MIRA
INFORM REPORT
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Report Date : |
5.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
SAMEER CHEMICALS |
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Registered Office : |
303, Race Course Tower, Race Course Circle Vadodara – 390007, Gujarat |
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Country : |
INDIA |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1986 |
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Legal Form : |
Subjects is a Sole Proprietory Concern |
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Line of Business : |
Manufacturer, Exporter and Supplier of Calcium Chloride. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
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 : |
USD 4800 |
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Status : |
Small Concern |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small concern having
moderate track. Trade relations are fair. Payments are usually correct
and as per commitments. The concern can be considered for small to mediocre
business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
303, Race Course Tower, Race Course Circle Vadodara – 390007, Gujarat |
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Tel. No.: |
91-265-2350156 |
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Mobile No.: |
91-9376231000 / 9824115950 |
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Fax No.: |
91-265-2336995 |
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E-Mail : |
Sameerchemicals@rediffmail.com |
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Website : |
http://www.sameerchemical .com |
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Area : |
200 Sq. fts. |
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Location : |
Owned |
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Factory 1 : |
C – 1/42 / 17, G.I.D.C., Nandesari, Gujarat |
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Area : |
7500 Sq. fts. |
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Location : |
Owned |
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SOLE PROPRIETOR
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Name : |
Mr. S. P. Bhaskaran |
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Designation : |
Proprietor |
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Date of Birth/Age : |
60 Years |
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Qualification : |
Graduate |
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Experience : |
35 Years |
KEY EXECUTIVES
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Name : |
Mr. Sameer Bhaskaran |
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Designation : |
Chief Executive Officer |
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Date of Birth/Age : |
31 Years |
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Qualification : |
Graduate |
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Experience : |
4 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Supplier of Calcium Chloride. |
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Products : |
Ø Anhydrous 94-98%
Calcium Chloride Ø Anhydrous 98%
Calcium Chloride Ø Lye 28-38%
Calcium Chloride Ø Fused 70-75%
Calcium Chloride |
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Terms : |
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Selling : |
Credit 30 Days (Full Advanced
Payment ) |
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Purchasing : |
Credit 30 Days |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
16 |
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Bankers : |
State Bank of India Nandesari, Gujarat |
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Facilities : |
Cash Credit Rs.0.200 Million |
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Associates/Subsidiaries : |
Ø Kusum Chemicals |
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Line of Business |
Manufacturer of Calcium Chloride |
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Ø Gurunanak
Chemical Industries |
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Line of Business |
Manufacturer of Chlorinates Paraffins |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.1.000 million |
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Borrowed : |
Rs.0.200 million |
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Total : |
Rs.1.200 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
9.000 |
8.400 |
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Expected Sales (2007-08) : Rs.12.000 Millions
LOCAL AGENCY FURTHER
INFORMATION
Trade Reference :
- Hindustan
Zinc Limited, Purchase Department, Chandaria
- Atul limited,
Purchase Department, Valsad, Gujarat
Company Profile :
Incepted in the year 1986, SAMEER CHEMICALS is one of the pioneers as a manufacturer,
exporter and supplier of Calcium Chloride. The company commenced its voyage
with the aim to provide products of exceptional quality to its customers. With
the vision to render high purity chemicals the unit strives to give unbarred
dedicated services to its clients. Concern are primarily engaged as a
manufacturer, exporter and supplier of Calcium Chloride, which is available in
different types for application in numerous industries. Its products include:
ANHYDROUS 94-98% CALCIUM
CHLORIDE - This product is manufactured in sized lumps and powder. It has huge
application in various industries like concrete acceleration, oil-drilling
fluid, and additive in cement paints as binding agents, as brine in
refrigeration systems, as desiccant for removal of moisture from solvents and
gases, in certain food processing application, etc. It is offered in 25/40/50
kg laminated HDPE sacks with HMHDPE liner.
ANHYDROUS 98%+
CALCIUM CHLORIDE - This is a product of exceptionally high purity and has very specialized
applications in the pharmaceutical industries in the manufacture of API. It is
available both in lumps and powder form. It is offered in 25/40/50 kg with
extra protective packing.
LYE 28-38%
CALCIUM CHLORIDE- Available as liquid Calcium Chloride with a concentration level of 28%
to 38% it is widely used as brine in refrigeration systems. It is used in lieu
of sodium chloride in refrigeration systems where the desired temperatures are
around -40 degree centigrade. Besides its application in the refrigeration
systems it is also used is wastewater treatment, oil-well drilling fluid,
concrete acceleration and as calcium source in chemical processing. Lye is
available in 250 kg HDPE drums and tanker load.
FUSED 70–75%
CALCIUM CHLORIDE- Fused calcium chloride is processed in sized lumps and is used to make
solutions of calcium chloride. It is utilized to make solutions of calcium
chloride for use in brine refrigeration systems. Benefits of this grade include
lower shipping costs and reduction in storage place. It is offered in packing
of 50 kg laminated HDPE bags with HMHDPE liner.
The far-reaching and comprehensive use of these products has been a
source of rising demand for it. Concern at Sameer Chemicals have catered to
these demands within the given time frameworks and have emerged as winners in
the face of many challenges. Concern work hand in hand with our customers to
provide them material of the right quality, at the right time and at the right
price. As a consequence Concern have retained our customer base over the years
and all are well satisfied with our services. In years to come Sameer Chemicals
hopes for further success and growth as a unit with self-motivation as its
guide along with persistent hard work.
Other group companies are:
1.KUSUM CHEMICALS : Manufacturing Calcium Chloride
2.GURUNANAK
CHEMICAL INDUSTRIES : Manufacturing Chlorinated Paraffins
3. PERFECT PIPES : Manufacturing PVC Braided Hoses
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.15 |
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UK Pound |
1 |
Rs.85.22 |
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Euro |
1 |
Rs.57.63 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
NO |
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TOTAL |
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37 |
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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