MIRA
INFORM REPORT
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Report No. : |
305604 |
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Report Date : |
30.01.2015 |
IDENTIFICATION DETAILS
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Name : |
COLOURTEX INDUSTRIES PRIVATE LIMITED (w.e.f. 03.03.2014) |
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Formerly Known
As : |
COLOURTEX INDUSTRIES LIMITED (w.e.f. 20.03.2007) COLOURTEX INDUSTRIES PRIVATE LIMITED PANDESARA DYES AND INTERMEDIARIES PRIVATE LIMITED |
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Registered
Office : |
S. No.80, Bhestan, G.I.D.C., Pandesar, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
23.10.1989 |
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Com. Reg. No.: |
04-012922 |
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Capital
Investment / Paid-up Capital : |
Rs.45.811 Millions |
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CIN No.: [Company Identification
No.] |
U24231GJ1989PTC012922 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
SRTP00070A |
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PAN No.: [Permanent Account No.] |
AABCP6359B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The company is engaged in the business of Manufacturing and Trading of Dyes and Intermediates. |
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No. of Employees
: |
5000 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (52) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having satisfactory track
record. Management has seen a better increase in its sales volume as well as
net profitability during 2014. The company possesses a healthy financial profile marked by decent
networth. Trade relations are fair. Business is active. Payment terms are
reported as usually 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.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long Term Bank Facilities = A |
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Rating Explanation |
Adequate degree of safety and low credit
risk. |
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Date |
05.08.2014 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Bank Facilities = A1+ |
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Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
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Date |
05.08.2014 |
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
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Name : |
Mr. Vinod Patel |
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Designation : |
Accounts Manager |
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Contact No.: |
91-9825041931 |
LOCATIONS
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Registered Office/ Factory 1 : |
S. No.80, Bhestan, G.I.D.C., Pandesar, Surat – 394221, Gujarat, India |
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Tel. No.: |
91-261-2890122 |
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Mobile No.: |
91-9825041931 (Mr. Vinod Patel) |
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Fax No.: |
91-261-2891011 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Locality : |
Industrial |
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Head Quarter : |
Survey No.91, Opposite Navin Fluorine Industries, Bhestan,
Surat – 395023, Gujarat, India |
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Tel. No.: |
91-261-2897800/ 801/ 802 |
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Fax No.: |
91-261-2892364/ 2890080 |
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E-Mail : |
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Factory 2 : |
Survey No.74/79/80, Plot No.158/15 to 19, 19, 438-1, 2, 3, 4, Bhestan
G.I.D.C., Pandesara, |
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Tel. No.: |
91-261-2891428/ 2891429/ 2897800/ 801/ 802 |
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Fax No.: |
91-261-2890080/ 2892364 |
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E-Mail : |
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Website : |
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Area : |
69000 Sq. Mtrs. (Land area – 80000 Sq. mtrs.) |
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Location : |
Owned |
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Factory 3 : |
Kim, Karanj, Bhestan, District |
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Factory 4 : |
Survey No.75/50/80, Plot No.158, Bhestan, GIDC, Pandesara, |
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Factory 5 : |
Plot No. 8108/2, 288/1-2, 289/2 G.I.D.C., Sachin, Surat –
394230, Gujarat, India |
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Overseas Office 1 : |
Colourtex Inc. 8000 Corporate Lane Drive, |
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Tel. No.: |
+ 1 704 540 1528 |
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Fax No.: |
+ 1 704 540 1529 |
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E-Mail : |
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Overseas Office 2 : |
Colourtex (Asia
Pacific) Limited
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Tel. No.: |
+852 35273633 |
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Fax No.: |
+852 35273661 |
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E-Mail : |
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Branch Offices : |
Plot No HB 17, Phase VI, Focal Point,
Opposite Raghav Woolen Mills, Ludhiana – 414010, Punjab, India Tel No.: 91-161-2670286 Also
Located At: · Ahmedabad · Bhilwara · Chandigarh · Chennai · Ghaziabad · Ichhalkaranji · Mumbai ·
Tirupur |
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Sales Office : |
Located at: · Bangalore · Delhi · Gorakhpur · Hyderabad · Kanpur ·
Kolkata |
DIRECTORS
As on 30.09.2014
