MIRA
INFORM REPORT
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Report Date : |
07.09.2007 |
IDENTIFICATION DETAILS
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Name : |
SAMIR DYE CHEM |
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Registered Office : |
8 Khimji Meghji House, 1st Floor, 11/15,
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1988 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Importers and Traders of 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 130000 |
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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 concern having satisfactory track. Proprietor of the concern is experienced, respectable and having substantial means of his own. His trade relations are fair. Payments are usually correct and as per commitments. The concern can be considered for your proposed business dealings of GBP 312000 against D/A or D/P terms. |
LOCATIONS
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Registered Office : |
8 Khimji Meghji House, 1st Floor, 11/15,
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Tel. No.: |
91-22-23424063 / 23424064 / 23462331 |
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Fax No.: |
91-22-23410788 |
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E-Mail : |
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Area : |
550 Sq.fts |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Samir Kanakia |
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Designation : |
Proprietor |
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Date of Birth/Age : |
38 years |
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Qualification : |
Postgraduate in
Commerce |
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Experience : |
20 years |
BUSINESS DETAILS
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Line of Business : |
Importers and Traders of Chemicals. |
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Imports : |
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Countries : |
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Terms : |
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Purchasing : |
D/P (90 days) terms |
GENERAL INFORMATION
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Customers : |
Traders and Actual Users |
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No. of Employees : |
7 |
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Bankers : |
Ø
Union Bank of 105/109, Kazi Sayed Street, Khand Bazar,
Mumbai – 400 003, |
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Facilities : |
v
Imports
L/C – Rs. 5.000 millions v
CC
(Hypothecation) – Rs. 0.600 million |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Pratibha Sawant Chartered Accountant |
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Address : |
4/14, New B.D.D. Chawl, |
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Memberships : |
Ø Chemicals & Alkali Merchants Association Ø Indian Resin Manufacturers Association |
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Associates/Subsidiaries : |
Ø Samir Agencies Ø Samir Enterprises Ø Rajnikant Shantilal |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 34.872 millions |
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Borrowed : |
- |
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Total : |
Rs. 34.872 millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PROPRIETORS FUNDS |
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1] Proprietors Capital |
34.872 |
40.708 |
22.042 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
34.872 |
40.708 |
22.042 |
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LOAN FUNDS |
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1] Secured Loans |
6.151 |
13.215 |
11.741 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
6.151 |
13.215 |
11.741 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
41.023 |
53.923 |
33.783 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.552 |
1.256 |
1.411 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
22.648
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Sundry Debtors |
21.061
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68.807 |
42..431 |
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Cash & Bank Balances |
0.078
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Other Current Assets |
2.171
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Loans & Advances |
0.010
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Total
Current Assets |
45.968
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68.807 |
42..431 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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16.140 |
10.059 |
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Provisions |
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Total
Current Liabilities |
5.497
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16.140 |
10.059 |
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Net Current Assets |
40.471
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52.667 |
32.372 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
41.023 |
53.923 |
33.783 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
126.536 |
156.818 |
96.716 |
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Other Income |
22.713 |
0.000 |
0.000 |
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Total Income |
149.249 |
156.818 |
96.716 |
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Profit/(Loss) Before Tax |
11.236 |
20.944 |
6.186 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
11.236 |
20.944 |
6.186 |
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Expenditures : |
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Purchases |
92.527 |
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Bank Interest |
0.097 |
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Insurance |
0.214 |
170.724 |
113.084 |
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Audit Fees |
0.006 |
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Depreciation |
0.125 |
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Other Expenditure |
45.044 |
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Total Expenditure |
138.013 |
170.724 |
113.084 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
7.53
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13.355
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6.396 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.88
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13.355
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6.396 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
24.15
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29.893
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14.109 |
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Return on Investment (ROI) (PBT/Networth) |
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0.32
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0.514
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0.280 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.33
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0.721
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0.520 |
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Current Ratio (Current Asset/Current Liability) |
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8.36
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4.263
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4.218 |
LOCAL AGENCY FURTHER INFORMATION
The concern’s 90% of the products are sold to actual users and the remaining 10% to the traders.
The concern is in trade terms with:
Ø
Engineering & Chemical Corporation,
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K. Rasiklal & Company,
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Chemet,
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BASF (
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BASF,
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Ø
Ø
Ø
Delamine, The
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. 40.71 |
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1 |
Rs. 82.26 |
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Euro |
1 |
Rs. 55.66 |
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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
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 |
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. |
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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