MIRA
INFORM REPORT
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Report Date : |
26.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
AVUDAI SURFACE TREATMENTS PRIVATE LIMITED |
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Formerly Known as : |
EVERCOATE CHEMICALS PRIVATE LIMITED |
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Registered Office : |
10/389, Sboa School Road, Annanagar West Extn Extn, Chennai – 600101,
Tamilnadu |
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Country : |
India |
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Date of Incorporation : |
23.05.2006 |
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Com. Reg. No.: |
059943 |
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CIN No.: [Company
Identification No.] |
U24112TN2006PTC059943 |
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IEC No.: |
0406019584 |
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PAN No.: [Permanent
Account No.] |
AABCE5974B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Surface Treatments Chemicals |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
New Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and has yet to come out with first set of
financials. However it was gathered that company is doing well with as estimated
sales of Rs.10.000 millions. Trade relations are fair. Payments are usually correct and an per
commitments. The company can be considered for business dealings on safe and
secured trade terms and conditions initially. |
INFORMATION PARTED
BY
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Name : |
Mr. A. G. Ravindran |
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Designation : |
Marketing Manager |
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Date : |
26.08.2008 |
LOCATIONS
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Registered Office : |
10/389, Sboa School Road, Annanagar West Extn Extn, Chennai – 600101,
Tamilnadu, India |
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Tel. No.: |
91-44-26154312 / 13 |
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Fax No.: |
91-44-26154314 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Factory / Branch : |
31 A/16, SIDCO Industrial Estates, Ambattur, Chennai – 600098,
Tamilnadu |
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Area : |
1200sq.fts |
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Location : |
Leased |
DIRECTORS
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Name : |
Mr. E. Avudaiappan |
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Designation : |
Director |
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Address : |
No. 284, 13th Street Korattur, Chennai – 600080 |
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Date of Birth/Age : |
5-02-1968 |
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Qualification : |
M.Sc (Chem) |
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Experience : |
12 years |
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Date of Appointment : |
23.05.2006 |
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Name : |
Mr. K. Nagoor |
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Designation : |
Director |
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Address : |
No. 284, 13th Street Korattur, Chennai – 600080 |
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Qualification : |
B. Com |
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Experience : |
3 years |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. E. Avudaiappan |
4750 |
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Mr. K. Nagoor |
250 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Surface Treatments Chemicals |
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Products : |
Degreasing
Chemicals ˛ Derusting /
Descaling / Desmutting Chemicals ˛ Acid Inhibitors ˛ Modifiers ˛ Phosphating
Chemicals ˛ Black / Blue
Oxdizing Salt Passivating
Chemicals ˛ Rust Convertors ˛ Wire ˛ Black stainers ˛ Paint Strippers
/ Removers |
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Brand Names : |
EVERCLEAN, EVERPHOS, EVERSTRIP, TRIPHOS, GIALPHOS and SURPHOS |
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Terms : |
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Selling : |
Credit ( 30 days) |
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Purchasing : |
Cash and Credit (30 days) |
PRODUCTION STATUS
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Particulars |
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Actual
Production |
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Surface Treatment |
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240 Ton per year |
GENERAL
INFORMATION
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No. of Employees : |
30 (8 office, 18 Factory, 4 Branch) |
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Bankers : |
ICICI Bank, Anna Nagar, Chennai |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Aruna Chartered Accountants |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
No financials are available from all
the possible sources.
Management may part the same after sometime.
If they part, we shall review the rating
LOCAL AGENCY FURTHER
INFORMATION
Trade References:
˛
Sunbeam Generators Private Limited
Canal Road, Pondy-110
Mr. Christober – 91-9443097029
˛
V.S.T. Tillers Tractors Limited
4801, White Field Road, Bangalore
Mr. Manjunath – 91-9901940165
˛
Balmer Lawries and Company Limited
Manali, Chennai – 600068
Mr. Jayaga Nagaraj – 91-044-25946500
Trustseal Acceptance
Chart
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Existence Verification |
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Name |
AVUDAI SURFACE TREATMENTS PRIVATE LIMITED |
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Address |
10/389, Sboa School Road, Annanagar West Extn Extn, Chennai – 600101,
Tamilnadu |
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Statutory Approvals |
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Income Tax Registration |
AABCE5974B |
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Central Sales Tax Registration |
846937 |
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VAT/ TIN Registration |
33851364317 |
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Import Export Code |
0406019584 |
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Name of Bank |
ICICI Bank |
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Current Account Number |
039505005680 |
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Account Since |
11.12.2007 |
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Trade Affiliations |
Memorandum
Number |
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Enterprises |
33 001 1107863 Part II |
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Standards & Certifications |
ISO 9001:2000 |
Company Profile :
Evercoate Chemicals Private
Limitedcommenced in the year of 1997 and has since been engaged in
manufacturing metal pretreatment chemicals, metal coating chemicals & metal
chemicals at their plant at Chennai in India with modern technology and refined
preparatory practices. Steel, iron, aluminum and other metal surfaces are
quickly corroded with acidic atmosphere and marine environment etc. Keeping
this in mind, Evercoate Chemicals Pvt. Ltd. started to manufacture degreasing /
derusting/ phosphating chemicals with latest technology to protect the metal
surfaces. It also manufactures non - chromate formulative chemicals.
Evercoate Chemicals Private Limited is an ISO certified Company and is involved
in large export operations. The company is owned by the Managing Director
Mr.E.Avudaiappan, M.Sc., who is having vast experience in the manufacturing of
metal pretreatment chemicals, metal coating chemicals, paint strippers, rust preventive
oils, heat treatment salts and wire drawing compounds for the past 15 years.
