MIRA INFORM REPORT
|
Report Date : |
17.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
VIDHI DYESTUFFS MANUFACTURING LIMITED |
|
|
|
|
Registered
Office : |
E/27, Commerce Centre, 78, Tardeo Road, Mumbai - 400034, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
19.01.1994 |
|
|
|
|
Com. Reg. No.: |
11-076156 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 50.020 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24110MH1994PLC076156 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV04639F |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and Trading of Synthetic Food Colours and
also Trading in Chemicals. |
|
|
|
|
No. of Employees
: |
40 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1290000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Profitability of the company is fair. General financial position of
the company seems decent. Trade relations are fair. Business is active. Payment terms re
reported to be slow but correct. 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief information
officers at gathering in Bangalore in April to meet Indian startups at an event
called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: “BBB-” |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
17.01.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A3” |
|
Rating Explanation |
Moderate degree of safety and high credit risk. |
|
Date |
17.01.2014 |
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.
INFORMATION PARTED BY
|
Name : |
Mr. Mitesh |
|
Designation : |
Business Development Director |
|
Contact No.: |
91-9820610566 |
|
Date : |
14.04.2014 |
LOCATIONS
|
Registered / Administrative Office : |
E/27, Commerce Centre, 78, Tardeo Road, Mumbai - 400034, Maharashtra,
India |
|
Tel. No.: |
91-22-23514349/ 23522864/ 6347/ 56602188 / 40734747 (30 Lines) / 66602187 / 40734718 / 40734712 |
|
Fax No.: |
91-22-23521980 |
|
E-Mail : |
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|
Website : |
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|
Area : |
500 sq.ft. |
|
Owned: |
Owned |
|
|
|
|
Factory 1 : |
Plot No. 59-B, MIDC, Dhatav, Roha, District Raigad - 402109,
Maharashtra, India |
|
Tel. No.: |
91-2194-263873 |
|
Owned: |
Owned |
|
|
|
|
Factory 2: |
Plot No. 68, MIDC
Dhatav, District Raigad - 402116, Maharashtra, India |
|
|
|
|
Marketing and
Distribution Networks : |
Located at: ·
·
·
Australia ·
Austria
·
Brazil ·
Bolivia
·
Bulgaria ·
Belgium
·
Chile ·
Canada
·
Czech
Republic ·
China ·
Cyprus
·
Columbia ·
·
EI
Salvador ·
·
Germany ·
Guatemala ·
Greece ·
Ghana
·
Holland ·
Hungary
·
·
·
·
·
Japan ·
Jordan
·
·
·
·
·
·
New
Zealand ·
Netherland
·
Pakistan ·
Paraguay ·
Portugal
·
·
·
·
·
South
Africa ·
Switzerland
·
·
·
·
·
The ·
·
U K ·
Uruguay ·
Ukraine
·
·
·
|
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Bipin Madhavji Manek |
|
Designation : |
Chairman and Managing Director |
|
Address : |
Flat No. 12, |
|
Date of Birth/Age : |
07.06.1956 |
|
Date of Appointment : |
19.01.1994 |
|
|
|
|
Name : |
Mr. Mihir B. Manek |
|
Designation : |
Joint Managing Director |
|
Address : |
Flat No. 12, |
|
Date of Birth/Age : |
08.03.1982 |
|
Date of Appointment : |
31.07.2006 |
|
|
|
|
Name : |
Mrs. Pravina Bipin Manek |
|
Designation : |
Director |
|
Address : |
Flat No. 12, |
|
Date of Birth/Age : |
29.02.1956 |
|
Qualification : |
B. A. |
|
Experience : |
19 Years of rich experience in the Business of food colour. |
|
Date of Appointment : |
19.01.1994 |
|
|
|
|
Name : |
Mr. Vijay Krishnaswamirao Atre |
|
Designation : |
Director |
|
Address : |
54 Jaivijay Society, Western Express Highway, Vile Parle (East),
Mumbai - 400099, Maharashtra, India |
|
Date of Birth/Age : |
06.04.1925 |
|
Date of Appointment : |
02.05.1995 |
|
|
|
|
Name : |
Mr. Prafulchandra Anantlal Shah |
|
Designation : |
Director |
|
Address : |
4 Apsara Apartment, Kishorkumar Ganguli Marg, |
|
Date of Birth/Age : |
13.11.1933 |
|
Date of Appointment : |
06.01.2003 |
|
|
|
|
Name : |
Mr. Chetan P. Bavishi |
|
Designation : |
Director |
|
Date of Birth/Age : |
29.02.1960 |
|
Qualification : |
B. Com. |
|
Experience : |
28 years of rich experience |
|
Date of Appointment : |
06.01.2003 |
|
|
|
|
Name : |
Mr. Niren Dinkerrai Desai |
|
Designation : |
Director |
|
Address : |
22/2 |
|
Date of Birth/Age : |
12.12.1956 |
|
Date of Appointment : |
10.05.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Mitesh |
|
Designation : |
Business Development Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
32126000 |
64.32 |
|
|
32126000 |
64.32 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
32126000 |
64.32 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
1340676 |
2.68 |
|
|
|
|
|
|
10658877 |
21.34 |
|
|
5502820 |
11.02 |
|
|
316627 |
0.63 |
|
|
307527 |
0.62 |
|
|
9100 |
0.02 |
|
|
17819000 |
35.68 |
|
Total Public shareholding (B) |
17819000 |
35.68 |
|
Total (A)+(B) |
49945000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
49945000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Trading of Synthetic Food Colours and
