MIRA
INFORM REPORT
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Report Date : |
05.07.2007 |
IDENTIFICATION DETAILS
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Name : |
SIGNET CHEMICAL CORPORATION |
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Registered Office : |
B-305, Neelam Centre, Hind Cycle Road, Worli, Mumbai - 400030 |
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Country : |
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Financials (as on) : |
31.03.2007 (Estimated) |
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Date of Incorporation : |
1985 |
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Legal Form : |
Partnership concern with an unlimited liability of the partners |
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Line of Business : |
Importers, Exports and Traders of Pharmaceutical Excipients |
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. Partners are reported as experienced and respectable businessmen.
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 : |
B-305, Neelam Centre, Hind Cycle Road, Worli, Mumbai - 400030 |
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Tel. No.: |
91-22-24937725 |
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Fax No.: |
91-22-24937726 |
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E-Mail : |
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Website : |
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Area : |
850 Sq. ft |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Harish Shah |
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Designation : |
Managing Partner |
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Date of Birth/Age : |
46 years |
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Qualification : |
Science Graduate |
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Experience : |
24 years |
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Name : |
Mrs. Veena Shah |
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Designation : |
Partner |
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Name : |
Mr. P. D. Shah |
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Designation : |
Partner |
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Name : |
Mr. N. P. Shah |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Importers, Exports and Traders of Pharmaceutical Excipients |
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Products : |
Pharmaceutical Product |
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Exports : |
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Products : |
Pharmaceutical Excipients |
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Countries : |
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Imports : |
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Products : |
Pharmaceutical Excipients |
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Countries : |
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Terms : |
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Selling : |
L/C terms |
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Purchasing : |
L/C, L/C at Sight or Open Account (sometimes) terms |
GENERAL INFORMATION
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Suppliers : |
v Shin Etsu Chemical Company v Basf Aktiengesellschaft v Amcol International v Ferro Sprl. v Speciality Minerals Inc v Fmc Biopolymer v Roquette Freres v Shin Etsu Chemical Company v Aqualon Hercules Inc. v Basf Aktiengesellschaft v Asahi Kasei Corporation v Domo Friesland Foods v C. P. Kelco Inc. v Kronos International v Luzenac Val Chisone v Rhodia Inc. v Musashino Chemical Company v Werner v
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Customers : |
Wholesalers and Actual Users |
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No. of Employees : |
About 15 |
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Bankers : |
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Bank of Worli Branch, Mumbai – 400 018 |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
Signet Chemical Corporation Private Limited Authorized Capital – Rs. 50.000 Millions |
CAPITAL STRUCTURE
Not Available
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2007
(Estimated) |
31.03.2006 |
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Sales Turnover |
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300.000 |
250.000 |
LOCAL AGENCY FURTHER INFORMATION
The concern is in trade terms with :
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Dr. Reddy’s Laboratories Limited,
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Cipla Limited, Mumbai
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FMC Biopolymers,
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As per website details
Profile
For over twenty years, they have built partnerships with Indian companies and foreign manufacturers to promote and distribute pharmaceutical excipients.
From inception, Signet aligned it’s key focus to reflect a
global perspective. Their goal was for Indian scientists and formulators to
have access to raw materials and excipients available elsewhere in the world.
With this in mind, they tied up with several major producers in
Customer Service: Close customer contact backed by a well-trained and experienced team dedicated to every aspect pertinent to sales and personal service. is assured. Needs of timing, pricing, specifications and delivery are met in the best possible manner.
Logistics Support: A management system that assures the right products in the right place at the right time. Careful strategic analysis of lead times, stock levels and pertinent costs are done that build maximum efficiency into the supply chain.
Technical Support: A team of qualified pharmaceutical personnel collaborate with you at all levels, whether it is introducing a new product, sampling, assistance in formulating or more complex issues involving their principals; Signet goes with you.
Regulatory Support: The pharmaceutical industry operates in a strict regulatory environment. Whether it is for domestic markets or export areas, documents governing use, safety etc. are a part of the process. GMP, DMF, TSE/BSE, GMO, OVI are just a few of them. Signet is committed to provide all that is available and required.
They enjoy their legacy and reputation and continually look forward to deliver better and higher standards of service.
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.40.41 |
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1 |
Rs.81.23 |
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Euro |
1 |
Rs.55.00 |
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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