MIRA
INFORM REPORT
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Report Date : |
31.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
MAYUR CHEMICALS |
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Registered Office : |
77/78, Ashok Chambers, Devji Ratansey Marg, Mumbai – 400009,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1981 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM04006C |
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PAN No.: [Permanent
Account No.] |
AABFM0216B |
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Legal Form : |
Partnership Concern With an Unlimited Liability of the Partners. |
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Line of Business : |
Importers and Dealers of 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 51280 |
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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 : |
This report is based on an interview with Mr. Mayur Shah of the concern. Subject is an established importers and traders. Trade relations are fair. Partners are reported as experienced, respectable and having satisfactory means of their own. Their trade relations are reported as fair. Payments are usually 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 : |
77/78, Ashok Chambers, Devji Ratansey Marg, Mumbai – 400009,
Maharashtra, India |
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Tel. No.: |
91-22-23711792/2371792/66313020/3025/56313020 |
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Mobile No.: |
91-9820221922/9820198028 |
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Fax No.: |
91-22-66346592/ |
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E-Mail : |
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Website : |
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Area : |
800 sq. ft. |
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Location : |
Rented |
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Administrative/ Logistic Office : |
4/2, Arihant Commercial Compound, Reti Bunder Road, (Thane Bhiwandi Road), Kalher Village, Dist. Bhiwandi, Thane, Maharashtra, India |
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Tel. No.: |
91-2522-275141/142/, 275142/274308 |
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Fax No.: |
91-2522-273043 |
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Email : |
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Area : |
16000 sq. ft. |
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Location : |
Owned |
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Warehouse : |
C/o. Shree Enterprises, Jai Ram Compound, Purna Village.
District Thane, Maharashtra, India |
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Area : |
15000 sq. ft. |
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Location : |
Leased |
PARTNER
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Name : |
Mr. Sunil Shah |
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Designation : |
Managing Partner |
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Date of Birth/Age : |
48 years |
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Qualification : |
Commerce Graduate |
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Experience : |
20 years |
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Name : |
Mr. Vasant Ajmera |
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Designation : |
Partner |
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Name : |
Mrs. Jayaben Shah |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Importers and Dealers of Chemicals. |
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Products : |
·
Acetone ·
Heptane ·
Acetonitrile ·
Isophthalic
Acid ·
Allyl
Chloride ·
Isopropyl
alcohol (IPA) ·
Collodial
Silicone Dioxide ·
Lactose
I.P. ·
Methanol ·
Methyl
Ethyl Ketone (MEK) HK® N20 ·
Methyl
Isobutyl Ketone (MIBK) ·
Methylene
Chloride(MDC) ·
N
Butanol ·
N
Hexane 95% ·
N
Hexane 99% ·
Paraformaldehyde ·
Cyclohexanone ·
Propylene
Glycol ·
D.
L. Methionine USP ·
Sorbitol
I.P. ·
Dicyandiamide
(DCDA) ·
Tertiary
Butanol (TBA) ·
Dimethyl
Formamide (DMF) ·
Tetra
Hydrofuran (THF) ·
Doxycycline
HCl BP / USP ·
Toluene |
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Imports : |
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Products : |
Chemicals |
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Countries : |
·
Germany · China · Japan ·
U.S.A ·
Korea ·
Taiwan. |
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Terms : |
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Selling : |
Credit (60-90 days) |
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Purchasing : |
L/C, D/A and 90 days L/C, Clean Credit of 90 days from Germany and
Israel |
GENERAL
INFORMATION
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No. of Employees : |
9 |
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Bankers : |
· Bank of India, Ghatkopar (West), Mumbai – 400 086, Maharashtra · Corporation Bank, · Mandvi Branch, Mumbai – 400009, Maharashtra ·
·
HDFC Bank, Ghatkopar (East), Mumbai – 400
077, Maharashtra |
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Facilities : |
L/C – Rs.10.000 Millions from Bank of India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Not Available |
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Associates/Subsidiaries : |
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Name : |
Nikeon Corporation |
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Address : |
77/78 Ashok Chambers, Devji Ratansey Marg, Mumbai – 400 009, India. |
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Line of Business : |
Importers and Dealers of Chemicals |
CAPITAL STRUCTURE
Authorised
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Partners Capital Investment : |
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Owned : |
Rs.12.820 Millions |
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Borrowed : |
- |
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Total : |
Rs.12.820 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Partners Capital |
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12.820 |
9.624 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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12.820 |
9.624 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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10.261 |
12.551 |
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TOTAL BORROWING |
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10.261 |
12.551 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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23.081 |
22.175 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.471 |
2.333 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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12.482 |
9.813 |
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Sundry Debtors |
