MIRA
INFORM REPORT
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Report Date : |
23.10.2008 |
IDENTIFICATION DETAILS
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Name : |
GULF |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
2007 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEG08809D |
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PAN No.: [Permanent
Account No.] |
AAHFG4326Q |
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Legal Form : |
Partnership Concern with Unlimited Liability of the partners. |
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Line of Business : |
Manufacturer of Cleaning Chemical used by institutional and industries |
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 4000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small concern in its field. Trade relations are fair.
Payments are usually correct and as per commitments. The concern can be considered normal for small business dealings at
usual trade terms and conditions. |
INFORMATION PARTED BY
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Name : |
Mr. Dhanashankar |
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Designation : |
Marketing Manager |
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Contact No.: |
91-9884332369 |
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Date : |
22.10.2008 |
LOCATIONS
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Registered Office : |
14 B Jagannath Road, Nugan Bakkam, Chennai-600034, Tamilnadu, India |
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Tel. No.: |
91-44-28251021 |
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Mobile No.: |
91-9884332369 |
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Fax No.: |
91-44-28251021 |
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E-Mail : |
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Area : |
2400 sq.ft ( Owned) |
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Marketing Office : |
110, IInd Floor, Ranga Complex, Pondy Bazar, T Nagar, Chennai-600017,
Tamilnadu, India |
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Tel. No.: |
91-44-42057435 |
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Fax No.: |
91-44-42057438 |
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Factory : |
No. 501, Kazhani Village, GNT Road, Red Hills, Chennai-600052,
Tamilnadu, India |
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Tel. No.: |
91-44-26323223 |
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Area : |
50000 sq.ft ( Rented) |
PARTNERS
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Name : |
Mr. Habibulla Khan |
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Designation : |
Partner |
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Address : |
14 B Jagannath Road, Nugan Bakkam, Chennai-600034, Tamilnadu, India |
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Date of Birth/Age : |
57 Years |
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Qualification : |
B Com |
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Name : |
Mr. P S Mohhmed Husen |
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Designation : |
Partner |
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Address : |
14 B Jagannath Road, Nugan Bakkam, Chennai-600034, Tamilnadu, India |
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Date of Birth/Age : |
55 Years |
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Qualification : |
B.Com |
KEY EXECUTIVES
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Name : |
Mr. Dhanashankar |
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Designation : |
Marketing Manager |
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Mobile No. : |
91-9884332369 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Cleaning Chemical used by institutional and industries |
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Products: |
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Imports : |
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Products : |
Car Perfumes |
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Countries : |
Dubai |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
GENERAL INFORMATION
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Customers : |
Wholesalers, Distributer, hotel Auto Industries |
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No. of Employees : |
25 (Office 10, Factory 15) |
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Bankers : |
·
HDFC Bank, Nunganbakkam ·
ABN Amor Bank, Nugabalum Branch |
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Banking
Relations : |
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Auditors : |
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Name : |
Sulthan Associates Chartered Accountant |
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Address : |
Chennai |
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Associates/Subsidiaries : |
Gulf India Trade Address: 14 B Jagannath Road, Nugan Bakkam, Chennai-600034, Tamilnadu,
India Line of Business: Importer of Perfumes used in Car Gulf India
Holdings Address: 14 B Jagannath Road, Nugan Bakkam, Chennai-600034, Tamilnadu,
India Line of Business: Real Estate |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 0.805 Million |
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Borrowed : |
-- |
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Total : |
Rs. 0.805 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
SUMMERISED
DETAILS:
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Particulars |
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31.03.2008 |
31.03.2007 |
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Sales Turnover |
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1.200 |
-- |
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Profit/Loss for the year |
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10% |
10% |
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Profit after tax |
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5% |
5% |
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Share Capital |
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0.805 |
NA |
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Current Liabilities |
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0.217 |
NA |
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Secured Loan |
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0.723 |
NA |
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Fixed Assets |
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0.767 |
NA |
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Inventories |
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0.314 |
NA |
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Sundry Debtors |
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0.019 |
NA |
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Cash and Bank Balance |
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0.001 |
NA |
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Other Current Assets |
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0.001 |
NA |
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Loans and Advances |
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0.233 |
NA |
Expected Sales (2008-09) : Rs. 2.000 Millions
LOCAL AGENCY FURTHER INFORMATION
Trade References:
·
Hotel Residency, T Nagar
·
Ahsons Parrys, Chennai
AS PER WEBSITE
Profile:
A home should shelter happiness and peace and not germs and dirts. Subject is engaged in providing its
clients with a perfect assembly of hygienic and cleaning chemicals and
products. Being in the manufacturing business for a reasonable time now, they
have gained immense expertise and a great rapport amongst the esteemed clients
in India and overseas.
They are a renowned manufacturer,
exporter and supplier of a variety of kitchen cleaning products, house keeping products and car care
products. The product catalog incorporates disinfectants, air fresheners, glass cleaners, bleach, surface cleaners,
hand wash, dish wash liquids, oven cleaners, grill cleaners, low foam carpet
shampoos, toilet cleaners, degreasers and a plenty of other useful products.
The other products include Industrial Hand Wash and Floor Cleaner for
the engineering & automobile industries. They also manufacture and supply
products for cleaning and hygienic purpose as per the requirement of the
industries.
With an ideal manufacturing technology and quality control system,
production of hygienic and best quality products becomes really easy. Customer
satisfaction is vital to the surplus growth and this further drives them to
attain perfection in not only the quality of products manufactured, but also in
assuring their on time delivery at reasonable prices.
The Aim
They are a goal oriented concern always aiming for the zenith by ensuring total
customer satisfaction. The company aims to consistently maintain and improve
the quality of products as per the enviable demands of the industry. A well
motivated staff and replenished infrastructure are the backbone, encouraging
them to move ahead of times and foresee a great future for ourselves.
Infrastructure:
Located in the suburbs of Chennai, Tamil Nadu, they are one of the
quality manufacturers of hygienic cleaning and sanitation products and are
totally self sufficient with the own manufacturing facilities. The
manufacturing as well as quality testing equipments undergo a revival session
every now and then, as they believe in implementing the best and the perfect
technology. The quality products are manufactured with the aid of sophisticated
machines and advanced techniques.
They are fully aware of the scientific advancements happening all around, and
particularly in the industry, and therefore all the products mirror the latest
and the best. They have a highly skilled staff believing in accomplishing each
task with dedication and perfection. All professionals put in their best for
the growth of the company. The products are packed ensuring safe packaging
measures, making handling of the products relatively easier.
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.49.29 |
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UK Pound |
1 |
Rs.80.40 |
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Euro |
1 |
Rs.63.35 |
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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
NO |
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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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