MIRA
INFORM REPORT
|
Report Date : |
18.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
VIDHI DYESTUFFS MANUFACTURING LIMITED |
|
|
|
|
Registered
Office : |
E/27, Commerce Centre, 78, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
19.01.1994 |
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|
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Com. Reg. No.: |
11-076156 |
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Capital
Investment / Paid-up Capital : |
Rs. 49.945 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24110MH1994PLC076156 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV04639F |
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|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
Line of Business
: |
Manufacturing and Trading of Synthetic Food Colours and
also Trading in Chemicals. |
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|
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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 1440000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. The ratings continue to reflect VDML’s established position in the
food – colours market supported by fair profitability levels and sound liquidity
position of the company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce
business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Mitesh |
|
Designation : |
Business Development Director |
|
Contact No.: |
91-9820610566 |
|
Date : |
12.09.2014 |
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 |
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E-Mail : |
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Website : |
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Location : |
Owned |
|
Locality : |
Commercial |
|
|
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Factory 1 : |
Plot No. 59-B, MIDC, Dhatav, Roha, District Raigad - 402109,
Maharashtra, India |
|
Tel. No.: |
91-2194-263873 |
|
Owned: |
Owned |
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|
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Factory 2: |
Plot No. 68, MIDC
Dhatav, District Raigad - 402116, Maharashtra, India |
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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: 30.09.2013
|
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 |
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Designation : |
Director |
|
Date of Birth/Age : |
29.02.1960 |
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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: 30.06.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
32101000 |
64.27 |
|
|
32101000 |
64.27 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
32101000 |
64.27 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
1815386 |
3.63 |
|
|
|
|
|
|
10526404 |
21.08 |
|
|
5211152 |
10.43 |
|
|
291058 |
0.58 |
|
|
247101 |
0.49 |
|
|
18957 |
0.04 |
|
|
25000 |
0.05 |
|
|
17844000 |
35.73 |
|
Total Public shareholding (B) |
17844000 |
35.73 |
|
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 |
|
|
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 : |
·
Europe ·
Australia ·
Africa |
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Imports : |
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Products : |
Raw Materials Chemicals |
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Countries : |
·
Taiwan ·
China ·
Japan |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
Manufacturer |
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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 House Senapati Bapat Marg,
Lower Parel (West), Mumbai - 400013, Maharashtra, India Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Bhuta Shah and Company Chartered Accountants |
|
Address : |
901, regent chambers, Nariman point, Mumbai – 400021, Maharashtra,
india |
|
Tel. No.: |
91-22-22832626 |
|
Fax No.: |
91-22-22832727 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Enterprises over which key management personnel have significant influence
: |
·
Arjun Food Colorants Manufacturing Private
Limited ·
Trident Colours and Chemicals |
|
|
|
CAPITAL STRUCTURE
As on: 31.03.2014
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 |
31.03.2014 |
|
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 |
31.03.2014 |
|
|
No. of Shares |
% of Holding |
|
|
Bipin M. Manek |
14,110,333 |
28.25 |
|
Pravina B. Manek |
17,990,667 |
36.02 |
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
50.020 |
50.020 |
50.020 |
|
(b) Reserves & Surplus |
309.168 |
272.829 |
241.342 |
|
(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) |
359.188 |
322.849 |
291.362 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
21.932 |
27.364 |
40.319 |
|
(b) Deferred tax liabilities (Net) |
11.758 |
11.126 |
5.883 |
|
(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) |
33.690 |
38.490 |
