MIRA INFORM
REPORT
|
Report
Date : |
10.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
C. J. SHAH AND COMPANY |
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Registered
Office : |
105, Bajaj Bhavan, 10th Floor, Nariman Point, Mumbai
– 400 021, |
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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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TAN
No.: [Tax
Deduction & Collection Account No.] |
MUMC00017D |
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PAN
No.: [Permanent
Account No.] |
AAAFC5600N |
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Legal
Form : |
It is a partnership concern with an unlimited
liability of the partners. |
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Line
of Business : |
Importers and Distributors of bulk solvents, chemicals,
pharmaceuticals, plastics and plasticizers |
RATING
& COMMENTS
|
MIRA’s
Rating : |
A |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Maximum
Credit Limit : |
USD
100000 |
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Status
: |
Good |
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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 in chemical market.
Partners are reported as experienced, respectable and resourceful
businessmen. Their trade relations are reported as fair. Financial position
of the concern is good. Payments are usually correct and as per commitments. The concern can be considered good for normal business dealings.
This report is based on an interview with Mr. Satish Jadhav,
executive of the concern. |
LOCATIONS
|
Registered
Office : |
105, Bajaj Bhavan, 10th Floor, Nariman Point, Mumbai
– 400 021, |
|
Tel.
No.: |
91-22 22826969/22022390/22024461/ 22025062/22027531/2204093/22065030/ 22650892/22811839/22811841/22814160 22814161/22817263/22819343/22825113 22836892/22850889/22852400/22852413 22852529/22874306/22874306/22874307/ 22874308/23539234 |
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Fax
No.: |
91-22-22882769 |
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E-Mail
: |
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Area : |
2000 sq. ft. |
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Location : |
leased |
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Warehouse
: |
Opp. Patel Roadways and Bholachap, Near Police
Station, Purna Village, Thane-Bhiwandi Road, Bhiwandi – 421 302, Maharashtra,
INDIA |
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Branches
: |
809 Hemcot, Opp. Capital Commercial Centre, |
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Tel. No.: |
91-79-26584698, 26486196, 26494668 |
PARTNERS
|
Name : |
Mrs. Meena Mahesh Shah |
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Designation
: |
Partner |
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Name : |
Mr. Apurva Shah |
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Designation
: |
Partner |
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Name : |
Mr. Ashit Shah |
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Designation
: |
Partner |
BUSINESS
DETAILS
|
Line
of Business : |
Importers and Distributors of bulk solvents, chemicals,
pharmaceuticals, plastics and plasticizers |
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Imports
from : |
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Terms
: |
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Selling : |
-- |
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Purchasing : |
L/C, D/A or D/P |
GENERAL
INFORMATION
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No. of
Employees : |
70 |
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Bankers
: |
Union Bank of Oriental Bank of Commerce, |
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Facilities : |
The concern enjoys UBD/UDBP ( under L/C,
Import L/C (D/P), Import L/C (up to 120 days DA), Letter of Guarantee, CC
(Hyp.), UBD/UDBP/DBP, C.P., W.A.E., etc. |
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Banking Relations : |
Good |
CAPITAL
STRUCTURE
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Capital
Investment : |
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Owned : |
Rs. 30.000 millions |
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Borrowed : |
-- |
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Total : |
Rs. 30.000 millions |
FINANCIAL
DATA
[all
figures are in Rupees Millions]
|
Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Sales
Turnover |
6000.000 |
6000.000 |
5000.000 |
LOCAL
AGENCY FURTHER INFORMATION
The concern acts as
distributors for the following:
°
Eastman Chemicals,
°
Elf
°
°
The Kerala Minerals and Metals Limited, Kerala
The concern is in trade
terms with:
°
Novartis India Limited, 198
Jamshedji Tata Road, P. B. No. 11014, Mumbai – 400 021.
°
Asian Paints (
°
BASF (
°
Goodlass Nerolac Paints Limited, Nerolac House,
°
ICI India Limited,
°
ICC Chemicals Corporation,
°
Eastman Chemicals, Kingsport, TN-37662,
°
Elf
°
Vinmar International Limited,
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
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. 41.00 |
|
|
1 |
Rs. 81.80 |
|
Euro |
1 |
Rs. 55.58 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP
CAPITAL |
1~10 |
8 |
|
OPERATING
SCALE |
1~10 |
8 |
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FINANCIAL
CONDITION |
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|
--BUSINESS
SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
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--CREDIT
LINES |
1~10 |
7 |
|
--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 |
|
--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 |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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
|
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 |