MIRA
INFORM REPORT
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Report Date : |
25.06.2011 |
IDENTIFICATION DETAILS
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Name : |
SALCHEM INTERNATIONAL |
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Registered
Office : |
New No. 334, Old No. 142 Purasawalkkam High Road, Kellys, Chennai
600010, Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
16.03.2007 |
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Capital
Investment / Paid-up Capital : |
Not Divulged |
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Legal Form : |
Partnership Concern with an unlimited liability of the partners |
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Line of Business
: |
Importers of Chemicals and National Distributors of Leather Tanning
Chemicals, Leather Finishing Chemicals, Shoe Finishing Chemicals, Leather Foils,
Antifoaming Agents, Textile Chemicals, Tanwat and Watel etc. |
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No. of Employees
: |
75 Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (43) |
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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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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established partnership concern having satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Ms. Jayanthi |
|
Designation : |
Key Executive |
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Contact No.: |
91-44-26426063 |
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Date : |
22.06.2011 |
LOCATIONS
|
Registered Office : |
New No. 334, Old No. 142 Purasawalkkam High Road, Kellys, Chennai
600010, Tamilnadu, India |
|
Tel. No.: |
91-44-26426063 / 26427547 |
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Fax No.: |
91-44-26422239 |
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E-Mail : |
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Website : |
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Factory /Branches : |
Located At: ·
Kanpur ·
Ranipet ·
Erode ·
Chennai ·
Bangalore ·
Kolkata |
PARTNERS
|
Name : |
Mr. A S Abdul Basith |
|
Designation : |
Partner |
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Name : |
A Nooruddin |
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Designation : |
Partner |
KEY EXECUTIVES
|
Name : |
Ms. Jayanthi |
|
Designation : |
Key Executive |
BUSINESS DETAILS
|
Line of Business : |
Importers of Chemicals and National Distributors of Leather Tanning Chemicals,
Leather Finishing Chemicals, Shoe Finishing Chemicals, Leather Foils,
Antifoaming Agents, Textile Chemicals, Tanwat and Watel etc. |
|
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Products : |
·
Leather Tanning Chemicals ·
Leather Finishing Chemicals ·
Shoe Finishing Chemicals ·
Leather Foils ·
Antifoaming Agents ·
Textile Chemicals ·
Tanwat and Watel Extract |
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|
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Agencies Held : |
Schill+Seilacher GmbH,
Schönaicher Str. 205 71032 Böblingen, Germany SIC Unit 1a St Columb Major Industrial Estate, Newquay, Cornwall, TR9 6SF United Kingdom Tel: 1637 881180 e-mail: info@sic-uk.com IDIV S.R.I\L. Via C S Suardo 9 20040 Bellusco MI 3m Scothgard, 3M United Kingdom PLC, 3M Centre, Cain Road, Bracknell
RG12 8HT |
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Imports : |
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Products : |
Chemicals |
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Countries : |
·
Germany ·
Italy ·
France ·
USA |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
L/C |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
75 Approximately |
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Bankers : |
State Bank of India, Leather International Branch, Periamet, Chennai
600003, Tamilnadu, India |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
Not Available |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Not Divulged
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
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|
25.000 |
The above information has been parted by Ms. Jayanthi (Key Executive)
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or Registry
Records.
LOCAL AGENCY FURTHER INFORMATION
PROFILE:
Another firm Salchem International started in 2007 under the Salma group
is their latest. Salma Group was started
as a single company called Salma International in the year 1984. The company
has grown steadily from a small concern to a big organization with a one point
agenda of serving the leather and footwear industry. Subject later started various divisions such
as Chemicals, Machinery, Shoe, Leather etc.
The better service to the Leather and Footwear Industry, the company got
a very good response from its customers.
Thus for better administration purposes the company has started many
other sister firms / companies for exclusive products. The group firms / companies are
·
Salma international
·
Noorie associates
·
Lederchem Private Limited
·
Mouin Export Import P Limited
·
Faariya Impex
·
HIfzan International
·
Salma Export and Import agency
·
S B International
·
Salma Mechannica
The company serves the customers by arranging visits by overseas
technicians in addition to their extensive service by the local
technicians. The company caters to all
the needs of the leather industry, from raw materials from EU, African and
Middle East origins, Chemicals from Tanning to finishing, machinery, shoe,
finished chemicals and auxiliaries.
Salma group is a leading chemicals supplier for the Indian Leather
Industry. They represent over 20 leather
chemical and accessories manufacturers from Euroipe and USA. The latest addition Salchem International is
also engaged in the same business of representing a lot of chemical industries,
importing from them and selling all over India through their sales agents.
Their specialty chemicals include the world famous SCOTGGARD. Eighty percent of their sales some directly
from the end users. The rest is sold off their shelf.
They also sell Sulphide Free Liming solutions and chrome free tanning
chemicals. For the past few years they
have been dealing with imported Wet Blue Skins of Ukranian origin tanned in
Italy and English domestic hides and sheep and goat skins of various origins.
A highly reputed firm, cash rich and has monopoly for chemicals supply
related to the leather industry.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.94 |
|
|
1 |
Rs.71.89 |
|
Euro |
1 |
Rs.64.09 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
4 |
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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 |
|
43 |
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 |
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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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.