MIRA
INFORM REPORT
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Report Date : |
25.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
SIARE
TECHNOLOGIES |
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Registered Office : |
# 15, 1st
Floor, BTS Main Road, Opposite Mico Back Gate, Wilson Garden,
Bangalore-560030, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1997 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS19186G |
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PAN No.: [Permanent
Account No.] |
AAEFS1452Q |
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Legal Form : |
Partnership
Concern with an Unlimited Liability of the Partners |
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Line of Business : |
Subject offers
Products for Outdoor Advertising/ Printing/ Engraving/ Signs, Marketing and
Servicing of Cutting Plotters/ Digital Lase Engraving. |
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 reported as
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 : |
15, 1st
Floor, BTS Main Road, Opposite Mico Back Gate, Wilson Garden,
Bangalore-560030, Karnataka, India |
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Tel. No.: |
91-80-22241365 /
65992282 |
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Mobile No.: |
91-9845196405 [Mr. K.
Murthy] |
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Fax No.: |
91-80-22126708 |
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E-Mail : |
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Website : |
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Area : |
1200 Sq.ft. |
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Location : |
Rented |
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Factory 1 : |
Located at : Banasawadi,
Bangalore |
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Area : |
3500 Sq.ft. |
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Location : |
Rented |
PARTNERS
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Name : |
Mr. K. Murthy |
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Designation : |
Partner |
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Date of Birth/Age : |
34 years |
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Qualification : |
B.E. (Electronics
and Communication) |
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Experience : |
9 years |
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Name : |
Mr. K.
Chandrasekar |
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Designation : |
Partner |
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Date of Birth/Age : |
34 years |
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Qualification : |
B.E. (Electronics
and Communication) |
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Experience : |
9 years |
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Name : |
Mr. Sanjay D.J. |
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Designation : |
Partner |
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Date of Birth/Age : |
25 years |
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Qualification : |
B.E. (Electronics
and Communication) |
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Experience : |
9 years |
BUSINESS DETAILS
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Line of Business : |
Subject offers
Products for Outdoor Advertising/ Printing/ Engraving/ Signs, Marketing and
Servicing of Cutting Plotters/ Digital Lase Engraving. |
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Exports : |
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Countries : |
Iran, East Africa
and Dubai |
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Imports : |
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Countries : |
China |
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Terms : |
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Selling : |
Advance T.T.
(Client Based 3 to 6 months) |
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Purchasing : |
Advance T.T. (30
days) |
GENERAL
INFORMATION
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Suppliers : |
Ø
W.I.T.
Colour Digital (China) Ø
G.E. Fanuc
(Bangalore) Ø
Copam
Electronics [St. John Company – China] |
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Customers : |
Ø
Empire
Studio (Bangalore) Ø
S.V. Digital
(Bangalore) Ø
Sagar Arts
(Bangalore) Ø
Signware
Solutions (Bangalore) [Individual Company] |
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No. of Employees : |
52 |
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Bankers : |
Ø
Canara Bank,
Hombegowda Nagar, Bangalore-27 Ø
ICICI Bank,
Hombegowda Nagar, Bangalore-27 Ø
State Bank
of Travancore, Kochi |
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Facilities : |
Credit Limit :
About 1.000 million [ICICI] Additional
facilities in process with Banks |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Konda Reddy
Associates Chartered
Accountants, Bangalore |
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Associates/Subsidiaries : |
Palathra Siere
Technology, Kochi |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 5.500 Millions |
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Borrowed : |
Rs. 4.500 Millions |
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Total : |
Rs. 10.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
83.500 |
53.600 |
54.541 |
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Export Value |
NA |
0.600 |
Nil |
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Import Value |
NA |
33.672 |
39.449 |
Expected Sales (2007-08) : Rs.11.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
Website Details :
Profile
:
They have great honour & pleasure in introducing themselves as one of the
leading concern into marketing & servicing of cutting plotters, Large
format printing plotters and laser engraving machine.
Mission :
Subject’s objective is to provide its customers with the best products from
worldwide with excellent service support.
Products
:
Subject offers products for the outdoor Advertising / Printing / Engraving /
Sign making & Manufacture Heat press Machines for Visual Merchandising.
Achievement
:
Subject has developed an indigenous heat press Machine for Visual Merchandising
/ T- shirt Transfer.
They have their imports by associating themselves with Copam Electronic
(Shenzhen) Company Limited Made in Taiwan, for Copam range cutting plotter.
They are Associated with Shanghai
Wit-Colour Digital Printing Equipment & Technologies Company Limited, for
large format printers.
Products :
Ø
XAAR 500 –
WIT- Color Series Digital Inkjet Printer
Ø
ULTRA XJ 128 –
WIT –Color Series Digital Inkjet Printer
Ø
ULTRA 3320 –
WIT Color Series Digital Inkjet Printer
Ø
ULTRA 720 DPI
- Color Series Digital Inkjet Printer
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.43 |
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UK Pound |
1 |
Rs.77.06 |
|
Euro |
1 |
Rs.57.65 |
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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