MIRA
INFORM REPORT
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Report Date : |
07.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
RENU
CHEMICALS |
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Registered Office : |
Block
No. 7, 3rd Floor, 528/9, Yogeshwar Complex, Near Dandekar Bridge,
Pune – 411030, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
01.04.1985 |
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Legal Form : |
Sole
Proprietory Concern |
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Line of Business : |
Manufacturers
and Exporters of Dyes and Dyestuff Intermediates. |
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 concern having satisfactory track. 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. Nothing
adverse reported. |
LOCATIONS
|
Registered Office : |
Block
No. 7, 3rd Floor, 528/9, Yogeshwar Complex, Near Dandekar Bridge,
Pune – 411030, Maharashtra, India |
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Tel. No.: |
91-20-24335570
/ 24331993 |
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Fax No.: |
91-20-24335570
/ 24331993 |
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E-Mail : |
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Website : |
http://www.renukachemicals.com |
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Area : |
650
sq. ft. |
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Location : |
Owned |
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Factory
: |
Plot
No. A – 68, M.I.D.C., Kurkumbh, Taluka Daund, District Pune, Maharashtra,
India |
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Area : |
5000
sq. ft. |
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Location : |
Leased
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Factory
2 : |
B
67/2, M.I.D.C., Lote Parshuram, Taluka Khed, District Ratnagiri – 415722 |
SOLE PROPRIETOR
|
Name : |
Dr. V.
E. Inamdar |
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Designation : |
Sole
Proprietor |
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Date of Birth/Age : |
63
years |
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Qualification : |
Doctorate
degree in Dyestuff Technology from University Department of Chemicals
Technology from University of Mumbai in 1972 |
|
Experience : |
43
years |
KEY EXECUTIVES
|
Name
: |
Mr.
Amit Inamdar |
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Designation
: |
Export
Manager |
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Date
of Birth/Age : |
34
years |
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Qualification
: |
M. E.
in Electronics |
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Experience
: |
12
years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers
and Exporters of Dyes and Dyestuff Intermediates. |
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Exports to : |
Japan,
South Korea and Europe [Finished goods] |
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Imports from : |
Europe
[Raw Materials : 10%] |
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Terms : |
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Selling : |
Local
: Cash and Credit [60 days] Overseas
: Cash and Credit [30 days] |
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Purchasing : |
Local
: Cash and Credit [60 days] Overseas
: Cash and Credit / LC [60 days] |
GENERAL INFORMATION
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Suppliers : |
Associated
Industries Andheri,
Mumbai, Maharashtra, India - Mr.
Abdul Fahim Tel.
No. : 91-9322951229 P. D.
Mody & Company Mumbai,
Maharashtra, India - Mr.
Ashish Mody Tel.
No. : 91-9820224956 U. H.
International Lower
Parel, Mumbai, Maharashtra, India - Mr.
Uday Dole Tel.
No. : 91-22-24954581 / 82 / 83 Siddharth
Colour Chem Limited Mumbai,
Maharashtra, India - Mr.
Parag Mahatre Tel.
No. : 91-22-22851007 AH
Chemicals Private Limited Prabhat
Dye Chem Agency Hindustan
Organic Company |
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No. of Employees : |
60 |
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Bankers : |
Bank
of Maharashtra D. G.
Branch, Pune, Maharashtra, India Cosmos
Co-operative Bank Limited Vithalwadi,
Pune, Maharashtra, India |
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Facilities : |
Cosmos
Co-operative Bank Limited : Cash Credit : Rs. 1.500 millions |
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Banking Relations : |
Satisfactory
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Auditors : |
Bhushan
S. Bapat Chartered
Accountant |
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Memberships : |
Chemexcil
Export Promotion Council of GOI |
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Associates : |
Parco
Pharmaceuticals & Chemicals Plot
No. B-67-2, 67-3, M.I.D.C., Lote Parsuram, Taluka Khed, District Ratnagiri –
415722 -
Manufacturers of Dye Intermediates |
CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Not
Available |
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Borrowed : |
Not
Available |
FINANCIAL DATA
[all figures are in Rupees
Millions]
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Particulars |
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31.03.2005 [Projected] |
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Sales Turnover |
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50.000 |
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Profit After Tax |
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|
3.000 |
LOCAL AGENCY
FURTHER INFORMATION
WEBSITE
DETAILS
RENUKA CHEMICALS - Pioneers in manufacturing various dyes and dye
intermediates and as well as acid dyes & solvent dyes. They have over 25
years of chemical expertise. Their company was established in the year 1980 by
Dr. V. E. Inamdar. Dr. V. E. Inamdar has done PhD. in dyestuff technology in
the year 1972 from University of Mumbai. He was also awarded scholarship for
the further studies by NASA. Since then he has done pioneering work in the
field of dyestuff technology. He has developed manufacturing processes for
various dyes and dye intermediates. He has been the back bone of the success of
their organization
They have
established an international presence and are continually improving its staff,
manufacturing resources and facilities in order to provide best quality product
while maintaining standards of excellence that ensure Quality Delivered On
Time.
Key Facts:
Year of establishment:
1980
No of Production Lines
: 4
Export Markets :
Europe, USA, Japan, Korea
Import Market : Europe
Monthly Production
Capacity : 35 Mt
Over the last 25
years they have grown 10 folds. From the tumble beginning their export sales
are now US$ 300,000 per year. Their net sales are US$ 700,000 per year. They are exporting their products to
Germany, Japan, Korea, U.S.A., Thailand, Malaysia.
The endeavor at Renuka Chemicals is to provide value.
Value through pioneering work, research & development and quality products
across the globe.
They keep alive this
endeavor and reaffirm its commitment to the environment, the people and a
healthier future.
Vision :
To be a globally
preferred company in the Chemical Industry line.
Mission
:
They aim at a strong
and proactive work force to create a satisfied client by the best quality
product finished on time.
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.44.83 |
|
UK
Pound |
1 |
Rs.85.36 |
|
Euro |
1 |
Rs.57.21 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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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
|
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 |
|
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 |
|
NR |
In view of the lack of information, we have
no basis upon which to recommend credit dealings |
No Rating |
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