MIRA
INFORM REPORT
|
Report Date : |
14.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SHREE
SIDDHI VINAYAK ENGINEERING COMPANY |
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Registered Office : |
Plot
no 192/193, Road No 3, G I D C, Kathawala, Ahmedabad – 382430, Gujarat,
India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.09.2003 |
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Legal Form : |
Partnership
concern with an unlimited liability of all the partners. |
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Line of Business : |
Manufacturer
of Heat Exchanger, Fin type Heat Exchanger, Tube type Heat Exchanger,
Centrifugal Fan, Industrial Fan, Axial Flow Fan, Customised Fan. |
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 : |
Usually
correct |
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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 good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Factory 1: |
Plot
no 192/193, Road No 3, G I D C, Kathavada, Ahmedabad – 382430, Gujarat,
India |
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Tel. No.: |
91-79-32955518 |
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Mobile No: |
91-98250-67794
/ 9898500023 |
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Fax No.: |
91-79-22890215 |
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E-Mail : |
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Website : |
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Area : |
15400
Sq ft. |
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Location : |
Owned |
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Factory
2: |
73,
Gopinath Industrial Estate, Near Soni Ni Chawl, Ahmedabad – 382415, Gujarat,
India |
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Tel.
No.: |
91-79-22890215 |
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Fax
No.: |
91-79-22890215 |
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Area : |
2000
Sq. ft. |
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Location : |
Owned |
PARTNERS
|
Name : |
Mr Prakash
Yaji |
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Designation : |
Partner |
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Address : |
C/9,
Avadh Apartments, Opposite Sarview Towers. |
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Date of Birth/Age : |
52
years |
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Qualification : |
B E
Mechanical |
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Experience : |
33
years |
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Name : |
Mrs
Gita Yaji |
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Designation : |
Partner |
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Address : |
C/9,
Avadh Apartments, Opposite Sarview Towers. |
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Date of Birth/Age : |
49
years |
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Qualification : |
10th
Standard |
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Experience : |
4
years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Heat Exchanger, Fin type Heat Exchanger, Tube type Heat Exchanger,
Centrifugal Fan, Industrial Fan, Axial Flow Fan, Customised Fan. |
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Products : |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Credit
: 30 days |
GENERAL
INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
16 |
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Bankers : |
State
Bank of India, Memnagar |
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Facilities : |
Credit
Limit : Rs 2.000 Millions |
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Banking Relations : |
Satisfactory |
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Auditors : |
Ajay
Chhaya and Company Chartered
Accountants |
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Address : |
201,
Kamal Complex, C G Road, Ahmedabad – 09 |
CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs
3.554 Millions |
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Borrowed : |
Rs
2.262 Millions |
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Total : |
Rs
5.816 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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|
31.03.2006 |
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PARTNERS CAPITAL ACCOUNT |
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1] Partners Capital Account |
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3.554 |
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2] Reserves & Surplus |
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|
0.000 |
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NETWORTH |
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3.554 |
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LOAN FUNDS |
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1] Secured Loans |
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2.051 |
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2] Unsecured Loans |
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|
0.211 |
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TOTAL BORROWING |
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2.262 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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5.816 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.266 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.612 |
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Sundry Debtors |
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3.007 |
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Cash & Bank Balances |
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|
0.005 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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0.173 |
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Total Current Assets |
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3.797 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities and Provisions |
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2.248 |
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Total Current Liabilities |
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2.248 |
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Net Current Assets |
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1.550 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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5.816 |
PROFIT
& LOSS ACCOUNT
|
Particulars |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
10.818 |
7.653 |
3.066 |
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Profit/Loss for the year (before distributing to the partners) |
1.121 |
0.629 |
0.216 |
KEY
RATIOS
|
PARTICULARS |
` |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
|
10.36
|
8.22 |
7.04 |
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Net
Profit Margin (PBT/Sales) |
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10.36
|
8.22 |
7.04 |
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Return
on Total Assets (PBT/Total
Assets} |
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8.063
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NA |
NA |
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Return
on Investment (ROI) (PBT/Networth) |
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0.32
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NA |
NA |
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Debt
Equity Ratio (Total
Liability/Networth) |
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1.26 |
NA |
NA |
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Current
Ratio (Current
Asset/Current Liability) |
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1.69
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NA |
NA |
LOCAL AGENCY
FURTHER INFORMATION
Impeccable
quality blowers and heat exchangers highlights Company’s courteous professional
services...
About Company
Shree
Siddhivinayak Engg. Co. is one of the leading and most experienced manufacturer, exporter
and supplier of Blowers, Heat Exchangers, Leveling Pad, Water Manifold
and Dust Compactor in India, with an air intake capacity upto 12,000
mtrs./hr. Company’s commitment to quality, innovation and technology has made
us a name to reckon with. Backed by the latest technology, financial strength
and managerial leadership, company constantly invest in the development and
enhancement of the production techniques to remain abreast of the changing
trends in global market. Company’s manufacturing process is backed by the best
technology with a guarantee for high quality performance of all type of blowers
and heat exchangers. Company excel in supplying pump and compressor with
numerous designs, features and the widest capacity range, available in
competitive price.
Product Range
The unique
feature in company's products is the precise performance that is derived from
flawless designing, engineering and manufacturing. Company’s unparalleled range
of products includes:
- Centrifugal Fans
- Blowers
- Heat Exchangers
- Leveling Pad
- Water Manifold
- Dust Compactor.
Infrastructure
Company’s manufacturing process is backed by the best technology and latest
equipments. The working team comprising of skilled technicians, experienced
engineers and qualified workers have the stamina to handle the most complicated
tasks with complete perfection and proficiency. Company has a long list of
gratified clients who appreciates company’s products for their reasonable
prices and well organized services. Company’s worldwide clients have always
played an important role in motivating them by accepting and admiring their
products.
Quality
High class manufacturing has enabled company to offer the best quality products
to the clients that conform to the international quality standards. Stringent
quality control is conducted at regular intervals, removing the defected pieces
from the lot. Company’s excellent transport facilities, wide distribution
network ensure the customers of safe, smooth and prompt delivery of products.
Company has a team of quality control inspectors who monitor each and every
stage of the production process, right from the procurement of raw material to
the dispatch of finished products in the market.
General Comments
There is
a good market for the company’s product and company is in look out for a foreign
collaboration in near future.
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.44.16 |
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UK
Pound |
1 |
Rs.86.00 |
|
Euro |
1 |
Rs.57.56 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
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 |
NO |
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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 |
|
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
|
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/normal. |
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 |
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