MIRA
INFORM REPORT
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Report Date : |
02.07.2007 |
IDENTIFICATION DETAILS
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Name : |
GEEARAN INDUSTRIES |
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Registered Office : |
Suite No. 357, 3rd Floor, Aggarwal City Plaza, Mangalam
Place, Sector – 3, Rohini, New Delhi – 100 085 |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1991 |
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Legal Form : |
Partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacture of different grades of Industrial Nitrocellulose for the
use of Paint, Printing Ink, Wood Coating paper Coating, Metal Coating,
Leather Coating, Cosmetics, Lacquers, 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 36000 |
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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. Partners are reported as
experienced and respectable businessmen.
Trade relations are reported as 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 : |
Suite No. 357, 3rd Floor, Aggarwal City Plaza, Mangalam Place,
Sector – 3, Rohini, New Delhi – 100 085, India |
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Tel. No.: |
91-11-27940011, 27940077 |
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Mobile No.: |
91-9810822258 |
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Fax No.: |
91-11-27940011, 27940077 Extn - 17 |
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E-Mail : |
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Website : |
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Area : |
600 Sq. fts. |
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Location : |
Owned |
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Corporate Office : |
4, Ho Chi Minh Sarani, 1st Floor, kolkata – 700 071, |
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Tel. No.: |
91-33-2282 4868, 91 – 33-2282 3931 |
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Fax No.: |
91- 33-2282 4451 |
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E-Mail : |
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Location : |
Owned |
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Factory 1 : |
E – 21 – 22, Ram Nagar, Industrial Area, Chandoli, |
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Area : |
2 Acres |
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Location : |
owned |
PARTNERS
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Name : |
Mr. O P Passari |
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Designation : |
Partner / Chairman |
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Date of Birth/Age : |
54 years |
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Qualification : |
Graduate |
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Experience : |
32 years |
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Name : |
Mr. Vipul Passari |
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Designation : |
Partner / Chief Executive Officer |
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Date of Birth/Age : |
26 years |
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Qualification : |
Graduate |
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Experience : |
5 years |
BUSINESS DETAILS
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Line of Business : |
Manufacture of different grades of Industrial Nitrocellulose for the
use of Paint, Printing Ink, Wood Coating paper Coating, Metal Coating,
Leather Coating, Cosmetics, Lacquers, etc. |
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Products : |
Industrial
Nitrocellulose for Printing Inks Flexo Graphic Printing Inks, Gravure Printing Inks Wood Coatings Buffing Finishes, Brush coating, Film Coating, Primers, Spray lacquer Paper Coating Coatings for calendars, Coating for paper and cardboard, Film coatings,
Wrapping papers Metal Coating Automotive coatings, Coatings for foil, Coatings fir staples, Primers Leather coatings Aqueous emulsions, Base coats, Top coats Other
Application Nail varnishes |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Advance or Cash or Credit (30 days – 45 days) |
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Purchasing : |
Cash or Credit (30 days – 60 days) |
PRODUCTION STATUS
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Capacity to increase production by 35 % |
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GENERAL INFORMATION
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Customers : |
v
Jubilant Organisms Limited v
Flex Industries Limited v
Asian Paints v
Pioneer Paints |
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No. of Employees : |
90 |
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Bankers : |
I D B I Bank Limited Rohini Sec – 3, |
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Banking
Relations : |
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Memberships : |
Indian Small Scale Paint Association |
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Associates/Subsidiaries : |
Group: PASSARI Group ST O: Rs. 110.000 millions Group Head Counts: 150 OJASWANI
ORGANICS PRIVATE LIMITED Address: Suite No. 357, 3rd Floor, Sector – III, Rohini, Tel No.: 91-11-2794 0011 / 77 Fax No.: 91-11-2794 0011 (Extn: 17) E-Mail: info@passarigroup.com
CIN: U67120WB1991PTC050730 Registered on: 02.01.01991 Authorized Capital: Rs. 3.500 millions Paid Up Capital: Rs. 2.420 millions Activity: Trading Company of Industrial Nitrocellulose PASSARI
CELLULOSE LIMITED CIN: L241190R1992PLC003171 Registered on: 12.11.1992 Authorized Capital: Rs. 50.000 millions Paid up Capital: Rs. 31.816 millions Registered Office and Factory: 20, Balgopalpur Industrial Area, P.O. Rasalpurm, Balasore, Orissa – 756
020, Activity: Manufacturing of Industrial Nitrocellulose |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 9.000 millions |
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Borrowed : |
- |
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Total : |
Rs. 9.000 millions |
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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60.000 |
50.000 |
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Profit/Loss for the year |
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10.5% |
10.5% |
Expected Sales (2007-08) : Rs. 75.000 millions
LOCAL AGENCY FURTHER INFORMATION
Website details attached
Profile
The Industrial Nitrocellulose division of PASSARI GROUP is one of the
flagship companies in its area in the country today. Inspired by technology and
aspired by ambition the organization has made its footprints in its domain.
Setting its own goals, the company has left its competitors far behind and the
challenge for them now is to set standards for themselves to grow and rise
higher.
Details about the management body and infrastructure and work process:-
The
infrastructure needed to provide world-class services is just what they have.
For better maintenance of business processes the organization has different
establishments to perform these varied activities. With the dynamic team of human
resources and an excellent sales force, the company is operating with optimum
number of resources to get the maximum output. Their management whose prime
objective is to provide wholehearted cooperation to their employees to bring
out the best from them backs up the employees. The organization works as a
cohesive unit to provide world-class output with skilled workers, experienced
executives and dynamic management, which makes up the PASSARI GROUP family.
The innovative
work process is the backbone for quality delivery of PASSARI GROUP. To adhere
to the commitment of delivering services in accordance to the internationally
accepted standards a CRM based work process is being followed. This enables the
organization to build a system where no enquiry goes unattended. Implanting the
latest technology in place PASSARI GROUP is always online with their customers,
which gives them a competitive edge in this fast moving world.
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. 40.58 |
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1 |
Rs. 81.89 |
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Euro |
1 |
Rs. 55.29 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
NO |
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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 |
YES |
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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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48 |
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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