MIRA
INFORM REPORT
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Report Date : |
04.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
L CHHOTALAL AND COMPANY |
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Registered Office : |
103, Princess Street, 1st Floor, Mumbai – 400002,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1965 |
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IEC No.: |
0388039906 |
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PAN No.: [Permanent
Account No.] |
AAAHV9834M |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer of safety matches, plastic ropes and ultromanine blue. |
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 250000 |
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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 having satisfactory
track. Proprietor is reported as experienced and respectable businessmen.
Trade relations are fair. Business is active. Payments are 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. Vivek Varani |
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Date : |
02.08.2008 |
LOCATIONS
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Registered Office : |
103, Princess Street, 1st Floor, Mumbai – 400002,
Maharashtra, India |
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Tel. No.: |
91-22-22086982 / 66337050 / 22065032 |
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Mobile No.: |
91-9820146576 |
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Fax No.: |
91-22-22013648 |
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E-Mail : |
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Website : |
www.indiamart.com/lcco/ |
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Area : |
650 sq ft |
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Location : |
Rented |
SOLE PROPRIETOR
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Name : |
Mr. Chhotalal S. Varani (HUF) |
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Designation : |
Proprietor |
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Qualification : |
Graduate |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of safety matches, plastic ropes and ultromanine blue. |
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Products : |
v
Eco Friendly Safetyboxes v
Wooden Safetyboxes v
Wax Safetyboxes v
HDPE Ropes v
Polypropylene Ropes v
Baler Twine v
Braided Ropes v
PP Tape v
Spools v
Blue Indigo v
Ultramarine Powder Blue v
Ultramarine Liquid Blue |
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Exports : |
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Countries : |
Gulf and African Countries |
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Terms : |
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Selling : |
L/C, Credit |
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Purchasing : |
Cash / Credit |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
10 |
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Bankers : |
Union Bank of India, Princess Street,
Mumbai – 400002, Maharashtra, India |
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Facilities : |
CC Rs. 25.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
C. H. Vora and Company (Chartered Accountant) |
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Address : |
Mumbai |
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Associates/Subsidiaries : |
v L. Chhotalal And
Sons Address: 103,
Princess Street, 1st Floor, Mumbai – 400002, Maharashtra, India Line of Business:
Exports v Ploynils Chemicals
Private Limited Address: 103,
Princess Street, 1st Floor, Mumbai – 400002, Maharashtra, India Line of Business:
Trader |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 50.000 Millions |
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Borrowed : |
0.000 |
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Total : |
Rs. 50.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover |
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150.000 |
Expected Sales (2008:09) – Rs. 200.000
Millions
LOCAL AGENCY FURTHER
INFORMATION
Trustseal Acceptance
Chart
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Existence Verification |
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Name |
L. Chhotalal and Company |
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Statutory Approvals |
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Legal Status of Firm |
Proprietor |
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Central Sales Tax Registration |
2735026771C |
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VAT/ TIN Registration |
2735026771V |
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Import Export Code |
0388039906 |
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Name of Bank |
Union Bank of India |
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Current Account Number |
22002 |
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Account Since |
1965 |
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Credibility Factors |
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IndiaMART Client Since |
4 years |
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Years of Establishment |
1965 |
Profile:-
Subject . was
established in 1965 as a merchant exporter exporting mainly to Africa and Gulf
countries. Over time it has grown manifolds to become a government of India
recognized export house catering to the clientele spread throughout the world.
Their main lines of export are safety matches, plastic ropes and twines, baler
twine, PP tape, braided ropes, spools and ultramarine blue in powder and liquid
form. Apart from these items they have well knitted network to handle various
other requirements of clients.
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 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.42.37 |
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UK Pound |
1 |
Rs.84.01 |
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Euro |
1 |
Rs.65.96 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
YES |
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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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50 |
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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