MIRA
INFORM REPORT
|
Report Date : |
19.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
PAREKH ENTERPRISES |
|
|
|
|
Registered Office : |
A – 409, Fairdeal House, Swastik Char Rasta, Navrangpura, Ahmedabad –
380 009, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
1983 |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business : |
Manufacturers and exporters of Natural Food colors, Synthetic food
Colors, Indian Food colors, Iron |
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 10000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed concern having satisfactory
track. Proprietor is reported as
experienced and respectable businessman.
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
|
Registered Office : |
A – 409, Fairdeal House, Swastik Char Rasta, Navrangpura, Ahmedabad –
380 009, |
|
Tel. No.: |
91 – 79 – 2656 1355 / 56 |
|
Mobile No.: |
91-9825065613 |
|
Fax No.: |
91 – 79 – 2656 1355 / 56 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
500 Sq. fts. |
|
Location : |
Owned |
|
|
|
|
Branches : |
At Uttarakhand |
|
Area : |
1200 Sq. fts. |
|
Location : |
Owned |
SOLE PROPRIETOR
|
Name : |
Mr. Hiten Parekh |
|
Designation : |
Proprietor |
|
Date of Birth/Age : |
43 years |
|
Qualification : |
B. Sc. |
|
Experience : |
20 years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and exporters of Natural Food colors, Synthetic food
Colors, Indian Food colors, Iron |
|
|
|
|
Products: |
v
Food color v
Essential Oil v
Oleoresins v
Natural Vegetable Flavour v
Spray Dries Fruit Powder v
Spray Dried Vegetable Powder v
Condiment Powder v
Diary Powder v
Aloe Vera Powder v
Floral Extract v
Fruit Extract |
|
|
|
|
Exports : |
|
|
Products : |
v
Natural Food colors v
Synthetic food Colors v
Indian
Food colors v
v
Dyes. |
|
Countries : |
Middle - East |
|
|
|
|
Terms : |
|
|
Selling : |
Cash or Credit (90 days) |
|
|
|
|
Purchasing : |
Cash or Credit (90 days) |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
8 |
|
|
|
|
Bankers : |
State Bank of Ashram Road, Branch, Ahmedabad, |
|
|
|
|
Facilities : |
Cash Credit and LC Limit of Rs.
4.500 millions |
|
|
|
|
Banking
Relations : |
Satisfactory |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs. 2.500 millions |
|
Borrowed : |
- |
|
Total : |
Rs. 2.500 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
25.000 |
20.000 |
Expected Sales (2007-08) : Rs. 27.500 millions
LOCAL AGENCY FURTHER INFORMATION
Trade References
v Cadila Healthcare, Ahmedabad,
v Alpik Remedies, Ahmedabad,
Website details attached:
A professionally managed company, subject is one of India's distinguished manufacturers and exporters of Natural Food Colors, Synthetic Food
Colors, Indian Food Colors, Iron Ore and Dyes
Corporate Overview
Subject is one of
They offer food colors, natural food colors, synthetic food colors, Indian food
colors, iron ore and food essence. Their product range includes:
- Food Colors : Their range
of food colors includes brilliant blue, allura red, tartrazine, chocolate
brown, sunset yellow, quinoline yellow, patent blue, lignosulphonates and
more.
- Natural Food Colors
- Synthetic Food Colors
- Basic Food Colors
- Primary Food Colors
- Blended Food Colors
- Pharmaceutical Drug Colors
- Low Grade
- Food Essence
- Dyes
Advantages
- Uncompromised Quality
- Competitive Prices
- State-of-the-art Production / Packing Facility
- Equipped with latest technology
- Quality and hygiene consciousness of the employees
- Consistent supply and ability to meet bulk orders
Quality Standards
At concern, utmost importance is given to quality management systems. Their
policy is to understand the needs, tastes of the customers by providing them
with premium quality products at affordable prices. Subject gives due emphasis
to food safety tools such as GMP (good manufacturing practices) & HACCP
(Hazard Analysis and critical control points) programs on regular and ongoing
basis.
Facilities
Subject has a strong infrastructural set up in
Patrons
They have a widespread client base all across the globe. Their aim has
been to offer competitive prices, reliable quality and good services to their
customers.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 40.40 |
|
|
1 |
Rs. 82.93 |
|
Euro |
1 |
Rs. 55.81 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
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
|
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 |
|