MIRA
INFORM REPORT
|
Report
Date : |
01.08.2008 |
IDENTIFICATION DETAILS
|
Name : |
SINGHSONS
REFRIGERATION |
|
|
|
|
Registered
Office : |
115,Hiranandani
Estate, Kanjur Marg (West), Mumbai 400 078, Maharashtra |
|
|
|
|
Country
: |
India |
|
|
|
|
Financials
(as on) : |
31.03.2008 |
|
|
|
|
Year
of Establishment : |
1982 |
|
|
|
|
TAN
No.: [Tax
Deduction & Collection Account No.] |
MUMS43615F |
|
|
|
|
PAN
No.: [Permanent
Account No.] |
AACFS5741A |
|
|
|
|
Legal
Form : |
Partnership
Concern With An Unlimited Liability Of The Partners |
|
|
|
|
Line
of Business : |
Manufacturers,
Exporters and Contractors of air conditioning and refrigeration |
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 : |
Regular |
|
|
|
|
Litigation
: |
Clear |
|
|
|
|
Comments
: |
Subject
is 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
/ Head Office : |
115,Hiranandani
Estate, Kanjur Marg (West), Mumbai 400 078, Maharashtra, India |
|
Tel.
No.: |
91-22-25782450
/ 25791775 |
|
Fax
No.: |
91-22-25791775
/ 25030404 |
|
E-Mail
: |
|
|
Website
: |
|
|
Area : |
600 sq.
ft. |
|
Location : |
Owned |
|
|
|
|
Factory
1 : |
Dadara,
Silvassa |
|
Area : |
1800 sq.
fts |
|
Location : |
Owned |
PARTNERS
|
Name : |
Mr.
Ravinder Kaur |
|
Designation
: |
Partner |
|
Date
of Birth/Age : |
48 Years |
|
Qualification
: |
Graduate |
|
Experience
: |
15 Years |
|
|
|
|
Name : |
Mrs.
Seema Hanaktala |
|
Designation
: |
Partner |
|
Date
of Birth/Age : |
35 Years |
|
Qualification
: |
Graduate |
|
Experience
: |
10 -12
Years |
|
|
|
|
Name : |
Mr. Gaganjit
Singh |
|
Designation
: |
Partner |
|
Date
of Birth/Age : |
55 Years |
|
Qualification
: |
M. A. (M.
Tech.) |
|
Experience
: |
25 Years |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturers,
Exporters and Contractors of air conditioning and refrigeration |
|
|
|
|
Products
: |
v Ice Plants : Tube, Block,Cube, Flake 0.5 – 100 tonnes/day v Chilling Plants : 1-400 tonnes v Cold Storage : Fish, Meat, Dairy v Freezer: Blast, Plate, IQF v Air Conditioning: Central, Package units v
PUF Insulation: Panels, On site
Foaming |
|
|
|
|
Exports
: |
|
|
Products : |
Air
conditioning and Refrigeration equipments |
|
Countries : |
Saudi
Arabia, African Countries |
|
Terms
: |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Credit |
GENERAL INFORMATION
|
Customers
: |
v
Government
Body’s v
Private
organization |
|
|
|
|
No. of
Employees : |
18 |
|
|
|
|
Bankers
: |
v
Dena
Bank, Bhandup v
Punjab
and Sindh Bank, Dadra (Silvassa) |
|
|
|
|
Facilities : |
Rs. 2.800
Millions (Punjab and Sindh Bank) Rs.
30.000 Millions (Dena Bank) |
|
Banking Relations : |
Satisfactory
|
|
|
|
|
Auditor: |
Anekar
and Company (Chartered Accountant) |
CAPITAL STRUCTURE
|
Capital
Investment : |
|
|
Owned : |
Rs. 2.500
Millions |
|
Borrowed : |
0.000 |
|
Total : |
Rs. 2.500
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Sales
Turnover |
35.000 |
40.000 |
40.000 |
Expected
Sales (2008-09) : Rs. 50.000 millions
LOCAL AGENCY FURTHER INFORMATION
Trade Reference:
v
ONGC
v
MTNL
v
BSNL
Profile:-
Subject
is a leading manufacturer and exporter of air conditioners, refrigeration plants, chilling plants, freezers, cold storage
and PUF Insulation. With around two decades of experience, the
concern is primarily engaged in the design, manufacture, supply, installation,
commissioning and operation and maintenance of all kinds of sophisticated
refrigeration and air-conditioning systems.
With a state of the art manufacturing unit and a
workforce of about 40 highly qualified engineers and technicians, the concern
has been manufacturing premium products which are a hallmark of engineering
excellence and precision. Today, the concern is regarded as one of the
frontrunners in its area of operations with its products being highly sought
after in Middle East and African Countries.
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 |
|
US Dollar |
1 |
Rs. 42.49 |
|
UK Pound |
1 |
Rs. 84.21 |
|
Euro |
1 |
Rs. 66.33 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|