MIRA
INFORM REPORT
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Report Date : |
02.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
SWATI
CHEMICAL INDUSTRIES |
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Registered Office : |
603, 6th
Floor, Siddharth Complex, R C Dutta Road, Alkapuri, Baroda, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1983 |
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Legal Form : |
Sole
Proprietory Concern |
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Line of Business : |
Manufacturer, Exporter and Importer of Chlorinated Paraffin Wax (CPW) an active ingredient used
in Plastics, PVC tubes, Cable Wires, Paints etc. |
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
35000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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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 : |
603, 6th
Floor, Siddharth Complex, R C Dutta Road, Alkapuri, Baroda, Gujarat, India |
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Tel. No.: |
91-265-2311549
/ 3206676 / 3206549 |
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Fax No.: |
91-265-2342201 |
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E-Mail : |
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Website : |
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Area : |
900
sq. ft. |
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Location : |
Rented
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Factory
1 : |
99/1B,
G.I.D.C., Nandesari, Baroda – 391340, Gujarat, India |
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Tel.
No.: |
91-265-2840843
/ 3203843 |
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Area : |
4500
sq. mtrs. |
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Location : |
Leased
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SOLE PROPRIETOR
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Name : |
Mr. O.
P. Jain |
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Designation : |
Proprietor
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Date of Birth/Age : |
58
Years |
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Qualification : |
B. E.
[Mech] |
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Experience : |
30
Years |
KEY EXECUTIVES
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Name
: |
Mr.
Rahul Jain |
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Designation
: |
Chief
Executive officer |
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Date
of Birth/Age : |
30
Years |
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Qualification
: |
B. E.
[Mech] |
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Experience
: |
4
Years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Chlorinated Paraffin Wax (CPW) an active ingredient used
in Plastics, PVC tubes, Cable Wires, Paints etc. |
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Products : |
Mono Chloro Acetic Acid (MCA) Chloro Acetyl Chloride (CAC) Sodium Mono Chloro Acetate (SMCA) Ethylene Diamine Tetra Acetic Acid (EDTA) & its salts Nitrilo Tri Acetic Acid (NTA) Hydrochloric Acid (HCL) 2,4 Dichlorophenoxy Acetic Acid (2,4-D Acid) 2,4-D Sodium Salt 2,4-D Ethyl Ester |
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Exports to : |
Europe,
Australia, Middle East and Latin America |
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Imports from : |
Raw
Materials from USA, Japan, France and Germany |
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Terms : |
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Selling : |
T/T,
D/P, at Sight or L/C Local
-30/35 days credit |
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Purchasing : |
Local
Credit 30 to 90 days, Import against advance licence [for export performance] |
PRODUCTION
STATUS
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Particulars |
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Actual Production |
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Chlorinated Paraffin Wax (CPW) an active ingredient used in Plastics, PVC tubes, Cable Wires, Paints etc. |
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100 to 400 tonnes p.m. |
GENERAL
INFORMATION
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No. of Employees : |
In
Office : 6; In Factory : 18 Total : 24 [Temporary – 60 ] |
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Bankers : |
Bank
of Baroda University
Campus, Baroda – 390002 |
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Facilities : |
Not
Divulged |
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Auditors : |
V.
Shah and Associates Chartered
Accountants Baroda
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CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs.
8.500 Millions |
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Borrowed : |
-- |
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Total : |
Rs.
8.500 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
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Particulars |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
|
90.000 |
75.000 |
Expected Turnover for March 2007 : Rs. 10.000
Millions
LOCAL AGENCY
FURTHER INFORMATION
From
February, 2007 the office is shifting to : 101 Poonam Apartment, R. C. Dutta
Road, Alkapuri, Baroda – 390007 [Owned Premises – 1900 sq. ft.]
Trade Reference
Gujarat
Narmada Fertilizers, Bharuch
Gujarat
Alkalise and Chemicals Limited, Baroda
Lamberti
SPA, Italy
As per website
Swati Chemical Industries was set up in 1983 for manufacturing Chlorinated
Paraffin Wax (CPW) an active ingredient used in Plastics, PVC tubes, Cable
Wires, Paints etc. Since then the company has become one of the leading
manufacturers & exporters of range of chemicals servicing to the
requirements of customers from diverse industries – Dyes, Agrochemical,
Pharmaceutical, Paper, Ceramic, Textiles, Cosmetic, Detergent etc.
Swati Chemical Industries is located at Vadodara, one of the
leading business centers in western part of India having a profound presence of
several chemical industries which includes a large Integrated Petrochemical
Complex i.e. Indian Petrochemical Corporation Limited
(IPCL) & Gujarat State Fertilizers Company Limited (GSFC). It is around
400Kms. from the commercial capital of India i.e. Mumbai which is having
India’s largest Seaport & Airport. Vadodara also has its Inland Container
Depot (ICD) located at Dashrath.
Over 20 years of presence in the international market, Swati
Chemical Industries has earned a name of being a quality supplier in the international
trade. With an expertise in handling Chlorinated products, they kept their
selves upbeat with the market requirements and introduced several new products
to their name viz. Mono Chloro Acetic Acid (MCA), Chloro Acetyl Chloride (CAC),
Sodium Mono Chloro Acetate (SMCA) which are being used as an active
intermediate in Agrochemicals, Pharmaceuticals, Dyes etc. Today, Swati Chemical
Industries holds a name for consistently delivering products true to
international standards to all its esteemed customers the world over.
Swati Chemical Industries is committed to total customer
satisfaction which goes beyond just making a sale. They have with us a team of
qualified professional engineers who are trained to live upto customer’s
specific requirements and service effectively. Today Swati is a name to beckon
with in the international market for the products it is manufacturing. They
offer in packaging starting from 20Kgs. customized packing to bulk packing in
ISO containers.
New
Growth Areas
Pivaloyl Chloride
Dimethoate
Isoproturon
Acephate
Butachlor
Carboxy Methyl Cellulose(CMC)
Acetic Acid (Glacial)
Caustic Soda Flakes
Ammonium Chloride
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.44.23 |
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UK
Pound |
1 |
Rs.86.91 |
|
Euro |
1 |
Rs.58.26 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
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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47 |
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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