MIRA
INFORM REPORT
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Report Date : |
21.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
SPECTRUM CHEMICALS |
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Registered Office : |
B-2 Queens Park, Juhu Road, Santacruz (West) ,Mumbai 400049
,Maharastra. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1980 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS14192D |
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PAN No.: [Permanent
Account No.] |
AABFS6251L |
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Legal Form : |
Partnership Concern with an unlimited liability of the partners |
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Line of Business : |
Trader and Importer of Chemical Products. |
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 180000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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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 commitment. The
concern can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
B-2, Queens Park, Juhu Road, Santacruz (West) Mumbai 400049 ,
Maharastra India . |
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Tel. No.: |
91-22-26607690 / 26605092 / 26602878 |
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Fax No.: |
91-22-26606765 |
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E-Mail : |
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Website : |
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Area : |
1000 Sq. Ft |
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Location : |
Owned.(by partner) |
PARTNERS
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Name : |
Mr. Parindu Mehta |
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Designation : |
Partners |
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Date of Birth/Age : |
33 Years |
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Qualification : |
Graduate |
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Experience : |
12 Years |
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Name : |
Mr. C. J. Mehta |
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Designation : |
Partner |
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Date of Birth/Age : |
65 Years |
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Qualification : |
Graduate |
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Experience : |
40 Years |
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BUSINESS DETAILS
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Line of Business : |
Trader and Importer of Chemicals Products. |
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Products : |
Chemicals such as v Citric Acid v Mono Chloro v Acetic Acid v Benzyl Chloride v Nitric Acid v Methul Chloro
Acetate |
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Agencies Held : |
Akzo Nobel Surface Chemistry Pte. Ltd. Singapore |
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Imports : |
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Products : |
v Chemicals |
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Countries : |
v China v Thailand v Korea v Singapore |
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Terms : |
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Selling : |
Credit (30 to 60 Days) |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
7 People |
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Bankers : |
Union Bank Of India Santacruz (West ), Mumbai |
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Facilities : |
Cash Credit Rs.30.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rakesh Oswal and Company. Chartered Accountants |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.15.000 millions |
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Borrowed : |
Rs.30.000 millions |
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Total : |
Rs.45.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
220.000 |
150.000 |
100.000 |
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Import Value |
50% |
30% |
20% |
Expected Sales (2007-08) : Rs.350.000 millions
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
- Huntz man
International Limited.
- BASF India
Limited Mumbai.
- Cheminova
India Limited, Mumbai.
- Cadila
Pharmaceutical Limited , Ahmedabad.
Profile
Subject is a leading manufacturer and exporter of a wide range of
industrial solvents and chemicals widely used as intermediates in diverse
industries such as pesticides, perfumes, dyes, bulk drugs, pharmaceuticals,
synthetic resins, photographic chemicals, etc.
With wide working knowledge and management experience in leading chemical
companies, Mr. C.J. Mehta established Spectrum Chemicals with a view to provide
world-class quality at economical prices.
Ensuring Innovation Through
Advanced Facilities
Subject is the use of cutting edge manufacturing equipment and
world-class manufacturing techniques, Subject has the capability to handle
orders of any size or complexity.
Strong Team
Established by professionals with extensive experience and wide
expertise across the spectrum of chemicals, the subject nurtures this hallowed
legacy with a strong team leading the organization. While Mr. C.J. Mehta
oversees operations and provides guidance in administrative and purchase
matters, Mr. Parindu C. Mehta looks after the marketing operations. Their
capabilities and hardwork are the driving force behind the organization's
strong drive towards greater success.
Dedicated Workforce
A highly trained & motivated team of professionals impart their
extensive industry-wide experience & expertise to enhancing the operational
efficiency of the organisation on a sustained basis. Through routine training
programmes & learning processes they are taught to keep abreast of various
industry developments & leading scientific breakthroughs.
Established Network
Through the years of existence, The subject has established an excellent
network of dealers and carrier agents, ensuring that their customers always
receive deliveries of the products on time.
Growth
An annual turnover of over 150 million INR stands testament to us
leading position in the industry. With a strong portfolio of products, constant
innovation and enhanced capabilities, they
seek wider horizons for growth and the success
Customer Satisfaction
Customer satisfaction is of the highest priority at Spectrum
Chemicals. Through sustained initiatives and measures they serve to provide
their customers with satisfaction every time they do business.
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.41.99 |
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UK Pound |
1 |
Rs.84.22 |
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Euro |
1 |
Rs.57.22 |
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 |
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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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