MIRA
INFORM REPORT
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Report Date : |
23.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
WITMANS INDUSTRIES |
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Registered Office : |
209, 2ND Floor, Kamaldeep Industrial Estate, Goregaon
(East), Mumbai – 400 063, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1996 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMW01815C |
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Legal Form : |
Partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacturers of Speciality Lubricants and Petroleum Speciality
Products. |
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 10000 |
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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 an established concern having moderate track. Trade
relations are fair. Payments are usually correct and as per commitments. The concern can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Jha |
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Designation : |
Accountant |
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Date : |
20.06.2008 |
LOCATIONS
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Registered Office : |
209, 2ND Floor, Kamaldeep Industrial Estate, Goregaon
(East), Mumbai – 400 063, Maharashtra, India |
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Tel. No.: |
91-22-26858623 / 50/ 53/ 94 |
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Mobile No.: |
91-22-26859312 |
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E-Mail : |
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Website : |
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Area : |
575 Sq. fts. |
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Location : |
Rented |
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Factory : |
170/1, Panchal Udyog Nagar, Bhimpore, Daman, Union Territory |
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Area : |
10000 Sq. fts. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Ravi R. Saini |
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Designation : |
Partner |
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Date of Birth/Age : |
38 years |
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Qualification : |
Under Graduate |
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Experience : |
20 years |
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Name : |
Mr. Rajendra R. Saini |
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Designation : |
Partner |
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Date of Birth/Age : |
36 years |
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Qualification : |
Under Graduate |
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Experience : |
18 years |
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Name : |
Mr. Darmesh k. Pandeya |
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Designation : |
Partner |
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Name : |
Mr. Abit A Balva |
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Designation : |
Partner |
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Name : |
MR. Hazi Siddck A. Balva |
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Designation : |
Partner |
KEY EXECUTIVES
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Name : |
Mr. Jha |
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Designation : |
Accountant |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Speciality Lubricants and Petroleum Speciality Products. |
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Products : |
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Exports : |
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Countries : |
Ø Asian Countries Ø Bangladesh Ø Thailand |
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Imports : |
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Products : |
Lubricants |
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Countries : |
Ø Far East Ø Dubai Ø USA Ø Singapore |
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Terms : |
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Selling : |
L/C, Cash or Credit |
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Purchasing : |
L/C, Cash or Credit |
GENERAL
INFORMATION
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Customers : |
v End Users v Wholesalers |
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No. of Employees : |
125 (Office 25, Factory 100) (including contract workers) |
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Bankers : |
State Bank of India Malad (West), Mumbai – 400 064, India |
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Facilities : |
Over Draft Rs. 130.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditor: |
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Name: |
Mr. Bharat P. Shah Chartered Accountant |
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Associates/
Subsidiaries: |
Ester Tube Technology |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 2.000 millions |
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Borrowed : |
- |
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Total : |
Rs. 2.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
300.000 |
250.000 |
200.000 |
LOCAL AGENCY
FURTHER INFORMATION
Website Details:
Profile:
Subject is an
independent Concern specializing in the development and manufacturing of a wide
range of Specialty Lubricants and Petroleum Specialty Products.
The concern was established in 1989 with a sole aim to
produce high quality lubricants and cater to the needs of various industries
like Cement, Steel, Textiles, Plastics, Forging, Rubber, Sugar, Pharmaceutical
Industries etc. Encourage by the overwhelming acceptance of its Lubricants and
Petroleum speciality products in the market, in the year 1998, the company
diversified into manufacturing and marketing of industrial paints and
protective coatings.
Subject has
been in the forefront of activity connected with the development of new
products as well as improvement in existing products to meet the fast changing
and progressively more critical requirements of users. Improved machine design
coupled with the rapid strides in modern manufacturing technology and improved
materials have created new demands on the products. There is also an increased
awareness for Energy Conservation. Present day products therefore have to be
formulated specially for longer operating life, improved protection to machine
parts and reduced consumption.
For customer's specific requirements and also for meeting
the new stringent needs of modern machinery They are constantly endeavoring to
improve the quality of their products and to develop new products. They have a
well equipped Product Development department which carries out Research and
Development activities in Petroleum Lubricants and Specialties.
Over and above the company is certified with ISO 9002
quality system, and is committed to fulfill customer's expectations by offering
products with superior performance and consistent quality.
CMT REPORT
(Corruption, Money Laundering and 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 42.97 |
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UK Pound |
1 |
Rs. 84.75 |
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Euro |
1 |
Rs. 66.72 |
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 |
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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