MIRA
INFORM REPORT
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Report Date : |
02.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
CHOKSEY CHEMICALS PRIVATE LIMITED
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Registered Office : |
111, Industrial Area, Near Cinemax, Sion (East), Mumbai– 411004,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.11.1943 |
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Com. Reg. No.: |
11-19661 |
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CIN No.: [Company
Identification No.] |
U24100MH1977PTC019661 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC11041C |
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PAN No.: [Permanent
Account No.] |
AAACC6303K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of Construction Chemicals, Sealants And Waterproof
Coatings |
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 240000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track.
Directors are reported as experienced, respectable and resourceful
industrialists. Their trade relations are fair. Financial position is good.
Payments are correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office / Head Office : |
111, Industrial Area, Near Cinemax, Sion (East), Mumbai– 411004,
Maharashtra, India |
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Tel. No.: |
91-22-24090124 / 0127 / 0325 / 24078258 / 24400022 |
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Fax No.: |
91-22-24072949 / 24090124 |
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E-Mail : |
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Website : |
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Factory 1 : |
Taloja, District Raigad, Maharashtra
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Branches : |
Ahmedabad: Rangshree Marketing: 91-79 – 26574429 / 26577742 / 28216292 Baroda: Sapphire Trading Company: 91-265 - 2356523 Bangalore: Choksey Chemicals Private Limited: 91-80 – 22127950 / 22234987 Chandigarh: Ess Gee Corporation: 91-172 – 2641370 Capital Trading: 0172-2795985 Kochi: MVM Trading: 91-484 – 2783357 / 2792099 Chennai: Tiles world: 24462237 Amis Building Consultants: 26152518
Rama Paints: 91-422-2552721 / 2552772 Delhi: Choksey Chemicals Private Limited: 91-11- 41640510 / 11
Crystal India: 91-832- 2223053 / 9209 Guwahati: Sanitary Emporium: 91-361- 2662876 / 3213 Indore: Porwal Agencies: 91-731 – 5051724 / 5
Choksey Chemicals Private Limited: 91-33 – 23632688 Nagpur: Amit Trading Company : 91-712 – 2528817 Varanasi: Shiv Trading Company : 91-542- 2587165 Raipur: Shree Enterprises: 91-771- 3296626 / 2241858
Kanpur: Shree Sai enterprises: 91-512 – 2522322 / 2521263 Jaipur: Siddhi Chemico: 2365032
Bhopal: Techpro Marketing: 5541349 Patna: Zenith Engineering & Marketing Services: 91-612 – 5520684 Bhubaneshwar: AB Trading Co: 91-674 - 3251396 |
DIRECTORS
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Name : |
Mr. Girish C. Choksey |
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Designation : |
Director |
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Address : |
Gitanjali, G. N. Gamadia X Road, Off Peddar
Road, Mumbai - 400 026 |
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Date of Birth/Age : |
21.10.1942 |
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Date of Appointment : |
31.12.1973 |
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Name : |
Mr. Ankur G. Choksey |
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Designation : |
Managing Director |
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Address : |
Gitanjali, G. N. Gamadia X Road, Off Peddar
Road, Mumbai - 400 026 |
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Date of Birth/Age : |
04.08.1969 |
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Date of Appointment : |
03.08.1995 |
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Name : |
Mr. Atul C. Choksey |
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Designation : |
Director |
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Address : |
G. N. Gamadia X Road, Off Peddar Road,
Mumbai - 400 026 |
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Date of Birth/Age : |
17.10.1951 |
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Date of Appointment : |
25.03.1994 |
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Name : |
Mr. Amit C. Choksey |
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Designation : |
Director |
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Address : |
G. N. Gamadia X Road, Off Peddar Road,
Mumbai - 400 026 |
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Date of Birth/Age : |
14.10.1954 |
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Date of Appointment : |
25.03.1994 |
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Name : |
Mr. Prashant G. Choksey |
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Designation : |
Director |
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Address : |
G. N. Gamadia X Road, Off Peddar Road,
Mumbai - 400 026 |
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Date of Birth/Age : |
07.08.1970 |
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Date of Appointment : |
03.08.1995 |
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Name : |
Mr. Jaykumar G. Chhowala |
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Designation : |
Director |
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Address : |
Sonawala Building, Tardeo Road, Mumbai -
400 026 |
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Date of Birth/Age : |
08.10.1932 |
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Date of Appointment : |
03.08.1995 |
KEY EXECUTIVES
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Name : |
Manish Ghia and Associates |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 28.12.2005
