MIRA
INFORM REPORT
|
Report Date : |
21.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
COREL PHARMA CHEM |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
1990 |
|
|
|
|
|
|
|
Legal Form : |
Subject is a Sole Proprietory
Concern. |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Acrylic based speciality polymers for
pharmaceutical and Cosmetic Industries.
|
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 40000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established concern having satisfactory track. Trade
relations are fair. Market reputation is favourable. The concern is doing
well. It can be considered good for any normal business dealings at usual
trade terms and conditions Mr. Mayur Soni of the concern parted business and financial details. |
LOCATIONS
|
Registered Office : |
Near Shayona Marble, Opp
Bhagwat Petrol Pump, Gota Ghandhinagar Highway, Ahmedabad – 382481, Gujarat |
|
Tel. No.: |
91-79-27453618 |
|
Mobile No.: |
91-9825031692 |
|
Fax No.: |
91-79-27497550 / 27682653 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
10000 Sq. Fts. |
|
Location : |
Owned |
|
|
|
|
|
|
|
Factory 1 : |
Nr. Railway Crossing, |
|
Area : |
35000 Sq Fts. |
|
Location : |
Owned ( |
|
|
|
|
R & D Centre : |
Opp Bhagwat Petrol Pump, Sarkhej – Highway, Ahmedabad – 382481, |
SOLE PROPRIETOR
|
Name : |
Mr. Kirit Patel |
|
Designation : |
Proprietor |
|
Date of Birth/Age : |
45 Years |
|
Qualification : |
Engineers |
|
Experience : |
+ 20 Years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Acrylic based specially polymers for
pharmaceutical and Cosmetic Industries.
|
|
|
|
|
Brand Names : |
|
|
|
|
|
Exports : |
|
|
Products : |
Acrylic Based |
|
Countries : |
Europe, |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
Europe, |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash |
|
|
|
|
Purchasing : |
L/C, Cash |
GENERAL INFORMATION
|
Customers : |
Wholesalers , Retailers, End Users |
|
|
|
|
No. of Employees : |
100 (In Office =20, In Factory
= 80 ) |
|
|
|
|
Bankers : |
State Bank Of Main Branch Ahmedabad |
|
|
|
|
Facilities : |
The Concern Enjoy Substartial
facilities from it’s banker. |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
CAPITAL STRUCTURE
|
Capital Investment : |
( Estimated ) |
|
Owned : |
Rs.10.000 millions |
|
Borrowed : |
--- |
|
Total : |
Rs.10.000 millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
|
Particulars |
31.03.2007 Estimated |
|
|
|
Sales Turnover |
Rs.180.000 millions |
|
|
|
|
|
|
|
|
Export Value |
Rs.120.000 millions |
|
|
|
|
|
|
|
Expected Sales (2007-08) : Rs.Rs.400.000 millions
LOCAL AGENCY FURTHER INFORMATION
Trade Reference :
- Claris India
Limited, Ahmedabad
- Zydus Cadila
Limited, Ahmedabad
- Riddhi Dye
Chem Impex, Mumbai
Web Details Attached :
Company Profile
The Company represents conglomerate of product groups with a
range of products catering to the specific needs of various industries viz.
Pharmaceuticals, Construction, Aqua-culture, Textiles, Printing, Dye
intermediates, Cosmetics & toiletries, Food & ancillaries & PVC
etc. Important as their diversified
scale is their philosophy. That is the
mission we will continue to excell in the new millennium, using their full technological capabilities to develop
new generation polymers, new arearena of application more effectively, the
better to benefit mankind in co-existance with nature. Started with a modest
begining today The Company is a multi-product polymer group with proven
capabilities in design, development, manufacturing and servicing various
polymer & related products for all the above mentioned industries. The Company has been a host to provide
solutions to industry's specific problems & needs. The word The Company is a fusion of
"CO" - Control & "REL" - Release, representing the end
use of the polymer technology. The Company is proud to protect the active
ingredients of the formulations by it's state of the art polymers and strive to
maintain its leadership position as the next generation polymer technologists.
