MIRA INFORM REPORT

Report Date :

20^TH June, 2006

IDENTIFICATION DETAILS

Name :	MIRACHEM INDUSTRIES
Registered Office :	B – 310, Virwarni Industrial Estate, Guragaon (East), Mumbai – 400063
Country :	India
Date of Incorporation :	Around 1977
Legal Form :	Partnership concern with an unlimited liability of the partners.
Line of Business :	Manufacturer of Textile Auxiliaries

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Maximum Credit Limit :
Status :	Undetermined
Payment Behaviour :	Unknown
Litigation :	Unknown
Comments :	No telephone no. on the concern’s name could be found from consulted sources. Its old address was 307/308, Shrikant Chambers, 3^rd Floor, Sion Trombay Road, Near R K Studio, Mumbai – 400071 having telephone no. 25209180,25204991,25209161, which are disconnected. Management remained non – cooperative despite of our several approaches. Although subject is an old concern appears to be considerably small sized. It is not known to the consulted market sources Intially it can be considered for any business dealings on safe and secured trade terms and conditions. However, efforts are continued for more details and if available a shall follow, soon.

LOCATIONS

Registered Office :	B – 310, Virwarni Industrial Estate, Guragaon (East), Mumbai – 400063
E-Mail :	mirachem@vsnl.com
Website :	http://www.mirachemindustries.com
Area :	Small
Location :	Rented
Factory 1 :	W/6 – 9, IMDC Industrial Area, Karkum, Taluka Daund, District – Pune
Area :	Small
Location :	Rented

PARTNERS

Name :	Mr. Anil K Muraka
Designation :	Partner
Name :	Mr. K Murarka
Designation :	Partner

BUSINESS DETAILS

Line of Business :	Manufacturer of Textile Auxiliaries
Products :	Textile Auxiliaries
Exports to :	Middle East
Imports from :	China
Terms :
Selling :	L/C, Cash & Credit
Purchasing :	L/C, Cash & Credit

GENERAL INFORMATION

Customers :	Wholesalers
No. of Employees :	6
Bankers :	Not Available
Facilities :	--

Banking Relations :	Unknown
Associates/Subsidiaries :	Nil

FINANCIAL DATA

[all figures are in Rupees Millions]

Nil

LOCAL AGENCY FURTHER INFORMATION

As per Website Details:

About Us

Ever since it came into existence 25 years ago, MIRACHEM Industries has had close links with the ever growing textile industry.

They provide regular service which they consider an essential part  towards customer satisfaction. They have worked towards building a strong customer base and forging relationships.

With a host of diversified products, they are now focused on becoming a premier supplier of textile products and textile solutions.

Their sound present founded on a humble past is moving towards a more progressive future with the active cooperation and affection oftheir valued customers.

Products

MIRACHEM  Industries is a leading manufacturer of textile auxiliaries and speciality chemicals required for all sorts  of fibres  and fabrics  which are used in the textile industry.

Products

Preparatory Process Chemicals

Name	Application
Mirazyme - HT	Desizing agent based on enzyme stable to higher temperature.
Mirableach - PEW	One-step scouring agent for cotton, p/c, p/v blended fabrics.
Empol - S2B	Multifunctional auxiliary for processing of textiles.
Mirableach - ECO (CONC)	Ecofriendly ,single-stage, scouring/bleaching agent
Seikolyzer - AN	Non-silicate peroxide stabilizer for bleaching.
Miratol SR	A Specialty product for scouring of cotton / cotton blended fabrics.
Miramerc - NC	Non-cresylic wetting agent for mercerising and causticising bath.
Miramerc NCPLF	Non-cresylic low foam wetting agent for mercerising and causticising bath.
Miramerc - 100	Concentrated non-cresylic wetting agent for mercerising and causticising bath.
Wetenol ZF	Low foam wetting agent and detergent Ideal for continuous bleaching range.
Mirapol - N	Anionic surfactant having excellent wetting, penetrating and detergent properties.
Mirawet - KJ	Non-ionic surfactant having strong wetting and detergent properties.
Miranon 120	Multifunctional non-ionic surfactant in a concentrated form.
Emwool	Versatile detergent with powerful wetting and dispersing properties, suitable for wool and its blends.
Emfree SR	Multipurpose stain remover suitable for oil and carbon stains.
Peroxycide - M	Peroxide killer, suitable for all types of peroxide bleaching bath.
Mirableach PEW L/F	Low foam flash bleaching/scouring additive in concentrated form.
Miratol - NF	No/Low foam high performance wetting agent cum detergent.
Mirawet OT	Anionic rapid wetting and rewetting agent with powerful surface active properties.
Emsek ET	Powerful organic sequestering agent.
Miralon 505	Non-ionic rapid wetting agent cum detergent.
Emwool - S2B	A specialty product with properties of sequestering, wetting and detergency, ideal for wool and its blends.
Seikolyzer - SFS	Organic stabilizer suitable for C.B.R. and exhaust process.
Silkina - DBS	A novel chemical, specially designed for degumming of silk, yarn/fabric.

Products

Dyeing and Printing Auxiliaries

Name	Application
Mirafix - DR	Cationic dye fixing agent for reactive and direct dyes.
Mirafix - NFDR	Non-formaldehyde cationic dye fixing agent for reactive and direct dyes.
Mirasol - TR	Nonionic solvent cum emulsifier for pthalogen blue dyeing.
Seikoacid - PD Liquid	Acid buffer and dispersant for dyeing of disperse colors on polyester.
Seikoclear RCP	A specialty single pack product for reduction clearing process.
Emlevel - RCA	Reducing agent with low foam detergent property.
Hexdefoam	Defoaming agent based on silicone, stable to high temperature/pressure.
Miraperse - FFS	Dispersing agent for disperse colour dyeing.
Emoxidex VSB	Oxidizing agent for reduced vat/sulphur dyes.
S. White Liquid	Optical brightening agent for polyester, polyamide and acetate rayon fibres.
Miralin - EF	Dispersing cum leveling agent in dyeing of polyester and polyamide fibres.
Emlevavat C	Leveling agent for dyeing of vat colours.
Miracol - BSN	Dispersing cum chelating agent for dyeing of cotton and its blends.
Emtard - RLA	Retarding cum leveling agent for dyeing of acrylic fibre.
Miraperse ADL	Multifunctional product having leveling, dispersing and acid buffer properties for dyeing of polyester fibre, yarn and fabric.
Emlevel H	Nonionic leveling agent for dyeing of disperse colors on polyester fibre/fabric.
Miramul - KR	Nonionic emulsifier for use in pigment printing.
Disprobrite	Nonionic dye accelerator for use in printing pastes containing disperse dyes.
Miracol Word	Unique reactive colour dyeing washing off agent to achieve best washing fastness results.
Emlube	Crease preventive and lubricating agent for dyeing, washing and scouring operations.
Seikogen MER	Leveling agent for reactive dyes on cellulosic fibre/yarn/fabric.
Miracrom ACB	After chroming baths in the dyeing of wool in order to minimize chrome residues in discharged dye house effluent and to minimize impairement of wool quality.
Seikotex WRA	Polyester weight reducing agent.
Seikuron - CA	Multipurpose complexing agent and bath conditioner.
Emdefoam - NS	Non silicon based defoaming agent with excellent stability during dyeing/finishing.
Wettenol ZFD	Low foam padding auxiliary for continuous and batch process, during dyeing of vat and sulphur dyes.

