MIRA
INFORM REPORT
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Report Date : |
17.03.2011 |
IDENTIFICATION DETAILS
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Name : |
GEM CORPORAITON |
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Registered Office : |
39/41, Ashok Chamber, 56, Devji Rajanshri Marg, Dana
Bunder, Mumbai - 400 009, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
May, 1984 |
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Legal Form : |
Partnership concern with an unlimited liability of the partners |
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Line of Business : |
Exporters, Importers and Traders of Chemicals and Dry Fruits. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 39000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established partnership concern having moderate track.
Mr. Vikas Shah, key executive denied to disclose any information about the
concern. However, trade relations are reported as fair. Business is active.
Payment terms are not known. The concern can be considered for business dealings with some caution.
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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
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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 DECLINED BY
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Name : |
Mr. Vikas Shah |
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Designation : |
Key Executive |
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Date : |
17.03.2011 |
LOCATIONS
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Registered Office : |
39/41, Ashok Chamber, 56, Devji Rajanshri Marg, Dana
Bunder, Mumbai - 400 009, |
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Tel. No.: |
91-22-23717677/256312841/23739617 |
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Mobile No.: |
91-9821164485 |
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Fax No.: |
91-22-23738031 |
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E-Mail : |
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Area : |
1500 Sq. ft |
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Location : |
Owned |
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Shop: |
At APMC Market, Vashi |
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Godown/Warehouse : |
At Biwandi |
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Area : |
30, 000 Sq. ft |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Bharat K. Shah |
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Designation : |
Partner |
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Date of Birth/Age : |
4th May, 1953 |
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Qualification : |
Graduate |
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Name : |
Mr. Mahesh K. Shah |
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Designation : |
Partner |
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Qualification : |
SSC |
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Name : |
Smt. Ketna Vikas Shah |
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Designation : |
Partner |
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Qualification : |
BA, Textile Designer |
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Name : |
Miss Dhara Vikas Shah (Minor) |
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Designation : |
Partner |
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Qualification : |
Studying for Dentist in US |
KEY EXECUTIVES
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Name : |
Mr. Vikas Shah |
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Designation : |
Key Executive |
BUSINESS DETAILS
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Line of Business : |
Exporters, Importers and Traders of Chemicals and Dry Fruits. |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Credit (120 days) |
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Purchasing : |
Credit (90 days) |
GENERAL INFORMATION
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Customers : |
Retailers |
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No. of Employees : |
60 (100 Contract Workers) |
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Bankers : |
State Bank of |
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Facilities : |
CC – Rs. 50.000 Millions |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Mayur and Company Chartered Accountant |
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Memberships : |
The Chemicals and Alkali Merchants Association |
CAPITAL STRUCTURE
As on 31.03.2008
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Capital Investment : |
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Owned : |
Rs. 9.751 millions |
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Borrowed : |
-- |
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Total : |
Rs. 9.751 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2008
(Approximately) |
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Sales Turnover |
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800.000 |
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LOCAL AGENCY FURTHER INFORMATION
Subject is in trade terms with:
v Ipca Laboratories Limited, Mumbai
v Cipla Limited, Mumbai
v Pepsico India Holding Private Limited, Mumbai
v
Coca Cola
v UB Group of Companies
v
Paints and General India Limited,
v
v
Sungold Breway (
v
Profiles RHF Limited, Sharjah
v
Cadbury
v
Britania
v
Ghasitaram
WEBSITE DETAILS:
Profile
Subject is one of the Importers and Dealers for
Heavy Industrial Chemicals and Dry Fruits. They are in the business since last 25
years. Its is being run and owned by family members
Hard work, Sincerity coupled with Commitment towards work brought
positive results. Year after year the Business and Profit graph showed
Northward trend. Their overseas supplier also put faith in them and they
started giving doucments 90 days D/A as againts L/C.
In the year 1990 diversification came into picture and they started
importing Almonds from
At present they represent US Company M/S Celite Corporation market leader, in manufacturing all kinds of Filter
aids, holding 78% world market share. They represent them not only for Indian
Territory but also neighbouring countries i.e
They intend to import more and more material into
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.18 |
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1 |
Rs.75.58 |
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Euro |
1 |
Rs.63.13 |
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 |
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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NB |
New Business |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.