MIRA INFORM REPORT
|
Report No. : |
319946 |
|
Report Date : |
02.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
DYSTAR INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
R-855, TTC Industrial Area, Rable, P O Ghansoli, Navi Mumbai – 400701,
Maharashtra |
|
Tel. No.: |
91-252-40349000 / 61419000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2013 |
|
|
|
|
Date of
Incorporation : |
20.11.1995 |
|
|
|
|
Com. Reg. No.: |
11-094620 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 342.090 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24114MH1995PTC094620 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNED03254G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCD0295N |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Manufacture and trader of textile dyes, inorganic chemicals etc. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
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Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of “DYSTAR GLOBAL HOLDINGS SINGAPORE PTE
LIMITED”. It is an established company having satisfactory track record. The management has failed to file its financial record with government
department for the year 2014. As per the available financial record of 2013, rating takes into
consideration strong financial and managerial support that company receives
from its parent company and it has sound liquidity profile. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct. In view of strong parent company support, 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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.
LOCATIONS
|
Registered Office : |
R-855, TTC Industrial Area, Rable, P O Ghansoli, Navi Mumbai – 400701,
Maharashtra, India |
|
Tel. No.: |
91-252-40349000 / 61419000 |
|
Fax No.: |
91-22- 61419010 / 61419010 |
|
E-Mail : |
|
|
Website : |
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|
Area : |
3500 Sq. ft. |
|
Location : |
Leased |
|
|
|
|
Factory 1 : |
Plot No. 3002, S/A GIDC, Ankleshwar – 393002, Gujarat, India |
|
Tel. No.: |
91-2646-22101518 |
DIRECTORS
|
Name : |
Mr. Sureshkumar Savajibhai Gondalia |
|
Designation : |
Director |
|
Address : |
B /7, Ruchi Apartments, Lad Society Road, Nehru Park, Vastrapur,
Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
29.03.1976 |
|
Date of Appointment : |
25.06.2010 |
|
DIN No.: |
00006687 |
|
|
|
|
Name : |
Sheng Chang |
|
Designation : |
Director |
|
Address : |
No. 20, Zenda Road, Xlhu District, Hangzhou City - 310021 |
|
Date of Birth/Age : |
17.03.1974 |
|
Date of Appointment : |
18.09.2012 |
|
DIN No.: |
02147753 |
|
|
|
|
Name : |
Yagnesh Kishorchandra Mankad |
|
Designation : |
Director |
|
Address : |
H / 4, Samil Apartments, Near Shreyash Railway Crossing, Ambawadi,
Ahmedabad, Gujarat – 380015 |
|
Date of Birth/Age : |
16.03.1955 |
|
Date of Appointment : |
30.06.2013 |
|
DIN No.: |
03204060 |
|
|
|
|
Name : |
Yalin Chen XU |
|
Designation : |
Director |
|
Address : |
929, Bukit Timah Road, 03-21, Singapore – 589642 |
|
Date of Birth/Age : |
19.09.1965 |
|
Date of Appointment : |
18.09.2012 |
|
DIN No.: |
03610804 |
|
|
|
|
Name : |
Mr. Balaji Dattaji Desai |
|
Designation : |
Managing Director |
|
Address : |
A – 704, Swapnalok No. 1, Pimpripada, Malad East, Mumbai - 400097 |
|
Date of Birth/Age : |
24.06.1967 |
|
Date of Appointment : |
30.06.2014 |
|
DIN No.: |
06753837 |
KEY EXECUTIVES
|
Name : |
Ramamurthi Gopalakrishnan Chittur |
|
Designation : |
Secretary |
|
Address : |
Flat No A /2, Sahvashi CHS Limited, Navi Mumbai, Thane – 400703,
Maharashtra, India |
|
Date of Birth/Age : |
12.03.1958 |
|
Date of Appointment : |
25.09.1996 |
|
PAN No.: |
AAIPG0491K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Names of Shareholders |
No. of Shares |
|
DyStar Global Holdings (Singapore) Pte Limited |
3420899 |
|
Dystar Singapore Pte, India |
1 |
|
Total |
3420900 |
AS ON 30.06.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and trader of textile dyes, inorganic chemicals etc. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
|
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Auditors : |
|
|
Name : |
BBSR and Company Chartered Accountants |
|
Address : |
1st Floor, Lodha Excelus, Appollo Mills Compound, N.M. Joshi Marg, Mahalaxmi,
Mumbai – 400011, Maharashtra, India |
|
PAN No.: |
AAKFB4397F |
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|
|
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Subsidiaries : |
Texanlab Laboratories Private Limited U33125MH1995PTC090076 |
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|
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Holding Company : |
DyStar Global Holdings Singapore Pte Limited |
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|
Others |
Lonsen Kiri Chemical Industries Limited [U24114GJ2008PLC053537] Kiri Industries Limited |
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|