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Name : |
Mr. Jayantilal Thakordas Jariwala |
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Designation : |
Managing Director |
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Address : |
3, Etka, Opposite Trinidhi Apartment, Ghad Dod Road, Surat – 395001,
Gujarat, India |
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Date of Birth/Age : |
04.11.1943 |
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Qualification : |
B Com |
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Date of Appointment : |
02.03.2011 |
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DIN No.: |
00110103 |
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Name : |
Mr. Vishadkumar Jayantilal Jariwala |
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Designation : |
Director |
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Address : |
4, Etka, Opposite Trinidhi Apartment, Ghaddod Road, Surat – 395007,
Gujarat, India |
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Date of Birth/Age : |
26.09.1975 |
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Qualification : |
B Com |
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Date of Appointment : |
29.12.1994 |
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DIN No.: |
00076314 |
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Name : |
Mr. Kanakkumar Jayantilal Jariwala |
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Designation : |
Director |
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Address : |
3, Etka, Opposite Trinidhi Apartment, Ghad Dod Road, Surat – 395001,
Gujarat, India |
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Date of Birth/Age : |
17.11.1973 |
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Qualification : |
BSC |
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Date of Appointment : |
18.01.1994 |
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DIN No.: |
00110182 |
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Name : |
Mr. Maheshchandra Dhansukhlal Kabutarwala |
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Designation : |
Director |
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Address : |
4, Etka Society, Opposite Mamta Apartment, |
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Date of Birth/Age : |
16.11.1965 |
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Qualification : |
B Com |
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Date of Appointment : |
22.09.1993 |
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DIN No.: |
00110317 |
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Name : |
Mr. Pravinchandra Dhansukhlal Kabutarwala |
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Designation : |
Director (Operating and HRD) |
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Address : |
4, Etka Society, Opposite Mamta Apartment, Ghad Dod Road, Surat –
395001, Gujarat, India |
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Date of Birth/Age : |
03.10.1956 |
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Qualification : |
BSC |
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Date of Appointment : |
23.10.1989 |
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DIN No.: |
00110351 |
KEY EXECUTIVES
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Name : |
Mr. Vinod Patel |
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Designation : |
Accounts Manager |
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Name : |
Mr. Chirag |
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Designation : |
Finance Department |
MAJOR SHAREHOLDERS
As on 30.09.2014
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Names of Shareholders (Equity Shares) |
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No. of Shares |
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Jayantilal Jariwala |
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1068492 |
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Kanakkumar Jariwala |
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490950 |
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Vishadkumar Jariwala |
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484899 |
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Rameshchandra Kabutarwala |
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475895 |
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Pravinchandra Kabutarwala |
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495652 |
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Bipinchandra Kabutarwala |
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471669 |
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Maheshchandra Kabutarwala |
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490032 |
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Shilpa Jariwala |
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3200 |
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Urmila Asumati Trust (Proprietor of Shree Corporation
Trustee-Jayantilal Thakordas), |
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346 |
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Thakor Private Trust Trustee- Vishadkumar Jariwala |
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2 |
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Total |
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3981137 |
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Names of Shareholders (Preference Shares) |
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No. of Shares |
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Jayantilal Jariwala |
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48000 |
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Kanakkumar Jariwala |
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36000 |
