MIRA
INFORM REPORT
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Report Date : |
21.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
SIDDHAPURA INDUSTRIES |
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Registered Office : |
Plot Number 321/5, GIDC, Chitra, Bhavnagar – 364 004, Gujarat. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1978 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMS08011D |
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PAN No.: [Permanent
Account No.] |
AAHFS3877J |
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Legal Form : |
Partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacturer, Seller and Exporter of Machinery, Drilling, Special
Design, Redial Drilling Machines. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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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 : |
USD 20000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established concern having satisfactory track. Trade
relations are fair. Financial position is satisfactory. Payments are usually
correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Plot Number 321/5, GIDC, Chitra, Bhavnagar – 364 004, Gujarat, India |
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Tel. No.: |
91-278-2445048 |
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Mobile No.: |
91-9426902662 |
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Fax No.: |
91-278-2445584 |
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E-Mail : |
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Website : |
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Area : |
2000 Sq. ft |
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Location : |
Owned |
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Corporate Office : |
B-15, Vithal Wadi Udyognagar, Bhavnagar – 364 001, Gujarat, India |
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Tel. No.: |
91-278-2428054 |
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Fax No.: |
91-278-2511961 |
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Mobile No.: |
91-9426902662 |
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E-Mail : |
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Website: |
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Area : |
3000 Sq. ft |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Bipin R.
Siddhapura |
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Designation : |
Managing Partner |
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Tel. No.: |
Office -
91-278-22428054 / 91-278-2511961 Residence –
91-278-22447169 Factory -
91-278-2445048 |
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Mobile No: |
91-9426917920 |
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E-Mail: |
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Name : |
Mr. V. J.
Siddhapura |
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Designation : |
Partner
(Production) |
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Name : |
Mr. Bhavin J.
Siddhapura |
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Designation : |
Partner |
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Mobile No.: |
91-9426902662 |
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E-Mail: |
bhavin@siddhapuradrills.com |
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Name : |
Mr. P.J.
Siddhapura |
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Designation : |
Partner |
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Name : |
Mr. Ravaji J
Siddhapura |
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Designation : |
Partner |
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E-Mail: |
rajeshpress1@yahoo.com |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Seller and Exporter of Machinery, Drilling, Special
Design, Redial Drilling Machines. |
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Products : |
Models
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Exports to: |
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Imports from : |
Imports components and spares from reputed manufacturers in Europe,
U.S.A. and Japan. |
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Terms : |
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Selling : |
L/C, Cash /Advance and Credit :
Upto 30 Days |
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Purchasing : |
L/C, Cash / Advance, Credit :
upto 30 Days |
GENERAL
INFORMATION
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Suppliers : |
WMW Germany [Cylindrical Grinder] |
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Customers : |
The Company provides technical solutions to big multinational
automobile companies like
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No. of Employees : |
65-70 |
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Bankers : |
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Facilities : |
Rs.5.000 Millions from Bank of Baroda. |
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Banking Relations : |
Satisfactory |
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Associates/Subsidiaries
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Name |
Siddhapura
Engineering Works Contact : Mr.
Bipin Siddhapura |
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Address |
B-15,
Vitthalwadi, G.I.D.C.,Bhavnagar – 364001, Gujarat, India |
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Tel. No.: |
91-278-2428054 /
2511961 |
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E-Mail: |
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Name |
Siddhapura
Enterprise Contact : Mr.
Bipin Siddhapura |
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Address |
Plot Number
320/6, Chitra, G.I.D.C., Bhavnagar, Gujarat, India |
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Tel. No.: |
91-278-2445248 |
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Fax: |
91-278-2445584 |
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E-Mail: |
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Name |
Siddhapura
Industries Contact : Mr. V.
J. Siddhapura |
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Address |
Plot Number
321/5, Chitra, G.I.D.C., Bhavnagar, Gujarat, India |
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Tel. No.: |
91-278-2445048 /
2445584 |
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E-Mail: |
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Name |
Siddhapura
Machine Tools Contact : Mr. P.
J. Siddhapura |
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Address |
C-1, 354/6,
Chitra, G.I.D.C., Bhavnagar, Gujarat, India |
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Tel. No.: |
91-278-2445077 /
2447967 |
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E-Mail: |
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Name |
Syndicate
Industrial – Corporation |
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Address |
Chitra, GIDC,
Bhavnagar – 364004, Gujarat, India |
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Name |
Sahyog
Enterprises |
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Address |
C1 342/3, Chitra,
GIDC, Kumbharwada, Bhavnagar – 364 004, Gujarat, India. |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.50.000 Millions |
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Borrowed : |
- |
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Total : |
Rs.50.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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220.000 |
200.000 |
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Profit/Loss for the year |
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NA |
10.000 |
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Export Value [F.O.B. Value] |
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NA |
100.000 |
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Import Value [C.I.F. Value] |
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NA |
25.000 |
Expected Sales (2007-08) : Rs.250.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Established as a Family
Partnership Firm in the year, 1978, at the above address at Bhavnagar, Gujarat,
India
Product Details
Company’s products
are readily made available with standard and optional accessories
Standard
- Motor Pulley
- Fine fed attachments
- Drift Key
Optional
- Electric Motor
- Reversible Switch
- V-Belt
- Drill Chuck
- Arbour
- Coolant Pump with tank and fittings
As per Web
Details:
Subject has been involved in the production of new and innovative types
of drilling machines and universal milling machine catering at its best to the
customer's requirements.
They offer advanced portable Concrete Drilling Machines and Milling
Machines which are widely applicable for coating removals and surface
preparation. They are dedicated in the production of Radial and Pillar
type drill machines.
Their Product's unique features include:
- Proportioned
column for rigidity of machine
- Rough and
smooth feed available by manual and power feed
- Provision of
window for change of gear on top cover
- Quill spacer
made of mild steel
- Main spindle
made of EN steel with six slots and 8 speed in either direction
- Spindle
sleeve is properly guided in honed drill head bore on 6 ball and roller
bearings for smooth and accurate running
- Grounded
parts finished on imported grinding machine
- Major parts
castings are of standard grade
- Head stock is
bored on imported boring machine
Their products are readily made available with standard accessories and
optional accessories.
Standard
- Motor Pulley
- Fine feed
attachments
- Drift Key
Optional
- Electric
Motor
- Reversible
Switch
- V-Belt
- Drill Chuck
- Arbour
- Coolant Pump
with tank and fittings
Their variant models of drilling milling machines are shipped on-time to
their increasing clientele base across the world. They have never compromised
on the stringent quality controlled procedures at the time of the entire
production flow. Their machines are well packed along with manuals which are
helpful to operate and maintain the machines.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.57 |
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UK Pound |
1 |
Rs.78.93 |
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Euro |
1 |
Rs.56.85 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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 |
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54 |
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
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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