MIRA
INFORM REPORT
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Report Date : |
04.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
AMBICA
WAREHOUSING COMPANY |
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Registered Office : |
365,
Narsi Natha Street, Sai Chamber, 3rd Floor, Vadgadi, Mumbai –
400003, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
2001 |
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Legal Form : |
Sole
proprietary concern. |
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Line of Business : |
Warehousing
of Industrial Chemicals Solvents. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
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 20000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a well established warehousing concern. Partners are uneducated but
experienced, respectable and resourceful businessmen. Their trade relations are fair. Payments
are usually correct and as per commitments. The
concern can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
365,
Narsi Natha Street, Sai Chamber, 3rd Floor, Vadgadi, Mumbai –
400003, Maharashtra, India |
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Factory
1 : |
Ambica
Compound, Inside Devkrupa Building, Lane, Near Purna Bus Stop, Purna Village,
Bhiwandi, Thane |
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Tel.
No.: |
91-2522-271050
/ 273678 |
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Fax
No.: |
91-2522-273677 |
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Area : |
150000
sq. ft. |
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Location : |
Partially
Owned and Partially Rented |
SOLE PROPRIETOR
|
Name : |
Mr.
Hemchand Gada |
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Designation : |
Proprietor
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Mobile : |
91-9820300317 |
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Email : |
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Date of Birth/Age : |
43
Years |
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Qualification : |
Undergraduate
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Experience : |
27
Years |
KEY EXECUTIVES
|
Name
: |
Mr.
Hiren Goshar |
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Designation
: |
Chief
Executive Officer |
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Mobile
: |
91-9819031331 |
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Email
: |
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Name
: |
Mr.
Laxmichand Gada |
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Designation
: |
Manager
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Mobile
: |
91-9819712673 |
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Email
: |
BUSINESS DETAILS
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Line of Business : |
Warehousing
of Industrial Chemicals Solvents. |
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GENERAL
INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
76 |
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Bankers : |
Karur
Vysya Bank Limited Thana
Navpada Oriental
Bank of Commerce Panchpakhadi,
Thane |
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Banking Relations : |
-- |
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Associates/Subsidiaries : |
-- |
CAPITAL STRUCTURE
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Capital
Investment [Estimated]
: |
|
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Owned : |
Rs.
3.000 Millions |
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Borrowed : |
Rs.
3.000 Millions |
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Total : |
Rs.
6.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
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Particulars |
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31.03.2006 [Estimated] |
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Sales Turnover |
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15.000 |
LOCAL AGENCY
FURTHER INFORMATION
Trade
Reference
Ø
Adani
Exports Limited – Mr. Gautam Adani
Ø C. J. Shah and Company – Mumbai-
400021
Business
Warehousing keeping and despatching materials as per the instructions of
the owner.
Licence
is hereby granted to Ambica Warehousing Company S O 178-Thane Bhiwandi Road,
Thane, Maharashtra, India for the importation of petroleum of the classes and
the quantities as herein specified and storage there of in the place described
below and shown in the approved plan No. P/WC/MH/16/540 [P151379] dated
09.01.2006 attached hereto subject to the provisions of the Petroleum Act, 1934
and the rule made there under and to the further conditions of this Licence
The
Licence shall remain in force till the 31st day of December 2008
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Description
of Petroleum |
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Petroleum
Class A |
1250000 Liters. |
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Petroleum Class B |
500000 Liters. |
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Petroleum Class C |
200000 Liters. |
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1950000 Liters. |
The storage godown has a warehousing facility for the storage of Petroleum Class "A" / "B" / "C" products in barrels, in non - bulk category. The products will be received in tankers or pre - filled drums. The material received in tankers will be emptied and filled in drums for storage.
The following are the Fire Fighting Facilities:
Portable Fire Extinguishers
Foam -
14 Nos. (10kg capacity)
Foam - 7 Nos. (50kg capacity)
Fire Buckets
For each godown - 6 Nos. (total 42 Nos.)
Hydrant System
The system consists of –
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Hydrant points - |
7 Nos. |
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Hydrant hoses - |
7 Nos. |
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Hydrant water storage - |
0.375 Millions lits capacity |
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Hydrant pump - |
1700lpm at 7 bar head, working on D.G. |
To check the Adequacy of capacity of
Hydrant Pump
As per Rule No. 71 - B ( 2 ) of M.F.R.
The water required in litres per minute
= A + B + C
+ D
----------------------
20
Where,
|
A = |
The total area in square meters of all
floors including galleries in all building of the factory |
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B = |
The total area in square meters of all
floors and galleries including open spaces in which combustible materials are
handled or stored. |
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C = |
The total area in square meters of all
floors over 15 meter above ground level. |
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D = |
The total area in square meters of all
floors of buildings other than those of fire resisting construction provided
fire-resisting construction of various floors is so certified by any fire
association or fire insurance company. |
In the present case,
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A = |
4215 sq. m. |
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B = |
4215 sq. m. |
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C = |
Nil |
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D = |
4215 sq. m. |
A + B + C + D = 12645 sq. m.
Hence the water requirement is 12645 / 20 = 633 lpm, against which they have provided a pump with a capacity of 2300 lpm.
The total water available for fire fighting is 0.375 Millions litres, which is sufficient to run for 163 minutes which is more than 120 minutes (2 hours).
In view of the above, the capacity of the fire pump is adequate.
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.44.83 |
|
UK
Pound |
1 |
Rs.85.36 |
|
Euro |
1 |
Rs.57.21 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
|
54 |
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
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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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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