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Vishadkumar Jariwala |
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36000 |
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Rameshchandra Kabutarwala |
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60000 |
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Pravinchandra Kabutarwala |
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60000 |
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Bipinchandra Kabutarwala |
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48000 |
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Maheshchandra Kabutarwala |
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48000 |
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Bhavesh Kabutarwala |
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12000 |
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Jenish Kabutarwala |
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24000 |
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Ketan Kabutarwala |
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24000 |
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Jagrutiben Kabutarwala |
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24000 |
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Urmilaben Jariwala |
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24000 |
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Hemlataben Kabutarwala |
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24000 |
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Ishwariben Kabutarwala |
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24000 |
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Ushaben Kabutarwala |
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12000 |
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Shyam Kabutarwala |
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24000 |
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Shilpa Jariwala |
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12000 |
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Jyotiben Jariwala |
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24000 |
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Jay Kabutarwala |
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24000 |
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Krunal Kabutarwala |
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12000 |
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Total |
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600000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2014
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The company is engaged in the business of Manufacturing and Trading of Dyes and Intermediates. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Dyes and Intermediates |
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Countries : |
· America · China |
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Imports : |
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Products : |
Raw Material |
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Countries : |
China |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (As on 31.03.2012)
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Particulars |
Actual
Production |
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S.O. Dyes |
2131592 |
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Dyes Intermediates |
29678 |
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Organic Surface Active Agents |
1013 |
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Misc. Chemical Products |
250162 |
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Intermediates |
1324263 |
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Mineral Fuel, Oils, etc. |
4500 |
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Articles of Plastics |
5 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
5000 (Approximately) |
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Bankers : |
· Standard Chartered Bank, Abhijeet II, Ground Floor, Near Mithakali Six Roads, Ahmedabad – 380006, Gujarat, India · Dena Bank, Bhestan Branch, Bhestan, Gujarat, India · HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India · IDBI Bank Limited · Bank of Baroda |
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Facilities : |
Notes: Secured /
Long term borrowings: The company has availed Term Loan facility of Rs.300.000 Millions from IDBI Bank Limited. for acquiring thermal power boiler & evaporator plant. The said term loan is secured against all the assets created from said loan as first charge and on all the present and future total current assets of the company as second pari-passu charge. The rate of interest for the said loan is BBR + 75 bps with annual review of spread The said loan is repayable in monthly Installments of Rs.7.693 Millions starting from July, 2014. Moreover, the company has also availed ECB term loan facility from Standard Chartered Bank, London for USD 12.2 million for acquiring plant & machinery named as S10 plant at Sachin unit. The rate of Interest for the said term loan is LIBOR + 2.40% p.a. However, the company has entered into interest rate swap and thereby, interest rate has been fixed at 5.72%. The said term loan is secured against all the movable assets, either present or future, of the company. The loan is repayable in Quarterly Installments of 6.25% of the total principal amount. The current maturities for the said term loan is $ 2287500. The company has given fixed deposit of Rs.35.000 Millions as a margin money. The company has also signed undertaking that its unsecured loans from promoters/directors/shareholders shall always be maintained at Rs.750.000 Millions or more. Secured / Short term borrowings: The company has availed Term Loan facility from IDBI Bank Limited. for acquiring plant and machinery. The said term loan is secured against all the plant and machineries acquired from said loan as first charge and on all the unencumbered movable fixed asset of the company situated at sachin unit of the company. The rate of interest for the said loan is BPLR -2.25% p.a. The said loan is repayable in monthly Installments of Rs.6.479 Millions. Moreover,
