MIRA INFORM REPORT

 

 

 

Report Date :

01.12.2008

 

IDENTIFICATION DETAILS

 

Name :

ANNAI ENGINEERING ENTERPRISES

 

 

Registered Office :

11/10, Kavundampalayam Road, Near Angappa School, Edayarpala, Coimbatore – 641 001, Tamilnadu.

 

 

Country :

India

 

 

Financials (as on) :

31.03.2008

 

 

Year of Establishment :

1998

 

 

Legal Form :

Sole Proprietory concern

 

 

Line of Business :

Manufacturer of rubber products, Poultry Equipment and Agricultural Equipment.

 

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 16500

 

 

Status :

Small concern

 

 

Payment Behaviour :

No complaints

 

 

Litigation :

Clear

 

 

Comments :

Subject is a relatively small concern in its field. Trade relations are fair. Scale of activity is limited. No complaints have been heard from market sources.

 

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

 

 

INFORMATION PARTED BY

 

Name :

Mr.M. Sekar

Designation :

Proprietor

Contact No.:

91-9842330551

Date :

28.11.2008

 

 

LOCATIONS

 

Registered Office / Factory :

11/10, Kavundampalayam Road, Near Angappa School, Edayarpala, Coimbatore – 641 001, Tamilnadu, India.

Tel. No.:

91-422-2405129

Mobile No.:

91-9842330551 (Mr.M. Sekar)

Fax No.:

91-422-2402449

E-Mail :

annaienggent@yahoo.co.in

Website :

www.annaienggent.com

Area :

2000 Sq.ft.

Location :

Rented

 

 

 PROPRIETOR

 

Name :

Mr.M. Sekar

Designation :

Proprietor

Date of Birth/Age :

36 Years

Qualification :

BE in mechanic

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of rubber products, Poultry Equipment and Agricultural Equipment.

 

 

Products:
  • Rubber Products
  • Poultry Equipments
  • Agriculture Equipments

 

 

Terms :

 

Selling :

On Credit upto 30 days basis

 

 

Purchasing :

Cash / Credit (30 days)

 

 

GENERAL INFORMATION

 

Customers :
  • OEM’s
  • Saguna Chickens
  • Ventashewara Hatheries
  • Dynamic Breeding Company
  • Pioneer Hatheries
  • Shanthi Hatheries

 

 

No. of Employees :

Around 21

 

 

Bankers :
  • ICICI Bank
  • Syndicate Bank, RamNagar Branch, Coimbatore.

 

 

Facilities :

Overdraft of Rs.0.900 million

 

Banking Relations :

--

 

 

Auditors :

Mr.Nagaraj

 

Chartered Accountant

Address :

Coimbatore

 

 

Associates/Subsidiaries :

NIL

 

CAPITAL STRUCTURE

 

 

Capital Investment :

 

Owned :

Rs.0.300 million (estimated)

Borrowed :

Rs.3.000 million (estimated)

Total :

Rs.3.300 million (estimated)

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

 

31.03.2008

Sales Turnover

 

 

6.400

 

Expected Sales (2008-09) : Rs.8.000 millions

 

 

LOCAL AGENCY FURTHER INFORMATION

 

TRADE REFERENCES:

 

 

                                            Additional Requirement of Indiamart for Trust-Seal

 

 

VAT / TIN : 33546202217

 

 

 

PAN / TAN : ATOPS3981R

 

 

 

Bank Name : Syndicate Bank

 

Bank Address : Ramnagar Branch, Coimbatore

 

Bank A/c. No.: 124/230

 

Account Since : 11 Years

 

 

 

In case of any affiliations / memberships / certifications :

Name : No ISO Certification

 

 

 

ABOUT CONCERN:

 

Incepted in the year 1998, subject has established itself as an eminent manufacturer, exporter and supplier of wide range of rubber products, poultry equipment and agricultural equipment. Under the able guidance of concern mentor, Mr.M.Sekar, they have a carved a niche in the competitive industry and successfully spread concern horizons from domestic to international market. Concern has been conferred the prestigious status of One Star Export House for manufacturing wide assortment of products in bulk amount and meeting the ever increasing demands of clients.

 

For the convenience of concern clients, they accept payments through various modes which comprises of money transfer through bank, cash, demand draft, cheque and several other modes. They invest a considerable amount of concern profit in creating strong network distribution. Concern branch office is located at Coimbatore from where they conduct various business activities.

 

To display concern products and add new clientele, they regularly participate in six to seven poultry expo at various places like Hyderabad, Bangalore, Coimbatore, Calcutta and several other places. Conern pro active sales and marketing professionals are well versed with market dynamic and facilities not only helps them in promoting concern brand name but also caters to product related queries of clients.

 

PRODUCT:

 

 

They offer the mentioned products in different shapes and sizes to meet the varied requirements of clients. Concern precision engineered products find wide application in poultry industry, agriculture sector and several other industries.

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.49.84

UK Pound

1

Rs.76.81

Euro

1

Rs.64.38

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

2

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

30

 

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