MIRA INFORM REPORT

 

 

Report Date :

13.12.2007

 

IDENTIFICATION DETAILS

 

Name :

SIRIRAM AND COMPANY

 

 

Registered Office :

97, Naeayan Dhuru St., Masjid Bunder, Mumbai – 400003, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

1947

 

 

Legal Form :

Sole Proprietory Concern

 

 

Line of Business :

Manufacturer, Exporter and Importer of Wire Netting, Nickel Screens, Perforated Screens, S.S. Wire Mesh, Vibrating Screens, Sugar Screens, Heavy Mesh, Disc Filters, Candle Filters, Demister Pads, Conveyor Belts, Strainers and Filter Pads, etc.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Maximum Credit Limit :

USD 10000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established and reputed concern having satisfactory track. Proprietor is reported as experienced and respectable businessman. Trade relations are fair. Payments are reported as usually correct and as per commitments.

 

The concern can be considered normal for business dealings at usual trade terms and conditions.

 

LOCATIONS

 

Registered Office :

97, Naeayan Dhuru St., Masjid Bunder, Mumbai – 400003, Maharashtra

Tel. No.:

91-22-23449069/23451092

Mobile No.:

91-9821225001

Fax No.:

91-22-23429127/25821710

E-Mail :

siriram@bom3.vsnl.net.in

Area :

1000 sq. ft.

Location :

Rented

 

SOLE PROPRIETOR

 

Name :

Mr. Kailash Marwah

Designation :

Proprietor

Date of Birth/Age :

61 years

Qualification :

Inter – Science

Experience :

30 years

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Importer of Wire Netting, Nickel Screens, Perforated Screens, S.S. Wire Mesh, Vibrating Screens, Sugar Screens, Heavy Mesh, Disc Filters, Candle Filters, Demister Pads, Conveyor Belts, Strainers and Filter Pads, etc.

 

 

Products :
  • Wire Netting
  • Nickel Screens
  • Perforated Screens
  • S.S. Wire Mesh
  • Vibrating Screens
  • Sugar Screens
  • Heavy Mesh
  • Disc Filters
  • Candle Filters
  • Demister Pads
  • Conveyor Belts
  • Strainers and Filter Pads
  • Grader Mesh
  • Vibro Screens
  • Dovex Screens
  • Perforated Metals
  • Brass Liners
  • Centrifugal Liners
  • Door Oliver Screens
  • Bagascillo Screens
  • DSM Screens.

 

 

Exports :

 

Products :

All Products

Countries :
  • Dubai
  • Middle East

 

 

Imports :

 

Products :

Raw Materials

Countries :
  • China
  • Germany

 

 

Terms :

 

Selling :

Credit (30-60 days) advance T/T

 

 

Purchasing :

Credit (30-60 days) advance T/T

 

GENERAL INFORMATION

 

Customers :
  • Wholesalers
  • Retailers
  • Manufacturers

 

 

No. of Employees :

28 (8 – Office, 20 – Factory)

 

 

Bankers :

Dena Bank, Nagdevi Branch

 

 

Facilities :

C/C – Rs. 1.000 Million

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

J. P. Chaturvedi

Chartered Accountants

Address :

Mumbai

 

 

Associates/Subsidiaries :
  • Srinivas Industries, Goregaon
  • Siriram Metal Company, Goregaon

 

CAPITAL STRUCTURE

 

Capital Investment :

 

Owned :

Rs.2.500 Millions

Borrowed :

-

Total :

Rs.2.500 Millions

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

31.03.2007

31.03.2006

Sales Turnover

 

15.000

10.000

 

 

 

 

 

Expected Sales (2007-08) : Rs.20.000 Millions

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Trade Reference:

 

 

 

Website details:

 

They have benchmarked better quality standards in their range of Wire Netting, Nickel Screens, Perforated Screens, S.S. Wire Mesh, Vibrating Screens, Sugar Screens, etc....


Equipped with technical and manufacturing resources to meet the diverse needs of customers, we, "Siriram and Company.", have become a brand to reckon with. Ensuring efficiency and durability, their products are aptly designed to meet the challenges of various industrial needs. Since their inception in the year 1947, they have achieved the numero uno position in the industry as a pioneer manufacturer, exporter, importer, trader and supplier of Wire Netting, Nickel Screens, Perforated Screens, S.S. Wire Mesh, Vibrating Screens, Sugar Screens, Heavy Mesh, Disc Filters, Candle Filters, Demister Pads, Conveyor Belts, Strainers and Filter Pads, etc. They are the first choice of their customers when it comes to choose between various vendors and they make every possible effort to ensure that their standards of excellence do not suffer any sort of compromise.

 

Timely delivery of products is of paramount importance to them and therefore, they give top priority to the upgradation of their process, system and standards. They strive to keep their production techniques and products in touch with the latest technological developments and techniques in the industry. With sustained research and committed policy to innovate, they aim to provide improved products on a consistent basis. They have earned an industry wide reputation for excellence with their proficiency to deliver a range of quality. Today, they are exporting theirr products to almost every corner of the world, focused in the market of  the Middle East.

Products
Since their genesis, they have laid special emphasis on the quality of their products and embraced the modern technology to manufacture flawless products, in accordance to international quality standards. Their wide and comprehensive range of products includes:

 

 

 

Advantages of Siriram Nickel Screens

 

 

Quality
Being the manufacturer and exporter of high quality products, they ensure that their quality standards do not go down at any stage. Quality, durability and reliability are the foundation stones of their organization. They have adopted several quality control procedures adhering to the national as well as international quality standards. They employ stringent quality control mechanisms to ensure that only a quality product reaches to the customers and they get the complete value for their money. They also take special care in the procurement of the raw material, sourced from reputed and well established suppliers and distributors.



Infrastructure
They carry an efficient research and development procedure, involving consistent product innovation and development to engineer precision products. The use of the latest technology and equipment for quality control guarantees the high quality of our products. Their sophisticated and sound infrastructure is the powerhouse of technology and professionalism, helping them to execute their business operations smoothly. Their in-house manufacturing unit is complacent with ultra modern machineries and cutting edge technology. All the machineries used for the manufacturing process are kept under the aegis of their diligent technocrats who rectify any error which may bar the manufacturing process. Their wide distribution network and excellent transport facilities ensure the customers of safe, smooth and prompt delivery of products.

 

 

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 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.39.36

UK Pound

1

Rs.80.31

Euro

1

Rs.57.79

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

45

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions