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Report Date : |
06.03.2012 |
IDENTIFICATION DETAILS
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Name : |
SHREE BALAJEE MAGNESITE |
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Registered
Office : |
70/1, Vellakal Patti, Salem- 636012,Tamil Nadu, India. |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Capital
Investment / Paid-up Capital : |
Not Available |
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Year of
established : |
1990 |
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TIN No : |
33193241145 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business
: |
Manufacturers, Supplier and Exporter of Industrial Minerals, Coconut
Shell Powder and Raw Coconut Shell. |
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No. of Employees
: |
125 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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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 : |
-- |
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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 proprietory
concern having satisfactory track. Trade relations are reported as fair. Business
is active. Payment 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) |
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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 : |
Mr. Ankit Choudhary |
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Designation : |
Manager |
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Contact No.: |
91-9344454487 |
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Date : |
24.02.2012 |
LOCATIONS
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Registered Office/ Factory: |
70/1, Vellakal Patti, Salem- 636012,Tamil Nadu, India. |
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Tel. No.: |
91-427-2345318/2345424 |
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Mobile No.: |
9344454487 / 9500811721 (Mr. Ankit Choudhary) |
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Fax No.: |
91-427-2345318 |
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E-Mail : |
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Website : |
SOLE PROPRIETOR
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Name : |
Mr. Raj Kumar Choudhary |
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Designation : |
Proprietor |
KEY EXECUTIVES
|
Name : |
Mr. Ankit Choudhary |
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Designation : |
Manager |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, Supplier and Exporter of Industrial Minerals, Coconut
Shell Powder and Raw Coconut Shell. |
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|
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Products : |
·
Calcined Magnesite power ·
Dead Burnt Magnesite ·
Ramming mass ·
Raw magnesite ·
Dunite ·
Coconut shell power ·
Raw coconut shells |
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Terms : |
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Selling : |
L/C /Credit (30 days) |
PRODUCTION STATUS
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
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Industrial minerals |
MT |
|
20000 |
As per orders |
GENERAL INFORMATION
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Customers : |
Wholesalers and End users |
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No. of Employees : |
125 (Approximately) |
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Bankers : |
·
Indian Overseas Bank ·
ICICI Bank, Salem |
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Banking
Relations : |
-- |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Not Available |
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Borrowed : |
Not Available |
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Total : |
-- |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
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|
100.000 |
The above information has been parted by Mr. Ankit Choudhary
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCES:
·
Shanty Abrasivers Private
Limited – Delhi
·
Saral Fertilisers Private
Limited – Muzzaffarnagar
·
Arke Minerals Private
Limited – Kolkata
·
Liberty Phospate Limited
– Baroda
·
Manaksia Limited –
Kolkata
PROFILE:
This is a sole proprietorship firm
situated in Salem. The proprietor is Mr Raj Kumar Choudhary. His son Mr Ankit
Choudhary is the Manager and looks after public relations and sales at the
firm. The firm was started in 1990 and from then they have come a long way. The
firm was started with a production capacity of 1000 Metric tonnes per annum but
has presently achieved a production target of more than 20000 Metric tonnes per
annum. They have the capacity of produce 10000 Metric tonnes of lightly
Calcined Magensite, 4000 Metric tonnes of Deadburnt Magnesite and 6000 Metric
tonnes of Coconut shell powder per annum. Their turnover has increased from a
mere 50.000 Million to 100.000 Million now. They employ more than 150 people
now. They have a strong export market in US, Saudi Arabia. They have their own
land, shed and office premises in Vellakkal Patti, Salem. The land is over 5
acres and they have shed measuring over 10000 to 20000 feet where they get
their coconut shells powdered.
Apart from this they offer
Industrial minerals such as calcined magnesite powder, dunite, ramming mass and
raw magnesite. This, they procure from the mines in and around Salem,
Tiruchengode. They processing is done at their factory using high grade raw
materials that includes raw magnesite, petroleum coal and raw coconut shell.
They have a separate packaging department to pack the raw materials in HDPE
bags. The industrial minerals they produce are used in industries like
fertilizers, abrasives, steel industry, acoustics, polishing packaging and
others. Their quality is kept to high standards and that is the reason that
they have both domestic and export orders.
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.49.80 |
|
|
1 |
Rs.78.78 |
|
Euro |
1 |
Rs.65.74 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
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 |
|
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
|
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 |
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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.