MIRA INFORM REPORT

 

 

 

Report Date :

14.08.2008

 

IDENTIFICATION DETAILS

 

Name :

SCOTTISH CHEMICAL INDUSTRIES

 

 

Registered Office :

407 – 412, 4th Floor, Span Centre, South Avenue, Santacruz (West), Mumbai – 400054, Maharashtra.

 

 

Country :

India

 

 

Financials (as on) :

31.03.2008

 

 

Date of Incorporation :

01.04.1986

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMS31208C

 

 

PAN No.:

[Permanent Account No.]

AAAFS9818G

 

 

Legal Form :

Partnership Concern With an Unlimited Liability of the Partner

 

 

Line of Business :

Manufacturer and Exporter of Hexachlorethane and Foundry Fluxes.

 

 

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 300000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and reputed concern meeting its normal commitments timeously. Trade relations are fair. Business is active.

 

The concern can be considered good for normal business dealings.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Kamal

Designation :

Partner

Date :

12.08.2008

 

 

LOCATIONS

 

Registered Office :

407 – 412, 4th Floor, Span Centre, South Avenue, Santacruz (west), Mumbai – 400054, Maharashtra, India

Tel. No.:

91-22-26056670 / 26056666 (6 Line)

Fax No.:

91-22-26056060

E-Mail :

Scottish@vsnl.com

kkamal@bom4.vsnl.net.in

Website :

www.scottishchemical.com

Area :

4290 sq ft

Location :

Owned

 

 

Factory 1 :

J -31, MIDC, Taloja, District Raigad, Maharashtra, India

Tel. No.:

91-22-27412639 / 0915

Fax No.:

91-22-27410915

Area :

2500 sq ft

Location :

Owned

 

 

Factory 2 :

J – 79, MIDC, Taloja, District Raigad, Maharashtra, India

Tel. No.:

91-22-27412733 / 1979

Fax No.:

91-22-27411979

Area :

2500 sq ft

Location :

Owned

 

 

Factory 3 :

J – 79A, MIDC, Taloja, District Raigad, Maharashtra, India

Tel. No.:

91-22-27401234

Fax No.:

91-22-27405555

Area :

2100 sq ft

Location :

Owned

 

 

Factory 4 :

W – 201, Khairane Village, TTC Industrial Area, Thane – Belapur Road, Vashi, Navi Mumbai, Maharashtra, India

Tel. No.:

91-22-27633774

Fax No.:

91-22-27633774

Area :

1800 meter

Location :

Owned

 

PARTNERS

 

Name :

Mr. Kamal B Khandewal

Designation :

Managing Partner

Address :

B – 51, Dakshina Park, 10th Road, JVPD Scheme, Mumbai – 400049, Maharashtra, India.

Date of Birth/Age :

52 Years

Qualification :

B Com

Experience :

20 Years

Other Directorship :

Pyrotek India Private Limited  - Director

Sysgen Business Solutions (India) Private Limited – Chairman

Texo Crimpe (India) Private Limited – Managing Director.

 

 

Name :

Mrs. Satyawati B. Khandewal

Designation :

Partner

Address :

B – 51, Dakshina Park, 10th Road, JVPD Scheme, Mumbai – 400049, Maharashtra, India.

Date of Birth/Age :

75 Years

Qualification :

Graduate

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Hexachlorethane and Foundry Fluxes.

 

 

Products :

Hexachlorethane

 

Degaser (Chlorine, Nitrogen Based)

  • Degaser 190 / 200
  • Scot – N2 – Degaser

 

Nucleant  (Grain Refiner)

  • Nucleant 2/10/11

 

Foundry Fluxes

  • Fluxes for Aluminium
  • Fluxes for Copper / Zinc / Iron

 

Modalloys (Sr, Ti, B)

  • 5% - 10% Strontium
  • 5% - 10% Titanium
  • 3% Boron

 

Alti5b1 Coils / Sticks

 

Adal Tablets (Mn, Fe, Cu, Ti)

  • Mn Tablets (With Flux / Aluminum)
  • Fe Tablets (With Flux / Aluminum)
  • Cu Tablets (With Flux / Aluminum)
  • Ti Tablets (With Flux / Aluminum)

 

Filtration Systems

  • Ceramic Foam Filter
  • Fiber Glass Filter Fabric / Combo Bags

 

Fluorine Chemicals

 

Magnesium Chloride (Anhydrous)

 

Other Special Foundry Requirements

 

 

Exports :

 

Products :

Chemical

Countries :

Japan, Thailand, Korea, Germany, US Pero, Chille, Dubai, France, Italy, Egypt, China, Europ.