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35.292 |
19.050 |
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Cash & Bank Balances |
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3.223 |
2.820 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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1.476 |
1.102 |
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Total
Current Assets |
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52.473 |
32.785 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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31.863 |
12.943 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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31.863 |
12.943 |
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Net Current Assets |
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20.610 |
19.842 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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23.081 |
22.175 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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166.582 |
94.536 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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166.582 |
94.536 |
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Profit/(Loss) Before Tax |
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5.061 |
2.764 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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5.061 |
2.764 |
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Expenditures : |
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Administrative Expenses |
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1.388 |
1.168 |
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Selling and Distribution Expenses |
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2.463 |
1.001 |
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Financial Expenses |
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1.717 |
0.873 |
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Donation |
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0.009 |
0.006 |
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Donation U/S. 35AC of I.T.Act,1961 |
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0.032 |
0.055 |
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Depreciation |
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0.314 |
0.291 |
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Other Expenditure |
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155.598 |
88.378 |
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Total Expenditure |
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161.521 |
91.772 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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3.04 |
2.92 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.04 |
2.92 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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9.21 |
7.87 |
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Return on Investment (ROI) (PBT/Networth) |
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0.39 |
0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.28 |
2.65 |
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Current Ratio (Current Asset/Current Liability) |
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1.65 |
2.53 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
·
Sinochem Import Export Corporation, China
· USV Limited, Mumbai
·
Pfizer Limited, Mumbai
·
Unichem Laboratories Limited, Mumbai
Website details :
From a modest beginning in 1981 as a one-desk-one-phone company, the name subject portrays to Trust and Ethics in the Indian Chemical Fraternity. Today, subject is considered as one of the leading chemical trading firms in India, sourcing and supplying wide variety of products backed by excellent service.
Services / Solutions
:
They provide customized service/solution to the customers, as every customer has different needs. For them, customers are important and fulfilling their needs is their first priority, as they believe in building relationships and trust with their clients.
Focus :
They deal in raw materials, solvents, intermediates, API and other related products to serve various industries like pharmaceutical, food, cosmetic, textile and paint industries. They source their products from various countries across the globe.
Infrastructure and
capabilities :
With the state of the art logistics network, a 20,000 sq feet warehouse and trading partners in all major metropolitan cities in India, they are well equipped to manage any level of distribution offering best of services within definite time frame.
Strength :
Their strength lies in their above and beyond customer service, product sourcing, experienced employees and the latest infrastructure. Relationships, accountability, trust, and excellence define the company's culture and ethics. All orders are treated with the same commitment, irrelative of the company size or order size.
Marketing Division :
Subject
dignified position in the Indian Chemical
Industry makes itself a prominent marketing partner for any firm targeting the
Indian markets. Their experience, knowledge, network, goodwill and
infrastructure bring on the table the best marketing prospects and strategies
for any firm.
They have successfully promoted various Indian and Foreign products in the Industry and are always seeking new opportunities.
They strongly deal in raw materials, solvents, intermediates, API and other related products to serve various industries like pharmaceutical, food, cosmetic, textile, resin companies, etc. They deal with various international companies from USA, UK, Germany, China, Japan, France, Taiwan and Korea on regular basis.
They are approved with the major banking institutions having the facility to accommodate all monetary transactions at ease.
Consumer :
Their
Consumer division, Millennium Marketing acts as C&F agents for Mirza
International Ltd dealing with "Red Tape shoes" for the India
markets.
They are currently seeking C&F and distribution agencies for consumer products, medicine or finished product.
Their infrastructure is well equipped to handle any level of distribution at the best service.
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.39.43 |
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UK Pound |
1 |
Rs.78.45 |
|
Euro |
1 |
Rs.58.26 |
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 |
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 |
|
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
|
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 |
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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 |
|
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 |
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