46.202 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
402.435 |
383.548 |
332.938 |
|
(b) Trade payables |
170.752 |
147.694 |
126.910 |
|
(c) Other current
liabilities |
29.525 |
27.933 |
27.378 |
|
(d) Short-term provisions |
7.124 |
7.533 |
1.514 |
|
Total Current Liabilities (4) |
609.836 |
566.708 |
488.740 |
|
|
|
|
|
|
TOTAL |
1002.714 |
928.047 |
826.304 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
179.430 |
192.519 |
130.812 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
42.330 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1.256 |
1.256 |
1.256 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
9.338 |
8.734 |
14.411 |
|
(e) Other Non-current assets |
0.000 |
0.322 |
6.127 |
|
Total Non-Current Assets |
190.024 |
202.831 |
194.936 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
263.804 |
210.424 |
143.061 |
|
(c) Trade receivables |
435.479 |
369.376 |
331.577 |
|
(d) Cash and cash
equivalents |
34.217 |
38.358 |
51.949 |
|
(e) Short-term loans
and advances |
66.992 |
92.704 |
95.859 |
|
(f) Other current
assets |
12.198 |
14.354 |
8.922 |
|
Total Current Assets |
812.690 |
725.216 |
631.368 |
|
|
|
|
|
|
TOTAL |
1002.714 |
928.047 |
826.304 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1407.832 |
1177.680 |
1125.117 |
|
|
|
Other Income |
23.621 |
25.524 |
22.440 |
|
|
|
TOTAL (A) |
1431.453 |
1203.204 |
1147.557 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
507.980 |
530.719 |
385.976 |
|
|
|
Purchases of Stock-in-Trade |
550.525 |
425.656 |
515.286 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(9.317) |
(57.271) |
8.909 |
|
|
|
Employees benefits expense |
24.330 |
21.320 |
18.577 |
|
|
|
Other expenses |
193.575 |
156.369 |
121.335 |
|
|
|
TOTAL (B) |
1267.093 |
1076.793 |
1050.083 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
164.360 |
126.411 |
97.474 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
53.367 |
45.518 |
38.041 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
110.993 |
80.893 |
59.433 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
19.747 |
17.273 |
9.443 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
91.246 |
63.620 |
49.990 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
31.501 |
22.143 |
16.253 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
59.745 |
41.477 |
33.737 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
719.175 |
495.149 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
282.343 |
176.259 |
130.231 |
|
|
|
Trading Purchases of Chemicals |
412.947 |
422.729 |
430.519 |
|
|
TOTAL IMPORTS |
695.290 |
598.988 |
560.750 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.19 |
0.83 |
0.67 |
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
1140.000 |
Expected Sales (2014-2015): Rs.1750.000 Millions
The above information has been parted by Mr. Mitesh.
QUARTERLY /
SUMMARISED RESULTS
|
Particulars (Rs.
Millions) |
|
|
|
Jun 2014 |
|
Audited / Unaudited |
|
|
|
UnAudited |
|
Net Sales |
|
|
|
407.600 |
|
Total Expenditure |
|
|
|
357.000 |
|
PBIDT (Excl OI) |
|
|
|
50.600 |
|
Other Income |
|
|
|
2.500 |
|
Operating Profit |
|
|
|
53.100 |
|
Interest |
|
|
|
13.200 |
|
Exceptional Items |
|
|
|
0.000 |
|
PBDT |
|
|
|
40.000 |
|
Depreciation |
|
|
|
3.500 |
|
Profit Before Tax |
|
|
|
36.500 |
|
Tax |
|
|
|
12.100 |
|
Provisions and contingencies |
|
|
|
0.000 |
|
Profit After Tax |
|
|
|
24.400 |
|
Extraordinary Items |
|
|
|
0.000 |
|
Prior Period Expenses |
|
|
|
0.000 |
|
Other Adjustments |
|
|
|
0.000 |
|
Net Profit |
|
|
|
24.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
4.17 |
3.45 |
2.94 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.48 |
5.40 |
4.44 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.11 |
6.86 |
6.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25 |
0.20 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.18 |
1.27 |
1.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33 |
1.28 |
1.29 |
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 |
241.342 |
272.829 |
309.168 |
|
Net worth |
291.362 |
322.849 |
359.188 |
|
|
|
|
|
|
long-term borrowings |
40.319 |
27.364 |
21.932 |
|
Short term borrowings |
332.938 |
383.548 |
402.435 |
|
Total borrowings |
373.257 |
410.912 |
424.367 |
|
Debt/Equity ratio |
1.281 |
1.273 |
1.181 |
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 |
1125.117 |
1177.680 |
1407.832 |
|
|
|
4.672 |
19.543 |
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 |
1125.117 |
1177.680 |
1407.832 |
|
Profit |
33.737 |
41.477 |
59.745 |
|
|
3.00% |
3.52% |
4.24% |
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 |
No |
|
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 |
Yes |
|
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 |
CASE DETAILS:
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No.:- |
ITXAL/516/2010 |
Filing Date:- |
02/03/2010 |
Reg. No.:- |
ITXA/3468/2010 |
Reg. Date:- |
07/06/2010 |
|
|
|||||||
