MIRA
INFORM REPORT
|
Report Date : |
05.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SABIN ENTERPRISES |
|
|
|
|
Registered Office : |
28, 3rd Floor, Sucheta Niwas, 285, SBS Road, Fort, Mumbai – 400 001, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 (Estimated) |
|
|
|
|
Year of Establishment : |
1993 |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business : |
Manufacturer of Manual Machines, Vibrating Machines,
Hydraulic Type Machine, Manual Cum Vibrating Machine, Hydraulic Cum Vibrating
Normal Machine, Mini Type Machine, Concrete Mixers, Moulds. |
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 8000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well – established and reputed concern having
satisfactory track. Proprietor is reported as experienced and respectable
businessman. Trade relations are reported as fair. Business is active.
Payments are usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Sasidharan Govindan |
|
Designation : |
Proprietor |
|
Date : |
02.10.2008 |
LOCATIONS
|
Registered Office : |
28, 3rd Floor, Sucheta Niwas, 285, SBS Road, Fort, Mumbai – 400 001, Maharashtra, India |
|
Tel. No.: |
91-22-66317787 / 9 / 22703684 |
|
Mobile No.: |
91-9820154283 |
|
Fax No.: |
91-22-22703685 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
150 sq.fts (Office) 1 Acres (Factory) |
|
Location : |
Owned |
|
|
|
|
Factory : |
Coimbatore, Tamil Nadu, India |
|
Area : |
1 Acre |
|
Location : |
Owned |
SOLE PROPRIETOR
|
Name : |
Mr. Sasidharan Govindan |
|
Designation : |
Proprietor |
|
Date of Birth/Age : |
51 Years |
|
Qualification : |
Graduate |
|
Experience : |
30 Years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Manual Machines, Vibrating Machines, Hydraulic type machine, Manual Cum Vibrating Machine, Hydraulic Cum Vibrating Normal machine, Mini Type machine, Concrete mixers, Moulds. |
|
|
|
|
Products: |
· Manual Machines · Vibrating Machines · Hydraulic type machine · Manual Cum Vibrating Machine · Hydraulic Cum Vibrating Normal machine · Mini Type machine · Concrete mixers · Moulds |
|
|
|
|
Exports : |
|
|
Products : |
Machinery |
|
Countries : |
Yemen, Syria, Guyana, Bahamas, Trinidad, Tobago, Jamaica. All
countries worldwide except European countries. |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash, Credit |
|
|
|
|
Purchasing : |
L/C, Cash, Credit |
GENERAL
INFORMATION
|
No. of Employees : |
22 (5 in Office and 17 in Factory ) |
|
|
|
|
Bankers : |
Karnataka Bank Limited Address: Overseas Branch, Mumbai, Maharashtra, India |
|
|
|
|
Facilities: |
The concern do not enjoy facility from its bankers. |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Mukesh Mehta and Associates Chartered Accountants |
|
Address : |
Mumbai – 400 003, Maharashtra, India |
|
Tel. No.: |
91-22-23453648 |
|
|
|
|
Memberships : |
· All India Exporters Chambers · Engineering Export Promotion Council |
|
|
|
|
Associates/Subsidiaries : |
Saurabh Industrial Services Address: 28, 3rd
Floor, Sucheta Niwas, 285, SBS Road, Fort,
Mumbai – 400 001, Maharashtra, India Activity: Manufacturer of
Packing Materials |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs. 1.500 millions (Estimated) |
|
Borrowed : |
--- |
|
Total : |
Rs. 1.500 millions (Estimated) |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
|
31.03.2008 (Estimated) |
|
|
|
|
|
|
Sales Turnover |
|
|
8.000 |
Expected Sales (2008-09): Rs. 20.000 millions
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCE:
· Florizel Campel, Jamaica
· Providence Enterprises, West Indies
· Southern Construction Company Limited, Sri Lanka
WEBSITES DETAILS:
Subject is a young
organization, established in 1993, with a view to export various packaging
machinery from India since there was very good demand in all types of packing
machine during that time.