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Names of Shareholders |
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No. of Shares |
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Aquamarine Trading & Investment Private Limited |
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465 |
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Bhuvantri Investment & Trading Company Private Limited |
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465 |
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Gauriputra Investment and Trading Company Private Limited |
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465 |
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Mrs. Ashvinaben C. Choksey Mr. Girish C. Choksey Mrs. Sunita G. Choksey |
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112 |
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Mrs. Kokilaben I. Vakil Mr. Amar A. Vakil |
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86 |
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Mr. Girish C. Choksey Mrs. Sunita G. Choksey |
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103 |
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Mrs. Sunita G. Choksey Mr. Girish C. Choksey |
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102 |
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Mr. Mahendra C. Choksey Mrs. Rita M. Choksey |
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65 |
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Mr. Girish C. Choksey (HUF) Mrs. Sunita G. Choksey |
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91 |
AS ON 30.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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55.80 |
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Directors or relatives of directors |
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28.88 |
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Other top fifty shareholders |
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15.32 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Construction Chemicals, Sealants And Waterproof
Coatings |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
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Construction Chemicals |
MT/KL |
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|
3500 |
GENERAL
INFORMATION
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No. of Employees : |
200 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ashok R. Shah & Company Chartered Accountants |
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Address : |
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Tel. No.: |
91-22-26714563 |
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Collaborators : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,500 |
Equity Shares |
Rs.1000/- each |
Rs. 2.500 millions |
|
10,000 |
9% Redeemable Cumulative Preference Shares |
Rs. 1000/- each |
Rs. 10.000 millions |
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TOTAL |
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Rs. 12.500
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,500 |
Equity Shares |
Rs.1000/- each |
Rs. 2.500
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
45.811 |
45.759 |
45.419 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
48.311 |
48.259 |
47.919 |
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LOAN FUNDS |
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1] Secured Loans |
37.219 |
37.446 |
32.516 |
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2] Unsecured Loans |
18.655 |
23.355 |
15.355 |
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TOTAL BORROWING |
55.874 |
60.801 |
47.871 |
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DEFERRED TAX LIABILITIES |
0.697 |
1.175 |
0.597 |
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TOTAL |
104.882 |
110.235 |
96.387 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
15.180 |
15.664 |
19.061 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.910 |
0.110 |
0.110 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
44.440
|
43.934 |
36.904 |
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Sundry Debtors |
99.283
|
98.055 |
89.454 |
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Cash & Bank Balances |
9.389
|
14.081 |
5.004 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
12.378
|
14.720 |
13.384 |
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Total
Current Assets |
165.490
|
170.790 |
144.746 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
69.006
|
68.640 |
56.421 |
|
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Provisions |
9.692
|
7.689 |
11.258 |
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Total
Current Liabilities |
78.698
|
76.329 |
67.679 |
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Net Current Assets |
86.792
|
94.461 |
77.067 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.149 |
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TOTAL |
104.882 |
110.235 |
96.387 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Sales Turnover |
237.320 |
235.953 |
267.522 |
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Other Income |
1.002 |
4.032 |
1.664 |
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Total Income |
238.322 |
239.985 |
269.186 |
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Profit/(Loss) Before Tax |
1.764 |
2.155 |
11.379 |
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Provision for Taxation |
1.712 |
1.815 |
4.052 |
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Profit/(Loss) After Tax |
0.052 |
0.340 |
7.327 |
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FOB Value of Exports |
7.746 |
5.398 |
16.486 |
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CIF Value |
|
