MIRA
INFORM REPORT
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Report Date : |
19.01.2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
9/13, Kannilal
Layout, Ernavur, Chennai – 600057, Tamilnadu |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
November,
1989 |
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Com. Reg. No.: |
TIN No.
: 33151084469 Area Code : 055 CST No. : 866572 |
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Legal Form : |
Sole
Proprietory Concern |
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Line of Business : |
Manufacturing
of inductors, quench assembly, bus bars all accessories for induction machines
and servicing of induction hardening machine. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
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Status : |
Small
concern |
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a small concern having moderate track records. Trade relations are fair.
Payments are usually correct and as per commitments. The company
can be considered for small to mediocre business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
9/13,
Kannilal Layout, Ernavur, Chennai – 600057, |
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Tel. No.: |
91-44-25730150 |
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Mobile No.: |
91-9841400708 |
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E-Mail : |
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Area : |
1200
sq. ft. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. T.
Ashok |
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Designation : |
Proprietor
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Address : |
9/13,
Kannilal Layout, Ernavur, Chennai – 600057, |
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Date of Birth/Age : |
15.10.1973
[34 Years] |
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Qualification : |
Diploma
Electrical and Electronics Engineering, Computer knownledger in MSWORD, Auto
Cad |
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Experience : |
14
Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturing
of inductors, quench assembly, bus bars all accessories for induction
machines and servicing of induction hardening machine. |
GENERAL INFORMATION
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No. of Employees : |
4 [In Office
: 1; In Factory : 3] |
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Bankers : |
Indian
Overseas Bank Tiruvottiyur |
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Facilities : |
Credit
Limit Rs. 0.100 Millions |
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Banking Relations : |
Satisfactory
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CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs.
0.500 Millions |
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Borrowed : |
Rs.
0.500 Millions |
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Total : |
Rs.
1.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
0.800 |
0.750 |
0.600 |
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LOCAL AGENCY FURTHER INFORMATION
Mr. M.
Thanikachalam, is the founder of the firm. He started his career in a
Multinational Heavy Vehicles Factory. He was an Electric Technician. He had
worked in various Induction Hardening Machiners. The machines he worked on were
- EMA GmbH
- GEC
- Radyne
- Electrotherm
- Inductlec
Meanwhile
he was assigned the job of designing inductors and quench assembly for various
components. He had designed the
following parts on his own
- Crankshaft
- Camshaft
- Rear Axle Shaft
- Gear boc shifter forks
- Rocker arm shaft
- Selector block for gear box
assembly
Almost
200 components were designed by him. He was assisted by Mr. T Ashok his son
theoretically.
Proprietor of the firm : Mr. T. Ashok
Mr.
Ashok was introduced to all the above by his father. He is a diploma holder in
Electrical and Electronics Engineering. He has also helped design and
manufacture of various components. The products he has designed are
- Bus Bars
- Water cooled HF and MF power
line hoses
- Thyristor cooling stacks
Own Plot
and Shed :
Total
area 1200 square feet
They also owned some vacant plots for construction 2400 sq. ft. – 2 Nos
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
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Currency |
Unit
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Indian Rupees |
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US
Dollar |
1 |
Rs.44.34 |
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1 |
Rs.87.61 |
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Euro |
1 |
Rs.57.61 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
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37 |
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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