MIRA
INFORM REPORT
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Report Date : |
27.06.2007 |
IDENTIFICATION DETAILS
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Name : |
SREENIVASA INDUSTRIES |
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Registered Office : |
No. 2, Plot No. 6, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1989 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHES06213E |
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Legal Form : |
Partnership concern
with an unlimited liability of the partners. |
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Line of Business : |
Manufacturers of Chemicals |
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 : |
Satisfactory |
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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.
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 : |
No. 2, Plot No. 6, |
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Telfax No.: |
91-44-23624668 / 23624680 |
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Mobile No.: |
91-9840048607 (Mr. Raviraj) |
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Fax No.: |
91-44-23622629 / 23624858 |
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E-Mail : |
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Website : |
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Factory : |
A 122, OIPDIC
Industrial Estate, |
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Tel. No.: |
91-413-5536477 |
PARTNERS
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Name : |
Mr. Raviraj |
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Designation : |
Partner |
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Date of Birth/Age : |
47 Years |
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Qualification : |
B. A. |
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Experience : |
20 – 25 Years |
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Name : |
Mr. Giriraj |
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Designation : |
Partner |
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Date of Birth/Age : |
42 Years |
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Qualification : |
B.A. |
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Experience : |
20 – 25 Years |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer of Chemicals |
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Products : |
Heat
Treatment Chemicals Case Hardening
Salt Neutral Herdening
Salt working range Sreeind
660660-900 Sreeind 720
720-900 Tempering Salt High Speed Steel
Salts Nitriding Salt Pre-treatment
Chemicals Degreasing and Derusting Chemicals Phosphating
Chemicals Lubricating
Chemicals for Wire Drawing Blackening Salts Rust Preventive
Oils and anti – Corrosive and Anti tarnishing Liquids Dereasing and
Derusting chemicals Sreeind SOL : An emulsion
cleaner, which dissolves oil and grease and dislodges dirt rust and other soil
when warm sprayed or dipped. Sreeind
Additive X Accelerator for
Sreeind SOL, when used by different processes. Areeind
Move FG - 3 A cleaner
specially developed for degreasing aluminium and its alloys galvanized or
tinned surfaces. Sreeind
Dine FDR – 4 An immersion type
deruster for use before phosphate and can also, be operated when warm. Sreeind
Dine FDR – 5 An immersion type deruster for use before
phosphate. Not suitable for hot use. Sreeind Dine FDR – 10 An efficient and economical defroster for
operation at room Temperature. Phosphating Chemicals Sreeind Phos FZ – 1 and Sreeindactivator Produces medium to heavy zinc iron
phosphate coating Sreeind Phos FZ – 5 Produces fine smooth zinc / calcium
phosphate coating on steel and sinc Surfaces when warm dipped Sreeind Phos FZ – 6 Produces medium zinc phosphate coating.
The coating obtained is attractive dark grew in colour. Sreeind Phos FZ –2 Produces heavy manganese / iron phosphate coating on iron and steel by
celebrated hot dip. Sreeind Draw TW – 2 It is intended for a accelerated hot dip
Zinc Phosphating on steel and Zinc Surface to facilitate wire and tube
drawing Sreeind Phos FDX – 1 Solvent based Iron Phosphating Chennai
Coupled with a sealant Sreeind Phos TX Surface conditioner used before
Phosphating. Sreeind Bond Added in the final rinse after phosphating
or chromatizing to eliminate contaminants form the pre treated metal surface
there by increasing corrosing resistance, paint adhesion and reducing the
risk of paint blistering. Lubricating Chemicals Sreeind Lube FL – 1 To be used as a hot aqueous solution
specially for drawing tubes. Blackening Salts Sreeind BLAQ Blackening salt for obtaining a jet –
black finish by not process. Sreeind
Rust Tech FBS – 1 For obtaining an attractive and protective
black, stain at room temperatures. Rust Preventive Oil and Liquids Sreeind rust preventive oils for a wide range
of application both drying and non drying types with dewatering function Sreeind Corr – LS Anti Corrosive and anti tarnishing – an
ideal appropriate liquid for the protection and the retention of brightness
for copper and aluminium alloys. Sreeind Rust Tech EP Twin pack dry
type preventive coating for high corrosion resistance. It can also serve as a
firm base coat for subsequent paintings.
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit (30 days) |
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Purchasing : |
Cash, Credit (30 days / 60 days) |
PRODUCTION STATUS
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Particulars |
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Unit |
Actual
Production |
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Chemicals |
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Metric Tonnes |
250 |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers |
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No. of Employees : |
40 |
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Bankers : |
Bank of Kodambakkam Branch, Chennai – 600024 |
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Facilities : |
Working Capital |
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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.5.000 millions |
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Borrowed : |
- |
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Total : |
Rs.5.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
30.000 |
30.000 |
40.000 |
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Expected Sales (2007-08) : Rs.80.000 millions
LOCAL AGENCY FURTHER INFORMATION
Trade References:
¬
MNTC,
¬
Korean
¬
Inco Limited,
Company Details:
A partnership firm
run by two brothers Mr. Giriraj and Mr. Raviraj, Sreenivasa Industries are in
the field for over 15 years. They are one of the leading manufactures of
“Chemicals of Non-Ferrous metals, anodes and Solders, Plating chemicals and
Allied Fine chemicals”.
