MIRA
INFORM REPORT
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Report Date : |
06.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
BHAVYA INDUSTRIAL CHEMICALS |
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Registered Office : |
N-215, MIDC Industrial Area, Boisar, Dist. Thane – 401 501, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1993 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporter of Industrial and Fine 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 25000 |
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Status : |
Good |
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Payment Behaviour : |
Slow But 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 reported as slow but correct. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Kharade |
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Designation : |
Manager |
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Date : |
19.08.2008 |
LOCATIONS
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Registered Office / Factory : |
N-215, MIDC Industrial Area, Boisar, Dist. Thane – 401 501,
Maharashtra, India |
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Tel. No.: |
91-2525-279029 |
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Mobile No.: |
91-9322129340 |
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Fax No.: |
91-2525-272468 |
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E-Mail : |
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Website : |
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Area : |
4800 Sq. meter (By Concern Industrial Building) |
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Location : |
Owned |
PROPRIETOR
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Name : |
Mr. S L Sharma |
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Designation : |
Proprietor |
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Date of Birth/Age : |
44 Years |
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Qualification : |
MBA |
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Experience : |
30 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Industrial and Fine Chemicals. |
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Products : |
v Hydrochioric
Acid v Sulphuric Acid v Nitric Acid v Acetic Acid
Glacial v Oxalic Acid v Textile
Auxillary Metallic salts of : v Iron v Copper v Nickel v Cobalt v Tin v Selenium Other Chemicals : v Sodium Silicate v Soap Stone Powder v Sodium Sulphate v Sodium Nitrate v Sodium Nitrite v Calcium Carbonate v Talc v Labsa v Bleaching Powder v
Textile Auxilliaries |
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Exports : |
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Products : |
v Fine Chemicals |
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Countries : |
v Kenya v South Africa v Saudi Arabia v Dubai |
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Terms : |
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Selling : |
L/C, Credit, CAD |
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Purchasing : |
Credit ( 30 days) |
GENERAL
INFORMATION
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Customers : |
v Wholesalers v Retailers v End Users |
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No. of Employees : |
Total : 14 (Office : 4, Factory : 10) |
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Bankers : |
v State Bank of
India Gunt Tarapur, MIDC |
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Facilities : |
Cash and Credit – Rs. 5.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Not Available |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 5.000 millions |
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Borrowed : |
-- |
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Total : |
Rs. 5.000 millions |
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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42.500 millions |
Expected Sales (2008-09): Rs. 60.000 millions
LOCAL AGENCY
FURTHER INFORMATION
Trade References
v
Tata SSl Limited – Mumbai
v
Sale Dent Sarex Overseas – Mumbai
v
Mohini Organics limited – Mumbai
v
Bajaj Healthcare limited - Mumbai
As Per Website Details
Subject was
established in 1993 and production started. After catering to local market for
initial 5-6 years ,the co.ventured in foreign trade and last six years have
seen us steadily picking up exports. They have been able to establish the
credibility with foreign buyers and have been able to establish the presence in
Srilanka, Mauritius, Kenya and Tanzania.
The concern buys quality material from reputed manufacturers
and distills and prepares quality laboratory grade materials and fine chemicals
needed for specific applications.
As they have been having all acids, they thought of going in
for metallic salts which need acids and alkalis as one of the raw materials.
This has given us a diversified range of products .
As the textile activity has picked up they have also ventured in textile
auxilliaries business which is highly specific and customer specific. The textile
auxilliaries is the new line where they have ventured and hope to make the
presence felt.
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 concern is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
The 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.
The 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. 44.37 |
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UK Pound |
1 |
Rs. 78.09 |
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Euro |
1 |
Rs. 63.41 |
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 |
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 |
YES |
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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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46 |
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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