the company has also availed ECB term loan facility from Standard Chartered
Bank, London for USD 12.2 million for acquiring plant & machinery named
as S10 plant at Sachin unit. The rate of Interest for the said term loan is
LIBOR + 2.40% p.a. However, the company has entered into interest rate swap
and thereby, interest rate has been fixed at 5.72%. The said term loan is
secured against all the movable assets, either present or future, of the
company. The loan is repayable in Quarterly Installments of 6.25% of the
total principal amount. The current maturities for the said term loan is $
2287500. The company has given fixed deposit of Rs.35.000 Millions as a
margin money. The company has also signed undertaking that its unsecured
loans from promoters/directors/shareholders shall always be maintained at
Rs.75 Millions or more. |
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Auditors : |
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Name : |
S.N.K. and Company Chartered Accountants |
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Address : |
45, Sai Nagar Society, Behind Bhulka Bhavan School, Adajan Road, Surat
– 395009, India |
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Tel. No.: |
91-261-2656273-4/ 6544791-2/ 3299540-47 |
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Fax No.: |
91-261-2656868 |
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E-Mail: |
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Website : |
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PAN No.: |
AAJFS8455L |
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Memberships : |
-- |
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Collaborators : |
-- |
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Subsidiary Company
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Name: C T X Dyestuffs Private Limited Address: S. No.80,
Bhestan, G.I.D.C., Pandesar, Surat – 394221, Gujarat, India Line of Business: Manufacturer of Textile Yarn. |
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Related Parties : |
· CTX Lifescience Private Limited · C M C Industries · Shree Corporation · Thakor Private Trust · Bhavin Textiles · Bhavin Industries · Coconut Software Private Limited · Colourtex Inc. · Colourtex (Asia Pacific) Limited · Coltex. S.A · Coltex Brasil Productos Textiles Limited |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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22230000 |
Equity Shares |
Rs.10/- each |
Rs.222.300 Millions |
|
7650000 |
Preference Shares |
Rs.10/- each |
Rs.76.500 Millions |
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Total |
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Rs.298.800
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
3981137 |
Equity Shares |
Rs.10/- each |
Rs.39.811 Millions |
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600000 |
Preference Shares |
Rs.10/- each |
Rs.6.000 Millions |
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Total |
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Rs.45.811 Millions
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY
AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
45.811 |
38.311 |
38.306 |
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(b) Reserves & Surplus |
5,675.469 |
3,835.493 |
3,597.049 |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’
Funds (1) + (2) |
5,721.280 |
3,873.804 |
3,635.355 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
3,187.524 |
3,644.391 |
3,315.832 |
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(b) Deferred tax liabilities (Net) |
19.107 |
2.324 |
0.000 |
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(c) Other long term liabilities |
9.505 |
0.000 |
0.000 |
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(d) long-term provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current Liabilities (3) |
3,216.136 |
3,646.715 |
3,315.832 |
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(4) Current Liabilities |
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(a) Short term borrowings |
2,068.198 |
1,340.182 |
680.112 |
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(b) Trade payables |
3,657.472 |
2,532.264 |
2,460.365 |
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(c) Other current
liabilities |
487.473 |
375.846 |
307.583 |
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(d) Short-term provisions |
619.693 |
151.527 |
50.501 |
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Total Current Liabilities (4) |
6,832.836 |
4,399.819 |
3,498.561 |
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TOTAL |
15,770.252 |
11,920.338 |
10,449.748 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
2,971.670 |
2,976.075 |
2,691.218 |
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(ii) Intangible Assets |
2.585 |
4.308 |
5.410 |
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(iii) Capital
work-in-progress |
298.252 |
149.582 |
538.803 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
26.548 |
26.548 |
26.516 |
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(c) Deferred tax assets (net) |
0.000 |
0.000 |
13.246 |
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(d) Long-term Loan and Advances |
104.320 |
126.623 |
159.355 |
|
(e) Other Non-current assets |
93.254 |
92.851 |
19.978 |
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Total Non-Current Assets |
