MIRA INFORM REPORT
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Report
Date : |
31.05.2008 |
IDENTIFICATION DETAILS
|
Name : |
GFF
ELEMENTS |
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Registered
Office : |
11 A & B, Mahendra Industrial Estate, Sion Fort Garden
Road, Near V. V. F. Limited, Sion (East), 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 : |
1998 |
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Legal
Form : |
Sole Proprietory Concern |
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Line of
Business : |
Manufacturers,
Importers and Exporters of Aromatic Chemicals and Essential Oils. |
RATING & COMMENTS
|
MIRA’s
Rating : |
B |
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 8000 |
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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. The concern can be considered good for normal business
dealings. |
INFORMATION PARTED BY
|
Name : |
Mrs. Ruma |
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Designation
: |
Sales
Coordinator |
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Date : |
31.05.2008 |
LOCATIONS
|
Registered
Office : |
11 A & B, Mahendra Industrial Estate, Sion Fort Garden
Road, Near V. V. F. Limited, Sion (East), Mumbai – 400 022, Maharashtra,
India |
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Tel.
No.: |
91-22-24077476 |
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Fax
No.: |
91-22-24022423 |
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E-Mail: |
info@gffaroma.com |
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Website: |
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Area: |
1200 sq
fts. |
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Location : |
Owned |
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Factory: |
Plot No.
55/1, Ringanwada Industrial Estate, Village Dahhel, Nani Daman-396 210, Union
Territory of Dadra and Nagar Haveli |
SOLE PROPRIETOR
|
Name : |
Mr. G. H. Desai |
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Designation
: |
Sole Proprietor |
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Date
of Birth/Age : |
75 Years |
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Qualification
: |
Undergraduate |
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Experience
: |
48 Years |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturers,
Importers and Exporters of Aromatic Chemicals and Essential Oils. |
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Products
: |
v
Aroma
Chemicals v
Essential
Oils v
Customized
Products v
Ancillary
Products |
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Exports
to : |
Spain, Argentina and U.S.A. |
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Imports
from : |
Far East and France |
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Terms
: |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL INFORMATION
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Customers
: |
End Users |
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No. of
Employees : |
8 |
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Bankers
: |
Union
Bank of India, Chembur, Mumbai – 400071 |
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Banking Relations : |
Satisfactory |
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Auditors: |
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|
Name: |
Mr. Nilesh Timedia (Chartered Accountant) |
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Associates
/ Subsidiaries |
v
Harisons
Chemicals Traders Incorporated in 1971, is active in stocking, trading, in representating
principals overseas. The product range from synthetics
to naturals v GFF Industries It is purely a blending unit,
mainly compounding flavors for the oral confectionary industy. v GFF Exports (100% EOU) It has been exporting indigenous products
to various countries and Europe since 1993. v
Desai
& Company, Mumbai, Maharashtra Trader |
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Membership: |
v Fragrance and Flavour Association
of India v CHEMEXCIL-Basic Chemicals v Pharmaceutical and Cosmetics
Exports Promotion Council v Chemist and Druggist Association v Essential Oil Association of India |
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 |
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Sales
Turnover |
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200.000 |
LOCAL AGENCY FURTHER
INFORMATION
Trade References:-
v
Bordas
v
Acedesa
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.42359 |
|
UK Pound |
1 |
Rs.84.16 |
|
Euro |
1 |
Rs.65.99 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
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 |
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 |
|
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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