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Report Date : |
26.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
JAI KAMAL PAINTS |
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|
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Registered
Office : |
Old No. 70, New No. 169, M S Koil Street, Royapuram, Chennai – 600013,
Tamilnadu |
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Country : |
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Year of
Establishment : |
1972 |
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Financials (as
on) : |
31.03.2012 |
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Capital
Investment / Paid-up Capital : |
Not Available |
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VAT : |
33971180339 |
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CST : |
72199/19.1.1972 |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
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Line of Business
: |
Manufacturer, Supplier and Distributor of decorative coatings and
Industrial/ Protective coatings. |
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No. of Employees
: |
60 (Approximately) [In Office – 15 and In Factory – 45] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 old and a well 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. M Shah |
|
Designation : |
Partner |
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Contact No.: |
91-9840095969 |
|
Date : |
23.04.2012 |
LOCATIONS
|
Registered Office : |
Old No. 70, New No. 169, M S Koil Street, Royapuram, Chennai – 600013,
Tamilnadu, India |
|
Tel. No.: |
91-44-25981323/ 25956660/ 32917812 |
|
Mobile No.: |
91-9840095969/ 8144595969 (Mr. M Shah) |
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Fax No.: |
91-44-25956660 |
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E-Mail : |
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Website : |
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Factory : |
11, North Terminus Road, Toll Gate, Chennai – 600081, Tamilnadu, India
|
PARTNERS
|
Name : |
Mr. Jayanth M Shah |
|
Designation : |
Partner |
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|
|
|
Name : |
Mrs. Kamalaben Shah |
|
Designation : |
Partner |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Supplier and Distributor of decorative coatings and Industrial/
Protective coatings. |
|
|
|
|
Products : |
Decorativ coatings
·
Synthetic
Enamel Paint ·
Interior
Wall Coatings ·
Exterior
Wall Coating (Weather Proof With Anti-Fungus Property) · Synthetic Primers · Wood Primers · Metal Primers · Putty / Paste Filler · Wall Putty · Aluminium Paints · Varnish and Wood Sheen · Sealer · Metal Coatings Industrial / Protective coatings · Metal Primers · Putty/ paste filler · Aluminum paints · Silicon heat resisting paints · Heat resisting paints · Furniture enamel · Boiler compound and heat resisting paints · Cycle finishes · Electrostatic stoving paint · Stoving paint · Marine paints · Marine primers · Special primers · Acid resistant paints · Epoxy protective coatings · Metal coatings · Polyurethane accelerators · Thinners |
|
|
|
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Brand Names : |
·
Jaitex ·
Jalchlor ·
Jaikamal |
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Terms : |
|
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Selling : |
Credit (30 days) |
GENERAL INFORMATION
|
Customers : |
End Users, Government Departments ·
TNEB - all offices in Tamilnadu ·
BHEL ·
Atomic Power Project - all offices in Tamilnadu ·
Nuclear Power project - all offices in India ·
All sugar mills in Tamilnadu ·
TVS group of
companies in Tamilnadu ·
TAFE ·
ICF |
|
|
|
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No. of Employees : |
60 (Approximately) [In Office – 15 and In Factory – 45] |
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Bankers : |
Dena Bank, Tondiarpet, Chennai – 600081, Tamilnadu, India |
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Banking
Relations : |
-- |
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|
|
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Auditors : |
Not Available |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Not Available |
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Borrowed : |
Not Available |
|
Total : |
Not Available |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
100.000 |
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Expected Sales (2012-13) : Rs.125.000 Millions
The above information has been parted by Mr. M Shah.
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
No |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter’s background |
No |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
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11) Turnover of firm for last one year |
Yes |
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12) Profitability for last three years |
No |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
Yes |
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15) Capital in the business |
No |
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16) Details of sister concerns |
No |
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17) Major suppliers |
No |
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18) Major customers |
Yes |
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19) Payments terms |
Yes |
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20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
No |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if applicable |
-- |
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29) Last accounts filed at ROC |
-- |
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30) Major Shareholders, if available |
-- |
PROFILE
This is a partnership firm. The firm was started in the year 1972. The partners are
·
Mrs. Kamalben M Shah (sleeping partner)
·
Mr. Jayanth M Shah (son for the former) – MD and
active partner
The firm is
engaged in the manufacturing and supply of a wide range of Decorative Coatings
and Industrial Protective coatings. They have 186 products in the range. The brand name Jaitex, Jalchlor,
Jaikamal, etc. They do not have any dealers who sell their products. They had
appointed dealers some years before but found that not only the service was
bad, it was eating into their profit also. So now they are manufacturers/
suppliers / distributors themselves. They have a very big list of clients.
Almost 50% of their sales goes to Government Departments and 50% to big industrial
establishments. Their main customers are
1.
TNEB - all offices in Tamilnadu
2.
BHEL
3.
Atomic Power Project - all offices in Tamilnadu
4.
Nuclear Power project - All offices in India
5.
All sugar mills in Tamilnadu
6.
TVS group of companies
in Tamilnadu
7.
TAFE
8.
ICF
9.
Other major industrial giants situated in Hosur,
Sriperumbudur and other parts of Tamilnadu.
The major
industries they cater to are
·
Builders
·
Automotive
·
Barrel and Drums
·
Cycle Manufacturers
·
Heavy Engineering Industry
·
Thermal Power Stations
·
Electrical and Electronics
·
Architecture/Decorative
·
Atomic Power/ Nuclear Power
·
Cylinder Manufacturer
·
Corporation
·
Furniture Industry
·
Various Government Departments Research
Organizations
Their products are
developed under the strict guidance of their qualified and trained
professionals. They make sure to use superior quality raw materials and
chemicals while manufacturing these products. They adhere strictly to the
international standards of quality and deliver absolute functionality in the
required applications. With great attention given towards each and every minute
detail they have acquired an impressive client base across the nation.
15 people work in
their office and 45 work in their factory at Toll gate. Their bankers are Dena
Bank, Tondiarpet Branch, Chennai. Their turnover over 100.000 Millions a year. There is no way to assess the financial
strength of the firm. Caution advised in all financial transaction with them.
However they claim that they have no loans outstandings at all. Orders may be
placed against documents thru bank.
A medium sized
well established firm which has a very wide Government client base in
Tamilnadu.
Mr. Jayanth M Shah
is the man who is all in all. His leadership has taken the company towards
100.000 Millions now and they hope to end 2012-2013 with 125.000 Millions. The
staff are much dedicated to Mr. Shah’s and have a very good word about him.
Staff relations and staff welfare are high on.
Mr. Shah's agenda
and that shows when we visit their office.
They do not have
any sister concerns.
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.52.49 |
|
|
1 |
Rs.84.65 |
|
Euro |
1 |
Rs.69.25 |
INFORMATION DETAILS
|
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|
Report Prepared
by : |
CTI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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 |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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.