MIRA
INFORM REPORT
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Report Date : |
23.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
SAJJAN PRECISION CASTINGS |
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Registered Office : |
Village Dharaur, Dehion Road, Sahnewal, Ludhiana 141120, Punjab |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
2004 |
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Legal Form : |
Partnership concern with an unlimited liability of the Partners |
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Line of Business : |
Manufacturer, Exporter and Importer of Castings |
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 40000 |
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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. Partners are reported as experienced
and respectable businessmen. 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 : |
Village Dharaur, Dehion Road, Sahnewal, Ludhiana 141120, Punjab, India
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Tel. No.: |
91-161-2847771 |
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Fax No.: |
91-161-2847774 |
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E-Mail : |
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Website : |
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Area : |
16000 Sq. yards |
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Location : |
Owned |
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Branch Office : |
404, Gill Road, Miller Ganj, Ludhiana 141003, Punjab, India |
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Tel. No.: |
91-161-2531963 / 2533990 / 2544968/970 |
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Fax No.: |
91-161-2537024 |
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Mobile No. : |
91-9417202970 / 9814030476 |
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E-mail : |
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]Area : |
Approximately 2000 Sq. fts. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Vikramjit Singh |
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Designation : |
Partner |
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Date of Birth/Age : |
26 Years |
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Qualification : |
Graduate |
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Name : |
Mr. Gurvinder Kaur Singh |
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Designation : |
Partner |
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Date of Birth/Age : |
56 Years |
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Qualification : |
Graduate |
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Name : |
Mr. Harveen Singh |
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Designation : |
Partner |
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Date of Birth/Age : |
31 Years |
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Qualification : |
Graduate |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Castings |
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Exports : |
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Products : |
All Products |
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Countries : |
Ø European Union Ø US Ø Canada |
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Imports : |
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Products : |
Ø Machinery Ø Raw Material |
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Countries : |
Ø Korea Ø Germany Ø Other European Countries
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Terms : |
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Selling : |
L/C, Cash, Credit and T/T [30 days] |
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Purchasing : |
Cash and Credit [30 days] |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
200 |
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Bankers : |
Centurion Bank of Punjab Miller Gang Branch, Ludhiana 141003, Punjab, India |
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Facilities : |
C/C and O/D Rs. 60.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Girish Sharma and Company Chartered Accountants |
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Address : |
Ludhiana, Punjab, India |
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Tel. No.: |
91-161-98154011 |
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Associates/Subsidiaries : |
Ø Sajjan Singh
Amarjeet Singh Address : 404, Gill Road, Miller Ganj,, Ludhiana 141003, Punjab, India
Line of Business : Trading of Factory Materials Ø Sajjan Singh and
Sons Address : 404, Gill Road, Miller Ganj, Ludhiana 141003, Punjab, India Line of Business : Trading of Factory Materials |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 10.000 Millions |
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Borrowed : |
--- |
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Total : |
Rs. 10.000 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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120.000 |
60.000 |
Expected Sales (2007-08) : Around Rs.300.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
Ø Bharat Forge
Ø JMT Auto Limited
Ø M. Tech Auto
Ø Ram Krishna Forgings Limited
AS PER WEBSITE
DETAILS:
Subject is manufacturers
of high quality stainless steel castings, heat resistant castings, Heat
treatment fixtures, Base Trays, Gate Valve, Haste alloy castings, Monel,
Inconel, cooler plates for cement plants, Fixtures for furnaces, nickel alloy
castings and alloy steel castings
Foundry is synonymous with Delayed Deliveries, Erratic Production
schedules, Acceptable rejection levels, and Labour oriented. Further foundries
are accepted as
F–Filthy,
O–Oily, U–Ugly, N–Noisy, D–Dirty, R–Ramshackle, Y–Yards
But at SSE they
have transformed these misconceptions into ideal realities because of
S - Specialised approach
P - Precise Vision
C - Capability Unlimited
for any problems sorry opportunities.
They aim at committing realistic deliveries and achieving it
too, planning and productions regulating it too, targeting nil rejections
maintaining very close to it too, effectively implementing semi automation
reducing manpower wastage too.
With its sharp focus on product development SSE offers an
unparalleled scope to fine tune and showcase their skills of casting yielding a
foundry which is
F
– Friendly
O – Orderly
U – Uncommon
N – Nimble
D – dedicated
R – Reliable on
Y – The Requirements.
Quality
Quality is the lifeline of their business, hence assurance is imbibed in their products. Foundry can be largely segregated into three
cycles namely sand, box & metal. Quality of castings starts from order acceptance in their dictionary. While accepting orders the quality plan is
finalized which ensures Pattern compatibility CAD/CAM Designing of drawings,
Methoding of casting, Melting and Moulding techniques. Hence Pattern Inspection
records, Method cards are prepared before actual production. Once the plan is in place the inputs are ensured for quality
by fixing check parameters which is broadly covered in Inspection manuals. For
instance Sand is checked for AFS NO, Grain Shape, Sintering point, Distribution
etc .
All Ferro alloys are checked for its
Chemical analysis. This is how they
assure quality of the moulds and liquid metal the two prime parameters of
casting quality. Checking procedures for sand
preparation, moulding, core making
,heating coating and closing are dealt in detail in the respective manuals.
Melting activity is completely covered in melting manual where chemistry is
ensured by Spectro Analysis.
After the mould is ready Mould Inspection
records are maintained which also records pouring temperatures paving the way
for total quality assurance of correct liquid metal transforming into
acceptable casting.
The castings are inspected for dimensions
with sophisticated instruments ensuring dimensional compatibility.
The mechanical properties are checked with the help of
Universal Testing Machine. Non Destructive Testing is also carried out for conformance
to such requirements of the customer. The casting finish is ensured by state of
the art sand blasting shot blasting and other fettling tools for dressing.
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.39.73 |
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UK Pound |
1 |
Rs. 77.01 |
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Euro |
1 |
Rs. 57.34 |
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 |
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 |
YES |
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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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