 

 

Imports :

 

Products :

Raw material, Perchloroethylene, aerosol.

Countries :

China, Europe, Belgium.

 

 

Terms :

 

Selling :

Cash and Credit (30 Days)

 

 

Purchasing :

Cash and Credit (30 Days and 90 Days)

 

PRODUCTION STATUS

 

Particulars

 

 

 

Actual Production

Production Capacity

 

 

 

300 M. Tons Per Month

Hexachlorethane

 

 

 

300 Tons / Month

Fluxes

 

 

 

500 Tons / Month

Coatings

 

 

 

200 Tone / Month

Alloys / Adal Tablets

 

 

 

800 Tone / Month

 

 

GENERAL INFORMATION

 

Customers :

Wholesaler and End Users.

 

 

No. of Employees :

17 (Office -7, Factory - 10)

 

 

Bankers :

Indian Bank, Sir P.M. Road, Fort, Mumbai

 

 

Facilities :

Export Credit – Rs.150.000 Millions

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

N.B. Khandelwal and Company

Chartered Accountant

Address :

1, Patel Building, 236, Opp. GTB Nagar Railway Station, Sion (East), Mumbai.

Tel. No.:

91-22-24095448

Fax No.:

91-22-24092468

 

 

Memberships :
  • Chemexil
  • Indian Merchants Chamber

 

 

Associates/Subsidiaries :

 

Name :

Scottish Chemicals and Fluxes.

Line of Business :

Manufacturing Foundry Chemicals 

Address :

407 – 412, 4th Floor, Span Centre, South Avenue, Santacruz (west), Mumbai – 400054, Maharashtra, India

 

CAPITAL STRUCTURE

 

 

Capital Investment :

 

Owned :

Rs.60.000 Million (Approximately)

Borrowed :

-

Total :

Rs.60.000 Million (Approximately)

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

 

31.03.2008

Sales Turnover

 

 

700.000

 

Expected Sales (2008-09) : Rs.1000.000 Millions

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Trade Reference

 

 

 

Web Details Attached

 

Profile

 

Established in 1984, Subject is the world's largest ISO 9001 and ISO 14001 certified manufacturers and exporters of Hexachloroethane and foundry fluxes.

 

Subject manufactures a wide range of foundry products including Degaser, Grain Refiners, Foundry Fluxes, Coatings, (Ti, B, Sr) Modalloys, (Mn, Cu, Fe) Adal tablets, Ceramic Foam Filters, Magnesium Chloride (Anhydrous), Fluorine Chemicals, etc for Aluminium, Iron, Zinc, Copper and other metal industries. We currently export their products to over 300 reputed customers spread around 40 countries in the world.

 

The Concern has its head office and four state of-the-art plants located near Mumbai. At Scottish we consciously follow an environmental friendly and flexible production process along with a streamlined dispatch procedure to match the ever changing needs of the global foundries.

 

Their aim is to be a global pioneer in foundry products and solutions by provide quality producing and delivering highest level of service at the most competitive price.

 

Export

 

Subject products are implemented in various reputed foundries, in over 40 countries around the world. At SCI we are focused on improving product quality by identifying and delivering innovative solutions that meet global customer requirements and improve performance and profitability.


Scottish strives to attain and retain a major share of valued global customers by delivering highest quality products, consistently at competitive prices.


Please find below a list of countries :

 

List of Country

 

  Argentina

  Hongkong

  Poland

  Bahrain

  Indonesia

  Russia

  Bangladesh

  Iran

  South Africa

  Belgium

  Iraq

  Serbia

  Brazil

  Italy

  Spain

  Canada

  India

  Sri Lanka

  Chekoslovakia

  Japan

  Sudan

  Chile

  Jordan

  Syria

  China

  Korea

  Taiwan

  Colombia

  Kuwait

  Thailand

  Dubai

  Latvia

  Turkey

  Egypt

  Lebanon

  U.A.E.

  Finland

  Mexico

  U.K.

  France

  New Zealand

  U.S.A.

  Germany

  Pakistan

 

  Greece

  Peru

 

 

 

 

 

 

 

 

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 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.42.67

UK Pound

1

Rs.80.92

Euro

1

Rs.63.71

 

 

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

7

--PROFITABILIRY

1~10

5

--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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

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

 

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.

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions