MIRA INFORM REPORT

 

 

Report Date :

16.08.2006

 

IDENTIFICATION DETAILS

 

Name :

WITMANS INDUSTRIES

 

 

Registered Office :

209, 2ND Floor, Kamaldeep Industrial Estate, Goregaon (East), Mumbai – 400 063, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

1996

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMW01815C

 

 

Legal Form :

Partnership concern with an unlimited liability of the partners.

 

 

Line of Business :

Manufacturers of Speciality Lubricants and Petroleum Speciality Products.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 8000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established 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

 

Registered Office :

209, 2ND Floor, Kamaldeep Industrial Estate, Goregaon (East), Mumbai – 400 063, Maharashtra, India

Tel. No.:

91-22-26858650, 26858694 / 23 / 53

Mobile No.:

91-22-26859312

E-Mail :

sales@witmansgroup.com

Website :

http://www.witmansgroup.com

Area :

575 Sq. fts.

Location :

Rented

 

 

Factory :

170/1, Panchal Udyog Nagar, Bhimpore, Daman, Union Territory

Area :

10000 Sq. fts.

Location :

Owned

 

 

 PARTNERS

 

Name :

Mr. Ravi R. Saini

Designation :

Partner

Date of Birth/Age :

38 years

Qualification :

Under Graduate

Experience :

20 years

 

 

Name :

Mr. Rajendra R. Saini

Designation :

Partner

Date of Birth/Age :

36 years

Qualification :

Under Graduate

Experience :

18 years

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers of Speciality Lubricants and Petroleum Speciality Products.

 

 

Products :
  • Textile Oils
  • Automotive Lubricants
  • Industrial Lubricants
  • Metal Working Oils
  • Spindle Oils
  • Machine Toolway Oils
  • Rubber Process Oils
  • Speciality Greases
  • Paints & Primers
  • Jewellery Injection Waxes

 

 

Exports :

 

Countries :

Asian Countries

 

 

Imports :

 

Products :

Lubricants

Countries :

Far East

 

 

Terms :

 

Selling :

L/C, Cash or Credit

 

 

Purchasing :

L/C, Cash or Credit

 

 

GENERAL INFORMATION

 

Customers :

v      End Users

v      Wholesalers

 

 

No. of Employees :

20

 

 

Bankers :

State Bank of India

Malad (West), Mumbai – 400 064, India

 

 

 

Banking Relations :

-

 

 

CAPITAL STRUCTURE

 

Capital Investment :

 

Owned :

Rs. 2.000 millions

Borrowed :

-

Total :

Rs. 2.000 millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

31.03.2007

31.03.2006

31.03.2005

Sales Turnover

250.000

200.000

180.000

 

Expected Sales (2007-08): Rs. 250.000 millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Website details attached:

 

Subject has been at the service of Petroleum & Speciality Chemical Industry for the past one decade with a wide range of products and a wide marketing network.

The company is engaged into manufacturing of various types of petroleum Speciality products which have huge & regular demands in the market.

The company has its own quality control laboratory, which is fully equipped with latest testing instruments to carry out various tests. The company is producing lubricants as per International Standards. Products can also be produced as per customer's requirements.

Subject is an independent company specializing in the development & manufacturing of a wide range of Specialty Lubricants & Petroleum Specialty Products.

The company was established in 1989 with a sole aim to produce high quality lubricants & cater to the needs of various industries like Cement, Steel, Textiles, Plastics, Forging, Rubber, Sugar, Pharmaceutical Industries etc. Encouraged by the overwhelming acceptance of its Lubricants & Petroleum Speciality products in the market, in the year 1998, the company diversified into manufacturing & marketing of industrial paints & protective coatings.

Subject has been in the forefront of activity connected with the development of new products as well as improvement in existing products to meet the fast changing & progressively more critical requirements of users. Improved machine design coupled with the rapid strides in modern manufacturing technology and improved materials have created new demands on the products. There is also an increased awareness for Energy Conservation. Present day products therefore have to be formulated specially for longer operating life, improved protection to machine parts & reduced consumption.

For customer's specific requirements and also for meeting the new stringent needs of modern machinery we are constantly endeavoring to improve the quality of our products and to develop new products. We have a well equipped Product Development department which carries out Research & Development activities in Petroleum Lubricants and Specialties.

Over and above the company is certified with ISO 9002 quality system, and is committed to fulfill customer's expectations by offering products with superior performance and consistent quality.

Products

 

Automotive Lubricants

 

Textile Oils

 

Industrial Lubricants

 

Metal Working Oils

 

Spindle Oils

 

Machine Toolway Oils

 

  • Machine Toolway Oils

 

Rubber Process Oils

Speciality Greases

 

Paints and Primers

 

Jewellery Injection Waxes

 

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. 40.69

UK Pound

1

Rs. 81.87

Euro

1

Rs. 55.42

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

4

--CREDIT LINES

1~10

4

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

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

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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.

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions