MIRA INFORM REPORT
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Report Date : |
17th June 2006 |
IDENTIFICATION DETAILS
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Name : |
K UTTAMLAL AND COMPANY |
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Registered Office : |
Bhagwan Bhawan, 1st
Floor, 196/198, Samuel Street, Mumbai – 400 009, Maharashtra, India |
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Country : |
India
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
1953 |
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Legal Form : |
Sole
Proprietory Concern |
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Line of Business : |
Subject is engaged in as importers
and dealers in Industrial Chemicals, Dyes, Pigments, Solvents, Intermediates
and Pharmaceutical Raw Materials. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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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Maximum Credit Limit : |
USD 45000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established and reputed concern having satisfactory track. Trade relations
are fair. Payments are usually correct and as per commitments. The concern can be
considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office / Head
Office : |
Bhagwan Bhawan, 1st
Floor, 196/198, Samuel Street, Mumbai – 400 009, Maharashtra, India |
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Tel. No.: |
91-22-2344 3295 / 3297 /
2346 5598 / 4900 / 5301 |
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Fax No.: |
91-22-2344 2190 / 3290 |
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E-Mail : |
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Area : |
Owned -- 800 sq. ft. |
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Location : |
Commercial
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Warehouse : |
Dal
Mill Compound, Bhiwandi, District Thane |
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Area : |
1800
sq. ft. -- Rented |
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Branches : |
70,
Garibdas Street, Mumbai – 400 003, Maharashtra |
SOLE PROPRIETOR
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Name : |
Mr.
Kanaiyalal M. Shah |
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Designation : |
Proprietor
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Date of Birth/Age : |
74
Years |
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Qualification : |
Matriculate |
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Experience : |
51
Years |
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BUSINESS DETAILS
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Line of Business : |
Subject is engaged in as
importers and dealers in Industrial Chemicals, Dyes, Pigments, Solvents,
Intermediates and Pharmaceutical Raw Materials. |
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Exports to : |
Hong
Kong, USA, UK and African Countries |
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Imports from : |
USA,
Brazil, Taiwan, Belgium, Germany and Japan |
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Terms : |
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Selling : |
Contract
(30 days) or Cash and L/C terms |
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Purchasing : |
Contract
(30 days) or Cash and L/C terms |
GENERAL INFORMATION
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Customers : |
Wholesalers
and Retailers |
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No. of Employees : |
4 |
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Bankers : |
>
Bank of Baroda Mandvi
Branch Mumbai
– 400 003, Maharashtra >
Indian Overseas Bank 111/115,
Gulabi House Kazi
Syed Street, Mandvi Mumbai
– 400 003 |
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Facilities : |
The
concern has reported to enjoy same facilities from its bankers |
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Banking Relations : |
Satisfactory |
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Sister Concern : |
>
K. Uttamlal (Exports)
Limited, Mumbai >
J. M. Corporation, Mumbai - Government Recognised Export House >
J. K. Trading Company,
Mumbai >
Progressive Trading
Company, Mumbai |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
12.000
millions |
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Borrowed : |
-- |
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Total : |
12.000
millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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Sales Turnover |
170.000 |
130.000 |
122.000 |
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Stock |
NA |
NA |
26.000 |
LOCAL AGENCY FURTHER INFORMATION
The concern is also engaged in
exports of Dyes and Dyes Intermediates of Indian Origin.
The concern product range
include Bisphenol-a, Iodine, Orange Oil, Ok-412, Propylene Glycol USP, Dimethyl
Formamide, Dimethyl Sulphoxide, Neo Pentyl Glycol, Octoic Acid,
Epichlorohydrine, Butyl Glycol, Sodium Borohydride, Magnesium Oxide, Gilsonite
Hydroxilaine Sulphate.
The
concern sells in Local Market (90%) and International Market (10%)
We visited the office of the
concern where we observed that:
>
Name Board could be seen
and is prominently displayed.
>
The concern’s office is
easy to located
>
The concern’s office is
situated in a commercial area.
>
Items such as Telephone,
Fax Machines, Computers and Air Conditioner could be seen at the concern’s
office
Group’s
Annual Turnover Rs. 660.000 millions (Approximate)
CMT REPORT [Corruption, Money laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION ON DESIGNATED PARTY
No records exist designating subject or any of its
beneficial owners, controlling shareholders or senior officers as terrorist or
terrorist organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or
assets of the subject are derived from criminal conduct or a prohibited
transaction.
4] Record on Financial Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal Records
No available information exist that suggest that
subject or any of its principals have been formally charged or convicted by a
competent governmental authority for any financial crime or under any formal
investigation by a competent government authority for any violation of
anti-corruption laws or international anti-money laundering laws or standard.
8] Affiliation with Government :
No record exists to suggest that any director or
indirect owners, controlling shareholders, director, officer or employee of the
company is a government official or a family member or close business associate
of a Government official.
9] Compensation Package :
Our market survey revealed that the amount of
compensation sought by the subject is fair and reasonable and comparable to
compensation paid to others for similar services.
10] Press Report :
No press reports /
filings exists on the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US
Dollar |
1 |
Rs. 45.92 |
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UK
Pound |
1 |
Rs. 84.76 |
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Euro |
1 |
Rs. 57.95 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses
an extremely sound financial base with the strongest capability for timely
payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable
& favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute
credit risk exists. Caution needed to be exercised |
Credit not recommended |