Attachment 1
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Report
Update On |
25th March, 1999 |
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Report on |
ANUSHKA CHEMICALS PRODUCTS |
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Registered Office |
B, Unit 2, Basement, Neelam Centre, 249-B Hind Cycle Road, Worli, Mumbai
– 400 025, INDIA |
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Tel. No. |
91-22-493 7725 |
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Fax No. |
91-22-493 7726 |
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E-Mail |
-- |
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Telex |
-- |
Attachment 2
S U M M A R Y
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Incorporated |
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Status |
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Registration No. |
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Chief Executive |
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Capital (Rs.) |
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Payments |
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Sales (Rs.) |
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Litigation |
-- |
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Net Worth (Rs.) |
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Banking Reputation |
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No. of Employees |
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Auditors |
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Credit Rating |
C (See attachment 3) |
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INDUSTRY
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NOTES
Anushka Chemicals Products was closed down about 2 months back as claimed by Mr. Wilson of the concern. Reason given for closing down was disputes among the partners.
Only concern which is in operation is Signet Chemical Corporation whose details are given hereunder for your information.
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NAME
SIGNET
CHEMICAL CORPORATION
REGISTERED OFFICE
B, Unit 2, Basement Neelam Centre, 249-B Hind Cycle Road, Worli, Mumbai – 400 025, INDIA
Tel. No. 91-22-493 7725
Fax No. 91-22-493 7726
E-mail signet@bom4.vsnl.net.in
FACTORY
Not applicable
BRANCH
Nil
HISTORY
Subject was established in the year 1985 at Mumbai in Maharashtra as a Partnership Concern.
LEGAL FORM
It is a Partnership Concern with Unlimited Liability of the partners.
PARTNERS
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Mr. Harish Shah |
Age – 40 years; Science Graduate; Experience – 18
years |
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Mr. P. D. Shah |
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BUSINESS
The concern is engaged in as Importers, Exporters & Traders of Pharmaceutical Excipients.
The concern imports Pharmaceutical Excipients from France, U.S.A. and Ireland against L/C, L/C at Sight and Open Account (sometimes) terms.
The concern exports Pharmaceutical Excipients to Switzerland against L/C terms.
The concern’s customers include End Users and Wholesalers.
The concern is in trade terms with :
K Dr. Reddy’s Laboratories Limited, Hyderabad
K Cipla Limited, Mumbai
The concern operates from a caption rented office premises of 600 sq.ft. and employs 6 persons.
SISTER CONCERNS
Nil
BANKERS
K Bank of Baroda, Worli Branch, Mumbai – 400 018, INDIA
FINANCIAL INFORMATION
Average Annual Turnover : Rs.25 – 30 millions
COMMENTS
Mr. Wilson, of the concern claims that Anushka Chemicals Products has been closed down due to disputes among the partners.
Hence, no business dealings can be recommended with the subject or sister concern called Signet Chemical Corporation.
Attachment 3
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SCORE SHEET |
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SCORE |
CREDIT 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. Maybe drawn to slightly difficult position as
unfavourable conditions arise. Minimal assurance for timely payment on
interest and principal sums |
Moderate |
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26-40 |
B |
Unfavourable & favourable factors carry similar
weight in credit consideration. Capability to overcome financial difficulties
seems comparatively limited or considered not known. Capability to pay both
interest and principal sums is doubtful |
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 |
Attachment 4
INDIA
In 1998, the Hindu-nationalist party, the BJP was elected and formed a new Government. Soon after, however, both India and Pakistan conducted nuclear tests and tension in Kashmir grew. 1999 is not likely to be much calmer with regard to neighbouring Pakistan, but it is believed that the tensions will be more loud than physical in nature. India is growing at a healthy 5% pace and is expected to continue its level for the coming year. Inflation has been high however and was 16.3% for the year, as of the end of September, 1998. 1999 inflation is expected to be reduced to 9.3%, still high. Foreign reserves have grown by $2.1 billion to $26.5 billion as of November, in comparison to one year earlier. The trade deficit and current account balance remain in red.
Ranked among the ten most corrupt nations in the world, the parallel economy is conservatively estimated to be Rs.300,000 millions – roughly equal to the Gross Domestic Product.