MIRA
INFORM REPORT
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Report Date : |
02.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
CHEMICAL RESOURCES |
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Registered Office : |
SCO 76, 1st Floor, Swastic Vihar – Sector 5, MDC Panchkula
– 131409, Haryana |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1996 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKC01189G |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturers and Exporters of Herbal Drugs and Extracts. |
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 160000 |
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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 well established concern having satisfactory track. Trade
relations are fair. Payments are usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Pawan |
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Designation : |
Proprietor |
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Date : |
30.08.2008 |
LOCATIONS
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Registered Office : |
SCO 76, 1st Floor, Swastic Vihar – Sector 5, MDC Panchkula
– 131409, Haryana, India |
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Tel. No.: |
91-172-2555557-58 |
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Fax No.: |
91-172-2555559 |
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E-Mail : |
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Website : |
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Area : |
1000 sq. ft. |
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Location : |
Owned |
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Factory 1 : |
3A, Phase 2, Industrial Estate, Punchkula |
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Area : |
10000 sq. ft. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Pawan K. Goel |
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Designation : |
Proprietor |
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Address : |
Varanasi |
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Date of Birth/Age : |
46 Years |
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Qualification : |
Post Graduate [Mech. Engineering] |
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Experience : |
20 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Herbal Drugs and Extracts. |
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Products : |
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Exports : |
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Products : |
Herbal Drugs etc. |
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Countries : |
USA, Australia, Netherlands, U.K., Germany, Europe and China |
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Imports : |
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Products : |
Chemicals and Herbs / Machinery |
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Countries : |
South Africa and China |
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Terms : |
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Selling : |
Cash and Credit [30 days], DA Based |
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Purchasing : |
L/C, Cash, Credit [30 days] and at Sight, DA Base |
PRODUCTION STATUS
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Particulars |
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Actual
Production |
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Herbal Drugs and Extracts |
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As per Demand |
GENERAL
INFORMATION
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Customers : |
Retailers |
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No. of Employees : |
Total 46 [In Office : 6 and In Factory : 40] |
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Bankers : |
IDBI Bank Limited, Chandigarh ICICI Bank, Panchkula |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Kapil Sabarwal and Associates Chartered Accountants |
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Address : |
Punchkula, Haryana, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.20.000 Millions |
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Borrowed : |
-- |
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Total : |
Rs.20.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
70.000 |
70.000 |
50.000 |
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Profit/Loss for the year |
NA |
2.850 |
2.795 |
Expected Sales (2007-08) : Rs.90.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference
- Herose
Mineral, U.K.
- Local
Customers Ankur etc.
- Himalya Drugs
As Per Website
Introduction
Incepted
in 1996 in Northern India, Subject
is an ISO 9001:2000 Certified Concern. They are specialised in manufacturing of
Herbal drugs and Pharmaceutical intermediates for both domestic and
International market as per Pharmacopoeia
Standards. They have a wide range of products and are fast expanding to
meet the present and future market demands for the high value, low volume
drugs. The concern is promoted by a team of professional entrepreneurs who have
business interest and experience combined with excellence of the past, elegance
of the present and fantasy of the future. With the help of their rich
experience and well-qualified, dedicated personnel, they have successfully
expanded their business activities across the world. Currently they are
catering to the needs of Asia (China,
Hong Kong, Japan, UAE), Africa (South-Africa),
Europe (Germany, Italy, Spain
& UK) and USA.
Strength
The major strength of the organization is
professionally managed, well equipped Quality Assurance and Quality Control
department, focus on higher production standards for superior quality products
that surpass the international standards to enable the organization to reduce
the production cost to give the best value
for money to its customers, in-depth knowledge of products manufactured and
long-term relationships with their business partners. For about a decade, Chemical Resources has charted a path
of growth, integration and consolidation, while drawing the respect and trust
of clients, associates and partners.
Quality
Subject is
committed to the development and implementation of the effectiveness of the
quality management system for total Customer Satisfaction by confirming to
their needs through continuous improvement in products and processes.
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
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.21 |
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UK Pound |
1 |
Rs.79.76 |
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Euro |
1 |
Rs.64.72 |
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 |
6 |
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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 |
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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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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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47 |
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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