MIRA
INFORM REPORT
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Report Date : |
28.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
MERU CHEM INDUSTRIES |
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Registered Office : |
L-501, Vardhman Nagar, R P Road, Mulund (West), Mumbai – 400080,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
2001 |
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PAN No.: [Permanent
Account No.] |
AAAHK1014L |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Dealer of Chemical Solvent. |
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 25000 |
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Status : |
Satisfactory |
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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 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
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Name : |
Mr. Mahesh Shah |
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Date : |
26.07.2008 |
LOCATIONS
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Registered Office : |
L-501, Vardhman Nagar, R P Road, Mulund (West), Mumbai – 400080,
Maharashtra, India |
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Tel. No.: |
91-22-56312507 / 55432507 / 56393523 / 25691516 / 17 |
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Fax No.: |
91-22-56396523 |
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E-Mail : |
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Website : |
http://www.meruchemind.com |
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Area : |
475 sq ft |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Kantilal B. Shah |
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Designation : |
Proprietor |
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Date of Birth/Age : |
55 years |
BUSINESS DETAILS
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Line of Business : |
Dealer of Chemical Solvent. |
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Products: |
v Industrial
Chemicals v Powder Chemicals v Solvent
Chemicals v Petro Chemicals v Speciality
Chemicals |
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Exports : |
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Countries : |
Export House |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Korea and Russia |
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Terms : |
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Selling : |
L/C Cash / Credit |
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Purchasing : |
L/C Cash / Credit |
GENERAL
INFORMATION
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Customers : |
Manufacturer |
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No. of Employees : |
9 |
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Bankers : |
Saraswat Co-operative Bank, Veena Nagar |
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Facilities : |
Rs. 2.500 Millions |
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Banking
Relations : |
Satisfactory |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 5.000 Millions (Estimated) |
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Borrowed : |
0.000 |
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Total : |
Rs. 5.000 Millions (Estimated) |
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 |
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57.700 |
Expected Sales (2008-08) : Rs. 80.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
Trustseal Acceptance
Chart
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Existence Verification |
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Name |
Meru Chem Industries |
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Statutory Approvals |
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Income Tax Registration |
AAAHK1014L |
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VAT/ TIN Registration |
27680024196V |
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Excise Registration |
AAAHK1014L |
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Name of Bank |
Saraswat Co-operative Bank |
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Current Account Number |
10008 |
Profile:-
Subject is a leading Trader, Importer, Stockiest,
Indenter and Supplier of Organic - Inorganic Chemical items, Industrial
Chemicals and Solvents, Chemical Intermediates, Active Pharmaceutical
Ingredients and Laboratory Chemicals etc. They established in the year 1996.
The Concern started with a small beginning as Suppliers of Chemicals. Gradually
the need was felt for expansion of business in Trading, enlarging the range of
trading items, Concentrating on market development of Agency products. They are
now established for Import trade with the variety of product range from
indigenously and overseas manufactured. They also book indents on behalf of
their customers and extend services like storage and arrange deliveries.
The product deal by them almost all the reputed
Indian Industries such as Paints, Foods, Cosmetics, Beverages, Plastics Resins
and Adhesives, Detergents, Pesticides, Printing inks, Synthetic Fibers, Rubber,
Wire Enamels, Drugs, Magnetic Tapes and others.
Their mission is to work for the fulfillment of their
commitments to the clients. Their success depends upon the satisfaction, they
provide to their valued customers. Therefore, they supply finest quality
products at competitive rates with earliest delivery. Their emphasis on quality
products and prompt service has enabled them to become leaders in the Chemical
fields. It will be their constant endeavor to provide better customer 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.42.23 |
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UK Pound |
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.66.41 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
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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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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