MIRA
INFORM REPORT
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Report Date : |
08.03.2007 |
IDENTIFICATION
DETAILS
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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 |
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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 records. 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
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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
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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. |
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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 : |
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Name : |
Ajay Chhaya and
Company Chartered
Accountants |
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Address : |
201, Kamal Complex,
C G Road, Ahmedabad – 382409 |
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Tel No. : |
91-79-26409098 |
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
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Particulars |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
9.691 |
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
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PARTICULARS |
` |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
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11.57
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8.22 |
7.04 |
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Net Profit Margin (PBT/Sales) |
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11.57
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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 Engineering
Company 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.50 |
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UK Pound |
1 |
Rs.85.86 |
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Euro |
1 |
Rs.58.39 |
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 |
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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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/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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