MIRA
INFORM REPORT
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Report Date : |
19.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
SISILEX STAMPINGS |
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Registered Office : |
SP-56, 3rd Main Road, Ambattur Industrial Estate, Chennai – 600058,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1995 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHES21013G |
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PAN No.: [Permanent
Account No.] |
AAFPS8396K |
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Legal Form : |
Sole Proprietory
Concern |
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Line of Business : |
Manufacturer, Exporter and Importer of Hanger clips, Hanger hooks, Pen Clips, Clips used in Automobiles |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 5000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established concern having moderate track. Payments are
reported as slow. Financial position is reported as moderate. The concern can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Madhan Gopal |
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Designation : |
Export Manager |
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Contact No.: |
91-9384833445 |
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Date : |
18.12.2008 |
LOCATIONS
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Registered Office/Factory : |
SP-56, 3rd Main Road, Ambattur Industrial Estate, Chennai – 600058,
Tamilnadu |
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Tel. No.: |
91-44-26357651/26357730 |
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Mobile No.: |
91-9384833445 |
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Fax No.: |
91-44-26241794/26357730 |
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E-Mail : |
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Website : |
http://www.sisilex.com |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Y
Sudarsana Rao |
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Designation : |
Proprietor |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Hanger clips, Hanger hooks, Pen Clips, Clips used in Automobiles |
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Products : |
v
Clips v Hanger Clips v Pen Clips |
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Exports : |
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Countries : |
USA,
UK and Germany |
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Imports : |
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Countries : |
China and Gulf Country |
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Terms : |
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Selling : |
Credit (30 days) |
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Purchasing : |
Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers, Retailers, End Users and OEM’ S |
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No. of Employees : |
43 (Office – 15 + Factory – 28) |
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Bankers : |
State
Bank of India, Ambattur Industrial Branch, Ambattur, Chennai 600058 |
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Facilities : |
The concern do not enjoy facility from its bankers |
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Banking
Relations : |
-- |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 1.000 Millions (Estimated) |
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Borrowed : |
-- |
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Total : |
Rs. 1.000 Millions (Estimated) |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008
(Estimated) |
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Sales Turnover |
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50.000 |
LOCAL AGENCY
FURTHER INFORMATION
As per website details
Subject is one of
the leading manufacturers of clips to various type of requirements such as
metal clips for plastic hangers, metal pen clips, retainers clips for
automobile and etc.
Subject is also in the manufacturing of allied products to the above said products such Hanger Hooks,
Decorative rings for pens and any other sheet metal press components for
electrical and allied industries.
Subject has evolved as a leader in sheet metal pressed parts since the day of
commencement in 1995 and upgraded with ISO 9001:2000 quality Systems in 2003.
Sisilex Stamping is a unit of Sudarsan Group of companies, in the business of
sheetmetal press components like clips and hooks.
Sudarsan group under the leadership of Mr. Y. Sudarsana Rao, technocrat in engineering
fields also in the business of CNC and automobile vibration dampers shelving
solutions commercial tool room and amusement theatres.
Subject commenced operations in 1995
with a setup to supply clips to pen industry. Pen clips were pressed using high
speed power press. Due to customer demand, a heat treatment and a de burring
facility were added.
To compete in the market, they upgraded the pressing technology using Multi
slide forming or slide forming technology, by adding a multi slide press. To
meet the increasing market demand they are continuously adding number of multi
slides.
They currently cater to garment (Hanger) industry, Pen Industry and electrical
industry. Their well built team takes care of manufacturing activity and other
support activities such as tool room, Quality etc. They have a dedicated product development team and latest design
software. They have focused their
entire effort
in
developing multi slide technology and slide forming components.
Their
vision
By the
year 2008 they want to be a 150 million
Company and a market leader in the supply of all types of metal clips and hooks
for hangers, pens, paper and any other allied applications.
They want to be a best cost producer and a global supplier for high volume clips
and clip assemblies employing the best manufacturing practices with on time
delivery, lead time and quality being the customer metrics.
They believe in team building and shall endeavor to implement a team based
work culture responsive to the customer.
they shall reach this objective through
fair practices, creating a good employer brand image with a commitment to
delivering value to their stake
holders.
As a responsible Organization they
shall be committed to the upkeep of the environment in which they
operate.
Facilities
and specialties
Multi slide forming
is the latest technology in sheet metal Forming, by which 97% of the rawmatl
yield can be achieved with consistency and high productivity
Hardening and
Austempering of components in controlled Atmosphere produces scale free
components with thorough Bainettic structure, a microstructure that is free of
cracks and Distortion, superior to martensitic structure.
On need basis they
do de burring and polishing operation, to have superior surface finish ,to
remove sharp corners , and to prepare surface for Electroplating or any other
coating.
Their Hanger clips
that are plated to withstands a minimum 48 hrs of neutral salt spray test
carried out as per ASTM B117 std. They recommend to adopt Trivalent chrome
passivation on their clips, which as per international standards is
eco-friendly and long life.
Metrology
At
Sisilex latest equipments are used to ensure quality of product.
Hardness
Tester
To check hardness at rawmatl stage and Heat treatment process
Profile
Projector
To check intricate shapes at ease.
Coating thickness
tester
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.28 |
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UK Pound |
1 |
Rs.73.43 |
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Euro |
1 |
Rs.68.22 |
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 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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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37 |
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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