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Raw materials |
9.951 |
15.017 |
11.797 |
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Goods traded in |
25.526 |
46.488 |
61.806 |
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Total Imports |
35.477 |
61.505 |
73.603 |
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Depreciation |
2.557 |
3.292 |
3.122 |
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Financial charges |
6.639 |
6.977 |
6.648 |
|
Other Expenditure |
227.362 |
227.561 |
248.037 |
|
Total Expenditure |
236.558 |
237.830 |
257.807 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.74
|
0.91 |
4.25 |
|
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Net Profit Margin (PBT/Sales) |
(%) |
0.02
|
0.14 |
2.72 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.98
|
1.15 |
6.95 |
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.04 |
0.23 |
|
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|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.79
|
2.84 |
2.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.10
|
2.24 |
2.14 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U24100MH1977PTC019661 |
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Name of the
company |
CHOKSEY CHEMICALS PRIVATE LIMITED
|
|
Address of the
registered office or of the principal place of business in India of the company |
111, Industrial Area, Near Cinemax, Sion [E], Mumbai – 400022,
Maharashtra, India |
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Particular of
charge holder |
Punjab National Bank, Large Corporate Branch, V. N. Road, Mumbai –
400023, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of
Guarantee |
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Date of
instrument Creating the charge |
19.02.2007 |
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Amount secured by
the charge |
Rs. 100.000 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Term Loan
sanction to Cybele Paradise Private Limited of Rs. 100.000 Millions. At in
Interest 12.75 % p.a. Terms of
Repayment Term Loan
sanction to Cybele Paradise Private Limited of Rs. 100.000 Millions – 18
Quarterly installment of Rs. 5.555 Millions Margin Term Loan
sanctioned to Cybele Paradise Private Limited of Rs. 100.000 Millions. At
margin of 44 % Extent and Operation
of the charge Rs. 100.000
Millions |
|
Short particulars
of the property charged |
Corporate
guarantee executed in favour of lender i.e. Bank |
Fixed Assets
- Leasehold
Land
- Plant &
Machinery
- Building
& Quarters
- Motor
Vehicles
- Office Equipments
- Furniture
& Fixtures
Website Details Attached:
Company Profile:
Subject was established in 1985 and now a leading
manufacturer of construction chemicals in India. The core portfolio
comprises of sealants, admixtures & water proofing chemicals to provide
best solutions for construction industry.
Subject has touched millions of lives by strengthening &
beautifying houses, offices, roads, bridges, airports etc. Subject
headquartered in Mumbai, is the only Indian company to manufacture all the pre
& post construction chemicals under single roof.
Subject’s in depth industry knowledge helps address issues
specific to client’s problems. An unmatched research infrastructure and ability
to generate quality product, ensures to serve its clients extraordinarily well.
Their experts uniquely position CCPL to offer comprehensive solutions that open
up infinite possibilities for its customers' satisfaction.
Over the years, subject has expanded its horizon to serve
the overseas market. ‘World class products with expertise for customer
satisfaction’ this mantra is an inspiration at CCPL. Hotel Sarana, a seven star
hotel in Afghanistan is one such prestigious project of Choksey’s membrane
division. At present CCPL exports to Middle East, Central Asian countries and
also facilitates overseas private label manufacturing.
Subject as First Introduced indigenous Polysulphide Sealants
(Techseal) in India. Techseal is still No.1 in the segment.
This achievement was recognised by the Indian Government with
an Award in 1995.
Introduced elastomeric waterproof coatings (Futura-5 &
Wall Nut) in India. Futura-5 is a premium product in its category.
Several factors have contributed to this remarkable record
of successes, but one stands above all others: their unwavering commitment to
R&D.
Appreciation
- Acquired prestigious ISO 9001:2000 certificate from BVQI
- Recognition from Department of Science & Technology &
Ministry of Defence, Govt. of India.
- Services to Government and Semi-Government organizations including
critical defence requirements.
- Subject has been awarded Master Roofer of the Year, 2003 at Bitumat
International Convention-2004, Malaysia, Achievement Award - Bitumat
Dato-2002 at Bitumat International Annual Convention and Bitumat Wali-2001
at Junis, 2002 Convention for CCPLs several achievements in Sales &
Marketing Bitumat Membranes.
R&D & Quality
The key to their success is their ability to generate innovative products and
capabilities at the forefront of the industry. R&D is a backbone for all
CCPL products. At CCPL they are shaping the future development of the existing
products through a constant stream of innovations in a range.
Infrastructure
Subject has multi-locational manufacturing facility equipped with
state-of-the-art technology. Modern lab consist PC operated colour
matching system, Tensile Testing Machine & Malvern Master Size (Laser
Diffraction particle size analyser). CCPL’s lab is well-equipped to test sealant,
concrete admixture, paint, water proofing products & other construction
chemicals. Latest manufacturing facilities speed up process of inventory and
dispatching.
Technical know how
Subject has established strong partnerships with leading companies worldwide.
These companies represent the "best of the best" in their own field.
