MIRA INFORM REPORT

 

 

 

Report Date :

22.08.2008

 

IDENTIFICATION DETAILS

 

Name :

SPRING SUN TECHNOLOGY (INDIA)

 

 

Registered Office :

Arunachal Nagar, Navavoor Pirivu, Vadavalli, Coimbatore – 641041, Tamilnadu

 

 

Country :

India

 

 

Financials (as on) :

31.03.2008 (Estimated)

 

 

Year of Establishment :

2004

 

 

Legal Form :

Sole Proprietory Concern

 

 

Line of Business :

Imports and Trades in Household Appliances, Electronics, Especially Induction Cookers (Electric/ Electronic, Smoke – Free Cookers)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 10000

 

 

Status :

Small Concern

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject seems to be a relatively small concern in its field. The management parted general information but declined to part with financials. Trade relations are fair. Payments are however reported as usually correct and as per commitments.

 

The concern can be considered for small to mediocre business dealings.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Akhil

Date :

20.08.2008

 

 

LOCATIONS

 

Registered Office/Warehouse/Godown:

Arunachal Nagar, Navavoor Pirivu, Vadavalli, Coimbatore – 641041, Tamilnadu

Tel. No.:

91-422-6543307

Mobile No.:

91-9894260909/9344666666/9364314151/99949 09944

Fax No.:

91-422-434118

E-Mail :

springsunindia@gmail.com

Website :

http://www.inductioncookerindia.com, www.springsunindia.com

Area :

4600 Sq. ft

Location :

Rented

 

 

SOLE PROPRIETOR

 

Name :

Me. K Kirthivasan

Designation :

Proprietor

Date of Birth/Age :

29 Years

Qualification :

BE – Mech

Experience :

8 Years

 

 

BUSINESS DETAILS

 

Line of Business :

Imports and Trades in Household Appliances, Electronics, Especially Induction Cookers (Electric/ Electronic, Smoke – Free Cookers)

 

 

Imports :

 

Countries :

South Korea, China and Taiwan

 

 

Terms :

 

Selling :

Cash Basis/ Advance Payment + Customer Based  (Export)

 

 

Purchasing :

TT (Import)

 

 

GENERAL INFORMATION

 

Suppliers :
  • Kolimax Intl, Korea
  • Zhongshen Medibio, China
  • Springair Enetrprises Company Limited, Taiwan

 

 

Customers :
  • Smart Kitchens, Karur, Tamilnadu
  • Auro Adds, Mayiladuthurai, Tamilnadu
  • Win Agencies, Pollachi, Tamilmadu

 

 

No. of Employees :

8

 

 

Bankers :

ICICI Bank Limited, Trichy Road, Coimbatore – 641018, Tamilnadu

 

 

Facilities :

Operates on own funds

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Mr. Kothanda Raman

Chartered Accountant 

Address :

Coimbatore, Tamilnadu

 

 

Associates/Subsidiaries :

Biosun India Agency, Coimbatore, Tamilnadu

Spring Sun Agri Private Limited, Coimbatore, Tamilnadu

 

 

CAPITAL STRUCTURE

 

Capital Investment :

 

Owned :

Rs. 2.000 Millions (Estimated)

Borrowed :

--

Total :

Rs. 2.000 Millions (Estimated)

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

 

31.03.2008 (Estimated)

Sales Turnover

 

 

10.000

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Note: Subjects website indicates address as “Akshay Garden, Jayanagar, Vadavalli” – This is about 3/4 months old and not valid now

 

As Per Website Details

 

Profile

 

Subject has always focused on customer satisfaction with umcompromising intergrity. Springsun carries prodcuts and services with the finest value and quality in the market. To meet their customers expectations, they ensure that their sales people and customer services representatives generate enthusiasm and respond with extra efforts in addressing their customer's needs. Their people are trained to be open and honest with you. They are always looking for new and better ways to improve their business relationship.


Their Mission

 

To bring the finest technology products and services to the customers, and to their exceptional partners
Respect They hold strong values in business and fully respect their customers, associates, manufacturers and community. their chain of business links creates an effective and timely decision-making process.

 

Induction Cooker (Induction Stove)  

 

Induction is a third method of cooking technology, completely different from all other cooking technologies- it does not involve generating heat which is then transferred to the cooking vessel, it makes the cooking vessel itself the original generator of the cooking heat.  

 

What is induction cooking?

 

Induction cooking uses a high-frequency induction coil below the cook top’s smooth surface that heats the cookware by a magnetic field. Induction cooking is the only cooking method that directly uses the cookware as a part of the cooking system.

 

Unbeatable Features


No Heat,No Fire,No Smoke,Healthy,Saves Energy,Saves Money,Easy to Clean,Portable.

 

Advantages


50% Faster,90% More Efficient,Safer,Cleaner,Cooler,Even & Efficient Heating,Maintains Nutrition Level.

 

No Risk of


Burns,Highly Inflammable Gase Fumes,Carbon Monoxide Inhalation,Injury to Children.

 

Heat 1 Litre of Water from 25 Degree to 100 Degree in 3 Minutes.

 

No Wastage of Heat and very high safety


With induction cooking, energy is supplied directly to the cooking vessel by the magnetic field; thus, almost all of the source energy gets transferred to that vessel. With gas or conventional electric cookers (including halogen), the energy is first converted to heat and only then directed to the cooking vessel--with a lot of that heat going to waste heating up the kitchen (and you) instead of heating up the food.


(The striking image at the left shows how precisely focused heat generation is with induction--ice remains unmelted on an induction element that is boiling water!)   As a comparison, 40%--less than half--of the energy in gas gets used to cook, whereas with induction 91% percent of the energy in the electricity used gets used to cook (and the rest is not waste heat as it is with gas).

 

Cooler kitchens: of course the cooking vessel and the food itself will radiate some of their heat into the cooking area--but compared to gas or other forms of electrically powered cooking, induction makes for a much cooler kitchen (recall the old saying: "If you can't stand the heat, get out of the kitchen."); and,s. A cool stovetop: that's right! The stovetop itself barely gets warm except directly under the cooking vessel (and that only from such heat as the cooking vessel bottom transfers). No more burned fingers, no more baked-on spills, no more danger with children around. (The photo at the right--one of several similar ones to be found on the web--shows, like the one above, how only the cooking vessel does the actual cooking.)

 

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 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.43.58

UK Pound

1

Rs.81.43

Euro

1

Rs.64.52

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--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

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

33

 

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.

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions