MIRA INFORM REPORT
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Report Date : |
5th May, 2006. |
IDENTIFICATION DETAILS
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Name : |
GFF ELEMENTS |
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Registered Office : |
11
A & B, Mahendra Industrial Estate, Sion Fort Garden Road, Near V. V. F.
Limited, Sion(East), Mumbai – 400 022 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
Around
1998 |
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Legal Form : |
Sole
Proprietary Concern |
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Line of Business : |
Manufacturers, Importers
and Exporters of Aromatic Chemicals and Essential Oils. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Management
remained non-cooperative during current investigation and hence this report
is based on indirect sources of information. Subject
appear to be a small and unknown concern. It’s payments are reported as slow
and delayed. The
concern can be considered for small to mediocre business dealings on safe and
secured trade terms and conditions. |
LOCATIONS
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Registered Office : |
11
A & B, Mahendra Industrial Estate, Sion Fort Garden Road, Near V. V. F.
Limited, Sion(East), Mumbai – 400 022 |
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Tel. No.: |
91-22-24077476 |
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Fax No.: |
91-22-24022423 |
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E-Mail: |
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Website: |
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Location : |
Leased |
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Factory: |
Plot No. 55/1, Ringanwada
Industrial Estate, Village Dahhel, Nani Daman-396 210, Union Territory of
Dadra and Nagar Haveli |
SOLE PROPRIETOR
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Name : |
Mr.
G. H. Desai |
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Designation : |
Sole Proprietor |
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Date of Birth/Age : |
73 Years |
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Qualification : |
Undergraduate |
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Experience : |
48 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Importers
and Exporters of Aromatic Chemicals and Essential Oils. |
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Products : |
Ø
Aroma Chemicals Ø
Essential Oils Ø
Customized Products Ø
Ancillary Products |
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Exports to : |
Spain,
Argentina and U.S.A. |
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Imports from : |
Far
East and France |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL INFORMATION
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Customers : |
End
Users |
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No. of Employees : |
8 |
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Bankers : |
Union Bank of India,
Chembur, Mumbai – 400071 |
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Facilities : |
- |
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Banking Relations : |
Unknown |
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Sister Concern : |
˜
Harisons Chemicals Traders
Incorporated
in 1971, is active in stocking, trading, in representating principals
overseas. The product range from synthetics to naturals ˜
GFF Industries It is purely a blending unit, mainly compounding
flavors for the oral confectionary industy. ˜
GFF Exports (100% EOU) It has been exporting indigenous products to various
countries and Europe since 1993. ˜
Desai & Company,
Mumbai, Maharashtra Trader |
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Membership: |
˜
Fragrance and Flavour
Association of India ˜
CHEMEXCIL-Basic
Chemicals ˜
Pharmaceutical and
Cosmetics Exports Promotion Council ˜
Chemist and Druggist
Association ˜
Essential Oil
Association of India |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.
2.000 Millions |
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Borrowed : |
-- |
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Total : |
Rs.
2.000 Millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
|
Particulars |
31.03.2006 (Estimated) |
31.03.2005 (Estimated) |
31.03.2004 (Estimated) |
|
Sales Turnover |
30.000 |
25.000 |
20.000 |
Note: Sole Proprietary Concerns are exempted from
divulging their Balance Sheet and Profit and Loss Figures and hence it could
not be available.
LOCAL AGENCY FURTHER INFORMATION
AS
PER WEBSITE:
PROFILE
The Global Flavors and
Fragrances (Gff) Group has been associated with the flavors and fragrance
industry for over three decades.
The Group
commenced its operations with the establishment of Harisons Chemicals in 1971,
in Mumbai, to provide indenting services to the Fragrance and Flavor Industry.
The Group
then diversified into indigenous products namely essential oils and aroma
chemicals to cater to local and overseas demands with the establishment of its
subsidiaries, Gff Elements and Gff Exports. Gff Elements, also a
manufacturing unit supplies high quality customized products.
