MIRA INFORM REPORT

 

 

 

Report Date :

17.06.2008

 

IDENTIFICATION DETAILS

 

Name :

SRI PRASIDDHI ENGINEERS

 

 

Registered Office :

Shed No. 1, 347, 53/8, Magadi Main Road, Kamakshipalya, Bangalore – 560079, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2008

 

 

Year of Establishment :

2002

 

 

Legal Form :

Sole Proprietory Concern

 

 

Line of Business :

Manufacturer of Material Handling Equipments and Spares.

 

Also providing Spares and Services for the above product range includes Hand Pallet Truck, High Lifting Pallet Truck, Manual Hand Stacker, Drum Stacker cum Tilter, Electric Pallet, Electric Manual Stacker, Hydraulic Lift Table etc

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 5000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well – established and reputed concern meeting its normal commitments timeously. Trade relations are fair. Business is active.

 

The concern can be considered good for normal business dealings.  

 

 

LOCATIONS

 

Registered Office/Factory :

Shed No. 1, 347, 53/8, Magadi Main Road, Kamakshipalya, Bangalore – 560079, Karnataka

Tel. No.:

91-80-23587115

Mobile No.:

91-9845010438

Fax No.:

91-80-23587115

E-Mail :

prasiddhi_rediffmail.com

Area :

1200 Sq. ft

Location :

Rented

 

 

SOLE PROPRIETOR

 

Name :

Mr. M K Gopala Krishnaa

Designation :

Proprietor

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Material Handling Equipments and Spares.

 

Also providing Spares and Services for the above product range includes Hand Pallet Truck, High Lifting Pallet Truck, Manual Hand Stacker, Drum Stacker cum Tilter, Electric Pallet, Electric Manual Stacker, Hydraulic Lift Table etc

 

 

Terms :

 

Selling :

30 days

 

 

Purchasing :

15 to 90 days

 

 

GENERAL INFORMATION

 

Suppliers :
  • Metcon Associates
  • Oriental Hardware
  • JREW Steel
  • Canara Hydraulics

 

 

Customers :
  • Strides Arcolab Limited
  • 3M
  • Cipla
  • GE – BE Limited

 

 

No. of Employees :

15

 

 

Bankers :
  • ICICI Bank, Vijayanagar, Bangalore, Karnataka
  • Suvarna Co-Operative Bank, Avenue Road, Bangalore, Karnataka 

 

 

Facilities :

Operating on own funds 

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Anand and Company

Chartered Accountant

Address :

Bangalore, Karnataka

 

 

Memberships :

Bangalore North East Small Scale Inds. Assn. Kassia

 

 

Associates/Subsidiaries :

Nil

 

 

CAPITAL STRUCTURE

 

Capital Investment :

 

Owned :

Rs. 1.000 Million

Borrowed :

 

Total :

Rs. 1.000 Million

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

31.03.2008

31.03.2007

Sales Turnover

 

8.500

6.500

 

 

 

 

Profit/Loss for the year

 

15-20%

NA

 

 

 

 

 

Average value of Inventories at any given time : Rs. 0.500 Millions

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Trustseal Acceptance Chart

 

 

Existence Verification

 

Name

SRI PRASIDDHI ENGINEERS

Address

Shed No. 1, 347, 53/8, Magadi Main Road, Kamakshipalya, Bangalore – 560079, Karnataka

Tel. No.:

91-80-23587115

Mobile No.:

91-9845010438

Fax No.:

91-80-23587115

Electricity Bill

NIP922

 

 

Statutory Approvals

 

Legal Status of Firm

Sole Proprietory Concern

Income Tax Registration

AGGPG2222E

Central Sales Tax Registration

09175908

State Sales Tax Registration

09125905

Service Tax Registration

AGGPG7777 EST 001

VAT/ TIN Registration

29850106681

Excise Registration

NIL

Import Export Code

NIL

Name of Bank

Syndicate Bank / Suvarna Co-Operative Bank

Account Since

1 Years  / 5 Years

Current Accountant Number 

015905004115/202

Emp PF Reg Number

NIL

Company ESI Reg. Number

NIL

RBI Code Number

NIL

 

 

Credibility Factors

 

IndiaMART Client Since

2 Years

Years of Establishment

2002

 

 

Trade Affiliations

 

SSI Registration

08-01-AB 06075 PMT/TINY

Export Promotion Council

NIL

 

 

Chambers of Commerce Membership

KASSIA

 

 

D&B D-U-N-S Number

NIL

Govt. Recognised Export House Status

NIL

Other Affiliations

Bangalore North East Smallscale Inds. Assn

 

 

 

 

Standards & Certifications

 

Quality Management Systems

NIL

Environment Management Systems

NIL

Safety Certificates

NIL

Product Certificates

NIL

Other Cerficates

NIL

 

 

 

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.43.17

UK Pound

1

Rs.86.46

Euro

1

Rs.68.68

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--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

 

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

 

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