MIRA
INFORM REPORT
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Report Date : |
20.06.2007 |
IDENTIFICATION DETAILS
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Name : |
MONACHEM CORPORATION |
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Registered Office : |
604, Galav Chambers, Sayajigunji, Vadodara – 390005, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1974 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Dealer and Distributor – ©
Polymer Additives Distribution ©
Specially Chemicals Indenting |
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 140000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established concern having satisfactory track.
Proprietor is reported as experienced, respectable and resourceful businessman.
His trade relations are fair. Payments are correct and as per commitments. The concern can be considered good for normal business dealings at
usual trade terms |
LOCATIONS
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Registered Office : |
604, Galav Chambers, Sayajigunji, Vadodara – 390005, |
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Tel. No.: |
91-265-2226243 / 2361527 |
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Fax No.: |
91-265-2226079 |
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E-Mail : |
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Website : |
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Area : |
2500sq.fts |
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Location : |
Owned |
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Branch: |
Mumbai |
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Location: |
Residential |
SOLE PROPRIETOR
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Name : |
Mr. Dilip G Shah |
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Designation : |
Proprietor |
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Date of Birth/Age : |
57 Years |
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Qualification : |
Graduate |
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Experience : |
35 Years |
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BUSINESS DETAILS
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Line of Business : |
Dealer and Distributor – ©
Polymer Additives Distribution ©
Specially Chemicals Indenting |
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Products : |
ANTI - OXIDANTS © Phenolic © Phosphite © Thioester © Blends UV STABILIZERS/ABSORBERS © Benzotriazoies © Benzophenones © Hindered Amine FLAME RETARDENTS/SMOKE SUPPRESANTS © Halogen-based © Phosphorus-based © Synergist-Antimony Trioxide NUCLEANTING AGENTS/CLARIFIERS © Sodium Benzoate © Sorbital-based LUBRICANTS/MOLD RELEASE AGENTS/WAX © Metallic Stearates © Erucamide © EBS © GMS © Polyethylene Wax(P.E. Wax) ANTI-STATIC AGENTS ANTI-BLOCK AGENTS/SLIP AGENTS © Silica © Erucamide ANTI-FOG AGENTS IMPACT MODIFIER © CPE PIGMENTS/FILLERS © Titanium dioxide © Lithopone © BaS © ZnS © MgO |
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Agencies Held : |
©
Chemtura ©
©
Chemax ©
Mitsu and Company, Japan ©
Sachtleben Cheme, |
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Imports : |
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Products : |
Chemical |
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Countries : |
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Terms : |
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Selling : |
Credit (30 days), Advance Payments |
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Purchasing : |
L/C, Cash, Credit (90 days) |
GENERAL INFORMATION
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Customers : |
End Users SRF Polymer Limited, Chennai |
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No. of Employees : |
15 (Office) |
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Bankers : |
HDFC Bank Alkapuri Branch, Centurion Bank of |
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Facilities : |
Cash Credit – Rs.25.000 millions |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
Coretech Vadodara Line of Business: Marketing of Engineering Products DG Shah and Company Vadodara Line of Business: Investment Company |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.10.000 millions |
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Borrowed : |
Rs.25.000 millions |
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Total : |
Rs.35.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2007 |
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Sales Turnover |
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100.000 |
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Expected Sales (2007-08) : Rs.150.000 millions
LOCAL AGENCY FURTHER INFORMATION
Trade References:
©
IPCL,
©
Reliance Industrial Limited,
©
LG Polymers (
Company
Details:
They represent overseas principals from US,
The industries they service are mainly Refineries, Petrochemicals, Polymer
Processing, Pharmaceuticals and Agrochemicals
Services:
♠
Technical Support for
Development
♠
ndenting as well as
Ex-stock availability
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Prompt Deliveries from
few kgs. to tons
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Adequate Inventory
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Samplings
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Bond to bond transfer
Applications -
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ABS
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Polystyrene
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PC/ABS
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Polyurethane
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PC
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Polyvinyl Chloride
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Elastomers
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Polyamides
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Acrylics
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Polyesters
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Polyacetal
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Polypropylene
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Polyethylene
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Thermoplastics
Polyurethanes
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.40.95 |
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1 |
Rs.81.80 |
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Euro |
1 |
Rs.55.09 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
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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54 |
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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