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX |
Respondent:- |
VIDHI DYESTUFFS MANUFACTURING LTD. |
||||
|
Petn.Adv:- |
SURESH KUMAR |
Resp. Adv.: |
SUBHASH S. SHETTY |
||||
|
District:- |
MUMBAI |
||||||
|
|
|||||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
||||
|
Status:- |
Admitted(Unready) |
Stage:- |
FOR ADMISSION - FRESH |
||||
|
Last Date:- |
14/11/2011 |
|
|||||
|
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 W, 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 |
20/08/2014 * |
606,500,000.00 |
VIJAYA BANK |
OVERSEAS
BRANCH,MAKER CHAMBERS-IV, NAIRMAN POINT, |
C19974567 |
|
4 |
90163381 |
30/09/1996 * |
5,000,000.00 |
SICOM LIMITED |
NIRMAL 1ST FLOOR NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
- |
UNAUDITED STATEMENT OF FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH
JUNE, 2014
|
Sr. No. |
Particulars |
Rs in Millions |
||
|
Quarter ended |
||||
|
as on 30.06.2014 |
||||
|
(Unaudited) |
||||
|
1 |
(a) Net Sales/Income from Operations |
402.595 |
||
|
|
(b)Other Operating Income |
4.999 |
||
|
|
Total Income
From Operations (Net) |
407.594 |
||
|
2 |
Expenditure |
|
||
|
|
(a) |
Cost of Materials Consumed |
146.163 |
|
|
|
(b) |
Purchases of Stock-in-Trade |
117.596 |
|
|
|
(c) |
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
22.676 |
|
|
|
(d) |
Employees benefits expense |
6.815 |
|
|
|
(e) |
Depreciation and amortization expense |
3.476 |
|
|
|
(f ) |
Other expenses |
63.727 |
|
|
|
|
TOTAL (B) |
360.453 |
|
|
|
|
|
||
|
3 |
Profit from operation before other income, interest and other
exceptional items(1-2) |
47.141 |
||
|
4 |
Other Income |
2.508 |
||
|
5 |
profit before interest and exceptional items(3+4) |
49.649 |
||
|
6 |
Interest |
13.162 |
||
|
7 |
Profit after interest but before exceptional items(5-6) |
36.487 |
||
|
8 |
Exceptional Items |
-- |
||
|
9 |
Profit(+)/Loss(-) from Ordinary Activities before tax (7-8) |
36.487 |
||
|
10 |
Tax Expenses |
12.077 |
||
|
11 |
Net Profit(+)/Loss(-) from Ordinary Activities after tax( 9-10) |
24.410 |
||
|
12 |
Extra Ordinary Items |
-- |
||
|
13 |
Net Profit(+)/Loss(-) for the period (1112) |
24.410 |
||
|
14 |
Paid-up Equity Share Capital Rs.1/ per share |
50.020 |
||
|
15 |
Reserves excluding revaluation reserves |
-- |
||
|
16 |
Earning Per
Share |
|
||
|
(a) |
Basic and diluted EPS before Extraordinary items for the period, for
the year to date and for the previous year(not to be annualised) |
0.49 |
||
|
(b) |
Basic and diluted EPS after Extraordinary
items for the period, for the year to date and for the previous year(not to
be annualised) |
0.49 |
||
|
17 |
Public
Shareholding |
|
||
|
|
Number of Shares |
17819000 |
||
|
|
Percentage of Shareholding |
35.68 |
||
|
18 |
Promoters and Promoter group |
|
||
|
|
a) Pledged/Encumbered |
|
||
|
|
Number of shares |
--- |
||
|
|
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
--- |
||
|
|
Percentage of Shares (as a % of the total share capital of the
Company) |
--- |
||
|
|
b) Non-encumbered |
|
||
|
|
Number of shares |
32126000 |
||
|
|
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
100.00 |
||
|
|
Percentage of Shares (as a % of the total share capital of the
Company) |
64.32 |
||
|
|
Particulars |
3 months ended 30.06.2014 |
||
|
|
INVESTOR
COMPLAINTS |
|
||
|
|
Pending at the beginning of the quarter |
NIL |
||
|
|
Received during the quarter |
NIL |
||
|
|
Disposed off during the quarter |
NIL |
||
|
|
Remaining unresolved at the end of the quarter |
NIL |
||
Notes:
1. The above Unaudited results are reviewed by
the Audit Committee and approved by the Board of Directors at their meeting
held on August 14, 2014.
2. The Statutory Auditors of the Company have
carried out a Limited Review of the results for the quarter ended June 30,
2014.
3. The Company's main activity is manufacturing
and trading of food colors
and chemicals which is only business segment, as per AS 17 issued by The
Institute of Chartered Accountants of India.
4. Company is working towards achieving maximum
licensed capacity utilization by additions / modifications in its present
manufacturing setup.
5. Consequent to the company adopting useful
lives of fixed assets as prescribed in Part C of Schedule II of the Companies
Act 2013, which has come into effect from April 01, 2014 the depreciation
change of the quarter ended June 30, 2014 is lower by Rs 15,10,526 /- and the adjustments to
accumulated balance of retained earning is Rs 10,79,580/.
6. Previous period's figures have been regrouped
/ reclassified, wherever necessary to make them comparable.
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
judgment 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.60.95 |
|
|
1 |
Rs.99.32 |
|
Euro |
1 |
Rs.78.96 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JAY |
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 |
YES |
|
--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.