MIRA
INFORM REPORT
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Report Date : |
06.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
MODERN CHEMICALS AND PLASTICS |
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Registered Office : |
Seksaria Mills Compounds, S V Road, Malad (W), Mumbai – 400064,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 (Estimated) |
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Year of Establishment: |
1955 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM02589G |
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PAN No.: [Permanent
Account No.] |
AAAFM04078 |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
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Line of Business : |
Manufacturer of Speciality Chemicals |
RATING &
COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Undetermined |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Mr. Hemant Vakil, partner of the concern informed that they are no
more importers from abroad and hence they cannot a part required details. Hence
this report is based on database and secondary sources. Although subject is an old concern but its current status could not
be determined. It would be prudent to deal with the concern on fully safe and
secured trade terms and conditions |
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LOCATIONS
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Registered Office / Factory : |
Seksaria Mills Compounds, S V Road, Malad (W), Mumbai – 400064,
Maharashtra, India |
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Tel. No.: |
91-22-28789720 |
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Fax No.: |
91-22-28725750 |
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E-Mail : |
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Website : |
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Location : |
Rented |
PARTNERS
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Name : |
Mr. Jitendra C. Vakil |
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Designation : |
Partner |
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Name : |
Mr. Hemant J. Vakil |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Speciality Chemicals |
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Products : |
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Exports : |
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Countries : |
South East, Africa, Middle East, Saudi Arabia |
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Terms : |
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Selling : |
Cash and Credit ( 30 days) |
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Purchasing : |
Cash and Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
Retailers and End Users |
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No. of Employees : |
10 ( 2 Office and 8 Factory) |
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Bankers : |
Not Divulged |
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Banking
Relations : |
Unknown |
CAPITAL STRUCTURE
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Capital Investment : |
(Estimated) |
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Owned : |
Rs.1.000 million |
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Borrowed : |
-- |
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Total : |
Rs.1.000 million |
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 (Estimated)` |
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10.000 |
LOCAL AGENCY
FURTHER INFORMATION
Website details attached:
Subject was established by technically qualified
personnel in the year 1955 initially to manufacture metallic stearates. The
company then diversified its activities to manufacture paints additives such
as driers. As time passed, they widened their range as PVC stabilizers by
incorporating lead compounds, Barium / Cadmium solids and liquids, calcium /
zinc complexes.
In all their
endeavours, inhouse development of technology was of paramount importance. As
the needs of industry go on changing, more sophisticated high performance
equipments started appearing in the market place. This opened new
opportunities for them. To keep abreast with the latest developments and to
expand their activities, the new range of liquid barium / cadmium, calcium /
zinc, barium / zinc stabilizers for indoor and outdoor applications of PVC
were developed and manufactured.
Subject is a
manufacturer of speciality chemicals that improve the performance
characteristics of a wide variety of products. The company's success is
primarily due to its consistent ability to provide customers with top quality
products, technical assistance and solutions for their ever changing needs.
For the paints
and coating industries they satisfy many major needs from driers, fungicides,
dispersion aids and viscosity modifiers. Other metal soaps and chemicals produced
by the company find application as fungicides and preservatives for adhesives,
cordage, textiles and wood. Still others serve as components in metal plating,
as additives and anticorrosin compounds for lubricants, and as combustion
catalysts for fuel oil. Their products are tested through rigorous quality
control both with regard to raw materials and finished products. In addition,
they offer pre and after sales technical assistance to their customers through
their trained and experienced personnel and undertake development of special
formulations tailored to their requirements.
Subject also
manufactures tailor made stabilizers for specific purposes for the consumer
requirements. Subject had technical know-how collaboration with M/s. BASF
Germany for liquid stabilizers. This has benefited them to establish better
products and acquired ability to meet the international standards. In the
future, their main thrust shall be on exports of paint and plastic additives
manufactured at their end.
Export of the product
shall require local agents to market and promote their products in their
region. They are open for such agencies to carry out this business. Research
and Development changing with time with present laboratory set up &
technical assistance, the company has made products of international repute,
technically sound backup to market their products in a better way.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.46 |
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UK Pound |
1 |
Rs.83.37 |
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Euro |
1 |
Rs.64.46 |
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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