MIRA
INFORM REPORT
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Report Date : |
29.11.2008 |
IDENTIFICATION DETAILS
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Name : |
BHARAT ABRASIVES AND CHEMICAL INDUSTRIES |
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Registered Office : |
Plot No. 121/122 GIDC, Industrial Area, Porbandar – 360 577, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1974 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporter of Abrasives and Chemicals |
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 12500 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed concern having satisfactory
track. Trade relations are fair. Business is active. No complaints have been
heards from market sources. The concern can be considered good for normal business dealings. |
INFORMATION PARTED BY
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Name : |
Mr. Bharat Kumar Makecha |
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Designation : |
Proprietor |
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Contact No.: |
91-9227506621 / 9426909590 |
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Date : |
27.11.2008 |
LOCATIONS
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Registered Office/Factory : |
Plot No. 121/122 GIDC, Industrial Area, Porbandar – 360 577, |
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Tel. No.: |
91-286-6541254 / 2222354 |
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Fax No.: |
91-286-2220669 |
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E-Mail : |
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Area : |
600 Sq. Mtr. Plus Factory plus Wartehouse |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Bharat Kumar Makecha |
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Designation : |
Proprietor |
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Date of Birth/Age : |
58 Years |
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Qualification : |
B.Com |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Abrasives and Chemicals |
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Products : |
·
Natural Emery ·
Fused Aluminium Oxide (Corundum) ·
Silver/Brown Emery ·
Blasting Grains and Powder ·
Silicon Carbide ·
Lapping Powders ·
Micro-fine Abrasives (Brown-White-Green
Fused) ·
Molekote Sand - Molgrite ·
Refractory Materials ·
Minerals: Bauxite Ores (Chemical
Refractories, Ceramics, Cement Grades), Lime Stone (in Lumps/grains Powders or
as per requirements), China Clay, Red Ocher, Calcite, Feldspar, Kyanite,
Daispore, Siliminite, Silica Sand Quartz White and Coloured Minerals ·
Other Minerals: Calcined Bauxite, Calcined
Kyanite/Siliminte, Activated Fullers Earths Calcium Carbonate, Corundum,
Calcined China Clay, Red Oxide Kaolin Magnesia Ramming Mixture, Tripoli
Powder, Whiting Chalk Powder Yellow/red Oxides Zircon, etc. |
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Brand Names : |
"Elephant" and "King" |
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Exports : |
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Products : |
Mineral Abrasives |
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Countries : |
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Gulf Countries ·
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C (130 days) – D/A |
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Purchasing : |
D/A |
GENERAL INFORMATION
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No. of Employees : |
60 |
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Bankers : |
HDFC Bank, Porbandar Branch |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
C Joshi and Company Chartered Accountants |
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Address : |
Porbandar |
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Memberships : |
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Chemicals and Allied Products Export Promotion
Council-Government of ·
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Porbandar Chamber of Commerce & Industries ·
Rotary Club of Porbandar-India ·
Porbandar G.I.D.C Industrial Association |
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Associates/Subsidiaries : |
Bharat Refractor Products Address : Plot No. 121/122
GIDC, Industrial Area, Porbandar – 360 577, |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
About Rs.2.500 millions (Estimated) |
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Borrowed : |
- |
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Total : |
About Rs.2.500 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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28.000 |
Expected Sales (2008-09) : Rs.35.000 millions
LOCAL AGENCY FURTHER INFORMATION
Trade References
·
Orient Abrasives Limited,
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Prevail Casting Private Limited,
·
Sanjivani Investment Casting
Private Limited,
Web Details
Subject is a manufacturer,
exporter and supplier of a varied and
widest possible range of abrasives and chemicals.
Since 1974, they have been offering the reliable and quality products to the industry
and accordingly have earned immense goodwill of the clients. Being a renowned mine
owner, they utilize the own raw materials in the manufacture
tasks.
The
abrasives and chemicals like natural emery, blasting grains and powder, silicon
carbide, molkote sand - molgrite, grading and grinding, refractory materials,
minerals, etc. are brought in use in a wide variety of industrial, domestic,
and technological applications. Promoted under the brand name of "Elephant"
and "King", the wide spectrum of the abrasives and
allied chemicals is applied In flooring anti-skid/hard flooring,
flour mill stones, rice mills-dehusking and polishing, de-burring, barrel,
finishing, tumbling, electroplating, ball bearings, luster bars buffing,
etc. They also import special abrasives from many reputed vendors based in
Having
served the industry for more than three decades now, they have accumulated
great experience and expertise in the functional arena. The quality products
like natural emery, blasting grains and powder, silicon carbide, molkote sand -
molgrite, grading and grinding, refractory materials, minerals, etc. they
manufacture are approved by BIS, FEPA and ASTM and thus
due to these international quality standards, they are rated amongst the leading
manufacturers and exporters of the world. No doubt, they have gained a wide
base of clients not only in
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.49.84 |
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1 |
Rs.76.81 |
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Euro |
1 |
Rs.64.38 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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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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
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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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