Products

Textile Finishing auxiliaries

Name	Application
Absorbant T	Imparts excellent absorbency on cotton/yarn/fabric.
Mirasoft - XLS	Anionic softener to impart soft and supple feel to cellulosic yarn and fabrics.
Mirasoft - N	Nonionic softener for cellulosics and its blends.
Tobler NIT	Cationic softener for finishing of white yarn/knit/fabric.
Mirasoft - PE	Polyethylene wax emulsion.
Mirasoft - PE - 100	Concentrated polyethylene wax cubes.
Mirasoft - R	Reactive softener for cotton/synthetic fibres and their blend.
Mirasoft - HCS	Low yellowing cationic softener suitable for all types of cotton fabrics.
Mirasil 201	Elastomeric concentrated softener for exclusive smoothness and full handle.
Seikofin - OC	Cationic softener, suitable for knits.
Tobler - CSI	Low yellowing cationic softener for cellulosic yarn/fabric.
Tobler - KDY	Low yellowing cationic softener for knits, denim and yarn for soft, silky and smooth finish.
Mirasoft - N - 100	Nonionic softener in concentrated form.
Silky Peach - 30	PU based finishing agent for exclusive wash and wear finish.
Silky Feel Conc	Micro amino silicone in concentrated form.
Mirapret R	Self cross linking low formaldehyde, permanent hydrophilic polymer.
Silk Touch	Micro-amino silicone softener.
Mirapret LF	Cross linking agent with low formaldehyde content for easy care finish.
Miragin V	Finishing agent for imparting soft and supple feel.
Silkina - 100	Micro amino silicone in highly concentrated form.
Silkomine	Typical nonionic softener which produces excellent softness on cellulosic and its blended fabrics.
Miragin - SIN	Amino functional polysiloxane.
Miraset - DH	Crosslinking agent based on DMDHEU.
Miraset - VS	Crosslinking agent based on DMDHEU with built-in catalyst.
Silkosoft 200	Elastomeric trifunctional organo modified polysiloxane.
Fosamax	Imparts softness and drape to cotton and its blended fabrics.
Turbosoft HPS	Speciality low yellowing organic modified softener with an excellent softness and hydrophillicity.
Mirasoft CS	Cationic softener for non greasy and silky feel.
Mirasil - 101	Elastomeric silicone softener for knit, wool and synthetic fibre materials.
Mirasoft - DENR	Non ionic softener for finishing of cellulosic fibre materials, especially denim fabrics.
Silkina - TEX	For an exclusive softness to all kinds of textiles.
Mirasoft - CSP	Versatile outstanding softener for cellulosic as well as its blend with synthetic fibre fabrics and knits.
Turbosoft - CS - 86	Hydrophilic non yellowing cationic softener.
Silkina - 60	Unique textile finishing agent for superior softness and supple feel.
Polystiff SF	Reactive thermoplastic resin for imparting durable stiff feel to textiles.
Miravyl EC	Polyvinyl acetate emulsion for body and bulkier finish.
Polyfinish SF	For fuller and grainy finish to the fabric.
Mirasoft MBS	High tech softener for textile finishing.
Seikofin - W	Wax based finishing agent in concentrated form.
Mirasil F	Silicone softener which imparts soft, supple and rich finish.
Emoil	Imparts hydrophillicity to yarn/fabric when treated.

Location

The production plant of MIRACHEM Industries is located at  MIDC Pune, about 200 kms  south of Mumbai. The MIDC has good infrastructure and is well connected by rail and road to all parts of the country.

Operations are controlled from Mumbai Head Office which looks after Purchases, Logistics, Finance and Marketing for the Western region.

Regional Office in Banglore looks after sales in the Southern Region,whereas the Northern Region is serviced by its office in Amritsar. 

To keep abreast of the market needs and customer requirements, they constantly upgrade their processes through their R&D where existing product fine tuning towards betterment is a continuous effort. A well equipped quality control laboratory ensures that the production of high quality products are a routine affair.

Distribution Network

MIRACHEM has  a Sales and Distribution network in all the major Textile centres in India.         Geographically segmented, the market is divided into four major regions, as highlighted in the map.

       Western Region

       Northern Region

       Southern Region   

Eastern  Region

Majority of the sales are made on a direct basis to  customers. Order bookings are through indents

from their regional offices.

Marketing and logistic work together to ensure  rapid and timely delivery to their customers.

Technical support to their customers is a key aspect of their marketing. 

International Business

MIRACHEM Industries has a strong export base for its Textile business with customers in all parts of the world. Their textile auxiliaries and  chemicals has also found acceptance in a number of Middle East and 

 Asian countries.

Strong emphasis is given on quality and environmental safety to meet the requirements of the most demanding customers.For queries may contact : Anil.K.Murarka

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

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.89
UK Pound	1	Rs.84.65
Euro	1	Rs.57.78

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions