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MIRA
INFORM REPORT
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Report Date : |
18.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUBHASH CHEMICAL INDUSTRIES |
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Registered Office : |
‘S’ Block, Shed W-2, M.I.D.C., Bhosari, Pune 4110, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 (Estimated) |
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Year of establishment : |
1985 |
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Legal Form : |
Sole Properietory Concern |
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Line of Business : |
Manufacturer of ingredients and specialty chemicals for personal care,
pharmaceuticals, nutritional foods and a wide variety of industrial
applications. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Small Concern |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Mr. Bhavesh Jhamvar, Proprietor to the concern remained non corporate
during several approaches. Subject appears to be a small concern. It is not much known in it’s
business. No trade relation are known. No payments are known. In absence to corporation from the management. It is difficult to
ascertain concerns current financial stage. In view of the aforesaid, it would be prudent to deal with the concern
on safe and secured trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
‘S’ Block, Shed W-2, M.I.D.C., Bhosari, Pune 4110, Maharashtra, India. |
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Tel. No.: |
91-20-2712-0632 / 6611-3598 / 6611-3698 |
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Fax No.: |
91-20-2712-2554 |
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Website : |
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Location : |
Owned |
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US Office : |
13255 Copland Ct, Silver Spring, MD 20904 (USA) |
SOLE PROPRIETOR
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Name : |
Mr. Bharat Jhamvar |
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Designation : |
Proprietor |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of ingredients and specialty chemicals for personal care,
pharmaceuticals, nutritional foods and a wide variety of industrial
applications. |
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Products : |
·
Stearate ·
Myristate ·
Citrate ·
Benzoate ·
Caprylate/caprate ·
Palmitate ·
Sebacate ·
Pelargonate ·
Cocoate ·
Adipate ·
Succinate ·
Glyceride ·
Octanoate ·
Suppository ·
Emulsifiers & Other products |
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Terms : |
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Selling : |
Cash / Credit – 30 days |
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Purchasing : |
Cash / Credit – 30 days |
GENERAL
INFORMATION
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Customers : |
End Users |
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Bankers : |
Not Divulged |
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 (Estimated) |
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30.000 |
LOCAL AGENCY
FURTHER INFORMATION
Web Details :
The
Company is a manufacturer of the highest quality personal care ingredients and specialty
chemicals. The Company is a privately owned company incorporated in 1985 and
started by a group of 4 chemical engineers with academic and professional
experience in the USA.
Since
incorporation, the investment in people, processes, research and development
with focus on customer needs has resulted in emerging as the preferred supplier
of high quality esters serving the cosmetic, pharmaceutical and nutritional
foods segment.
The
wide variety of esters manufactured at the two locations are based on a variety
of fatty acids, fatty alcohols and other base stocks for use in cosmetics,
pharmaceuticals, specialty lubricants, flavors & fragrances carriers and
functional foods.
In
addition to the vast range of standard esters, the company is the leader in
India for developing custom organic specialty esters, working in close
collaboration with customers on all fronts of new application technology
development and ongoing product enhancements.
While
our bulk capacities enable us to meet the increasing market demands, our pilot
plant facilities are ideally suited to manufacture low volume technically
specialized esters.
Many
of these products are approved and accepted by leading national and
multinational companies in personal care, pharmaceutical, nutritional and
industrial applications.
The
manufacturing plants are located near the city of Pune (Maharashtra – India)
situated 100 miles east of the port of Mumbai with excellent road and rail
connectivity to the port.
The
emphasis is to continuously strive for excellence keeping you the customer in
mind delivering value with our products and services to meet your needs.
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 |
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US Dollar |
1 |
Rs.42.92 |
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UK Pound |
1 |
Rs.84.48 |
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Euro |
1 |
Rs.66.66 |
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 |
3 |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
- |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
- |
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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 |
NO |
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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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14 |
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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