CCPL has tied-up with world leaders like Rohm & Hass, Singapore for
technical assistance to develop elastomeric waterproof coatings
(Futura-5).
Subject is an authorized distributor for D.S. Brown Company
USA & Bitumat & Company, Saudi Arabia in India for their
expansion/modular joint systems, concrete products, compression seals and
Bituminous Membranes respectively.
Subject is able to pool the knowledge and expertise of their
partners in order to offer high-quality, locally attuned solutions to
customers.
Subject products are direct result of over a decade’s
customer experience. Choksey products have performed and stayed true for its
quality even in the most stringent conditions. CCPL’s products are user
friendly and cost effective.
Ecology & Safety
Subject accords highest priority to safety, health and
environment management. Subject ensure to protect environment by adhering to
qualitative processing systems and care for human safety. Sustainable
development is an integral part of company’s value system.
Products
Their product range includes Sealants, Waterproof Coating, Water
Repellents, Tile Adhesives, Concrete Admixtures, Specialty Coating, Floor
Coating & Hardeners and Grouts. The company is poised to make these
products the best performers in this market and is also introducing some
American product.
Services
They take this opportunity to introduce their selves as a leading
manufacturer of whole range of Construction Chemicals in India. Having formed
in 1982, Choksey Chemicals Private Limited, with its head office at Sion –
Mumbai and Factory at Taloja – Maharashtra is also engaged in manufacturing of
water repellents, tile fixing adhesives, floor coatings and speciality coatings
etc. The entire range of their products caters to both pre construction and
post construction industries. They are pioneer in waterproofing products and
over the years they have maintained the most reliable quality standards.
The company has been honored with National Award of indegenisation of Defence
Stores in the category of textile chemicals and rubber technology from Ministry
of Defence.
The products of Choksey Chemicals Private Limited are being extensively used in
the industrial and residential markets. The company has to its credit, reputed
clients from both private and government institutions that include public
sector and government sectors.
Clients
CHOKSEY products have been used at almost all kinds of residential and
industrial projects. It has to its credit, clients from both private and
government institution, which include public sectors and govt. sectors.
Facilities
The company has a well-equipped hi-tech plant at Taloja, Maharashtra where
stringent quality control procedures are followed in line with International
Standards. The philosophy of the management is to improve quality, increase
productivity and to decrease rejection rate.
Network Set Up
CHOKSEY has a very wide and efficient network of branches and dealers spread
across the length and breadth of India. This in addition to effective and
efficient logistics management ensures quick dispatch of products from the
point of origin to their destination.
Choksey
Chemicals launches six innovative construction chemical products in Ahmedabad
Ahmedabad,
May 6, 2006: Choksey Chemicals Private Limited (CCPL), today announced
the launch of four innovative construction chemical products – Sunshield,
Splash, Techseal One Pack, Thunderproof, Penetron and Delpatch exclusively in
the Ahmedabad market.
Subject is a leading manufacturer of construction and
waterproofing chemicals. Over the past twenty years the company has introduced
several innovative solutions to the construction industry. These new products
will target both the construction and retail segments. This is the first time
that CCPL is introducing an entire basket of new products for the retail
consumer as well for the industry.
The salient features of these products include:
- Sunshield is a solar
reflective coating that can be used to fight the heat. An application on
an industrial or residential rooftop helps to reduce the room temperature
upto 10 degrees Celsius.
- Splash is a water
viscous product that can be splashed on unreachable and difficult areas on
roofs. The chemical will dry in twenty minutes creating a waterproof layer
that bridges crack and pores.
- Techseal One Pack is
the advanced version two pack Polysulphide Sealant, CCPL’s pioneering
solution that repairs and builds expansion joints, and will benefit the
construction industry through ease of application and minimizing
wastage.This product complies 5212 (Road & Runway Grade) British
standard for materials and is developed for the first time worldwide by
Choksey Chemicals in this category of sealants.
- Thunderproof is an
emergency waterproofing solution that instantly repairs leaks and can be
used in houses, water channels, dams and bridges.This product can be
applied even in thunderstorm rains
- Penetron is a
Crystalline Waterproofing system which is used for waterproofing and
chemical protection above and below ground level. Applied in a slurry
form. It is extremely useful for swimming pools, chemical storage, mass
transit tunnel and critical application like nuclear reactors.
