MIRA
INFORM REPORT
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Report Date : |
23.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
SIDDHOMAL AND SONS |
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Registered Office : |
A-6, Caunnaught Place, New Delhi – 110 001 |
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Country : |
India |
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Date of Incorporation : |
1923 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS01450B |
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Legal Form : |
Partnership Concern with an unlimited liability of the partners. |
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Line of Business : |
Subject acts as Selling Agent of Holmen Paper AB, Sweden for Newsprint
Oy Metsa Bornia AB, Finland for Bleched Pulp. Suibect is also engaged in Exporter of Oxygen Gases. |
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 : |
-- |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Management of the concern remained non-cooperative during current
investigation. Hence this report is based on indirect sources of information.
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. |
LOCATIONS
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Registered Office : |
A-6, Caunnaught Place, New Delhi – 110 001, India |
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Tel. No.: |
91-11-23324509/ 23324245/ 23324240 |
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Fax No.: |
91-11-23327542/ 23325128/ 23324773 |
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E-Mail : |
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Website : |
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Area : |
2000 sq. ft. |
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Location : |
Owned |
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Branch : |
612-618, Narain Manzil, 6th Floor, 23, Barakhamba Road, New
Delhi – 110 001, India |
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Tel. No.: |
91-11-23327860 |
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Fax No.: |
91-11-23324796 |
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E-Mail : |
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Branch : |
Global Business Park, Tower B, 2nd Floor, Mehrauli Gurgaon Road,
Gurgaon – 122 016, Haryana, India |
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Tel. No.: |
91-124-24062370 |
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Fax No.: |
91-124-24062377 |
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Overseas Offices
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UK: Gorden House, Station Road, London, NW7, 2JU United Kingdom. Tel: +44(0)845-450-0525 Fax:+44(0)845-450-0526 USA: 264, Yorktown Court, Malvern PA-19355. Tel: +1-610-563-5008 Fax:+1-206-202-0861 |
PARTNERS
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Name : |
Mr. Lalit Kumar Jain |
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Designation : |
Partner |
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Name : |
Mr. Davender Kumar Jain |
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Designation : |
Partner |
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Name : |
Mr. S K Jain |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Subject acts as Selling Agent of Holmen Paper AB, Sweden for Newsprint
Oy Metsa Bornia AB, Finland for Bleched Pulp. Suibect is also engaged in Exporter of Oxygen Gases. |
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Products : |
Þ Oxygen Gases |
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Imports : |
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Products : |
Newsprint Oy Metsa Bornia AB, Bleched Pulp |
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Countries : |
Sweden and Finland |
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Terms : |
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Selling : |
L/C, D/A and D/P basis |
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Purchasing : |
L/C, D/A and D/P basis |
GENERAL
INFORMATION
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Suppliers : |
Þ Holmen Paper AB Þ Sweden for
Newsprint Oy Metsa Bornia AB Þ Finland for
Bleched Pulp. |
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Customers : |
Þ Leading
Newspaper Þ Paper Manufacturer
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No. of Employees : |
About 30 (Group around 2500) |
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Bankers : |
Not Available |
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Group Companies : |
Siddhomal Air
Products Limited Siddhumal
Investment Private Limited Siddhapavan Trading
and Finance Private Limited Sitashri Trading
and Finance Private Limited Devansh Trading
and Finance Private Limited Inox Leasing and
Finance Limited Formation: 1966, Sales Turnover: Year 2002 Rs. 39.100 millions Subject is a Holding Company Inox Chemicals
Private Limited Inox Air
Products Limited Formation: 1963, (Registered as Industrial Oxygen Limited) Sales Turnover: Year 2002 Rs. 2091.000 millions Line of Business: Manufacturer of Industrial Gases. Inox Global
Services Limited Formation: 1988, in IT and Call Centers Inox Leisure
Limited Formation: 1999 Line of Business: Owns and Operates Chain of Multiplex. Inox India
Limited Line of Business: Manufacturer of Metal Tanks and Operate Chain of
Multiplex. Gujarat
Flourochemicals Limited Formation: 1987 Sales Turnover: Year 2002 Rs. 1335.000 millions Line of Business: Manufacturer of Refrigerants |
CAPITAL STRUCTURE
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Capital Investment : |
Not Available |
FINANCIAL DATA
[all figures are in Rupees Millions]
Group Sales Turnover in Year 2002: Rs. 3.970 billions.
Group Sales Turnover in Year 2006: Rs. 7500.000 millions.
LOCAL AGENCY
FURTHER INFORMATION
History
The Group was stated by Mr. Sihomal Jain in 1923.
Group Activities
Group is engaged in Industrial Gases, Specialty Gases, Cryogenic Tanks
and Vacuum Insulated Tanks, Welded Cylinders and Disposable Gas Cylinders,
Refrigerants, Air Separation Plant and Nitrogen PSA, I T Services, Call
Centers, Multiplex and Leisure, etc.
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. 41.67 |
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UK Pound |
1 |
Rs. 83.41 |
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Euro |
1 |
Rs. 56.61 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
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45 |
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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