MIRA
INFORM REPORT
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Report Date : |
16.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
SUNRISE EXPORTS INTERNATIONAL |
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Registered Office : |
10, Chandragupta, New Link Road, Andheri West, Mumbai,
Maharashtra - 400 058 Mumbai, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1999 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer of Mechanical Appliances and parts in cast / forged /
steel or ductile iron for oil filled appliance of engineering items and oil
field items. |
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 50000 |
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Status : |
Good |
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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. The concern’s entire products are exported. Payments are
usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms. Nothing adverse reported. |
LOCATIONS
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Registered Office : |
10, Chandragupta, New Link Road, Andheri West, Mumbai, Maharashtra
- 400 058 Mumbai, Maharashtra, INDIA |
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Tel. No.: |
91-22-66921972 / 66680622 / 67024192 |
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Fax No.: |
91-22-66921973 |
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E-Mail : |
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Website : |
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Area : |
500 sq. ft. |
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Location : |
Owned [By Partner] |
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Factory 1 : |
Plot No. 202. Survey No. 24, N. H. Road No. 8, Opposite Jai Ambe Petrol
Pump, Vasai [East], Thane, Maharashtra, India |
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Tel. No.: |
91-250-2210409 |
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Fax No.: |
91-250-2210408 |
SOLE PROPRIETOR
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Name : |
Mr. Mandeep Singh Sethi |
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Designation : |
Proprietor |
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Date of Birth/Age : |
34 Years |
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Qualification : |
Graduate |
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Experience : |
13 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Mechanical Appliances and parts in cast / forged /
steel or ductile iron for oil filled appliance of engineering items and oil field
items. |
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Products : |
Well Head Components Stub Ends and Flanges Hammer Unions - But Weld - Rings |
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Exports : |
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Products : |
Engineering items and Oil field Items |
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Countries : |
USA, UK and German |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
Credit [30 days] |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
100 |
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Bankers : |
Saraswat Cooperative Bank Vile Parle [East], Mumbai |
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Facilities : |
The concern enjoy some facilities from its’s bankers |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Vazifdar and Company Chartered Accountants |
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Address : |
Mumbai |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 6.000 Millions |
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Borrowed : |
Rs. 6.000 Millions |
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Total : |
Rs. 12.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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220.000 |
110.000 |
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Export Value |
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220.000 |
110.000 |
Expected Sales (2007-08) : Rs.400.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference
Parhat Steel Limited, Uttar Pradesh
Banyam and Bern Alloy steel Limited, Gujarat
The concern is 100 % export oriented unit.
AS PER WEBSITE
Sunrise Exports International is one of the upcoming export unit sufficing many international market demands in quality flanges and other pipe fittings.
Quality production at Sunrise Exports Internationalis not just a commercial commitment but a professional tradition.
The team at Sunrise Exports International are constantly pursuing progressive technological innovations and so are never completely satisfied with just a couple of achievements or compliments from happy customers.
Both, standard and tailor made items are manufactured with equal dedication and utmost caution to keep-up the tradition of delivering near zero defect products to existing and even increasing patronage.
Quality Policy
They believe quality can never be the best. They believe one has to continuously strive for achieving better quality both for goods and services. They believe they exist because of their customers, hence it is their philosophy to consistently offer their clients maximum value for their money. They finally believe the best sales man for a product is Mr.Quality.
Product/Service Name:
Well Head Components
Description
SEI offers a complete line of quality engineered well head components in cast
steel/forged/steel or ductile iron for oil field applications. Casing hangers
casing heads and spools crosses and tees flanges, adapters and packoffs. Flow
tees reducer tubing head adaptors, components of gate valves, like high
pressure gate valve bodies, bonnet, gate segment assembly, stems, seats and
guide and few others
Product/Service Name:
Hammer Unions - But Weld –
Rings
Description
Rings: Rings in carbon steel and stainless steel material.
Hammer Unions: 1/2" to 8" in carbon alloy and stainless steel
material.
But Weld: 1-1/2" dia to 8" dia in carbon and stainless
steel in various pressure.
Product/Service Name:
Stub Ends and Flanges
Description
Flanges: Carbon, alloy and stainless steel from 1/2" to 36"
dia various pressure ratings.
Stub Ends: 1/2" dia to 12" dia as per MSS type A or JIP
std.
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.44.22 |
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UK Pound |
1 |
Rs.85.51 |
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Euro |
1 |
Rs.58.47 |
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 |
YES |
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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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