COMPANY
MISSION
They at Gff,
believe that the key to sustained success is in upholding values whilst
maintaining focus and business acumen. They believe in long lasting
relationships, and hence providing consistent services is imperative.
Establishing
a strong relationship and a commitment to deliver additional value to their
customers is Their goal.
The services
They provide are value added in terms of efficiency, reliability, high quality
with a wide range of products at extremely competitive prices as per the
customers requirements.
GFF ADVANTAGES
1. Their manufacturing unit, is based in Daman.
Advantages:
> Daman, is located in the tax free zone of
India.
> Their customers enjoy the no sales tax
benefits.
> Hereby keeping Their prices extremely
competitive.
2. Storage and Warehousing facilities are based in and
outside Mumbai.
Advantages:
> Enables us to buy and sell products at the
right time at the right rates.
> They buy and store in bulk quantities, hence
are able to get the advantage of bulk rates.
> Their clients get the advantage of maintaining
low inventory, giving them the benefit of low capital investments.
> Hereby keeping Their prices extremely
competitive as well as cutting cost for Their clients.
3. Imports of Worldwide essential oils and aroma
chemicals.
Marketing and distribution of Specialty chemicals as well
as flavors.
Advantages:
> Imports in container lots allows us to avail
bulk rates in the international markets.
> Being agents of different reputed companies
they can offer a wide range of products and at better rates.
> Hence, keeping their prices extremely
competitive as well as providing a one-stop shop for Their clients diverse
product requirements.
The bottom line is that They are committed to
provide you with a wide range of quality products, in time, at extremely
competitive prices.
ASSOCIATES
The Group’s subsidiaries
and associated companies include:
1. HARISONS
CHEMICALS incorporated in 1971, is active in stocking, trading, indenting and
representating principals overseas. The product range from synthetics to
naturals
2. Gff
ELEMENTS , a manufacturing unit, has facilities of distillation, blending and
crystallisation. Gff Elements, mainly focuses on natural products.
Their forte lies in customising the products to cater to Their clients
specific needs.
3. Gff
INDUSTRIES is purely a blending unit, mainly compounding flavors for the oral
hygiene and confectionary industry.
4. Gff
EXPORTS (100% EOU) has been exporting indigenous products to various countries
mainly USA and Europe since 1993.
PROFESSIONAL
ASSOCIATES
Gff is member
of the following Professional Associations
>
Fragrance and Flavor Association of India
>
CHEMEXCIL- Basic Chemicals
>
Pharmaceutical and Cosmetics Exports Promotion Council
>
Chemist and Druggist Association
>
Essential Oil Association of India
THEIR PRODUCTS
Their Manufacturing facility, Gff Elements, is based in Daman, for distillation and customization of mint oils and other essential oils.
Mint oils
have been their predominant range of products since 1975, when mints were yet
to be cultivated in India.
Their main
products are Peppermint oil, Spearmint oil, Anethol, Eucalyptus oil and Clove
oil. they also specialise in several other essential oils and their isolates.
Due to their
experience in mint oils and long association with companies manufacturing
toothpaste, They also compound their own formulations for oral hygiene and
confectionaries. They also customize products (essential oils, bases,
compounds) as per Their clients’ requirements.
OTHER
PRODUCTS
With their
years of experience in this industry, many of their clients use Their services
to outsource different materials for the fragrance, flavor, food and pharma
Industry. Most of these products are synthetic materials, which they
source directly from manufacturers, worldwide. Gff provides stocking,
testing, quality assurance and repacking of these products.
ESTEEM
CLIENTS
Gff’s offers its products and
services to a wide range of customers including:
>
Leading multinational companies manufacturing consumer end products in the
personal and household segments like toothpaste, mouthwash, detergents, soaps
etc.
>
Food industry and confectioneries.
>
Flavour manufacturers.
>
Fragrance houses.
>
Pharmaceutical companies.
>
Cosmetic companies.
>
Incense (Agarbatti) Companies.
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 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.44.97 |
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UK
Pound |
1 |
Rs.82.51 |
|
Euro |
1 |
Rs.56.69 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
31 |
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
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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 |
|
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 |