MIRA
INFORM REPORT
|
Report Date : |
24.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
WESTERN CHEMICAL CORPORATION |
|
|
|
|
Registered Office : |
502, Vishwananak , Chakala, Andheri (East), Mumbai – 400 099,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
1959 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CALW00107C |
|
|
|
|
Legal Form : |
Partnership concern with an Unlimited Liability of the partners. |
|
|
|
|
Line of Business : |
Trader and Importer of Cosmetics and Paints, Plastic and Electronics
Hems. Items. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 25000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a small concern having steady business. 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. Nothing adverse reported. |
LOCATIONS
|
Registered Office / Branches Offices : |
502, Vishwananak , Chakala, Andheri (East), Mumbai – 400 099,
Maharashtra, India |
|
Tel. No.: |
91-22-28394441/2/3 |
|
Fax No.: |
91-22-28219871 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Rented |
|
|
|
|
Head Office : |
16-B, Chowringhee Mansion, 30 Jawaharlal Nehru Road, Kolkata – 700
016, West Bengal, India |
|
Tel. No.: |
91-33-22294356/ 57 |
|
Fax No.: |
91-33-22172098 |
|
E-Mail : |
PARTNERS
|
Name : |
Mr. Mangladas Shanghavi |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Ahijit Shanghavi |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Arun Shanghavi |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Ketan Shanghavi |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Apurva Shanghavi |
|
Designation : |
Partner |
BUSINESS DETAILS
|
Line of Business : |
Trader and Importer of Cosmetics and Paints, Plastic and Electronics
Hems. Items. |
|
|
|
|
Imports : |
|
|
Products : |
All Products |
|
Countries : |
Japan, Belgium, China, US |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Credit |
|
|
|
|
Purchasing : |
Cash, Credit |
GENERAL
INFORMATION
|
Customers : |
End users |
|
|
|
|
No. of Employees : |
Around 20 |
|
|
|
|
Bankers : |
Vijaya Bank Address: Overseas Branch, Mumbai, Maharashtra, India |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Gandhi , Arun and Company Chartered Accountants |
|
Address : |
Kolkata – 700 016, West Bengal, India |
|
|
|
|
Associates/Subsidiaries : |
· Apurva Corporation Address: 502, Vishwananak , Chakala, Andheri
(East), Mumbai – 400 099, Maharashtra, India
Activity: Exporter of Chemicals and
Plastic Raw Materials · WCC International |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs. 5.800 millions |
|
Borrowed : |
--- |
|
Total : |
Rs. 5.800 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
11.100 |
12.400 |
Expected Sales (2007-08): Rs.15.000 millions.
LOCAL AGENCY
FURTHER INFORMATION
WEBSITE DETAILS:
The concern was established at Kolkata in the year 1961 by group of
young and dynamic entrepreneurs headed by Mr. Mangaldas Shanghavi having head
office at Kolkata and branch office in Mumbai along with a network of dealers,
agents and representatives spread all over the country.
The concern as Pioneer in the early sixties upto mid eighties in import of
Industrials Chemicals, Petrochemicals and allied products both in bulk category
as well as packed product. Due to the extensive market knowledge they today
represent reputed domestic companies in India. These companies manufacture
products used in vital industry.
Besides the above, they are active in indenting / imports / exports / products
used in a wide range of industries especially cosmetics / paint /
petrochemicals and allied industries.
They also represent several well renowned overseas companies for speciality
chemicals used in cosmetics / paints / plastics and allied industries.
They serve their customers for specialty chemicals from Mumbai.
The concern is family owned group headed by Mr. Mangaldas Shanghavi who
is the founder of this group. he is assisted by his younger brother Mr. Arun
Shanghavi who is a chemical engineer from wales (UK) Followed By Mr. Apurva
Shanghavi, Mr. Ketan Shanghavi And Mr. Abhijit Shanghavi who are looking after
groups various areas of interest
Mr. Mangaldas Shanghavi besides being successful businessman has been active in
various social activities and is presently president of one of the premier
educational institution in kolkata - The Bhawanipore education society and has
a vision of making this institution one of the best in India.
Vision Statement:
“Their Goal Has Been To Expand And Grow Step By Step With The
Association Of Best Of Companies, Best Of Products, Best Of Customers, Best Of
Suppliers, Best Of People And Create Healthy Environment For All.”
Strength and
Mission:
The concern is well equipped to serve the customers to enrich their formulations
with most advanced and unique raw materials which add value to the
formulations. This is backed by their friendly and supportive customer service.
They offer solutions which are mild, harmless making sure that there is no
adverse effect on mankind.
Cosmetics:
They offer Ingredients for Personal care products, Colour cosmetics,
Cosmeceuticals and Oral Care. Broadly these ingredients can be classified as:
· Mild Surfactants
· Anti-Acne
· Anti-Ageing
· Anti-Bacterials
· Anti-Cellulite
· Anti-Dandruff
· Anti-Hair Regrowth
· Anti-Inflammatory
· Anti-Wrinkles
· Active/Fragrance Carriers For Sustained Release
· Emollients-
· Esters-Paste, Low and High Polar
· Fairness Actives
· Film Former
· Functional Powders
· Gelatinising Agents
· Glitters
· Hair Conditioners
· Hair Growth
· Hair Styling
· Humectants
· Micronised Titanium Dioxide
· Micronised Zinc Oxide.
· Natural Extracts
· Oil Absorbing
· Polypeptides
· Scrubbing Agents
· Surface Treated Pigments
· Under Eye Dark Circles
Paint and Printing Ink
Industry
· Functional Fillers
· Cristobalite
· Nephlyne Synite
· Quartz
· Coloured Sand
· Barium Sulphate
· Wallstonite
· Flame Retardants
· Smoke Supressants
· Surface Treated Fillers
· Anti Bacterials
· Micronised Tio2
Plastic and Polymer
Industry
· Functional Fillers
· Anti Block
· Anti Backterial
· Surface Treated Fillers
· Flame Retardant
· Smoke Suprresent
· Azo Intiators
· Recycling Modifier
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 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.39.49 |
|
UK Pound |
1 |
Rs.78.33 |
|
Euro |
1 |
Rs.56.78 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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/normal. |
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 |
|