MIRA
INFORM REPORT
|
Report Date : |
04.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
SIVAPRIYA EXIM
PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Plot No: 1721, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2005 |
|
|
|
|
Date of Incorporation : |
25.01.1988 |
|
|
|
|
Com. Reg. No.: |
18-15309 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U51909TN2000PTC045081 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHES15455G |
|
|
|
|
Legal Form : |
Private Limited
Liability Company |
|
|
|
|
Line of Business : |
Exports of Auto Components,
such as Pistons, Liners, Transmission Belts, Fasteners, Rubber Components,
Chasis Components, Electrical relays, Flashers, Timers, Machined Components
etc |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED
CREDIT LINE |
|||
|
41-55 |
Ba |
Overall operation is considered normal. Capable
to meet normal commitments. |
Satisfactory |
||
|
Maximum Credit Limit : |
USD 10000 |
|||
|
|
|
|||
|
Status : |
Satisfactory |
|||
|
|
|
|||
|
Payment Behaviour : |
Slow but Correct |
|||
|
|
|
|||
|
Litigation : |
Clear |
|||
|
|
|
|||
|
Comments : |
Subject is a well
– established company having satisfactory track. Trade relations are fair. General
financials position is satisfactory. Payments are reported as slow but
correct. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
|||
LOCATIONS
|
Registered Office : |
Plot No: 1721, |
|
Tel. No.: |
91 – 44 -
26265123 / 26268935/ 26530220 / 26531309 / 26533821 |
|
Fax No.: |
91 – 44 -
26257265 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr. M K Unnithan |
|
Designation : |
Managing Director
|
|
Address : |
“Sivapriya”, Plot
No. Plot No: 1721, |
|
Date of Birth/Age : |
27.04.1932 |
|
Date of Appointment : |
31.02.2000 |
|
|
|
|
Name : |
Mrs. Sreedevi
Unnothan |
|
Designation : |
Director |
|
Address : |
“Sivapriya”, Plot
No. Plot No: 1721, |
|
Date of Birth/Age : |
24.07.1938 |
|
Date of Appointment : |
31.2.2000 |
|
|
|
|
Name : |
Mr. Jaishankar
Unnithan |
|
Designation : |
Director |
|
Address : |
“Sivapriya”, Plot
No. Plot No: 1721, |
|
Date of Birth/Age : |
15.04.1969 |
|
Date of Appointment : |
04.10.2001 |
|
|
|
|
Name : |
Mr. R Satheesh |
|
Designation : |
Director |
|
Address : |
“Dwarka”, 1260,
Anna Nagar, West 19th |
|
Date of Birth/Age : |
24.05.1961 |
|
Date of Appointment : |
15.10.2004 |
|
|
|
|
Name : |
Mrs. Anjana
Satheesh |
|
Designation : |
Director |
|
Address : |
“Dwarka”, 1260,
Anna Nagar, West 19th |
|
Date of Birth/Age : |
31.05.1965 |
|
Date of Appointment : |
04.10.2001 |
|
|
|
|
Name : |
Mrs. Anitha
Unnithan |
|
Designation : |
Director |
|
Address : |
No. 1065, H
Block, Ponny Colony, Anna Nagar, Chennai – 600040 |
|
Date of Birth/Age : |
27.11.1960 |
|
Date of Appointment : |
04.10.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. M K Unnithan |
|
100 |
|
Mrs. Sreedevi
Unnothan |
|
100 |
BUSINESS DETAILS
|
Line of Business : |
Exports of Auto
Components, such as Pistons, Liners, Transmission Belts, Fasteners, Rubber
Components, Chasis Components, Electrical relays, Flashers, Timers, Machined
Components etc |
|
|
|
|
Products : |
v
Exhaust
System v
Piston
pins v
Pistons
v
Compressor
Kits v
Fuel
Injection Kits v
Catalytic
- convertors v
Cylinder
liners v
Push
rods v
Valve
seats v
Rubber
- components v
Machined
components v
Fastners
of DIN 982,985,931,933,601 etc |
GENERAL INFORMATION
|
Customers : |
Al Murshidi Trading LLC APD Star International Amirht sree agencies Zoomle Lighting LIC Gupta Traders Hond Sang Power Sdn Hyder O Scal Magnum Diesel Rama Enterprises Sankar Sealing Systems Private Limited Sankar NP Japan Private Limited K T K Germany GMBH Unikinger Limited Tedal |
||||||||||||||
|
|
|
||||||||||||||
|
Bankers : |
The Catholic
Syrlan Bank Limited No.3 second Line
Branch, Chennai:600 001 ICICI Bank Indian Bank,
Chennai State Bank of |
||||||||||||||
|
|
|
||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Varma and Varma Chartered Accountant |
|
|
|
|
Associates/Subsidiaries : |
Sankar
Sealing Systems Private Limited Sankar Elastomers Private Limited Sanko Jointings Private Limited Sankar Infotech Private Limited (Software Development & E-commerce Activities) |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000 |