- Delpatch is an
elastomeric concrete which used in concrete road repairs, runways and
highways. Delpatch sets in hour’s time and gives amazing strength to take
the heavy traffic. The beauty of this product is that it can release the
traffic in an hours time and saves cost on repairs in long run.
“CCPL attempts to lead with research and development
activities for developing new products and improving the existing product range
for the construction industry. Choksey Chemicals through their innovative products
share a long association with Ahmedabad Construction and allied Industries;
they have decided to launch their new range in Ahmedabad as they see tremendous
opportunity for their innovative solutions in this growing and receptive
market.” Said Mr. Ankur Choksey, Managing Director, CCPL.
After launching these products in Ahmedabad, CCPL will
introduce them in other parts of the country. The construction industry is
witnessing a boom all over country and CCPL’s innovative products will add
considerable value to all these projects.
About
Choksey Chemicals Private Limited (CCPL):
Established in 1985, CCPL is now a leading manufacturer of
construction chemicals in India. The core portfolio comprises of sealants,
admixtures & water proofing chemicals to provide best solutions for
construction industry. It has manufacturing facilities at Taloja, Baddi and
Silvassa. CCPL has established strong partnerships with leading companies
worldwide. Around 1997, CCPL introduced country’s first Elastomeric Waterproof
Coating jointly with Rohm and Hass, Singapore. CCPL is also an authorized
distributor for D.S. Brown Company USA & Bitumat & Company, Saudi
Arabia in India for their expansion / modular joint systems, concrete products,
compression seals and Bituminous Membranes respectively. They have 130
employees and branches in 20 cities in India.
Choksey
Chemicals produces two innovative products, one pack Polysulphide Sealant- road
grade & a waterproofing solution for unreachable areas.
Mumbai,
May 17, 2006: Choksey Chemicals Private Limited (CCPL), today announced
the launch of two innovative construction chemical products – Techseal Solo 901
- the world’s first Road Grade One Pack Polysulphide Sealant and Splash a
waterproofing solution for unreachable areas.
Techseal
Solo 901 is an innovative solution that will repair and build
construction expansion joints. It complies with BS 5212 (Road Grade) British
standard for sealants and is developed for the first time worldwide by CCPL in
this category of sealants.
Techseal
Solo 901 is the advanced version of two pack Polysulphide Sealant,
also a CCPL’s pioneering solution that repairs and builds expansion joints. Techseal Solo 901 will
benefit the construction industry through ease of application and minimizing
wastage. It has the equivalent strength of a two pack system and requires no
mixing of part & part II. It will be available in various colours.
Splash is a
water viscous product that can be splashed on unreachable areas of terraces and
roofs. The chemical will dry in twenty minutes creating a waterproof layer that
bridges crack and pores. This waterproof layer turns transparent after drying
therefore it does not affect the aesthetics of the terrace.
“I am proud to introduce these products in India. Techseal Solo 901 is the
first of its kind to be launched in India and globally. These products are
another example of CCPL's commitment to research and development activities for
developing new products and improving the existing product range for the
construction industry. They have decided to launch their new range in Ahmedabad
as they see tremendous opportunity for their innovative solutions in this
growing and receptive market.” Said Mr. Anckur Choksey, Managing Director,
CCPL.
After initially launching these products in Ahmedabad, CCPL
will introduce them in other parts of the country. The construction industry is
witnessing a boom all over country and these innovative solutions, will add
considerable value to the industry.
About
Choksey Chemicals Private Limited (CCPL): Established in 1985, CCPL is a
leading manufacturer of construction chemicals in India. The core portfolio
comprises of sealants, admixtures & water proofing chemicals to provide
best solutions for construction industry. It has manufacturing facilities at
Taloja, Baddi and Silvassa.
CCPL has established strong partnerships with leading
companies worldwide. Around 1997, CCPL introduced country’s first Elastomeric
Waterproof Coating jointly with Rohm and Hass, Singapore. CCPL is also an
authorized distributor for D.S. Brown Company USA & Bitumat & Company,
Saudi Arabia in India for their expansion / modular joint systems, concrete
products, compression seals and Bituminous Membranes respectively. CCPL at
present employs more than 150 personnel, spread across 25 branches in India.
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.46.96 |
|
UK Pound |
1 |
Rs.83.91 |
|
Euro |
1 |
Rs.66.36 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
55 |
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. |
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 |
|