MIRA
INFORM REPORT
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Report Date : |
22.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
GEM CORPORATION |
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Registered Office : |
39/41, Ashok Chamber, 56, Devji Rajanshri Marg, Dana Bunder, Mumbai 400009, Maharastra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 (Approx) |
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Date of Incorporation : |
May 1984 |
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Legal Form : |
Partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Exporters, Importers and Traders of Chemicals and Dry Fruits |
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 48755 |
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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 traders having satisfactory track. Partners are experienced, respectable, and resourceful businessmen. The concern regularly imports from Degussa AG, Germany. Trade relations are fair. Payments are correct and as per commitments. Nothing adverse is reported. The concern can be considered normal for business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Vikas Shah |
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Designation : |
Key Executive |
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Contact No.: |
91-9821164485 |
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Date : |
21.08.2008 |
LOCATIONS
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Registered Office : |
39/41, Ashok Chamber, 56, Devji Rajanshri Marg, Dana Bunder, Mumbai 400009, Maharastra |
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Tel. No.: |
91-22-23717677/256312841/23739617 |
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Mobile No.: |
91-9821164485 |
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Fax No.: |
91-22-23738031 |
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E-Mail : |
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Area : |
1500 Sq. ft |
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Location : |
Owned |
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Shop: |
At APMC Market, Vashi |
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Godown/Warehouse : |
At Biwandi |
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Area : |
30, 000 Sq. ft |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Bharat K. Shah |
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Designation : |
Partner |
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Date of Birth/Age : |
4th May, 1953 |
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Qualification : |
Graduate |
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Experience : |
30 Years |
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Name : |
Mr. Mahesh K. Shah |
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Designation : |
Partner |
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Qualification : |
SSC |
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Name : |
Smt. Ketna Vikas Shah |
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Designation : |
Partner |
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Qualification : |
BA, Textile Designer |
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Name : |
Miss Dhara Vikas Shah (Minor) |
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Designation : |
Partner |
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Qualification : |
Studying for Dentist in US |
BUSINESS DETAILS
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Line of Business : |
Exporters, Importers and Traders of Chemicals and Dry Fruits |
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Exports : |
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Countries : |
Sri Lanka, Bangladesh, Bhutan, Nepal, Bahrain And Dubai |
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Imports : |
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Countries : |
USA and Germany |
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Terms : |
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Selling : |
Credit (120 days) |
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Purchasing : |
Credit (90 days) |
GENERAL
INFORMATION
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Customers : |
Retailers |
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No. of Employees : |
60 (100 Contract Workers) |
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Bankers : |
State Bank of India, Oveseas Branch, World Trade Centre, Cuffe Parade, Mumbai 400005 |
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Facilities : |
CC – Rs. 50.000 Millions |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Mayur and Company Chartered Accountant |
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Memberships : |
The Chemicals And Alkali Merchants Association |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 9.751 millions |
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Borrowed : |
-- |
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Total : |
Rs. 9.751 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008
(Approx) |
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Sales Turnover |
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800.000 |
LOCAL AGENCY
FURTHER INFORMATION
Subject is in trade terms with:
v Ipca Laboratories Limited, Mumbai
v Cipla Limited, Mumbai
v Pepsico India Holding Private Limited, Mumbai
v Coca Cola India, Mumbai
v UB Group of Companies
v Paints and General India Limited, Sri Lanka
v Bhutan Beverages, Bhutan
v Sungold Breway (Nepal) Private Limited
v Profiles
RHF Limited, Sharjah
v Cadbury
India
v Britania
v Ghasitaram
As per website details
Profile
Subject is one of the leading Importers and Dealers for
Heavy Industrial Chemicals and Dry Fruits. They are in the business since last
25 years. Its is being run and owned by family members
Hard work, Sincerity coupled with Commitment towards work brought
positive results. Year after year the Business and Profit graph showed
Northward trend. Their overseas supplier also put faith in them and they
started giving doucments 90 days D/A as againts L/C.
In the year 1990 diversification came into picture and they started
importing Almonds from USA.
At present they represent US Company M/S Celite Corporation market leader, in manufacturing all kinds of Filter
aids, holding 78% world market share. They represent them not only for Indian
Territory but also neighbouring countries i.e Nepal, Bhutan, Pakistan, Sri Lanka
etc. They are Authorised distributor for M/S Celite Corporation , USA and M/S Degussa Germany
They intend to import more and more material into India and their target
would be to have double turnover than that of previous year and which in turn
increase the profitability substantially.
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.43.58 |
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UK Pound |
1 |
Rs.81.43 |
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Euro |
1 |
Rs.64.52 |
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 |
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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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. |
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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