MIRA
INFORM REPORT
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Report Date : |
26.04.2007 |
IDENTIFICATION DETAILS
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Name : |
M.K. ENGINEERING WORKS |
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Registered Office : |
No. 23, SICO Industrial Estate, Ambattur, Chennai – 600 098, Tamilnadu |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Year of Incorporation : |
1983 |
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VAT No for
domestic supplies: |
33451441749 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEM05629B |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Subject provides services like CNC Machining, Manufacturing of machine
components, Lathe works |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 : |
USD4000 |
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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 and reputed concern having satisfactory
track. Proprietor is reported as
experienced and respectable businessman.
Trade relations are reported as fair.
Business is active. 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: |
No. 23, SICO Industrial Estate, Ambattur, Chennai – 600 098, Tamilnadu |
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Tel. No.: |
91-44-26241064 / 31049960 |
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Mobile No.: |
91-98419-71075 |
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E-Mail : |
SOLE PROPRIETOR
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Name : |
Mr. N. Muthu |
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Designation : |
Proprietor |
BUSINESS DETAILS
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Line of Business : |
Subject provides services like CNC Machining, manufacturing of machine
components, lathe works |
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Products : |
Auto parts, Gear box bushes, Axle Studs, King pins |
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Imports : |
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Products : |
Machinery |
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Countries : |
Korea |
PRODUCTION STATUS
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As per order |
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GENERAL INFORMATION
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Customers : |
Al Pump Private Limited, Parveen Travels India Limited Sundaram Fasteners Limited Sundaram Clayton Limited |
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No. of Employees : |
82 (Office: 2; Factory: 80) |
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Bankers : |
Indian Bank, Ambattur, Chennai |
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Banking
Relations : |
Satisfactory |
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 |
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Sales Turnover |
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45.000 |
LOCAL AGENCY FURTHER INFORMATION
Website details attached:
Subject was established in the year 1983 by Mr. Muthu. They do CNC machining for the industries in
There is no way to assess the financial strength of this firm. Caution advised in all financial dealings
with them. All transactions against LCs
or documents through bank recommended.
They are a professionally managed company engaged in manufacturing and
exporting different types of precision engineered products like king pins,
spring pins, auto parts, gear box bushes etc.
Their products are widely used in automotive industry.
They offer products which provide superior performance and dependability
at industry leading price to their clients.
Their range is designed incorporating several features which enhance the
performance and efficiency of the products and in turn of the vehicle
also. Some of these features are:
- Durable
construction design
- Low
mechanical noise
- Precision
components
The raw materials used for castings include ferrous metals such as
ductile iron, grey iron etc. Their products are popular in national and
international market.
They strive hard to maintain the quality of all our products through
stringent quality check measures and modules.
The application of such measures minimizes the maintenance
requirements. The company encompasses
exceptional ability and outstand strength in fulfilling the growing demands of
international buyers.
They offer a range that is designed to serve the wide requirements of
various industries. Consistent quality,
superior performance and high precision defines our product range which is very
innovative and user friendly.
A glimpse at their range:
- Auto parts
- Gear box
bushes
- Axle Studs
- King Pins etc
Their major product is King Pins which ensures high quality standards
and effective casting. They have reputed
brand market for their king pins throughout Tamilnadu.
They are known amongst their clients for their ability to offer
precision based, pressure die cast and dynamically balanced products as per the
Specifications of our clients. They can
also offer exacting standards, sizes and dimensions as desired by their
customers with in stipulated frame of time.
They are capable of fabricating castings as per customer’s strict
technical specification and material composition.
They have a well established infrastructure laid in a total area of 2000
sq. fts. It is equipped with
sophisticated modern equipment and facilities such as surface treatment
facilities, heat treatment facilities and welding facilities. Their manufacturing unit is empowered with
Forging, Casting, Pressure die-casting, sheet metal and gear cutting
machines. Several other machines that
they use in their production process are
- Lathe Machine
- Centre Less
grinding Machine
- Thread Rolling
Machine
- Copy Turning
- Drilling
Machine
They keep all their machines upgraded from time to time to ensure
efficiency and efficacy.
At this concern, quality is of prime importance and we never take chance
with it. Their quality inspectors are
well aware of their responsibility and hence they keep a strict vigil at each
stage of the production process.
Right from the procurement of raw materials to the final products each
step is monitored by sophisticated testing equipment. The various tools used by our quality
inspectors are:
- Roughness and
Hardness Testers
- Spectrometer
- Ultrasonic
Flaw detector
- Tensile
practice tester
- Surface
detector
- High speed
balancing machines, etc. to monitor the quality of products and their raw
materials.
Their team is thoroughly professional and skilled. They have a team of engineers which is highly
qualified and trained to develop a range which can aptly serve all industrial
needs.
They devote considerable amount of time in their research and
development and their team is constantly exploring the avenues for development
and up gradation at all levels. They keep there selves abreast with latest
developments and technological advancements to increase the efficiency of their
products.
They have a spacious warehouse which can store their products in
bulk. They keep their warehouse at
controlled temperature to minimize the risk of damage to the products. They ensure that it is categorically divided
into various storing units attached with a batch number to keep the products
and to facilitate us with easy identification.
Their organization also lay complete emphasis on the packaging of their
products to ensure it’s complete safety.
They pack it in sturdy and chemically treated containers to avoid
resistance to corrosion and to ensure easy and hassle free dispatch.
They have wide distribution of network and their association with
reliable c and F agents to ensure us the safe delivery at the final destination
within stipulated frame of time. Their
ability to deliver product right on time.
They have earned clientele all across the globe.
They have developed a rich client base in
- AL Pump Pvt.
Limited
- Parveen
Travels India Limited
- Sundaram
Fasteners Limited
- Sundaram
Clayton Limited
Some of the reasons which gave them competitive advantage over others
are:
- Premium
quality castings to our products
- Corrosion
Resistance Powder Coating
- Voluminous
experience in the industry
- High quality
components
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. 41.18 |
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1 |
Rs. 82.02 |
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Euro |
1 |
Rs. 56.07 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
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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46 |
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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