MIRA
INFORM REPORT
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Report Date : |
17.01.2006 |
IDENTIFICATION
DETAILS
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Name : |
SUJITH
ENGINEERING WORKS |
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Registered Office : |
Gala
No. 6 & 8, Zahid Khan Compound, Chimatpada, Opposite Jaffar Bhat Roller
Garage, Marol, Andheri [East], Mumbai – 400059, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1996 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS47519D |
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PAN No.: [Permanent
Account No.] |
AAIPN7420R |
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Legal Form : |
Sole
Proprietory Concern |
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Line of Business : |
Manufacturer
of Precision Machining of components in mild steel, cast iron, non-ferrous
metals and pharmaceutical equipments. |
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
5000 |
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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 a well established concern having satisfactory track. Trade relations are
fair. 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 / Factory : |
Gala
No. 6 & 8, Zahid Khan Compound, Chimatpada, Opposite Jaffar Bhat Roller
Garage, Marol, Andheri [East], Mumbai – 400059, Maharashtra, India |
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Tel. No.: |
91-22-28517058 |
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Fax No.: |
91-22-28509703 |
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E-Mail : |
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Website : |
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Area : |
1500
sq. ft. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr.
Ajay Nair |
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Designation : |
Proprietor
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Date of Birth/Age : |
38
Years |
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Qualification : |
Under
Graduate |
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Experience : |
20
Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer
of Precision Machining of components in mild steel, cast iron, non-ferrous
metals and pharmaceutical equipments. |
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Products : |
Fabrication Service Engineering Service Precision Machine Components |
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Exports to : |
Dubai |
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Imports from : |
Korea
and Taiwan |
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Terms : |
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Selling : |
Credit
[30 days] |
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Purchasing : |
Cash
or Credit [30 days] |
GENERAL INFORMATION
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Customers : |
End
Users |
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No. of Employees : |
30 [In
Office : 5 & In Factory : 25 ] |
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Bankers : |
Tamilnadu
Mercantile Bank Limited Andheri
[West], Mumbai |
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Banking Relations : |
Satisfactory
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Auditors : |
Kapadia
and Compnay Chartered
Accountants Mumbai
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Associates/Subsidiaries : |
Hriddhi Enterprises -
Mumbai -
Subject engaged in labour job – fabrication. |
CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs.
1.000 Millions |
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Borrowed : |
-- |
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Total : |
Rs.
1.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
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Particulars |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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5.600 |
4.400 |
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Expected
Sales for March 2007 Rs. 15.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference
- Dectokem Engineers, Mumbai
- Hilden Packaging, Mumbai
The
concern is planning to import machinery from Taiwan and Korea aggregating cost
of Rs. 5.000 Millions.
Sujith Engineering Works are an
one of the leading engineering company equipped with excellent machineries
centrally located in the heart of Mumbai City. The company was started in the
year 1996 as a sole proprietor company consisting of 12 workers to handle the
company. The company is managed by professionals personnel having good
experience in the fields.
They undertake precision machining of components in
mild steel, cast iron, stainless steel and other non ferrous metals, which are
used for pharmaceutical, chemical, rubber, paper, tube and steel plant
machineries.
They have the handling capacity for heavy components
and their premises is easily accessible - An ideal setup for every specialized
components.
The company is continuously rising on the growth chart
and setting very high quality standards. Their strict emphasis on quality is
combined with the latest technology to offer their customers a competitive
edge.
Since its inception, the company has established a
reputation for itself as a supplier of quality products. They focus on quality
and aim to achieve total customer satisfaction, both in the products they offer
and in the service that follows.
Their highest priority is on customising their
products. They are committed to provide what their customer wants and they
provide quality and consistency at the best value.
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
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Indian Rupees |
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US
Dollar |
1 |
Rs.44.27 |
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UK
Pound |
1 |
Rs.86.87 |
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Euro |
1 |
Rs.57.27 |
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 |
5 |
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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 |
YES |
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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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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/normal. |
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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