Their efficiently
structured approach is oriented to customers and markets. Their manufacturing
effort is backed by extensive customer outset spread throughout the country. They
are the suppliers to some of the most reputed companies in the public and
private sectors in
Their
administrative office is located at the heart of the city of
They are a SSI unit
located at Pondecherry started in the
1989. the factory is located in the industrial estate of
As per
website
Products
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Tin
Chloride (Stannous Choride) |
- Molecular Formula : Sn C12.2H2O
- Molecular Weight : : 225.63
- Appearance : : Colorless Needle or Flaky
- Bulk density : : 2.65 gm / cm3 (at 25 dge. C)
- Solubility : : Soluble in water, Alkalies, Tartaric Acid
& Alcohol
- Melting Point :37.7 Deg. C
- Assay as SnC12. 2 H2O : 97-99%
- Assay as Sn : 51-52%
- Chlorides 0.005 % / Sulphate : 0.10%
- Heavy Metal (Pb) 0.10% Arsenic : 0.005%
- Molecular Formula : SnSO4
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Tin
Sulphate (Stannous Sulphate) |
- Molecular Weight : 214.77
- Melting Point : Loses Sulphur Dioxide at 360 deg.C
- Appearance : White
- Assay tin : : as Sn 51-52%
- Assay as : Sn SO4 : 99%
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Tin
Stannate (Sodium Stannate) |
- Chemical Formulation : Na2Sn03. 3H2O or Na2Sn (OH)6
- Cas No. : 12027-70-2
- Physical & Chemical properties : From Powder
Color White / Odor None
- Molecular Weight : 266.73
- Assay : 97%
- Assay Tin as Sn : 40-42%
- Solubility : 43 % at 25 deg.C
- Melting point : Loses 3H2O at 140 deg.C
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Tin
Oxide Powder |
- Synonyms : Stannic Oxide, tin oxide
- Designations : Chemical Name : Tin (IV) oxide
- Chemical Formulas : SnO and SnO2
- General Description : A powder, off - white in color,
produced thermally from high grade tin metal - Typical Chemical Purities Available :98 %
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Potassium
Stannate |
- Cas No : 12142 - 33- 5 ( Trihydrate )
- Formula : K2SnO3 3H2O OR
- Mol Wt. : 298 . 91 / H . S . Code / 2841.90
- Physical & Chemical Properties : Appearance
White off White
Powder Sn 38.0 % Min / Free Alkali 105% Max Insolubles 0.25%
Max (1% KOH0, Lead (Pb) 0.025% Max)
Chloride (KCI) 1.0 %Max / Specific Gravity 3.20
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Cobalt
Sulphate |
- Molecular Formula : CoSo4. 7H2O
- Molecular Weight : 281. 10
Cd 0.001 % Max Pb 0.001 % Max
As 0.0005 % Max - Insoluble matter in water : 0.2% Max
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Nickel
Carbonate |
- Formula : Nic O3
- Mol WT. : 118.69
- Appearance : Greenish Powder
- Ni 45. 0% Min HCL Insoluble 0.05% Max
Fe 0.005% Max Zn 0.01% Max Cu 0.01Max - Melting Point : 56. 57 C (decomposes)
- Electroplating : Colorants, MFG of organics chemicals
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Nickel
Sulphate |
- Molecular formula : NISO4. 6H2O NSO4 7H2O
- Molecular Weight : 262.5 - 280.88
- Appearance : Green
- Description : Emerald - green granular crystals
- Specifications: Assay 98% Min / Assay (% Ni) 22% Min
Ph (of 10 % solution ) 4-5.2 / 10% solution
clear solution Insoluble % max 0.05
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Copper
Sulphate Pentahydrate Cu SO4 . 5 H2O |
- Appearance : Blue
- Assay Ex Cu :98 % Min
- PH of 10 % solution : Acidic
- Insolubles in water : 0.02 %
- Chlorides : 0.01 %
- Iron : 0.01 %
Strengths
Quality
Their Quality Assurance System has been established to comply with the
requirements of International standards. The thumb rule of their enterprise is
to export and source only those products that have established competence in
the market. They define quality as their ability to fulfill their customer's
expectations - not only the expectations for their products, but also for all
services in connection with doing business with Sreenivasa Industries.
Specifically, their quality understanding ensures that they strive to:
Meet or exceed customer requirements continuously improve their process,
people and product.
Policy
They strive to offer the best products & in
time services to their customer and give a customer satisfaction level tending
to infinite. They believe that customer satisfaction is the scale of success
measurement. Their persistence to employ:-
- Their extensive knowledge of chemistry & chemical engineering
- Updated technology
- Their R&D skill and high-tech lab instruments
- Best Resources and Employee uplifment methods
- Management system
- Pollution control
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.40.95 |
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1 |
Rs.81.80 |
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Euro |
1 |
Rs.55.09 |
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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