MIRA
INFORM REPORT
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Report Date : |
16.10.2007 |
IDENTIFICATION DETAILS
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Name : |
MIRACHEM INDUSTRIES |
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Registered Office : |
B - 310 Verwani Industrial Estate, Off |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.01.1976 |
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IEC No.: |
0388021233 |
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Legal Form : |
Partnership concern with an Unlimited Liability of the partners. |
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Line of Business : |
Manufacturer of Textiles Auxiliaries and Fine Chemicals |
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 : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is well – established concern having satisfactory track.
Partners are experienced, respectable and having satisfactory means of their
own. Their trade relations are fair. 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 : |
B - 310 Verwani Industrial Estate, Off |
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Tel. No.: |
91-22-28797501 /2/ 3 |
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Fax No.: |
91-22-28797504 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Branches /Factory /Warehouse : |
W-6-9, MIDC Industrial Area, Kurkumbh Tal Daund District Pune - 413
802, |
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Location : |
Leased |
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Corporate Office : |
307 /308, Shrikant Chambers, Nr. R K Studio, |
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Tel. No.: |
91-22-25209180 /25209379 |
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Fax No.: |
91-22-25209161 |
PARTNERS
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Name : |
Mr. Kashiprasad C Muraraka |
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Designation : |
Proprietor |
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Address : |
A -1203, Shikharkunj Co.operative Housing society Limited, Upper
Govind Nagar , Malad (East), Mumbai – 400 098, |
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Qualification : |
B.Sc |
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Experience : |
35 years |
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Name : |
Mr. Anil K Murarka |
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Designation : |
Proprietor |
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Address : |
A -1203, Shikharkunj Co.operative Housing society Limited, Upper
Govind Nagar , Malad (East), Mumbai – 400 098, |
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Qualification : |
B .Com |
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Experience : |
15 years |
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Name : |
Mrs. Sangeeta Murarka |
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Designation : |
Proprietor |
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Address : |
A -1203, Shikharkunj Co.operative Housing society Limited, Upper
Govind Nagar , Malad (East), Mumbai – 400 098, |
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Qualification : |
B Com |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Textiles Auxiliaries and Fine Chemicals |
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Products : |
· Dyeing and printing Auxiliaries · Textile Finishing auxiliaries |
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Agencies Held : |
Novozymes South Asia Private Limited, |
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Exports : |
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Products : |
Textile Auxiliaries ,and fine Chemicals |
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Countries : |
Asian and African Countries, |
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Imports : |
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Products : |
Intermediates |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash ,Credit (90
Days) |
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Purchasing : |
L/C, Cash, Credit (30-60
Days) |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
20 (9 in office and 11 in Factory ) |
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Bankers : |
Bank of Address: Mumbai Branch |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
Nil |
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]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Partners Capital |
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50.000 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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50.000 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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50.000 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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10.000 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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12.000 |
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Sundry Debtors |
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35.000 |
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Cash & Bank Balances |
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10.000 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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10.000 |
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Total
Current Assets |
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67.000 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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25.000 |
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Provisions |
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2.000 |
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Total
Current Liabilities |
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27.000 |
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Net Current Assets |
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40.000 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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50.000 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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300.000 |
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Other Income |
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0.000 |
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Total Income |
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300.000 |
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Profit/(Loss) Before Tax |
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50.000 |
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Provision for Taxation |
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17.000 |
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Profit/(Loss) After Tax |
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33.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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PAT / Total Income |
(%) |
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11.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
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16.67 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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64.93 |
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Return on Investment (ROI) (PBT/Networth) |
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1.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.54 |
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Current Ratio (Current Asset/Current Liability) |
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2.48 |
LOCAL AGENCY FURTHER INFORMATION
WEBSITE DETAILS:
Company Profile
Their story started in 1975. They started as a small concern, Mirachem
Industries, with a product line of
detergents and stain removers, a suitably modest beginning, one might say.
Thirty years hence: They offer the entire gamut - from raw material to the
final finished product. They produce and supply speciality chemicals to improve
the processing of cotton, wool, natural and synthetic fibre / yarn / fabric to
give an added value to finished knits / towels, woven and denim fabrics.
