MIRA
INFORM REPORT
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Report Date : |
06.09.2007 |
IDENTIFICATION DETAILS
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Name : |
SICCO ENGINEERING WORKS |
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Registered Office : |
No. 454, SIDCO, Ambattur
Industrial Estate, Ambattur, Chennai – 600 098, Tamilnadu |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1984 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturers of Conveyors and material Handling 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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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 : |
No. 454, SIDCO, Ambattur
Industrial Estate, Ambattur, Chennai – 600 098, |
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Tel. No.: |
91-44-26259650 / 26254792 |
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Mobile No.: |
91-44-9444916238 |
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Fax No.: |
91-44-26250513 |
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E-Mail : |
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Website : |
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Area : |
1500 Sq. fts. (Ground Floor) |
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Location : |
Owned |
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Head Office : |
No. 454, SIDCO, Ambattur Industrial
Estate, Ambattur, Chennai – 600 098, |
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Tel. No.: |
91-44-26259650 / 26254792 |
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Fax No.: |
91-44-26250513 |
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E-Mail : |
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Area : |
10000 Sq. fts. (Factory Shed Area) |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. E V Vasavan |
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Designation : |
Proprietor |
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Address : |
Chennai, |
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Date of Birth/Age : |
62 years |
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Qualification : |
D.M.E. |
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Experience : |
40 years |
KEY EXECUTIVES
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Name : |
Mr. J. Purushothaman |
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Designation : |
Manager |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Conveyors and material Handling Equipments |
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Products : |
v
Conveyors & Industrial Belts o
Floor Conveyors o
Powered Roller Conveyors o
Slat Conveyors o
Gravity Roller Conveyors o
Chain Conveyors o
Screw Conveyors o
Overhead Conveyors o
Chip Conveyor o
Apron Conveyors o
Scraper Conveyors o
Magnetic Chip Conveyors o
Hinged Steel Belt Conveyors o
Inclined Conveyors o
Packet Conveyors o
Intermediary Conveyors v
Amusement Park Equipments v
Special Purpose Machines v
Material Handling Equipments v
Rollers v
Safety Equipments. v
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Exports : |
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Products : |
Conveyors |
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Countries : |
United Arab Countries and |
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Terms : |
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Selling : |
Credit (30 days), Despatch of products to the customers. |
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Purchasing : |
Cash or Credit (30 days) |
PRODUCTION STATUS
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Products |
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Actual
Production |
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Conveyors and Material Handling Equipments |
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Customer Build |
GENERAL INFORMATION
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Customers : |
Manufacturers of Conveyors and Material Handling Equipments |
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No. of Employees : |
26 (Office: 6; Factory: 20) |
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Bankers : |
State bank of Ambattur Industrial Estate Branch, Ambattur, Chennai- 600 058, |
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Facilities : |
Overdraft and Hypothecation of Stocks and Building They refused to give the amount enjoyed from the Banks. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Joseph and Rajaram Chartered Accountants |
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Address : |
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CAPITAL STRUCTURE
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Capital Investment : |
Not Available |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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11.000 |
9.000 |
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Profit/Loss for the year |
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120% Total
Turnover |
20% Total Turnover
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LOCAL AGENCY FURTHER INFORMATION
Trade References
v Lucas TVS Limited – Chennai
v MRF Limited – Chennai
v Brakes India Limited – Chennai
v J K Tyres Limited
v Rail Wheel Limited
v Other
Observation Points:
Name Board :
Sighted Low
Land Mark :
Near to the Ambattur Telephone Exchange at Ambattur
Estate
Office Appearance : Good and Well Furnished
Factory Area : The Factory is situated adjacent to the Office
Name of the person Met : Mr. J Purushothaman -
Manager
Website details attached:
Engineering is all about innovating the latest solutions by smartly
blending human imagination with modern scientific techniques. Powered with a
strong team of creative brains and ultra modern techniques, they introduce
theirselves as a prominent manufacturer and exporter
offering a wide range of unparalleled machines and equipments for different
industrial applications. Their catalog of products includes conveyors
& rollers, industrial belts, amusement park equipments, special purpose
machines, material handling equipments and safety
equipments. All
their products are manufactured after considering every minute step involved in
the manufacturing processes so as to deliver the most advance range of
products, high on every parameter of performance and quality.
They are professionally managed by a group of highly experienced professionals
having in-depth knowledge of the trade. Their impeccable quality, reasonable
prices and healthy trade practices have helped us to earn a huge clientele
spread at every corner of the globe.
Quality Assurance
Superior quality is the primary concern at subject. Their existence as a
profound mentor since 1984, itself explains their worth at the quality front. A
team of well trained professionals monitors their entire production process
that almost eliminates every possibility of quality degradation. Furthermore, a
series of inspections is conducted on a regular basis that further stamps the
trust seal on their products. The outgoing items are tested in their advance
testing facility for assessing their performance. Their capability to ensure
timely delivery of the products provides us a leading edge over other
competitors in the similar arena.
Client Oriented Approaches
Client satisfaction is of paramount importance for us. They are known for their
healthy trade practices and client oriented approaches in the entire business
community. Their sole business motto is to deliver world class products at
reasonable prices to their clients and compel them to feel the concept of true
value of money.
Infrastructure
Subject possesses an advance manufacturing setup and excellent human resources
to produce innovative solutions for its valued clients. The company employs ultra
modern machines in its process in order to execute every task smoothly and
perfectly. They regularly upgrade their technological strengths as per the
changing trends that help us to manufacture international quality products at
competitive prices.
Competitive Edges
- Reputation based on quality,
reliability, integrity, and complete understanding of the market dynamics
- Prompt deliveries and customer
satisfaction--their top priority
- A sound infrastructure armored with
advanced and innovative technology
- Meeting the exacting requirements of
the customers and standards of the industry
- Team of experts to monitor the entire
manufacturing process.
Primary
Competitive Advantages
- Excellent products
- Reasonable prices
- Timely delivery
- Transparent trade practices
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. 40.85 |
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1 |
Rs. 82.54 |
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Euro |
1 |
Rs. 55.76 |
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 |
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 |
YES |
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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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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
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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. |
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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