3,496.629 |
3,375.987 |
3,454.526 |
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(2) Current assets |
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(a) Current investments |
0.000 |
0.000 |
0.000 |
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(b) Inventories |
4,322.704 |
3,351.523 |
2,932.203 |
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(c) Trade receivables |
5,543.267 |
3,964.373 |
3,222.382 |
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(d) Cash and cash
equivalents |
652.726 |
432.830 |
339.019 |
|
(e) Short-term loans and
advances |
1,754.926 |
795.625 |
501.618 |
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(f) Other current assets |
0.000 |
0.000 |
0.000 |
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Total Current Assets |
12,273.623 |
8,544.351 |
6,995.222 |
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TOTAL |
15,770.252 |
11,920.338 |
10,449.748 |
PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Income |
21,696.005 |
15,287.638 |
12,698.700 |
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Other Income |
59.748 |
29.615 |
18.307 |
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TOTAL (A) |
21,755.753 |
15,317.253 |
12,717.007 |
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Less |
EXPENSES |
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Cost of Materials Consumed |
15,813.252 |
11,065.231 |
9,311.648 |
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Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(414.563) |
(244.483) |
(225.625) |
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Employee Benefits Expenses |
837.948 |
642.653 |
521.555 |
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Other Expenses |
2,706.358 |
2,380.653 |
2,129.005 |
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TOTAL (B) |
18,942.995 |
13,844.054 |
11,736.583 |
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PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2,812.758 |
1,473.199 |
980.424 |
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|
|
|||
|
Less |
FINANCIAL
EXPENSES (D) |
494.414 |
480.306 |
336.930 |
|||
|
|
|
|
|
|
|||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
2,318.344 |
992.893 |
643.494 |
|||
|
|
|
|
|
|
|||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
616.426 |
620.784 |
546.347 |
|||
|
|
|
|
|
|
|||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
1,701.918 |
372.109 |
97.147 |
|||
|
|
|
|
|
|
|||
|
Less |
TAX (H) |
601.283 |
133.041 |
35.660 |
|||
|
|
|
|
|
|
|||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
1,100.635 |
239.068 |
61.487 |
|||
|
|
|
|
|
|
|||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|||
|
|
|
Export Earnings |
7345.646 |
4305.610 |
3148.936 |
||
|
|
TOTAL EARNINGS |
7345.646 |
4305.610 |
3148.936 |
|||
|
|
|
|
|
|
|||
|
|
IMPORTS |
|
|
|
|||
|
|
|
Raw Materials |
NA |
3541.146 |
2875.427 |
||
|
|
|
Capital Goods |
NA |
15.560 |
19.413 |
||
|
|
|
Advance for Capital Goods |
NA |
0.000 |
17.518 |
||
|
|
TOTAL IMPORTS |
NA |
3556.706 |
2912.358 |
|||
|
|
|
|
|
|
|||
|
|
Earnings /
(Loss) Per Share (Rs.) |
337.63 |
73.99 |
19.03 |
|||
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
5.07 |
1.56 |
0.48 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
12.96 |
9.64 |
7.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.02 |
3.17 |
0.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30 |
0.10 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.92 |
1.29 |
1.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.80 |
1.94 |
2.00 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
38.306 |
38.311 |
45.811 |
|
Reserves & Surplus |
3597.049 |
3835.493 |
5675.469 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
3635.355 |
3873.804 |
5721.280 |
|
|
|
|
|
|
Long Term borrowings |
3315.832 |
3644.391 |
3187.524 |
|
Short Term borrowings |
680.112 |
1340.182 |
2068.198 |
|
Total
borrowings |
3995.944 |
4984.573 |
5255.722 |
|
Debt/Equity
ratio |
1.099 |
1.287 |
0.919 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
12,698.700 |
15,287.638 |
21,696.005 |
|
|
|
20.387 |
41.919 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
12,698.700 |
15,287.638 |
21,696.005 |
|
Profit |
61.487 |
239.068 |
1,100.635 |
|
|
0.48% |
1.56% |
4.88% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current maturities of long term debt |
236.728 |
243.312 |
201.923 |
|
Total |
236.728 |
243.312 |
201.923 |
|
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 |
No |
|
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 |
---------- |
|
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 |
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Millions |
31.03.2013 Rs. In Millions |
|
LONG TERM BORROWINGS |
|
|
|
Loans repayable on demand |
2811.540 |
3271.860 |
|
Total |
2811.540 |
3271.860 |
Notes:
Unsecured Long
term borrowings from Directors and Shareholders:
As per the information and Explanation given to us by the management, all unsecured loans from directors and shareholders are long term borrowings. In view of provisions of Companies Act, 2013, some portion from the said unsecured loan may be repayable within 12 months from the balance sheet date. However, considering draft rules on the acceptance of loans by private companies, the said loans are considered as long-term borrowings only.
As per the information and Explanation given to us by the management, all unsecured loans from directors and shareholders are long term borrowings. Interest charged on said unsecured loans are also generally not repayble within 12 months from Balance sheet date.
CORPORATE
INFORMATION
The company is a Private Company Domiciled in India and incorporated under the provisions of the Companies Act, 1956. The company is engaged in the business of Manufacturing and Trading of Dyes and Intermediates.
