MIRA
INFORM REPORT
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Report Date : |
06.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
SIEGER SPINTECH EQUIPMENT PRIVATE LIMITED |
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Registered Office : |
S F No. 420, 6th Cross, Thanneer Pandal, V.K. Road, Peelamedu,
Coimbatore – 641 004, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.09.1994 |
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Com. Reg. No.: |
5345 |
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CIN No.: [Company
Identification No.] |
U29268TZ1994PTC005345 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBS03443G |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
To carry on the business of manufacturer, importers and exporters of all
kinds of Textile Machinery and Equipments. |
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 230736 |
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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 company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Busine is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
S F No. 420, 6th Cross, Thanneer Pandal, V.K. Road,
Peelamedu, Coimbatore – 641 004, Tamilnadu, India |
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Tel. No.: |
91-422-2512798 |
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Fax No.: |
91-422-2513798 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. G. Radhakrishnan |
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Designation : |
Director |
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Address : |
14 D, T. K. Street, Peelamude, Coimabatore– 641004, Tamilnadu |
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Date of Birth/Age : |
21.01.1965 |
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Date of Appointment : |
19.09.1994 |
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Name : |
Mrs. G Rukmani |
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Designation : |
Director |
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Address : |
14 D, T. K. Street, Peelamude, Coimabatore – 641004, Tamilnadu |
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Date of Birth/Age : |
11.11.1948 |
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Date of Appointment : |
19.09.1994 |
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Name : |
Mr. D Srinivasan |
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Designation : |
Director |
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Address : |
45 A, Barathi, Peelamudu, Coimabatore – 641004, Tamilnadu |
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Date of Birth/Age : |
05.10.1966 |
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Date of Appointment : |
17.04.1998 |
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Name : |
Smt.R. Iswarya Lakshmi |
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Designation : |
Director |
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Address : |
14 D, T. K. Street, Peelamude, Coimabatore – 641004, Tamilnadu |
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Date of Appointment : |
18.01.2000 |
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Mr. G. Radhakrishnan |
73760 |
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Smt. R. Ishwaria Lakshmi |
9620 |
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Sri D Srinivasan |
19720 |
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Smt. G. Rukmani |
7820 |
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Smt. G. Radharani |
1300 |
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Sri D. Krishnaraj |
1060 |
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Sri R. Damodaran |
360 |
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Smt. D. Pankajam |
360 |
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Equity Share
Breakup |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100
% |
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BUSINESS DETAILS
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Line of Business : |
To carry on the business of manufacturer, importers and exporters of all
kinds of Textile Machinery and Equipments. |
GENERAL
INFORMATION
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Bankers : |
N.A. |
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Financial Institution : |
Small industries
Development Bank of India Gowtham Centre,
105/57 Avanashi Road, Coimbatore – 641018, Tamilnadu |
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Facilities : |
---- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K Sakthivel Chartered Accountant |
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Address : |
39, Malaviya Street, Ram Nagar, Coimbatore – 641009, Tamilnadu |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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160000 |
Equity Shares |
Rs.100/- Each |
Rs.16.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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131100 |
Equity Shares |
Rs.100/- Each |
Rs.13.110
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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13.110 |
11.400 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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44.574 |
27.530 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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57.684 |
38.930 |
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LOAN FUNDS |
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1] Secured Loans |
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2.579 |
10.467 |
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2] Unsecured Loans |
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1.334 |
1.545 |
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TOTAL BORROWING |
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3.913 |
12.012 |
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DEFERRED TAX LIABILITIES |
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1.661 |
1.580 |
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TOTAL |
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63.258 |
52.522 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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37.914 |
25.762 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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24.025 |
16.869 |
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Sundry Debtors |
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17.383 |
18.798 |
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Cash & Bank Balances |
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33.382 |
21.625 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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19.608 |
15.950 |
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Total
Current Assets |
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94.398 |
73.242 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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69.054 |
46.482 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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69.054 |
46.482 |
