MIRA
INFORM REPORT
|
Report Date : |
09.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
SAI SURFACE COATING TECHNOLOGIES |
|
|
|
|
Registered Office : |
274, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
November 2000 |
|
|
|
|
IEC No.: |
0902004239 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
HYDS06192E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAQFS8853B |
|
|
|
|
Legal Form : |
Partnership concern with an unlimited liability of the partners. |
|
|
|
|
Line of Business : |
Manufacturer, Trader, Exporter and Importers of Thermal spray coated
machinery components (D-Gun techniques) |
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 59600 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed concern having satisfactory
track. Partners are reported as
experienced and respectable businessmen.
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
|
Registered Office : |
274, |
|
Tel. No.: |
91-40-23010446 / 91-8455-243748 |
|
Mobile No.: |
91-98490-09814 |
|
Fax No.: |
91-8455-243749 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
500 Sq. fts. |
|
Location : |
Owned |
|
|
|
|
Factory : |
Plot No. 60 / B, Phase – II, IDA, Patancheru, |
|
Tel. No.: |
91-8455-243748 |
|
Fax No.: |
91-8455-243749 |
|
Area : |
10000 Sq. fts. |
|
Location : |
Owned |
PARTNERS
|
Name : |
Mr. M. Nageswara Rao |
|
Designation : |
Partner |
|
Address : |
274, |
|
Date of Birth/Age : |
49 years |
|
Qualification : |
Graduate |
|
Experience : |
26 years |
|
|
|
|
Name : |
Mr. K. B. V. Subba Rao |
|
Designation : |
Partner |
|
Address : |
6 – 46/ 1, Serilingampally, |
|
Date of Birth/Age : |
48 years |
|
Qualification : |
Technician |
|
Experience : |
27 years |
|
|
|
|
Name : |
Mr. A. Parthasaradhi Rao |
|
Designation : |
Partner |
|
Address : |
6 -85 / 1, Serilingampally, |
|
Date of Birth/Age : |
52 years |
|
Qualification : |
Technician |
|
Experience : |
27 years |
|
|
|
|
Name : |
Mrs. E. Rusheewari |
|
Designation : |
Partner |
|
Address : |
274, |
|
Date of Birth/Age : |
51 years |
|
Qualification : |
Housewife |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Trader, Exporter and Importers of Thermal spray coated
machinery components (D-Gun techniques) |
|
|
|
|
Products : |
|
|
|
|
|
Exports : |
|
|
Products : |
Thermal spray coated machinery components (D-Gun techniques) |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Coating powders |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash or Credit (30 days) |
|
|
|
|
Purchasing : |
Cash or Credit (30 days) |
PRODUCTION STATUS
|
Particulars |
|
|
Installed
Capacity |
Actual
Production |
|
Thermal spray coated machinery components (D-Gun techniques) |
|
|
Worth Rs. 50.00
millions |
Worth Rs. 4.500
millions |
GENERAL INFORMATION
|
Customers :
|
End Users, OEM’s |
|
|
|
|
No. of Employees : |
20 (Office: 6; Factory: 14) |
|
|
|
|
Bankers : |
Bank of Kukatpally Branch, |
|
|
|
|
Facilities : |
Credit Limit upto Rs. 3.00 millions |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
M/S Siddani and Company Chartered Accountants |
|
Address : |
Vanijya Bhavan, Ashok Nagar, RC Puram (PO), |
|
Tel. No.: |
91-40-23020653 |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs. 6.500 millions |
|
Borrowed : |
Rs. 8.400 millions |
|
Total : |
Rs. 14.900 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Sales Turnover |
20.012 |
9.570 |
5.610 |
|
|
|
|
|
|
Profit for the year |
1.231 |
0.088 |
0.056 |
|
|
|
|
|
|
Import Value |
5.490 |
3.749 |
3.681 |
Expected Sales (2007-08) : Rs. 45.00 millions
LOCAL AGENCY FURTHER INFORMATION
An ISO 9001: 2000 certified company, specialized in Thermal spray
coatings for steam and gas turbines and developed import substitutes for BHEL and
HAL resulting in lot of Foreign exchange savings. Catering to strategic sectors such as
Defence, Aerospace, Wire and Cables, steel, Pumps, Paper, textile etc. Their growth is steady, from Rs.1.200 million
in year 2000 to Rs. 45.00 millions in 2006 – 07.