OPERATIONS:
The performance of the company during the year 2013-14 was satisfactory. The company has earned net revenue of Rs.21696.005 Millions from operations and Rs.59.748 Millions from other sources for the year. After providing an expenditure of Rs.20053.835 Millions and taxes of Rs.601.283 Millions, the company has earned Net Profit of Rs.1100.635 Millions.
ALLOTMENT OF SHARES UNDER THE SCHEME OF
AMALGAMATION:
The scheme of amalgamation of Colourtex Chemicals Private Limited, Conac Textiles Private Limited, JTJ Chemicals Private Limited, Venus Silk Private Limited and Vipan Colour Chemicals Private Limited with our Company has been sanctioned and approved by the Hon’ble High Court of Gujarat vide its order dated 27.01.2014. As per the scheme of amalgamation, equity shares of our company are issued to the shareholders of Colourtex Chemicals Private Limited, Conac Textiles Private Limited, JTJ Chemicals Private Limited, Venus Silk Private Limited and Vipan Colour Chemicals Private Limited in the ratio approved in the scheme of amalgamation.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10429532 |
15/12/2013
* |
700,000,000.00 |
HDFC
Bank Limited |
HDFC
Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013,
India |
B95868410 |
|
2 |
10295304 |
19/12/2011
* |
550,000,000.00 |
Standard
Chartered Bank |
Abhijeet
Ii, Ground Floor,, Near Mithakali Six Roads,, Ahmedabad, Gujarat - 380006,
India |
B28170983 |
|
3 |
10208255 |
09/10/2012
* |
750,000,000.00 |
Standard
Chartered Bank |
Abhijit
Ii, Ground Floor, Near Mithakhali Six Road, Ahmedabad, Gujarat - 380006,
India |
B65403362 |
|
4 |
10097978 |
05/02/2010
* |
1,136,800,000.00 |
Idbi
Bank Limited |
Ess
En House, Ghod Dod Road, Surat, Gujarat - 395001, India |
A79591194 |
|
5 |
10015403 |
10/07/2006 |
20,000,000.00 |
The
Surat People's Co.Op Bank Limited |
Vasudhara
Bhavan, Timaliawad, Nanpura, Surat, Gujarat - 395001, India |
A02325090 |
|
6 |
90160885 |
30/12/1996
* |
50,000,000.00 |
State
Bank Of India |
Salabat
Pura, Surat, Gujarat, India |
- |
|
7 |
90315433 |
21/03/1995 |
9,000,000.00 |
Gujarat
State Financial Corporation |
Jaldarshan
Building, Ashram Road, Ahmedabad, Gujarat, India |
- |
|
8 |
90166260 |
19/10/1994
* |
5,000,000.00 |
Canara
Bank |
Patel
Chambers, Nanpura, Surat, Gujarat - 395001, |
- |
|
9 |
90108849 |
11/02/1992 |
4,900,000.00 |
State
Bank Of India |
Salabatpura
Branch, Salabatpura, Surat, Gujarat, India |
- |
|
10 |
90162237 |
28/06/1989
* |
6,100,000.00 |
Gujarat
Indudstrial Investment Corporation Limited |
Chunnibhai
Chambers, Asharam Road, Ahmedabad, Gujarat - 380009, India |
- |
|
11 |
90162045 |
14/06/1987
* |
1,942,000.00 |
Gujarat
State Financial Corporation |
Jal
Darshan Building, Ashram Road, Ahmedabad, Gujarat, India |
- |
|
12 |
90162037 |
28/04/1989
* |
4,000,000.00 |
Gujarat
State Financial Corporation |
Jaldarshan
Building, Ashram Road, Ahmedabad, Gujarat, India |
- |
|
13 |
90165926 |
30/01/1992
* |
3,589,702.00 |
Canara
Bank |
Patel
Chambers, Surat, Gujarat - 395001, India |
- |
*Date of modification Charges
FIXED ASSETS:
· Buildings
· Residential Building
· Factory Building
· Plant and Equipment
· Factory Equipments
· Vehicles
· Computer Equipments
· Office Equipments
· Land
· Furniture and Fixtures
· Computer Software
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.61.50 |
|
|
1 |
Rs.93.12 |
|
Euro |
1 |
Rs.69.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
52 |
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.