MIRA
INFORM REPORT
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Report Date : |
25.06.2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
B – 2 / G – 3, Meghrath Complex, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
2004 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer of Industrial Chemicals |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 6000 |
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Status : |
Small Concern |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small concern having satisfactory track. Proprietor
is reported as experienced and respectable businessman. Trade relations are
reported as fair. Business is active. Payments are however reported as
usually correct and as per commitments. The concern can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
B – 2 / G – 3, Meghrath Complex, |
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Tel. No.: |
91-2762-310345 |
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Mobile No.: |
91-9879741011 |
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Fax No.: |
91-2762-258199 |
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E-Mail : |
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Website : |
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Area : |
5 B gate |
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Location : |
Owned |
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SOLE PROPRIETOR
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Name : |
Mr. Chandrakant Maganbhai Patel |
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Designation : |
Proprietor |
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Date of Birth/Age : |
28 Years |
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Qualification : |
Graduate |
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Experience : |
4 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Industrial Chemicals |
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Products : |
♠
Silica Gel White ♠
Blue Desiccants ♠
Silica Gel Bags ♠
Pouch Pcking |
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Terms : |
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Selling : |
Cash, Credit (30 days / 60 days / 90 days) |
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Purchasing : |
Cash, Credit (30 days / 60 days / 90 days) |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailer |
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No. of Employees : |
37 (Group) |
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Bankers : |
ICICI bank Mehsana Branch Kotak Mahindra Bank Mehsana Branch |
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Facilities : |
Overdraft (ICICI Bank) |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
Shiv Chemical B – 34, Swarndham Apartments, Mehsana Proprietor: Mr. Lalit Patel (Brother of CP) Line of Business: Same Activity |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.1.500 millions |
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Borrowed : |
- |
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Total : |
Rs.1.500 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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7.500 |
5.000 |
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Expected Sales (2007-08) : Rs.8.500 millions
LOCAL AGENCY FURTHER INFORMATION
Trade Reference:
Shreenath Chemicals
Mehsana (raw materials purchase)
Proprietor Mr. Mukesh Patel
Tel No. 91-982416886
SKC Chemicals
85 TTC Industries Area, Navi Mumbai
Proprietor – Mr. Nimesh Thakkar
Tel No. 91-9820057869
Company Details:
They are
one of the leading manufacturers and exporters of a wide range of Industrial Chemicals. Beginning its
journey in 2004, they are today manufacturers of superior quality products like
Silica Gel White and Blue Desiccants,
Silica Gel Bags and Pouch Packing at 25 Kgs with LDP liners. The
company believes in credibility and provides prompt delivery of quality
products at the doorsteps of their valued customers. They believe in total
customer satisfaction.
Adhering to a complete Quality inspection system, they are able to manufacture
high quality Industrial Chemicals consistently that are produced as per the
International Quality Standards. Following Strict Quality Control Procedures,
their products fully comply with national and international standards. Their
Research and Development team has brought them more opportunities and
competitive advantages in both domestic and overseas markets.
With a strong sales force, their international business has grown rapidly and
continues to develop. They have implemented a complete quality control system
and strictly adhere to International Quality Control Standards. Based on their
dedication to Functional Technology, Strict Quality Control and Innovative
Management, their company has gained Quality System Certification. As a result,
their products are doing well both in the domestic as well as international
markets.
They have a rich and sound manufacturing unit consisting of
all the necessary machineries of latest technology. Combined with a technically
oriented workforce at their company they manufacture and export international
quality Silica Gel and Desiccants.
Their company's USP lies in a fully-automatic line for packing Silica Gel in
imported paper.
For their valued customers, they manufacture and export
international standard Silica Gel White
and Blue Desiccant. They are able to provide their customers with high
quality products at reasonable prices which completely satisfy the requirements
of the clients.
Silica Gel
This is a Desiccant material available in two types Indicating Type (Blue) and None Indicating Type(White).
It is mainly used to remove moisture from certain enclosures like
dehumidifiers. This is available in crystal form in various sizes from 1 mesh
to 80 meshes. The packaging size of Silica Gel varies as per customer
requirements. This is available only in 25 Kg bugs with LDP Liners.
Their Highlights
- Superior
Quality
- Effective
Customer Services
- Prompt
Delivery
- Ethical
Business Practices
Absorbing advanced management experiences and professional
technology, they also have a complete manufacturing mechanism for development,
design and inspection. Their products are exported to the countries throughout
the 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.40.81 |
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1 |
Rs.81.57 |
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Euro |
1 |
Rs.54.91 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
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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30 |
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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