also Trading in Chemicals. |
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Products : |
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Brand Names : |
“VIDHI” |
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Exports : |
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Products : |
Food Colours |
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Countries : |
·
·
·
·
·
|
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|
||||||
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Imports : |
|
||||||
|
Products : |
Raw Materials Chemicals |
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|
Countries : |
·
· Taiwan · Japan · Australia |
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|
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|
Terms : |
|
||||||
|
Selling : |
L/C, Cash and Credit |
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|
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|
Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
31.03.2011 |
|
Licensed Capacity |
M.T. |
1,140 |
|
Installed Capacity |
M.T. |
1,140 |
GENERAL INFORMATION
|
Customers : |
Others |
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|
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|
No. of Employees : |
40 (Approximately) |
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|
Bankers : |
·
Vijaya Bank, Overseas Branch, Maker
Chambers-Iv, Nairman Point, · HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India · Bank of India |
|||||||||||||||||||||||||||||||||||||||
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|
Facilities : |
NOTE LONG TERM BORROWINGS First charge on Movable and Immovable assets financed under HDFC Bank Term loan with second charge to Vijaya bank (on repayment of term loan of HDFC Bank, the said securities will be shared on Pari Passu basis with Vijaya Bank in respect of working capital loan) First charge on plant and machinery to be purchased from the Term Loan disbursed by the said bank Loan from Bajaj Allianz is secured against Keyman
Insurance Policies. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Bhuta Shah and Company Chartered Accountants |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60,000,000 |
Equity Shares |
Re.1/- each |
Rs. 60.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,034,000 |
Equity Shares |
Re.1/- each |
Rs. 50.034 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
49,945,000 |
Equity Shares |
Re.1/- each |
Rs. 49.945 Millions |
|
|
Add: Forfeited Shares |
|
Rs. 0.075 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 50.020
Millions |
NOTE
i. Rights of
Equity Shareholders
The Company has only one class of equity shares having a par value of Re. 1 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees.
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
The Shareholders have all other rights as available to equity shareholders as per the provisions of the Companies Act, 1956, read together with the Memorandum of Association and Articles of Association of the Company, as applicable.
ii. The
reconciliation of the number of shares outstanding is set out below:
|
Particulars |
31.03.2013 |
|
Shares outstanding at the beginning of the year |
49.945 |
|
Shares issued during the year |
-- |
|
Shares bought back during the year |
-- |
|
Shares outstanding at the end of the year |
49.945 |
iii. Details of shareholders
holding more than 5% shares in the company
|
Name of Shareholder |
31.03.2013 |
|
|
No. of Shares |
% of Holding |
|
|
Bipin M. Manek |
14,110,333 |
28.25 |
|
Pravina B. Manek |
17,990,667 |
36.02 |
LISTING DETAILS
|
Subject Stock Code
: |
BSE : 531717 |
|
|
|
|
Stock Exchange
Place : |
· The Stock Exchange, Mumbai · Ahmedabad Stock Exchange Limited |
|
|
|
|
Listing Date : |
Not Available |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
50.020 |
50.020 |
50.020 |
|
(b) Reserves & Surplus |
272.829 |
241.342 |
207.604 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
322.849 |
291.362 |
257.624 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
27.364 |
40.319 |
29.079 |
|
(b) Deferred tax liabilities (Net) |
11.125 |
5.883 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
38.489 |
46.202 |
29.079 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
383.549 |
332.938 |
230.677 |
|
(b) Trade
payables |
147.694 |
126.910 |
103.423 |
|
(c) Other current
liabilities |
27.933 |
27.378 |
29.168 |
|
(d) Short-term
provisions |
7.533 |
1.514 |
14.929 |
|
Total Current
Liabilities (4) |
566.709 |
488.740 |
378.197 |
|
|
|
|
|
|
TOTAL |
928.047 |
826.304 |
664.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible assets |
192.519 |
130.812 |
29.199 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
42.330 |
80.074 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1.256 |
1.256 |
1.357 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
8.734 |
14.411 |
2.576 |
|
(e) Long term trade receivables |
0.322 |
6.127 |