A network of established dealers markets their products throughout
A perfect composition of strong business relationships - commitment to
outstanding service and a wide application of knowledge has formed a perfect
compound, making them the preferred partners by their delighted customers.
Certification
It is always their priority to recognize their responsibilities and
commitments in order to provide their customers with products which are not
only of best quality but also less harmful or hazardous to environment and
human health. The concern in tune with the above policy has adopted the latest Global Organic Textile Standards (GOTS) in all
its manufacturing activities and they are one of the few to get accredited by SKAL,
They give utmost importance to environment that surrounds them and
manufacture eco-friendly products. All their products are Non – Hazardous, Non
– Toxic and Non – Corrosive.
Infrastructure -
Lab
The Speciality chemicals are manufactured using latest production
facilities with control systems for all operational processes and quality
monitoring to ensure highly efficient manufacturing and precise compliance with
product specifications. Newly developed products are adapted to large-scale
production within a short time, after confirmation of performance results in
their analytical lab.
Innovative solutions to problems are their Speciality – A competitive
advantage for their customers.
A dedicated lab to provide instant solutions to their esteemed
clientele. The lab is equipped with latest series of equipments required to
meet the customer requirements.
Corporate Social
Responsibility
They take their responsibility as a corporate citizen seriously.
Consistent environment - protection policies have been formulated and are
adhered to, in spirit and law. A well equipped effluent treatment facility
handles all discharge from the plant and treats it to keep it within required
limits.
Solid wastes are either burnt or dumped in official control dumps
according to appropriate work procedures. Thorough screening of the raw
materials procured for production / formulations is done to ensure that none contain
any of the globally banned or restricted substances, especially alkyl phenols and their ethoxylates, PVC and
phthalates, Pentachlorophenol, tributyltin etc. Products for resin
finishes confirm to the relevant Oeko -
Tex Standard 100 concerning formaldehyde.
With respect to the above policy they have adopted the latest Global Organic Textile Standards (GOTS) in
all their manufacturing activities and at the same time their products have
been accredited by SKAL,
Their product range has been continuously updated and improved to meet
the latest developments in the market – low toxicity, high biodegradability and
easy - to-use. Also, proper training and education of the entire workforce
regarding safety measures has resulted in safer handling of dangerous and
hazardous chemicals. Their customers too are updated with technical inputs on
toxicological issues with regards to the products supplied to them.
OTHER INFORMATION:
Office
infrastructure:-
Their heads office situates at Mumbai in Prime Commercial
Zone controls operations along with the regional Offices in And around
Location:
The production plant of the concern is located at MIDC Pune, about 200 kms south of Mumbai. The MIDC has good infrastructure and is well connected by rail and road to all parts of the country.
Operations are controlled from Mumbai Head Office which looks after Purchases, Logistics, Finance and Marketing for the Western region.
Regional Office in
Banglore looks after sales in the Southern Region,whereas the Northern Region
is serviced by its office in
To keep abreast of the market needs and customer requirements, they constantly upgrade their processes through their R&D where existing product fine tuning towards betterment is a continuous effort. A well equipped quality control laboratory ensures that the production of high quality products are a routine affair.
Distribution Network:
MIRACHEM has a
Sales and Distribution network in
all the major Textile centres in
· Western Region
· Northern Region
· Southern Region
· Eastern Region
Majority of the sales are made on a direct basis to customers. Order bookings are through indents
from their regional offices.
Marketing and logistic work together to ensure rapid and timely delivery to their customers.
Technical support to their customers is a key aspect of their marketing.
International
Business:
The concern has a
strong export base for its Textile business with customers in all parts of the world. Their textile auxiliaries and chemicals
has also found acceptance in a number of
Asian countries.
Strong emphasis is given on quality and environmental safety to meet the requirements of the most demanding customers.For queries may contact : Anil.K.Murarka
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.39.68 |
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1 |
Rs.80.53 |
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Euro |
1 |
Rs.56.23 |
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 |
YES |
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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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