Website details attached:
Subject specializes in surface modification techniques and precision
machining technology. Based at
In all their operations, whether it is surface problem, a state of the
art machining, or an experienced component refurbishment; they offer good deal
of quality and customer service that are quite unique and simply
unsurpassed./ With a widespread utility
of the most popular coating option such as D-Gun (Detonation Gun) coupled with
an unparalleled surface engineering expertise, they lead the market by offering
their customers – the most effective solutions and timely service.
Unique Advantages:
- Increase in wear resistance by several times, superior to other
coating techniques currently available in Indian Market.
- Dense microstructure (0.1 – 1% porosity)
- Smooth surface finish (1-4um Ra). Much smoother finishes could be
obtained by post-coating grinding.
- Extremely high coating band strength (>10,000psi)
- Very low substrate temperatures
- Anti corrosion properties of ceramic and carbide coatings
- Superior impact / fretting / erosion wear resistance
- Ability to rebuild and repair of the coated parts.
- Inexpensive way to obtain required parameters of wear resistance in
comparison to sintered parts made of wear resistance materials.
- Negligible thermal degradation of power during coating process makes
the process suitable, not only for spraying reactive powders but also to
preserve the bulk micro structures.
D-Gun Coatings:
Following are some of the powders that can be
used for coating by detonation spray process which covers the entire spectrum
of wear, erosion and corrosion related problems. The coating hardness, operating temperature
and their respective fields of application are also given. However, a wide range of other powders can
also be coated according to customers application requirements.
|
Powder |
Coating Hardness
(HV) |
Operating
Temperature (0C) |
Application Field |
|
100Cu |
|
400 |
Electro conductive Coatings |
|
Al2o3 |
1100 |
980 |
Heat and wear resistant high temperature
protective coatings ensuring high chemical stability, oxidation resistance
and dielectric resistance. |
|
WC-Co |
1300 |
560 |
High wear, improved mechanical impact and
heat shock resistance with smooth “as coated” surface. |
|
WC-Ni |
1100 |
700 |
High wear and erosion resistance, impact
strength |
|
Cr3C2-NiCr |
875 |
1000 |
High wear resistance at high temperature, corrosion
and erosion resistance |
|
NiCrALY |
400 |
1300 |
Corrosion resistant band coat for high
temperature applications |
|
CoCrALY |
400 |
1200 |
Corrosion resistant bond coat for high
temperature applications |
|
NiCr |
200 |
1350 |
Corrosion and oxidation resistant bond coat |
|
Al2O3 + TiO2 |
950 |
700 |
Heat and wear resistant coatings, low
coefficient of friction, semi-conductor |
|
WC + Co + Cr |
1150 |
760 |
Excellent wear resistance in water based solutions
and improved corrosion resistance in acidic environment. |
|
WTiC + Ni |
1300 |
760 |
Excellent wear resistance in basic
solutions. Very smooth “as coated”
surface |
|
Cu + Ni + In |
300 |
425 |
Good resistance to galling particularly when
applied to titanium and its alloys. |
|
COP + Cr + Mo + Si |
825 |
650 |
Good corrosion resistance and high
temperature. Wear resistance |
|
Ni + Cr + Mo + Si |
800 |
98 |
Good resistance to fretting and adhesive
wear, good corrosion resistance |
Services Offered:
·
Detonation spray
·
Electro spark coating
·
Hard facing
Trade References:
·
BHEL,
·
BHEL / Haridwar, Mr. R C
Vij, AGM (AIX)
·
GTRE /
·
ARCL /
·
DMRL, Dr. Venkatraman,
Sc. G (SEG)
·
ASACO Private limited,
Mr. BVS Rao, Head-Plg.
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. 41.00 |
|
|
1 |
Rs. 81.80 |
|
Euro |
1 |
Rs. 55.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
|
45 |
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 |
|