MIRA
INFORM REPORT
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Report Date : |
02.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
SUNNY ENGINEERING CORPORATION |
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Registered Office : |
Plot No. 786, New Colony, extension, NIT, Faridabad – 121 001, Haryana |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1985 |
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Legal Form : |
Sole Proprietory Concern. |
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Line of Business : |
Manufacturers and Exporters of Sheet Metal Components for Automobiles
and Hardware. |
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 10000 |
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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 : |
Plot No. 786, New Colony, extension, NIT, Faridabad – 121 001,
Haryana, India |
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Tel. No.: |
91-129-2415190 |
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Mobile No.: |
91-9811399920 |
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Fax No.: |
91-129-4058056 / 4053756 |
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E-Mail : |
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Website : |
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Area : |
1520 sq.yds |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Jatinder Singh |
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Designation : |
Proprietor |
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Date of Birth/Age : |
32 years |
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Qualification : |
B Tech |
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Experience : |
12 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Sheet Metal Components for Automobiles
and Hardware. |
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Products: |
·
Automotive Components o
Silencer o
Clamps o
Engine
Mountings o
Alternator
Parts for Self Starter Motors o
Back Plates for
Disc Pad o
Brake Plates
and Pads (for 4 wheelers and 2 wheelers)
o
Brackets o
Chassis o
Clamps ·
Precision Sheet Metal Components ·
Door/ Window Hardware and Accessories o
Ring Gate
Latches o
Door Hand
Rail Brackets o
Shuttle Lock
Latches. |
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Exports : |
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Products : |
Sheet Metal Components |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
L/C, Cash, Sight, Credit (60 days) |
GENERAL
INFORMATION
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Customers : |
Local Customers, End Users |
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No. of Employees : |
77 (7 in Office and 70 in Factory ) |
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Bankers : |
Canara Bank Address: Nehru Ground, Faridabad – 121 001, Haryana |
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Facilities : |
Limit Rs. 3.500 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vimal Jain and Associates Chartered Accountants |
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Address : |
Nehru Ground , Faridabad – 121 001, Haryana |
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Associates/Subsidiaries : |
Peletech Industries, NIT, Faridabad |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 2.500 millions |
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Borrowed : |
--- |
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Total : |
Rs. 2.500 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
25.000 |
23.000 |
21.500 |
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Profit/Loss for the year |
1.350 |
1.200 |
9.500 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCE:
· MESL – Gurgaon
· Rollen Braking Limited, Sonepat
WEBSITE DETAILS:
A professional firm aiding various industries with
innovative technological solutions...
Subject has
registered a presence of impact in the key sectors of Indian economy, including
automotive components and mechanical engineering solutions. They are a reputed manufacturer
of Automotive Components,
Precision Sheet Metal Components, and Door/ Window Hardware and Accessories. Their rich experience in product designing,
engineering, market research, testing, and production offers a comprehensive
one-stop solution to various industries.
They provide the
highest quality dependable products and solutions, owing to which they have
substantially earned their clients' confidence and respect. Their products are manufactured
based on the requirements and specifications of the customers. The engineers
take into consideration type of the industry, the local conditions, the system
performance requirements as well as commercial terms. Assessing all these
factors, they accordingly design the products of flawless quality.
Product Range
They offer an
abundance of products and solutions for various industries and companies in
India. Subject is engaged in the manufacture of the following products:-
·
Automotive Components
o
Silencer
o
Clamps
o
Engine
Mountings
o
Alternator
Parts for Self Starter Motors
o
Back Plates for
Disc Pad
o
Brake Plates
and Pads (for 4 wheelers and 2 wheelers)
o
Brackets
o
Chassis
o
Clamps
·
Precision Sheet Metal Components
·
Door/ Window Hardware and Accessories
o
Ring Gate
Latches
o
Door Hand Rail
Brackets
o
Shuttle Lock
Latches.
Quality Assurance
They have an
unshakable commitment towards product excellence and design purity, which is
clearly expressed in the quality of their products. Subject is equipped with a
highly sophisticated quality testing facility where their technocrats perform
all the requisite operations to ensure thorough quality checking of the
products at every step of the manufacturing process. All their products meet
the technical standard specification of international quality norms.
Infrastructure
Their management constantly
invests in the up gradation and modernization of the existing manufacturing
facilities. The concern sophisticated manufacturing plant comprises of highly
advanced technology and experienced workforce. An experienced staff of
engineers and technicians proves to be the cornerstone of their company. Each
of their products is a true representation of the engineering excellence of
their manufacturing division. The well-integrated infrastructure of their
company has enabled us to efficiently respond to the dynamic requirements of
their customers in the most proficient manner.
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.39.32 |
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UK Pound |
1 |
Rs.81.82 |
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Euro |
1 |
Rs.56.90 |
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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
YES |
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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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48 |
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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