MIRA
INFORM REPORT
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Report Date : |
08.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
B I MEHTA |
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Registered Office : |
A – 401, Rajashree Accord, 4th Floor, Telli Galli Cross
Lane, Andheri [East], Mumbai – 400069, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1982 |
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IEC No.: |
0388119098 |
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Legal Form : |
Sole Proprietory concern |
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Line of Business : |
Trader,
Distributor and Importer of Chemicals Viz – Ammonium Bi Carbonate, Dimethyl
Formamide, Formic Acid, Sodium Nitrite, Sodium Nitrate (RCF each Brand),
Rthyl Acetate, Acetic Wax, Malic Anhydride (each China), Filter Aid Powder
(Celite/Dicalite/Celaton Brand) and other 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 110000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
– established concern engaged in trading chemicals. Trade relations are fair.
General financial position is satisfactory. Payments are correct and as per
commitments. The concern can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
A – 401, Rajashree Accord, 4th Floor, Telli Galli Cross
Lane, Andheri [East], Mumbai – 400069, Maharashtra, India |
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Tel. No.: |
91-22-65092386 / 87 / 26104278(R) |
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Mobile No.: |
91-9821223359 |
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Fax No.: |
91-22-26840200 |
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E-Mail : |
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Area : |
650 sq. ft. [Owned] |
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Branch 1 : |
26, Desai Chambers, Opposite Deliwala Darbar, GIDC Char Rasta, Vapi,
Bulsar, Gujarat |
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Tel. No.: |
91-260-420568 |
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Area : |
300 sq. ft. [Rented] |
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Branch 2 : |
2-B, Ganga Vihar, 94 Kazi Sayed Street, Mumbai – 400 003,
Maharashtra, India |
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Tel. No.: |
91-22-23445506 / 65092386 / 56312388 / 56317879 |
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Fax No. : |
91-22-23439738 / 26840200 |
SOLE PROPRIETOR
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Name : |
Mr. Bhaskar I
Mehta |
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Designation : |
Proprietor |
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Address : |
104, Vikas Apartment, Janki Kutir, Juhu, Mumbai
– 400 049, |
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Date of Birth/Age : |
64 Years |
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Qualification : |
B. Sc |
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Experience : |
36 Years |
KEY EXECUTIVES
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Name : |
Mr. Mehul Mehta |
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Designation : |
Chief Executive Officer |
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Tel. No. : |
91-22-23445506 |
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Mobile No. : |
91-9821223359 |
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Address : |
104, Vikas Apartment, Janki Kutir, Juhu,
Mumbai – 400 049, Maharashtra |
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Date of
Birth/Age : |
33 Years |
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Qualification
: |
Diploma in Chemical Engineering |
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Experience : |
13 Years |
BUSINESS DETAILS
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Line of Business : |
Trader,
Distributor and Importer of Chemicals Viz – Ammonium Bi Carbonate, Dimethyl
Formamide, Formic Acid, Sodium Nitrite, Sodium Nitrate (RCF each Brand),
Rthyl Acetate, Acetic Wax, Malic Anhydride (each China), Filter Aid Powder
(Celite/Dicalite/Celaton Brand) and other Chemicals |
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Products : |
Citric Acid,
Tartaric Acid, Fully Refined Paraffin Wax, Hydrogen Peroxide Maliec
Anhydride, Filter Aid Powder etc. |
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Agencies Held : |
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Exports : |
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Countries : |
Sri Lanka and
South Africa |
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Imports : |
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Countries : |
Indonesia,
Malaysia, Korea, China and USA |
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Terms : |
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Selling : |
L/C & Cash |
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Purchasing : |
L/C, Cash and
Credit (90 days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers and
End Users |
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No. of Employees : |
28 |
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Bankers : |
Union Bank of India, Bhat Bazar, Mumbai – 400 009 |
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Facilities : |
Credit Limit –
Rs. 17.500 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M B Desai &
Company Chartered
Accountant |
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Address : |
206, Sanjay
Chambers, Chaubal Lane, 314, V P Road, Mumbai – 400004 |
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Tel. No.: |
91-22-23868632 |
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Memberships : |
Chemical and Alkali
Merchants’ Association |
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Associates/Subsidiaries : |
-
2-B, Ganga Vihar, 2nd Floor, 94, Kazi Syed Street, Mumbai
– 400 003 -
Line of
Business – Trading and Importer of Chemicals
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2-B, Ganga Vihar, 2nd Floor, 94, Kazi Syed Street, Mumbai
– 400 003 -
Line of
Business – Manufacturing of Filter Aid Powder |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 16.500 Millions |
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Borrowed : |
Rs. 12.200 Millions |
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Total : |
Rs. 28.700 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
170.000 |
119.200 |
95.351 |
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Profit/Loss for the year |
NA |
1.800 |
1.723 |
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Import Value |
NA |
33.315 |
24.266 |
Sales [Till December 2007] : Rs. 160.000
Millions
Expected Sales (2007-08) : Rs.200.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
The Registered Office of the company has been shifted from 2-B, Ganga Vihar,
94 Kazi Sayed Street, Mumbai – 400 003, Maharashtra, India to the present
address.
The concern is in trade terms with :
Local
v
Laxmi Organic Industries Limited, Mumbai
v
RCF Limited, Mumbai
v
Popular Chemical Company, Mumbai
v
Delux Sales Corporation, Mumbai
v
Manish Chemical Industries, Mumbai
Foreign
v
F. I. C., U.S.A.
v
Big Job Limited, Hong Kong
v
Taiko Clay Mkt Sdn Bhd, Malaysia
While visiting the concern’s office, following observations were
carried on :
v
The Name Board of the concern could be easily sighted and its
visibility is high.
v
The concern’s office is easy to locate.
v
Items such as Telephone, Fax Machine, Computers and Air-conditioners
could be sighted
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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.39.48 |
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UK Pound |
1 |
Rs.77.44 |
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Euro |
1 |
Rs.57.75 |
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 |
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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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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