0.322 |
|
Total Non-Current
Assets |
202.831 |
194.936 |
113.528 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
210.424 |
143.061 |
126.309 |
|
(c) Trade
receivables |
369.376 |
331.577 |
287.943 |
|
(d) Cash
and cash equivalents |
38.358 |
51.949 |
26.830 |
|
(e)
Short-term loans and advances |
92.704 |
95.859 |
96.572 |
|
(f) Other
current assets |
14.354 |
8.922 |
13.718 |
|
Total Current
Assets |
725.216 |
631.368 |
551.372 |
|
|
|
|
|
|
TOTAL |
928.047 |
826.304 |
664.900 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1177.680 |
1125.117 |
980.512 |
|
|
|
Other Operating Income |
22.239 |
20.253 |
13.573 |
|
|
|
Other Income |
3.286 |
2.187 |
7.828 |
|
|
|
TOTAL (A) |
1203.205 |
1147.557 |
1001.913 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
530.719 |
385.976 |
318.786 |
|
|
|
Purchases of Stock-in-Trade |
425.656 |
515.286 |
480.781 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(57.271) |
8.909 |
(8.798) |
|
|
|
Employees benefits expense |
21.320 |
18.577 |
15.571 |
|
|
|
Other expenses |
156.369 |
121.335 |
103.370 |
|
|
|
TOTAL (B) |
1076.793 |
1050.083 |
909.710 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
126.412 |
97.474 |
92.203 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
45.518 |
38.041 |
22.643 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
80.894 |
59.433 |
69.560 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
17.273 |
9.443 |
9.179 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
63.621 |
49.990 |
60.381 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
22.143 |
16.253 |
23.549 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
41.478 |
33.737 |
36.832 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
719.175 |
495.149 |
444.825 |
|
|
TOTAL EARNINGS |
719.175 |
495.149 |
444.825 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
176.259 |
130.231 |
82.733 |
|
|
|
Trading Purchases of Chemicals |
422.729 |
430.519 |
396.434 |
|
|
TOTAL IMPORTS |
598.988 |
560.750 |
479.167 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.83 |
0.67 |
0.74 |
|
Expected Sales (2013-2014) : Rs. 14100.000 Millions
The above information has been parted by Mr. Mitesh (Business
Development Director)
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
394.700 |
367.000 |
299.700 |
|
Total Expenditure |
359.000 |
332.800 |
261.500 |
|
PBIDT (Excl OI) |
35.700 |
34.200 |
38.200 |
|
Other Income |
0.800 |
0.700 |
02.000 |
|
Operating Profit |
36.500 |
34.900 |
40.200 |
|
Interest |
13.100 |
11.300 |
13.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
23.400 |
23.600 |
26.600 |
|
Depreciation |
4.900 |
5.000 |
5.000 |
|
Profit Before Tax |
18.600 |
18.600 |
21.600 |
|
Tax |
6.000 |
6.400 |
9.800 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
12.500 |
12.200 |
11.900 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
12.500 |
12.200 |
11.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.45 |
2.94 |
3.68 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.40 |
4.44 |
6.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.86 |
6.39 |
10.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.17 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.27 |
1.28 |
1.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.28 |
1.29 |
1.46 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
50.020 |
50.020 |
50.020 |
|
Reserves & Surplus |
207.604 |
241.342 |
272.829 |
|
Net
worth |
257.624 |
291.362 |
322.849 |
|
|
|
|
|
|
long-term borrowings |
29.079 |
40.319 |
27.364 |
|
Short term borrowings |
230.677 |
332.938 |
383.549 |
|
Total
borrowings |
259.756 |
373.257 |
410.913 |
|
Debt/Equity
ratio |
1.008 |
1.281 |
1.273 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
980.512 |
1125.117 |
1177.680 |
|
|
|
14.748 |
4.672 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
980.512 |
1125.117 |
1177.680 |
|
Profit |
36.832 |
33.737 |
41.478 |
|
|
3.76% |
3.00% |
3.52% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three 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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
HIGH COURT OF BOMBAY |
|||
|
CASE DETAILS |
|||
|
Bench:- Bombay |
|||
|
Lodging
No:- ITXAL/516/2010 |
Failing Date:- 12.02.2014 |
Reg. No.: ITXA/3468/2010 |
Reg. Date: 07/06/2010 |
|
Petitioner:- |
The Commissioner of Income Tax |
Respondent:- |
VIDHI DYES STUFFS MANUFACTURING LIMITED |
|
Petn.Adv:- |
SURESH KUMAR |
Resp. Adv: |
SUBHASH S. SHETTY |
|
District:- |
Mumbai |
||
|
Bench:- |
DIVISION |
||
|
Status:- |
Admitted (Unready) |
Category:- |
TAX APPEALS |
|
Last Date:- |
14/11/2011 |
Stage:- |
FOR ADMISSION - FRESH |
|
Last Coram:- |
HON’BLE SHRI JUSTICE J.P. DEVADHAR HON’BLE SHRI JUSTICE A.R. JOSHI |
||
|
Act:- |
Income Tax Act, 1961 |
||
|
Under Section:- |
260A |
||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10204274 |
22/10/2011 * |
165,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA |
B26618587 |
|
2 |
90166743 |
22/03/2002 |
55,500,000.00 |
VIJAYA BANK |
OVERSEAS BR. MAKER CHAMBER-5 NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
- |
|
3 |
90163471 |
20/12/2013 * |
535,500,000.00 |
VIJAYA BANK |
OVERSEAS BRANCH, MAKER CHAMBERS-IV, NAIRMAN POINT, |
B95102877 |
|
4 |
90163381 |
30/09/1996 * |
5,000,000.00 |
SICOM LIMITED |
NIRMAL 1ST FLOOR NARIMAN POINT, MUMBAI- 400021, MAHARASHTRA, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Repayable on demand
- from banks |
|
|
|
Standard Chartered Bank |
46.749 |
48.105 |
|
Total |
46.749 |
48.105 |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Export of excisable goods without payment of duty under Form UT-1 |
7.853 |
5.911 |
|
Custom duty payable in respect of export obligation |
|
|
|
- Plant and machinery |
0.000 |
0.691 |
BACKGROUND
The Company has been incorporated on 19th January, 1994 and is engaged in the business of manufacturing and trading of synthetic food colours and trading in chemicals.
OPERATIONS:
During the year the Company has achieved a turnover of Rs. 1177.680 Millions as compared to Rs. 1125.117 Millions of previous year registering a growth of 4.67%. The net profit after tax was increased by 22.95% to Rs. 41.478 Millions as compared to profit after tax during previous year of Rs. 33.737 Millions.
The Company has manufactured 1630.39 M. Tons of Food colours against 1457.50 M. Tons in the previous year. The Company has increased its export market share as well as local trading Sales on account of persistent marketing efforts.
The Directors assure to keep the growth momentum in coming years and strive for bright future for the Company.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Colour is an important property of foods that adds to their enjoyment of eating. Colouring is one of the major segments in the food, drug, healthcare or cosmetic industry. No one can imagine a food, drug or cosmetic products without colour. By adding colours to the products this industry provides wide range of desired shades which will significantly attract large number of Customers.
“Vidhi” manufactures edible food colours as ingredient for foodstuffs, pharmaceuticals, confectionery, pet foods, healthcare, dairy, soft drinks and cosmetic industries. The Food colours are intended for industrial use. The demand for the colours is derived directly from its customers and end users through the Company’s various appointed distributors and country specific suppliers. The Company is among the acknowledged worldwide leaders in the manufacturing of Food Colours.
“Vidhi” has successfully entered the field of food colours to primarily cater to niche applications. The Company’s colours enhance visual characteristics of a variety of products resulting in value added end products for different market segments.
PERFORMANCE
The Turnover of the Company during the financial year 2012-2013 increased by approx 4.50% as compared to the last financial year i.e. 2011-2012 on account of healthy demand for the Company’s products worldwide. The profit before tax of the Company has increased by 27.27% as compared to previous year.
As the products of the Company are used by food and pharmaceutical industry, The Management is confident that ISO 9001:2008 and ISO 22000-2005, Hazard Analysis and Critical Control Point Evaluation (HACCP), KOSHER and HALAL Certification will help the Company to increase its market share during the current year.
OUTLOOK
Improved execution efficiencies, cost competitiveness, better supply chain management, control over working capital, efficient utilization of resources, smart bidding strategies, quality products, service offerings will enable the business to achieve the desired targets in the medium terms.
In an endeavour to remain supremely competitive, the Company has undertaken the task of modernizing and installing new process equipments to boost quality and quantity. The new production facility at Plot No. 68 is started from June, 2012 (Second phase), adopting the most cost effective manufacturing practices and changing with changing times, will ensure that the Company continues to grow.
OPERATIONAL
PERFORMANCE:
The year witnessed a sharp increase in interest rates that resulted in higher cost of Borrowings and other rising cost affecting profitability thereby impacting the internal accruals that could be used to finance investment. However the profit after tax (including deferred tax liability amounting to Rs. 5.242 Millions) of the Company has increased by 22.95%.
FIXED ASSETS
· Land
· Building
· Furniture and Fixtures
· Office Premises
· Office Equipments
· Plant and Machinery
· Computers
· Tele phones
· Vehicles
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 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.60.23 |
|
|
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.83.29 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MRI |
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 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
43 |
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.