Products
They are manufacturer and exporter of metal
pretreatment chemicals, metal coating chemicals, metal chemicals, degreasing chemicals,
derusting chemicals, phosphating chemicals, chromate and non-chromate
formulative chemicals. Their product range includes :-
Metal Chemicals
Product Description
EVERCLEAN - PLS Liquid Type Heavy Duty AlkalineDegreaser for ferrous and its alloys components – Dip Type
EVERCLEAN - FON Heavy Duty AlkalineDegreaser for ferrous and its alloys components - Dip Type
EVERCLEAN - FNF Alkaline degreaser for ferrous and non-ferrous components - Dip Type
EVERCLEAN - NE Non - etching, Non - Caustic, Non - Silicate Alkaline degreaser for Ferrous and non - Ferrous components - Dip Type
EVERCLEAN - SPY2 Alkaline degreaser for ferrous and non - ferrous components - Spray Type
EVERSOLVE - AB Emulsion type solvent based degreaser for ferrous and non - ferrous components - Spray Type
ATLAS - M Solvent type cleaning and quick drying. Removes grease, oil etc. – Dip or Wipe Type
EMULSIONAL Water Soluble solvent based heavy duty cleaner. For cleaning purpose before welding. Multipurpose Cleaner. – Wipe Type
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Product Description
EVERLITE - 12
Corrosion inhibitor for hydrochloric
acid bath;Selective removal of rust seale without attacking basemetal fumes
reducer.Add 250ml in 1000 litres of acid bath solution.
Product Description
SURFINE
Added to water
rinse prior to phosphating for development of compact smooth phosphate coating.
Add 2 kgs in 1000 litres of water.
NUTRALIZER Derusted surface
neutralized by this 5% chemical solution
EVERCURE Derusted surface
passivated by this 5% chemical solution. Corrosion prevention will be given in
between process or waiting for assembly
Product Description
EVERSTRIP - HD Solvent based and highly
penetrating type heavy duty paint remover. Dipping and brushable type paint
remover
EVERSTRIP - LPV Solvent based water soluble paint remover. Dipping type
paint remover
Coating Chemicals for Ferrous Surface
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Product Description
EVERPHOS-PARKO Forms
porous non-Adherent phosphate coating on properly cleaned ferrous surface – Dip
Type
Product Description
EVERFIX – CR Liquid
Passivating Chemical 0.15% v/v at 70c. Chromate Sealing for Phosphated Surface
EVERFIX
- NCHP Chrome free Passivating
chemical 0.15% v/v at 70c. Non - Chromate sealing for Phosphated surface
Product Description
EVERDINE
- MC 600 It removes heavy oil and
light rust and forms light iron phosphate coating by dipping or brush method.
Excellent surface for paint adhesion.
EVERDINE
- MC14 It removes light oil
and rust and forms light iron phosphate coating by dipping or brush method. Excellent
surface for paint adhesion.
Product Description
RUSEATER -RC500 Converts
adamantly adhering rust into Oregano - Complex compound, resulting in the
formation of a non porous and moisture repelling coating of good mechanical
stability, abrasion resistance, bond strength and excellent anti - corrosive
properties. This coating is an ideal base for the subsequent protecting coat of
paint. Brush or Dip, as needed
Product Description
EVERBLACK
– FCB For Chemical blackening of
Ferrous and alloys (Conversion Coating) at 140c temperature
J-BLACK For Chemical
blackening of Ferrous and Alloys(Conversion coating) at ambient temperature
Product Description
I-BLUE For Chemical bluing
of ferrous and alloy surface (conversion coating) at 140c temperature
Coating Chemicals for Aluminum Surface
Chromate Formulations for aluminum
Product Description
ALCHROM
- YAL Forms Golden yellow Chrome
oxide coating on cleaned Aluminum and its alloys surface. Provides a good base
for paint adhesion. The yellow chromate-coating surface may be also left alone,
when painting is not need. Dip Type
ALCHROM
- YAL(S) Forms Golden yellow
chrome oxide coating on cleaned Aluminum and its alloys surface. Provides a
good base for paint adhesion.The yellow chromate-coating surface may be also
left alone, when painting is not need. Spray Type
Non Chromate Formulations for aluminum
Product Description
ALUPHOS- NC70 Forms phosphate coating on properly cleaned aluminum
surface. Dip Type
ALUPHOS- NC70(S) forms phosphate coating on properly cleaned aluminum
surface. Spray Type
Infrastructure
Their manufacturing unit comprises most sophisticated equipment,
laboratory and qualified staff. They are equipped with the latest machinery for
processing chemicals, along with a sophisticated laboratory for testing &
analysis of raw material, intermediate and finished products. The company is
managed by trained professionals in every stage of manufacturing. The company
is consistently updating its infrastructure and technical facilities to
overpower tough competition in the market.
Quality
Apart from pursuing technological excellence, it is
their philosophy to never compromise on quality. They maintain strict quality
checks for all their products. They have a state-of-the-art laboratory with
highly qualified technicians. They have a modern and highly efficient quality
control laboratory that enables them to manufacture as per the specifications
of their customers. Their products are approved by major Industries and Semi
Government sectors. Due to their cordial customer relationship, and strict
quality policies, most of the major industries are introduced by their existing
clients.
Research & Development
Evercoate Chemicals Pvt. Ltd. is in this field for
the past 8 years successfully and it is continuously doing research and
development to achieve the latest technology requirements.
Market
They have received many accolades from all over the
globe for international quality products and services. They have a Global
presence and satisfied clients in all the continents.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.58 |
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UK Pound |
1 |
Rs.80.31 |
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Euro |
1 |
Rs.64.16 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
-- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
-- |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
-- |
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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 |
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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23 |
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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