Equity Shares |
Rs.100/- each |
Rs.0.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2900 |
Equity Shares |
Rs.100/-
each |
Rs.0.290
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.290 |
0.290 |
0.290 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.259 |
0.150 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(0.041) |
|
|
NETWORTH |
0.549 |
0.440 |
0.249 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.502 |
0.732 |
0.000 |
|
|
2] Unsecured Loans |
0.675 |
0.675 |
0.493 |
|
|
TOTAL BORROWING |
1.177 |
1.407 |
0.493 |
|
|
DEFERRED TAX LIABILITIES |
0.011 |
0.033 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1.737 |
1.880 |
0.742 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.711 |
0.838 |
0.068 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.143
|
0.627 |
|
|
|
Sundry Debtors |
3.618
|
1.588 |
|
|
|
Cash & Bank Balances |
1.043
|
0.324 |
1.314 |
|
|
Other Current Assets |
0.000
|
0.000 |
|
|
|
Loans & Advances |
0.788
|
0.844 |
|
|
Total Current Assets |
5.592
|
3.383 |
1.314 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities & Provision |
4.679
|
2.574 |
0.993 |
|
|
|
|
|
|
|
Total Current Liabilities |
4.679
|
2.574 |
0.993 |
|
|
Net Current Assets |
0.913
|
0.809 |
0.321 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.113 |
0.233 |
0.353 |
|
|
|
|
|
|
|
|
TOTAL |
1.737 |
1.880 |
0.742 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
12.741 |
6.591 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
0.263 |
0.233 |
|
Provision for
Taxation |
|
0.154 |
0.035 |
|
Profit/(Loss)
After Tax |
|
0.109 |
0.198 |
|
|
|
|
|
|
Export Value |
|
12.226 |
5.740 |
|
|
|
|
|
|
Total Expenditure |
|
12.184 |
6.337 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
0.85
|
3.00 |
-- |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.06
|
3.53 |
-- |
|
|
|
|
|
|
|
Return on Total
Assets (PBT/Total Assets} |
(%) |
4.17
|
5.52 |
-- |
|
|
|
|
|
|
|
Return on
Investment (ROI) (PBT/Networth) |
|
0.47
|
0.52 |
-- |
|
|
|
|
|
|
|
Debt Equity Ratio (Total
Liability/Networth) |
|
1.55
|
9.04 |
5.96 |
|
|
|
|
|
|
|
Current Ratio (Current
Asset/Current Liability) |
|
1.19
|
1.31 |
1.32 |
LOCAL AGENCY FURTHER INFORMATION
|
Name of the company |
M/s. Siva Priya Exim
Private Limited |
|
Presented By |
Mr. M.K. Unnithan
Managing Director, M/s. Siva Priya Exim Private Limited and the Cahtolic
Syrian Bank Limited, Chennai;600001. |
|
1) Date and description of instrument creating the change |
Packing Credit:
FDBP:
|
|
2) Amount secured by the charge/amount owing on the securities of charge |
Secured Packing
Credit Limit: Rs.1.200 Millions Foreign Demand
Bills Purchase:Rs.1.500 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
The Limits are
not secured by the property belongs to the company. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Packing Credit
Limit: Rs. 1.200 Margin: 25% Interest: 9% Security :
Hypothecation of Raw Materials Semi Finished and
Finished Goods of Automobile Spares meant for Exports. (Present and Future) Foreign Demand
Bills Rs. 1.500 Margin : Nil Interest: 9% Security : Title
to Goods Peresonal
Guarantees: Mr. M . K. Unnirhan and Mr. Jai Sankar Unnithan Corporate
Guarantee: M/s. Sankar Sealing Systems (P) Limited The limits are sanctioned
by zonal Office on 15.06.2005 and the same is valid for one year till
15.06.2005 (subject to renewal) |
|
5) Name and Address and description of the person entitled to the charge. |
The Catholic
Syrlan Bank Limited No.3 secoind |
|
6) Date and brief description of instrument modifying the charge |
-- |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
-- |
Financial Highlights:
For the year under review the company has
achieved an operating Profit of Rs.26.300 Millions before provision for
taxation as against Rs.23.300 Million for the previous year.
The Director
have pleasure in informing the members that the company has achieved an all
time high sales figure of Rs.1241.200 Millions for the year under review.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.57 |
|
|
1 |
Rs.80.97 |
|
Euro |
1 |
Rs.55.19 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|