The Company had its modest beginning in 1990, with the establishment of its
manufacturing facilities in the name of The
Company for manufacturing polymers for pharmaceutical & cosmetic
industries. Since then, THE COMPANY
& its associates companies have kept up their blistering growth rate in
excess of 50% per annum. The Company
is headquartered at Ahmedabad, one of the most important industrial centers in
While the various
business divisions of The Company are involved in a wide spectrum of
products, technologies and activities, all share this in common : a primary
emphasis on the needs of their clients and their society. The process is
completely integrated, from the tracking of demand by their sales division
after Interacting with corporate visionaries on their specific application
needs, to feedback to our R&D, to their application lab technocrates and
manufacturing operation, to supply their products to their customers - which in
turn help new demands. The Company application labs is equiped with hi-tech
equipment/instruments & ready for its journey in the new millennium.
The Company has come a long
way since its establishment a decade ago. During this journey The Company has always believed in exceeding customer
expectations on quality, performance and services. This has been achieved
through teamwork and continuous learning & improvement. Today The Company invest more than 10% of its annual revenues in
the group Research & Development activities.
It’s mission today
is, Growth through Quality of Products & Services, Innovation &
Learning, Continuous Improvement & Research, & Focused Approach in the
globalize economy of new millennium and maintain its global presence &
leadership position as the next generation polymer technologist.
Technology
Increasing sophisticaiton , automation and diversification in product
development today poses new challenges to manufactures. The Company is responding to these challenges by
developing a wealth of technologies based on decade ofexperience in serving
their customers.
Acrylate based polymers & related products are among the technologies that
The Company will have greater emphasis and continue to develop and refine their
efforts to offer prompt, easier, tailor made & appropriate solutions to
their customers.
The Company at The
Company are committed to
design, develop manufacture and deliver polymer products conforming to
international standards or specifically as per customer specifications in order
to fulfill their requirements on performance, Quality reliability and safety at
the optimum cost para change
The Company Quality philosophy calls upon all
employees to strive for continuous improving the technological competence,
manufacturing efficiency & zero error application performance at optimum
cost.
Production
Good Value Manufacturing
The Company 'S production facilities bear testimony of its global
aspirations. Guidelines specified by GMP are totally adhered at its state of
the art manufacturing facilities and is a discipline followed by each &
every person in the entire manufacturing operations.
The Company 'S production capacity & research ingenuity correspondence with its
quality product acceptance at national & international level. Sophisticated
quality testing and monitoring equipments at all critical stages, ensures that
whatever product comes out of the plant conforms to international
standards.
Trusted products,
steady supplies, easy accessibilities, suitable pack profile, safe production
facilities, start to finish, application support upto customers total
satisfaction, global quality attributes : these are responsibilities The Company sees for itself as an pioneer
polymer technologist, and The Company continue to persue each of them to the
very best of their abilities owing to motivated & dedicated technocrates
& team work at every stages as their corporate philosophy.
The Company plans to
capitalise on its strength in polymer technology development & research to
satisfy the specific needs of various industries. The Company is keen to replace some age-old methods with
next generation polymers & develop new usage of polymers to help the
mankind. To maintain its leadership position in the chosen fields, The Company plans to expand and
improve its manufacturing facilities. It’s state of the art research activity facilitates
the making of tomorrow's polymers with increased levels of automation, quality
& safely.
With the
liberalisation of Indian economy and drive towards globalisation The Company has defined its
strategic focus of integrating itself with the global perspective and to
maintain its leadership position in the emerging polymer & allied scenario.
The Company is looking into the future with greatest
confidence.
Products
Methacrylic Aid copolymers USP/NF/P
Pharma & Cosmetic Thickner. Carbomers USP/NF
Aqua feed Pellet Binder
Polyacrylate dispersion.
Textile Printing Thickner
water soluble Polyacrylic Acid.
Water proofing Chemicals.
Polyacrylate based construction chemicals.
PVC Processing Aid & Impact modifier .
Polyacrylate based PVC additives. |
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.40.64 |
|
|
1 |
Rs.80.17 |
|
Euro |
1 |
Rs.54.74 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
TOTAL |
|
44 |
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 |
|