MIRA
INFORM REPORT
|
Report Date : |
14.06.2008 |
IDENTIFICATION DETAILS
|
Name : |
HITEN TRADING COMPANY |
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|
Registered Office : |
78/ 8, Mehta Building, Jain Society, Sion ( West
), Mumbai- 400 022, Maharashtra |
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Country : |
India |
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|
Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1984 |
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Legal Form : |
Sole
Proprietory concern |
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Line of Business : |
Trader and Importer of chemicals and pharmaceutical raw materials. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|||
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
7600 |
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|
Status : |
Moderate
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Payment Behaviour : |
Slow
30 days |
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Litigation : |
Clear |
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Comments : |
Subject
is a well –established and reputed concern having satisfactory track.
Proprietor is reported as experienced businessman. Trade relations are
reported as fair. Business is active. Payments are usually corrects and as
per commitments. The
concern can be normal for business dealings at usual terms and conditions. |
INFORMATION PARTED BY
|
Name
: |
Mr.
Hiten Mayani |
|
Designation
: |
Proprietor |
|
Contact
No.: |
91-9820071845 |
|
Date
: |
11.06.2008 |
LOCATIONS
|
Registered Office : |
78/ 8, Mehta Building, Jain Society, Sion (
West ), Mumbai- 400 022, Maharashtra, India |
|
Tel. No.: |
91-22-4020640/
4090706 |
|
Mobile No.: |
91-9820071845 |
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Fax No.: |
91-22-24090706 |
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E-Mail : |
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|
Location : |
Owmed |
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|
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Sales office: |
310/ 312, Maharajwala Building, Samuel Street, Mumbai 400 003, Maharashtra , India |
|
Tel.
No.: |
91-22-23433180/ 23436544 |
SOLE PROPRIETOR
|
|
|
|
Name : |
Mr. Hiten Mayani |
|
Designation : |
Sole Proprietor |
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Date of Birth/Age : |
43 years |
|
Qualification : |
Commerce Graduate |
|
Experience : |
22 years |
BUSINESS DETAILS
|
Line of Business : |
Trader and Importer of chemicals and pharmaceutical raw materials. |
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Imports from : |
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Products: |
Chemicals
and Pharmaceutical raw materials |
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Countries: |
UK and
Germany |
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Terms : |
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Purchasing : |
D/A (
90 / 120 days ) |
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Selling: |
Credit
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GENERAL INFORMATION
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Customers : |
Actual
users and Direct Users. |
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No. of Employees : |
6 |
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Bankers : |
Bank
of India, Sion (West), Mumbai- 400 022, Maharashtra, India |
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Facilities : |
LC,
Rs. 5.000 Millions |
|
Banking Relations : |
Unknown
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|
Auditors: |
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|
Name: |
R. P.
Shah and Company (Chartered Accountant) |
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|
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|
Memberships : |
Chemicals
and Alkali Merchants Association |
CAPITAL STRUCTURE
|
Capital
Investment : |
|
|
Owned : |
Rs.
1.900 millions |
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Borrowed : |
-- |
|
Total : |
Rs. 1.900
millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
|
Particulars |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
100.000 |
80.000 |
35.000 |
LOCAL AGENCY FURTHER INFORMATION
It is in
trade terms with:
v
Godrej
Consumers Products, Vikhroli, Mumbai, Maharashtra, India
v
Godrej
Foods, Silvassa, Gujrat, India
v
Godrej
Industries Limited, Vikhroli, Mumbai, Maharashtra, India
v
Cognis,
Germany
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
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs. 42.87 |
|
UK
Pound |
1 |
Rs. 83.41 |
|
Euro |
1 |
Rs. 66.11 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|
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/normal. |
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 |