MIRA
INFORM REPORT
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Report Date : |
18.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
SONAL MAGNETICS |
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Registered Office : |
B-17, Harshad Chamers, Opp. Vallabh Nagar, Odhav Road, Ahmedabad –
382415, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1990 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer, Exporter and Importer of Magnetic Product, Products,
Tools, Accessory, Parts. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 20000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed concern having satisfactory track.
Proprietor is reported as experienced and respectable businessman. Trade
relations are fair. Business is active. Payments are reported as usually
correct and as per commitments. The concern can be considered normal for business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
B-17, Harshad Chamers, Opp. Vallabh Nagar, Odhav Road, Ahmedabad –
382415, Gujarat, India |
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Tel. No.: |
91-79-22872349/25893720 |
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Mobile No.: |
91-9426001397 |
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Fax No.: |
91-79-22873146 |
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E-Mail : |
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Website : |
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Area : |
3000 sq. ft. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Subhag Ankoliya |
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Designation : |
Proprietor |
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Date of Birth/Age : |
29 years |
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Qualification : |
Post - Graduate |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Magnetic Product, Products, Tools,
Accessory, Parts. |
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Products : |
·
Magnetic Racks ·
Double Drum and Triple
Drum Magnetic Separetor ·
Permanent
Magnetic Drum Type Separator ·
Magnetic Pulley
| Hump Magnet
| Vibratory Screen
·
Prong Magnets
For Pipe Line Systems ·
Tube Magnets For
Pipeline Systems ·
Permanent
Magnetic “V” Blocks ·
Ferrite, Rare
Earth and Alnico Magnets ·
High Intensity
Induced 3 Roll Magnetic Seperator ·
Inline Drum Type
Magnetic Separator |
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Exports : |
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Products : |
All Products |
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Countries : |
·
USA ·
UK ·
Tanzania ·
Canada ·
Italy ·
France ·
Australia ·
Egypt ·
Saudi Arabia ·
Sultanate qman etc |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
·
China ·
Japan |
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Terms : |
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Selling : |
Cash, T/T and Advance |
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Purchasing : |
T/T and Advance and against delivery |
GENERAL
INFORMATION
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Customers : |
·
Wholesalers ·
End Users ·
Retailers |
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No. of Employees : |
25 |
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Bankers : |
·
ICICI Bank, JMC House Panchvati, Ahmedabad ·
Dena Bank, Odhav Branch ·
Bank of Baroda, Navrangpura Branch |
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Facilities : |
- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sanjay Devadia and Associates Chartered Accountants |
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Address : |
Ahmedabad |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.5.000 Millions |
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Borrowed : |
- |
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Total : |
Rs.5.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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50.000 |
45.000 |
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Expected Sales (2007-08) : Rs.70.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference :
·
Selco International, Hyderabad
·
Sirpur Paper Mills Limited, Karnataka
Profile :
Subject based in Ahmedabad (Gujarat), India is one of the
biggest and leading concern in the manufacturing of permanent magnetic
equipments, rare earth equipments and all type of magnetic appliances.
Established as a distinctly independent corporate entity, (EST 1990), a
pioneering concern in the field of permanent magnetic equipments in India.
These entrepreneurs have been providing all type of magnetic appliances to the
industries for more than 10 yrs and have also been providing consultancy
services to meet the requirements of the Indian and foreign industries, in this
field over the period. This expertise is now being utilized for designing,
manufacturing, and installing optimum solutions to meet the desired needs of
the customers.
With quality as the backbone of concern philosophy, Subject has stead fast
moved ahead in its journey towards present day leadership in the field of
industrial permanent magnetic equipments, rare earth equipments and all type of
magnetic appliances. Today the concern name is synonymous with magnetic
appliances and other solutions in this field and services being utilized in
most of the major industrial houses in India. As a part of its quality policy,
Subject has constantly endeavored to incorporate the most modern technology in
its products and the combination of this latest technology, along with high
quality services which ensures their customers outstanding reliability and
value for money.
·
Quality
Objective :
The basic objective of the concern team management is to get
and supply only quality magnetic products, which can get the customer's
necessary and essential requirement as per international standards and
performance.
·
Quality
Policy :
The companies Quality policy is to create and maintain an efficient
and specified Total Quality Management Program developed and saturated in
comparison with other management concepts, to see that the client's product and
quality requirements are maintained, and to obtain promising and persistence in
the quality of products.
·
Quality
Control and Testing :
Set up with dynamic measuring instruments and experienced
engineers, who has a constant watch on product and quality at each levels of
manufacturing. It has its own in-house testing laboratories, which helps in
dominating the performance to the prescribed standards applicable. Each and
every step is taken to provide, maintain and establish a tremendous and
effective quality products which has been developed with other managerial
concepts by judging the right principle's of technique's.
·
Vision
:
Subject maintains a pacesetter for the future times.
Companies main attentiveness is totally on the development of industrial hold
up superiority product for the global and Indian markets.
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Research
and Development :
Due to tremendous and tough efforts, the research and
development management has equipped and designed, managed and tested
brilliantly all the products made and provided by the company.
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.39.29 |
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UK Pound |
1 |
Rs.77.17 |
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Euro |
1 |
Rs.57.60 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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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 |
NO |
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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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45 |
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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