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Net Current Assets |
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25.344 |
26.760 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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63.258 |
52.522 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover (Including Other
Income ) |
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163.733 |
N.A |
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Total Income |
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163.733 |
N.A |
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Profit/(Loss) Before Tax |
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30.130 |
N.A. |
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Provision for Taxation |
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10.781 |
N.A. |
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Profit/(Loss) After Tax |
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19.349 |
N.A. |
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Export Value |
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22.050 |
N.A. |
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Import Value |
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8.544 |
N.A. |
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Total Expenditure |
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133.603 |
N.A. |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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11.81 |
--- |
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Net Profit Margin (PBT/Sales) |
(%) |
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18.40 |
--- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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22.77 |
--- |
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Return on Investment (ROI) (PBT/Networth) |
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0.52 |
--- |
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Debt Equity Ratio (Total Liability/Networth) |
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1.26 |
1.50 |
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Current Ratio (Current Asset/Current Liability) |
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1.36 |
1.57 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Corporate
identity number (CIN) Foreign company registration number |
U29268TZ1994PTC005345 |
|
Name of the
Company |
SIEGER SPINTECH EQUIPMENT PRIVATE LIMITED |
|
Address |
S F No. 420, 6th Cross, Thanneer Pandal, V.K. Road,
Peelamedu, Coimbatore – 641 004, Tamilnadu |
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This form is for |
Creation of
Charge |
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Type of Charge |
Hypothecation |
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Particulars of
the charge holder |
Small industries
Development Bank of India Gowtham Centre,
105/57 Avanashi Road, Coimbatore – 641018, Tamilnadu Email “ pcs.cbs@hotmail.com |
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Nature or
description of the instruments creating or modifying the charge |
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Amount secured by
the charge |
Rs.5.000 Millions |
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Brief of the
principal terms and conditions
(Example rete of interest, terms of repayment, margin etc) and extent
and operation of the charge |
Interest 10.5 % payable
monthly, up front fee 1 % of the loan amount Repayable in 12
EMIS of Rs.0.200 million each followed by 12 EMIS of Rs. 0.125 million each
and finally 11 EMIS of Rs. 0.100 million each commencing after one month from
the date of first disbursement of the loan. |
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Particular of the
property charged |
Basic machine
bysprit 3015 / 3.0 Kw Which Includes shuttle table system, chiller complete
combination of cabinet with byvision CNC and laser control manufactured by
bystronic PTE limited, Singapore – valued Rs.12.500 millions installed at the
factory of the company. |
Attached Web Details :
SIEGER Factory is located within the heart of Coimbatore city.
The
city in India known for its technical capabilities and availability of cost effective
resources. SIEGER factory is spread over an area of 3000 Sq.M. With a covered
space of 1400 Sq.M.
It
has appropriate equipment for manufacture of heavy vessels as per ASME
standards.
FACILITIES
The
machine tool section includes vertical machining centre with a capacity of 4.3
M. Precision turning machines and milling machines etc.
Fabrication
has a host of welding outfit and plate rolling facility. QA lab with metrology
equipments and systems are as per ISO standards.
R & D DEPARTMENT
A
dynamic team of engineers effectively employing latest generation design
software with HP System and Calcomp plotters. This ensures committed results
towards innovative products that meets company mission in providing cost
effective and reliable solutions. Close association with leading design bureaus
and institution offers latest technology.
The
objective is to give the customer significant value additions and a leading
edge on grounds of yarn quality and performance. Employing latest generation
CAD workstations and powerful drafting equipment, a team of dedicated design
engineers ensure continuous development of existing and new products. Open
interaction with customers and research organisations lead to perfection in
products. An in-house software cell assures timely upgradation and developments
in process.
MARKETING & SERVICE
Technically
strong and dedicated marketing & service team has nothing but customers
satisfaction as their only vision.
Their service team's responsibility is almost guaranteed within 24 hours any
where in India. Marketing is divided into 6 main zones in India. Headed with
marketing counterparts with strong drive guarantee sales targets.
QUALITY
CONTROL
The manufacturing process goes through stringent quality checks right from the time the design is conceived. Quality charts and control procedures for individual components, assemblies and machines are meticulously laid out.
Rigorous tests are conducted during each stage of manufacture of the vessel and
their sub assemblies to assure compliance.
Trained Quality Control Engineers are backed by precision measuring instruments to ensure the quality of the final product, quality that will meet international standards.
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
|
Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.39.28 |
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UK Pound |
1 |
Rs.80.87 |
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Euro |
1 |
Rs.57.68 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
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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52 |
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 |
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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 |
|
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. |
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 |
|
<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 |
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