MIRA
INFORM REPORT
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Report Date : |
28.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
SPARKEM PIGMENTS |
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Registered Office : |
9, Bank Of Baroda Society, Nava Vadaj, Ahmedabad - 380 013, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
1993 |
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Legal Form : |
Partnership concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturer and Exporter of Organic Pigments. |
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 10000 |
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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. Trade relations are fair. Business is active. Payments
are reported as usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Hemant Parikh |
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Designation : |
Partner |
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Contact No.: |
91-9898058070 |
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Date : |
28.04.2008 |
LOCATIONS
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Registered Office : |
9, Bank Of Baroda
Society, Nava Vadaj, Ahmedabad - 380 013, Gujarat, INDIA |
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Tel. No.: |
91 - 79 - 27432508 / 27644508 |
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Mobile No.: |
91-9898058070 |
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Fax No.: |
91 - 79 – 27493964 / 27645964 |
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E-Mail : |
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Website : |
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Area : |
600 Sq. yds (Approximately) |
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Location : |
Owned |
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Factory : |
Plot No. 3420, Phase IV,
GIDC Vatva, Ahmedabad - 382 445. Gujarat - INDIA |
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Tel. No.: |
91-79-25840681/27432508 |
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Fax No.: |
91-79-27493964 |
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E-Mail : |
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Area : |
1000 Sq. mtrs (Approximately) |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Hemal Parikh |
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Designation : |
Partner |
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Date of Birth/Age : |
35 years |
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Qualification : |
BE Chemicals ( from Pune University ) |
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Name : |
Mr. Jagdish Parikh (HUF) |
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Designation : |
Partner |
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Name : |
Mrs. Jyotsna Parikh |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Organic Pigments. |
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Products : |
· SparkCoat : Pigments for Paint & Coatings · SparkPlast : Pigments for Plastic · SparkPrint : Pigments for Printing Ink |
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Terms : |
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Selling : |
Cash, Credit (30 Days) |
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Purchasing : |
Cash, Credit (30 Days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers, End users |
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No. of Employees : |
Around 18 |
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Bankers : |
Bank of Baroda Address: Usmanpura Branch, Ahmedabad , Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s Pranav N Shah Associates Chartered Accountants |
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Address : |
Ahmedabad , Gujarat, India |
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Tel. No.: |
91-79-2754633 |
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Associates/Subsidiaries : |
Sparkem Incorporate : 1995 Address: 9, Bank Of Baroda Society, Nava Vadaj, Ahmedabad - 380 013,
Gujarat, India Activity: Manufacturer of Pigments (100% Export Oriented ) |
CAPITAL STRUCTURE
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Capital Investment : |
(Approximately) |
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Owned : |
Rs. 2.500 millions |
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Borrowed : |
---- |
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Total : |
Rs. 2.500 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
31.03.2007 |
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Sales Turnover (approximately) |
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15.000 |
10.000 |
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Group Turnover (approximately) |
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20.000 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
· Pidilite
· Indian Chemicals
· Sparkem
WEBSITE DETAILS:
The concern was founded in 1993. The concern is manufacturer and exporter of the Organic Pigments both in domestic market as well as globally. Earlier, the concern had two units at Ankleshwar and Ahmedabad but later it has been merged at Ahmedabad as Single large Unit to operate efficiently. This unit has unique state of the art technology plant with capacity of 300 MT per annum of Organic Pigments as well as well equipped Quality Control Lab. The concern turn out to be fame unit in very short time due to competence staff, technical Know-how in the field of Organic Pigments. The concern has also tie up with other Associated Companies for AZO Pigments to fulfill requirements of clients from one single unit.
Products
· SparkCoat : Pigments for Paint and Coatings
· SparkPlast : Pigments for Plastic
· SparkPrint : Pigments for Printing Ink
Quality Policy
· Well Equipped Plant Producing Uncompromised Quality and Consistent Product
· Timely Execution
· Export Worthy Eco Friendly Packing With Choice For Customer
· Lucrative Rate.
· Trustworthy International Quality Std.
· Quality and Quick Sales After Service.
· Stage Wise Inspection and Quality Test For Paint, Ink, Plastics Etc.
They have their own laboratory for testing each batch in-house. Some
Equipments they use for Quality Controls are :-
· Triple Roll Mill For Offset Ink Test
· Red Dewil Vibro Shaker For Liquid Ink and Paint Testing
· Two Roll Mill For Plastic Testing
· Hydraulic Press For Plastic Chips
· Oil Grinding / Muller Testing
· Automatic Film Applicator for Dtaw Down
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 concern 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 concern’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.40.18 |
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UK Pound |
1 |
Rs.79.25 |
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Euro |
1 |
Rs.62.90 |
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. |
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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