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|
Fellow Subsidiary Company : |
|
CAPITAL STRUCTURE
AS ON 30.06.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3425000 |
Equity Shares |
Rs.100/- each |
Rs.342.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3420900 |
Equity Shares |
Rs.100/- each |
Rs.342.090 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
342.090 |
342.090 |
342.090 |
|
(b) Reserves &
Surplus |
428.973 |
275.622 |
192.748 |
|
(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) |
771.063 |
617.712 |
534.838 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
65.175 |
73.680 |
32.475 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
35.167 |
31.974 |
30.468 |
|
(d) long-term provisions |
5.645 |
4.472 |
4.895 |
|
Total Non-current
Liabilities (3) |
105.987 |
110.126 |
67.838 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
449.049 |
218.072 |
165.117 |
|
(c) Other current
liabilities |
72.008 |
66.902 |
189.681 |
|
(d) Short-term provisions |
38.710 |
24.677 |
6.174 |
|
Total Current Liabilities
(4) |
559.767 |
309.651 |
360.972 |
|
|
|
|
|
|
TOTAL |
1436.817 |
1037.489 |
963.648 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
139.885 |
136.526 |
140.573 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
57.035 |
0.000 |
5.353 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
293.730 |
293.730 |
193.730 |
|
(c) Deferred tax assets
(net) |
9.264 |
4.779 |
9.491 |
|
(d) Long-term Loan and Advances |
58.901 |
67.379 |
71.719 |
|
(e) Other Non-current
assets |
3.056 |
2.862 |
0.000 |
|
Total Non-Current Assets |
561.871 |
505.276 |
420.866 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
285.804 |
186.719 |
119.691 |
|
(c) Trade receivables |
368.185 |
269.989 |
261.680 |
|
(d) Cash and cash
equivalents |
202.443 |
55.982 |
38.777 |
|
(e) Short-term loans and
advances |
18.514 |
19.400 |
122.422 |
|
(f) Other current assets |
0.000 |
0.123 |
0.212 |
|
Total Current Assets |
874.946 |
532.213 |
542.782 |
|
|
|
|
|
|
TOTAL |
1436.817 |
1037.489 |
963.648 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
NA |
NA |
NA |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, EXCHANGE DIFFERENCES, TAX, DEPRECIATION AND AMORTISATION |
279.933 |
168.043 |
111.954 |
|
|
|
|
|
|
|
|
|
|
FOREIGN
EXCHANGE LOSS (GAIN) |
21.974 |
0.875 |
25.819 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
257.959 |
167.168 |
86.135 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
10.987 |
2.608 |
7.882 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
268.946 |
164.560 |
78.253 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
27.081 |
27.328 |
26.557 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
241.865 |
137.232 |
51.696 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
88.515 |
54.358 |
21.455 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
153.350 |
82.874 |
30.241 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
135.766 |
114.099 |
75.639 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
44.83 |
24.23 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.46 |
18.57 |
6.85 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31 |
0.22 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.08 |
0.12 |
0.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.56 |
1.72 |
1.50 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
342.090 |
342.090 |
342.090 |
|
Reserves & Surplus |
192.748 |
275.622 |
428.973 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
534.838 |
617.712 |
771.063 |
|
|
|
|
|
|
long-term borrowings |
32.475 |
73.680 |
65.175 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
32.475 |
73.680 |
65.175 |
|
Debt/Equity ratio |
0.061 |
0.119 |
0.085 |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
No |
|
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 |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
No |
|
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 |
No |
UNSECURED LOANS:
|
PARTICULARS |
31.12.2013 Rs. In Million |
31.12.2012 Rs. In Million |
|
Long Term Borrowings |
|
|
|
Loans and
Advances from Related Parties |
65.175 |
73.680 |
|
Total |
65.175 |
73.680 |
INDEX OF CHARGES :
NO CHARGES EXIST FOR THE COMPANY
NOTE:
The Registered office address of the company has been shifted from
Marwah House, Ground Floor, Krishnalal Marwah Marg, Saki Vihar Road, Saki Naka,
Andheri (East), Mumbai – 400072, Maharashtra, India to the present address
w.e.f. 17.10.2008.
FIXED ASSETS
·
Goodwill
·
Furniture and Fixtures
·
Office Equipments
·
Computers
·
Plant and Machinery
·
Leasehold Improvements
·
Lab Equipments
·
Vehicles
· Trade Mark
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.63.20 |
|
|
1 |
Rs.97.01 |
|
Euro |
1 |
Rs.69.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
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 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.