MIRA
INFORM REPORT
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Report Date : |
13.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
ABIRAMI SOAP WORKS |
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Registered Office : |
Embalam Main Road, Sembiapalayam Village, Korkadu Post, Via Villianur,
Pondicherry-605110, Tamilnadu |
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Country : |
India |
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Date of Incorporation : |
1998 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEA07381D |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturers of Soaps and Detergents and hair care products. |
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 200000 |
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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. Proprietor is reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active e. 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/ Factory : |
Embalam Main Road, Sembiapalayam Village, Korkadu Post, Via Villianur,
Pondicherry-605110, Tamilnadu |
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Tel. No.: |
91-413-2667226/ 2668431 |
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Mobile No.: |
91-9443238246 (Mr. Elanqovan- Purchase Department) |
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E-Mail : |
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Website : |
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Corporate Office : |
Narmada
Chemicals Private Limited 62B, North Bogh Road, T Nagar, Chennai-600017 |
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Tel. No.: |
91-44-28152377/ 28159697 |
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Factory 2 : |
Praveen Chem
Industry R.S. No.76/12, Keelav Anjore Nagore, Karaikal-611002 |
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Tel. No.: |
91-4365-256364 |
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Mobile No.: |
91-9443138247/ 9443138247 |
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Fax No.: |
91-4365-256492 |
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Factory 3 : |
Narmadha
Chemicals Private Limited R.S. No.94/1, Embalam Main road, Sembiapalayam Village, Korkadu Post,
Via Villianur, Pondicherry-605110 |
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Tel. No.: |
91-413-2667226/ 2668431 |
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E-Mail : |
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Area : |
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Marketing Office
1 : |
R.K.N. &
Company 15-806, Tiruipathi Kalahasti Road, Renigunta-517520, Andhra Pradesh,
India |
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Tel. No.: |
91-877-2285434 |
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Mobile No.: |
91-9849033027 |
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Marketing Office
2 : |
R.K.N. &
Company 6-1-125c, Ammayanayakanur, Kodai Road-624206, Tamilnadu, India |
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Tel. No.: |
91-4543-238247 |
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Mobile No.: |
91-9443038247 |
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Marketing Office
3 : |
R.K.N.&
Company 3/447-02, Main road, Melavanjore, Nagpore-611022, Maharashtra, India |
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Tel. No.: |
91-4365-256364 |
SOLE PROPRIETOR
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Name : |
Mr. K. Dhanapal |
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Designation : |
Proprietor |
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Address : |
6-1-125B, Ammyanakanur, Dindigul |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Soaps and Detergents and hair care products. |
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Imports : |
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Products : |
Raw Materials |
GENERAL
INFORMATION
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No. of Employees : |
210 |
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Bankers : |
Corporation Bank, Dindigul |
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Banking
Relations : |
Satisfactory |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.50.000 millions |
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Borrowed : |
-- |
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Total : |
Rs.50.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2006 |
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Sales Turnover |
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200.000 |
LOCAL AGENCY
FURTHER INFORMATION
Website Details :
Moving ahead in the highly competitive detergent industry is
a daunting task. With MNCs with their multi-media advertising blitzkrieg on one
hand and small scale manufacturers on the other, a new entrant has it real
tough. However, Power soap entered the Indian market in the 70's and quickly
grabbed a major chunk of the business. Thanks to the motto of producing quality
products at reasonable prices, it has become a beloved household name in
Tamilnadu, Kerala, Karnataka and Andhra Pradesh.
A vision unfolds
The Gold Company which produces the range of Power products had humble
beginnings. It began with a single unit at Kodai Road, Dindigul Dist,
Tamilnadu.
It was founded by Krishna Nadar who had a vision of producing a range of
affordable detergent products without compromising on quality. His business was
built on the strong foundation of ethics and building enduring customer relationships.
He had immense foresight that with the rapidly changing socio-cultural
conditions and economy the market for hygiene and personal care products would
grow. Nature has been a great source of inspiration and fresh fragrances like
roses have been used in Power products.
Spreading the wings
Initially, the company produced detergent bars which became quite popular.
After R Krishnan Nadar's death, the company came under the leadership of his
son K. Dhanapal who took it to newer heights and the company expanded. In 1998,
detergent powder was introduced and this was an extremely successful venture
too. Three more manufacturing units Narmadha Chemicals Private Limited at
Pondicherry, Abirami Chemicals Pondichery and Praveen Chem Industry at Karaikal
were added to meet the increasing demand for Power products. Today the company
has ventured into the personal care industry too, with hair care products like
the Nature Power range of shampoos and skin care products like the Nature Power
range of beauty soaps.
Driven by values
The company is driven by a core set of values like commitment, integrity,
excellence, unity, responsibility and understanding. It has carved a niche for
itself through producing quality products using sophisticated technology coupled
with effective marketing strategies and widespread media campaigns. Each
product that leaves the company's premises undergoes stringent quality tests to
meet ISI specifications. Marketing is carried on by R.K.N. Traders, a sister
concern of the Gold Company.
Power does not rest on its laurels but is quickly expanding
into newer products and newer shores. Plans are on to export its products too.
Ushering in a wonderful new era of 'Power' to the consumer - everywhere. The
'Power' to choose a wonderful new way of life.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.44.17 |
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UK Pound |
1 |
Rs.85.58 |
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Euro |
1 |
Rs.58.67 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
5 |
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--LEVERAGE |
1~10 |
5 |
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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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45 |
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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