MIRA
INFORM REPORT
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Report Date : |
11.08.2007 |
IDENTIFICATION DETAILS
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Name : |
KINJAL CHEMICALS |
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Registered Office : |
C-1-B/145/3, Phase II, GIDC, Next to Bank of Baroda Lane, Naroda,
Ahmedabad – 382 330, Gujarat |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1990 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer, Trader and Exporter of Dye Intermediates like Metallic Acid
and Resist Salt, Dyes, Dyestuffs and Chemicals |
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 : |
Subject is a well
established and reputed concern having satisfactory track. Proprietor is
reported as experienced and respectable businessman. Trade relations are
fair. Business is active. 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 /Factory : |
C-1-B/145/3, Phase II, GIDC, Next to Bank of Baroda Lane, Naroda,
Ahmedabad – 382 330, Gujarat, India |
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Tel. No.: |
91-79-22816167/ 22802720 |
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Mobile No.: |
91-9998059805 |
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Fax No.: |
91-79-22802720 |
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E-Mail : |
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Website : |
http://www.kinjalchemicals.com (under construction) |
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Area : |
2000 wards |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Kirtibhai Patel |
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Designation : |
Sole Proprietor |
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Date of Birth/Age : |
47 Years |
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Qualification : |
M. Com. |
KEY EXECUTIVES
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Name : |
Mr. Bhavesh Patel |
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Designation : |
Key Executive |
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Date of Birth/Age : |
24 Years |
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Qualification : |
Chemical Engineer |
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Experience : |
1 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Trader and Exporter of Dye Intermediates like Metallic
Acid and Resist Salt, Dyes, Dyestuffs and Chemicals |
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Products : |
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Exports : |
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Products : |
Dye Intermediates i.e. Metallic Acid and Resist Salt |
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Countries : |
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Terms : |
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Selling : |
Cash basis |
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Purchasing : |
Cash basis |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
About 30 |
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Bankers : |
Panchvati &
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Facilities : |
The Concern enjoys L/C facility from HDFC Bank Limited |
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Banking
Relations : |
Satisfactory |
CAPITAL STRUCTURE
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Capital Investment : |
Not Available |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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80.000 |
75.000 |
Expected Sales (2007-08) : Around Rs. 80.000 – 85.000 millions
LOCAL AGENCY FURTHER INFORMATION
Subject trading products few times only if bulk order.
Trade References:
- Sadhana
Nitrochem, Mumbai,
- Meghmani
Organic Limited, Mumbai,
- Atul Limited
As Per Web:
Profile
Catering to the requirements of varied industries for premium quality chemicals, they have been a prominent brand since 1990. Kinjal Chemicals, from a humble beginning to an undisputed leadership, has come through several phases of development in the last 17 years. Today, they are a forerunner in our field as a manufacturer, supplier and exporter of a massive range of Chemical Products such as Resist Salt, Metallic Acid, R-Salt, F.C. Acid, N.A.S.A., Dyes Textile Chemicals, Dye Stuff, Azodyes, DASA, Optical Whitener, DI-Map, MAP, Nitrobenzene, etc. Through consistent quality maintenance and continuous innovation, they have created a niche for ourselves not only in the domestic market but also abroad as a highly reliable source of these chemicals.
At Kinjal Chemicals, quality of products and satisfaction of
customers remain the combined foremost concern for us. Their goal is to serve
highly esteemed clients with products that enable them to improve upon and
ensure their production line performance. Working diligently towards this
mission, they are empowered with experience, expertise and an uncompromising
attitude towards quality. Customer centric approach is our driving force that
has led us to the zenith of success. Gradually, they are expanding market base with
emphasis upon splashing into the corners of the world with premium product
portfolio.
Kinjal Chemicals has been engaged in the production of a premium range of Chemical Products since 1990, and the
company has acquired an unmatched expertise in this field winning the trust of
thousands of its clients from all over the world. They are the manufacturer,
exporter and supplier of the following range of products-
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Resist Salt |
Dye Stuff |
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Metanilic
Acid |
Dyes |
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R-Salt |
Azo Dyes |
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F.C. Acid |
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N.A.S.A. |
DASA |
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ParaPhenylene
DIAmine-2-2 Sulphonic Acid |
Optical Whitener |
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N-Benzoyl H-Acid |
DI- MAP |
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MAP |
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Benzedine 2:2 DI-Sulphonic
Acid (BDSA) |
33 DI-Nitro
DI-Phynile Sulpho |
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Aniline 2:5
DI-Sulphonic Acid |
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Dies Intermediate |
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Textile Chemicals |
Nitrobenzene |
Quality
Quality is at the forefront of our corporate philosophy at Kinjal Chemicals.
They believe that only by maintaining the best quality, they can achieve full
customer satisfaction. Their trust on us is the touchstone of success and to
sustain it, they leave no stone unturned. To ensure that valued customers get
the best products in the industry, they maintain a stringent quality control
system at company. Right from the procurement of raw material to the final
delivery of finished products, an extensive quality checking is done at every
stage of the production process at in-house quality testing lab. Such measures
ensure the perfect quality of chemicals, and their superlative performance.
Infrastructure
Equipped with all the necessary infrastructural resources and using cutting
edge continuous production techniques, they, at Kinjal Chemicals, excel in
providing clients superlative quality products and distinguished services.
Their manufacturing unit is highly advanced and equipped with ultra modern
facilities for chemical production. In addition, facilities for quality control
and R&D are worth mentioning. These units are equally captive and provide
us adequate resources for the enhancement of their product quality. Thus, a
robust infrastructure is the backbone of company, and it allows us to excel in
every sphere of operations.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.40.67 |
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1 |
Rs.82.12 |
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Euro |
1 |
Rs.55.60 |
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 |
YES |
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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. |
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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