factory ·
Jay Ranchhodri Industries ·
Ranchhodri Industries |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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8500000 |
Equity Shares |
Rs.10/- each |
Rs.85.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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8023917 |
Equity Shares |
Rs.10/- each |
Rs.80.239 Millions
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
80.239 |
80.239 |
79.492 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
37.780 |
23.109 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(21.423) |
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NETWORTH |
118.019 |
103.348 |
58.069 |
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LOAN FUNDS |
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1] Secured Loans |
132.652 |
39.689 |
2.386 |
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2] Unsecured Loans |
0.000 |
70.777 |
63.827 |
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TOTAL BORROWING |
132.652 |
110.466 |
66.213 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
41.706 |
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OTHER LIABILITIES |
38.445 |
41.413 |
0.000 |
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TOTAL |
289.116 |
255.227 |
165.988 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
325.138 |
271.081 |
270.167 |
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Capital work-in-progress |
3.221 |
7.236 |
0.310 |
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INVESTMENT |
4.155 |
4.155 |
4.155 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
00000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
116.151
|
79.839 |
59.157 |
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Sundry Debtors |
101.634
|
174.443 |
116.056 |
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Cash & Bank Balances |
18.272
|
11.582 |
18.575 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
68.439
|
69.813 |
93.876 |
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Total
Current Assets |
304.496
|
335.677 |
287.664 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Sundry Creditors |
276.970
|
241.193 |
289.392 |
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Other Current Liabilities |
62.548
|
105.542 |
93.911 |
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Provisions |
11.727
|
19.283 |
13.916 |
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Total
Current Liabilities |
351.245
|
366.018 |
397.219 |
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Net Current Assets |
(46.749)
|
(30.341) |
(109.555) |
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MISCELLANEOUS EXPENSES |
3.351 |
3.096 |
0.911 |
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TOTAL |
289.116 |
255.227 |
165.988 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
1562.909 |
1609.872 |
1411.061 |
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Other Income |
2.875 |
2.027 |
2.471 |
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TOTAL |
1565.784 |
1611.899 |
1413.532 |
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Less |
EXPENSES |
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Consumption materials changes inventories |
1243.623 |
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Manufacturing service costs |
207.030 |
192.450 |
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Employee related expenses |
16.865 |
12.811 |
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Administrative selling other expenses |
42.350 |
58.903 |
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TOTAL |
1509.868 |
1544.578 |
1473.033 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
55.916 |
67.321 |
(59.501) |
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Less |
FINANCIAL
EXPENSES |
16.225 |
9.862 |
5.293 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
39.691 |
57.459 |
(64.794) |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
25.535 |
21.638 |
20.406 |
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PROFIT BEFORE
TAX |
14.156 |
35.821 |
(85.200) |
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Less |
PRIOR PERIOD
ADJUSTMENT |
0.000 |
0.000 |
0.977 |
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Less |
TAX |
(0.514) |
5.491 |
7.523 |
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PROFIT AFTER TAX |
14.670 |
30.330 |
(91.746) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
23.109 |
(7.221) |
NA |
|
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BALANCE CARRIED
TO THE B/S |
37.779 |
23.109 |
NA |
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|
Earnings Per
Share (Rs.) |
1.83 |
3.78 |
(11.54) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total
Income |
(%) |
0.94 |
1.88 |
(6.49) |
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Net Profit Margin (PBT/Sales) |
(%) |
0.91 |
2.23 |
(6.04) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.25 |
5.91 |
(15.33) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.35 |
(1.47) |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.10 |
4.61 |
7.98 |
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|
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Current Ratio (Current Asset/Current Liability) |
|
0.87 |
0.92 |
0.72 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
- |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
No |
REVIEW OF BUSINESS
& OPERATIONS:
The Company continues closely
track developments in the castor industry and particularly in the segment in
order to optimized its business model to cope with threats and promises these
developments hold.
During the year the Company has record improved the working and done a
very good business. The turnover of the Company during the year was Rs. 1562.908
Millions as against Rs. 1609.872 Millions,. The net profit has descresed to Rs.
14.670 Millions from (Rs. 30.330 Millions) previous year.
FORM 8
|
Corporate
identity number of the company |
U24231GJ1989PLC011882 |
|
Name of the
company |
MAYUR
DYECHEM INTERMEDIATES LIMITED |
|
Address of the
registered office or of the principal place of business in |
A -1/108 Phase II GIDC, Vatva, Ahmedabad -382445, Email: mayurdyechem@sify.com |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be
modified |
10203065 |
|
Type of charge |
· Book debts ·
Others |
|
Particular of
charge holder |
Bank of Email: panjar@bankofbaroda.com |
|
Nature of
instrument creating charge |
First
supplemental composite agreement of hypothecation of goods, bookdebts,
moveble machinery and vehicle |
|
Date of
instrument Creating the charge |
26.03.2011 |
|
Amount secured by
the charge |
Rs. 215.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Term Loan and Cash
Credit - 3.5% Over Base Rate i.e. 13.00% P.A, Sub Limit Of CC(PC and FBP/FBD) - 3.5% Over Base Rate i.e.
13.00% P.A, SUB Limit Of CC(BP/BD) - AT 4.50 % Over Base Rate i.e.
14.00% Term
of Payment: Term loan is to be repaid in 54 monthly instalments after
completion of moratorium period of 6 months from date of first disbursement. Cash credit, sub limit of CC(PC, FBP/FBD and BP/BD) and
inland/foreign letter of credit : 12 months, subject to annual review Margin Term Loan : 24.10% On Machinery and Equipments Including
Installation Cash Credit : 25% On Stock, 30% On Stores and Consumables and
35% On Book Debtsup To 90 Days Pc Sublimit Of Cc Facility : 10% On Fob Value Of Export
Order Inland/foreign letter of credit cum bank guarantee : 15%
on cash margin - both for l/c and bg. 100% cash margin - financial and disputed guarantees. FBP/FBD /BP/BD - nil
margin |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation
of plant and machinery, furniture and fixture, electical installations, office
eqiupments etc. present and future Hypothecation
of entire raw materials, stock in process, stores and spare ,packing
materials, finished goods, bookdebts and other movable assets of the company
both present and future. |
|
Date of last modification prior to the present modification |
The
present limit has been modified from Rs. 115.000 Millions TO RS. 215.000 Millions
as per details as under : Term
loan : Rs. 40.000 Millions Cash
credit : from Rs. 100.000 Millions to 150.000 Millions Inland/foreign
letter of credit cum bank guarantee : Rs. 15.000 Millions to Rs. 25.000 Millions TOTAL
: Rs.215.000 Millions |
|
Particulars of the present modification |
|
FIXED ASSETS:
·
·
·
Plant and Machinery
·
Furniture and Fixtures
·
Commercial Vehicle
·
Motor Cars
·
Office Equipment
·
Staff Quarters
·
Guest House
·
Computer Systems
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 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.52.78 |
|
|
1 |
Rs.85.16 |
|
Euro |
1 |
Rs.67.79 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.