They have started
exporting packing machine from small packing unit of 5 gm up to 5 kg capacity
to different continents of the world. The products range from powder, liquid,
paste and commodities like rice, coffee, sugar, pulses, etc. This they were
purchasing from reputed companies with ISO recognition. During middle of the
last decade of the 20th century i.e. 1995-96, there was a very good demand in
that type of machinery and hectic competition in various parts of the world and
the business was very tough. Suppliers offered substandard quality
of machines in very cheap prices, as in this field, many companies came up
and started manufacturing without implementing any good technology. One who
manufactured good machines were forced to close down because of not getting
good prices for the good quality offered by them.
During that time,
the founder of the concern, namely Sasidharan Govindan, a commerce
graduate, thought of the diversification of the products. He did a market
research of the upcoming market, experimenting which field of products and
material is in the top list in India. Sasidharan immediately came out with a
conclusion that their technology and machines in the field of 'Construction Machinery' is going up
tremendously and there was a very strong buying market all over the world.
Needless to say Sasidharan is having a high profile track record in handling
all types of engineering goods, especially complete plants and machinery for
plastic processing, tin container machinery, sheet metal machinery and wood
working machinery and exported lots of complete plants and machinery to East African
and Middle East countries since 1976. He also had a vast knowledge in the
technical field and of marketing the various goods in the international market
including the tastes and preferences of buyers and regions where they can cater
the goods in a big way. They have exported their goods to Kenya, Tanzania,
Uganda, Ethiopia in the east part of Africa, Durban, Johannesburg of the south
of Africa and Benin, Iberia, Senegal, Ghana, Togo, Guinea, Nigeria, Zambia, and
presently concentrating in the region of USA, and South American countries like
Barbados, Jamaica, St. Vincent, Guyana, West Indies, Suriname, Curacao, The
Grenadines, etc.
In 1998, they
started a new unit in the South India, namely – Coimbatore – where there is
plenty of easy availability of raw material and free labours. They started
manufacturing cement block making machinery, concrete mixers, trolleys, etc. in
small range and capacity. There was huge demand in these type of machinery
including paver blocks, etc. hence, they started manufacturing another type of
machines mainly for paver blocks, kerbstone, design bricks and so on. They have
started their exports to West African countries and South American countries,
manufacturing products as per buyer's specifications like size, design, shape.
They have exported more than 100 machines to various destinations. Needless to
mention that during a short period of time they have made all types of block
making machinery like manual, vibration, vibration cum manual, vibration cum
hydraulic, egg laying type and also now the semi automatic conveyorized type
machine. Soon, they will be making the fully automatic system provided they get
good market and high profile buyers who can give them good prices for the good
technology machines. Their Production Manager, a Mechanical Engineer, had
worked with many types of machines including the famous 'Zenith' machine from
Germany and he has track record of working in various Gulf countries like Saudi
Arabia with known machines and had vast knowledge in making any type of
machines and moulds as per buyers' requirements.
Recently, they have also started manufacturing semi automatic conveyorised type
block machines of medium capacity and high capacity machines and they have
exported ¾ machines to USA, Libya , etc.
In 2006, they
planned of another manufacturing unit to make big and high capacity versions of
machines, since the existing factory, they were not able to make about 40 ft
conveyor type of machines. They have now opened a new unit on 27th AUGUST 2006,
very near to the existing factory, and now they can cater any number of
machines within a short period of time.
Needless to say
that today they are getting many orders and their style of working is quite
different. They are committed to supply machines within the stipulated short
delivery period, even within 7 days. This is the reason that they are getting
more orders from the existing buyers regularly.
They have their factory spread at one acre of land and their shed is spread at
3500 sq. ft., outfitted with a tool room, workshop, office, workers' residence
facilities, etc. Also they have their own fully air-conditioned and
sophisticated office in the heart of Mumbai city (Fort) with 120 square feet of
built up area and having a mezzanine floor of about 70 square ft where they can
accommodate about 10-12 staff members. They have 24 hours online e-mail
facility, fax, Xerox and have about 4 latest version of personal computers
having all accessories like scanning. They have also the website facility and
anybody from any corner of world can see their sites. Presently, they also have
made an E-catalogue to their existing catalogue
They are
manufacturers and exporters of HOLLOW BLOCK MACHINES of various types including
manual machines, vibrating machines, hydraulic type, manual cum vibrating,
hydraulic cum vibrating normal, mini type etc. They also make strong and good
quality Concrete mixers and moulds for any type at very competitive prices.
They have been manufacturing machines for the past 8 years and are exporting
them since 1998.
Their clients hail
from various countries such as Yemen, Syria, Guyana, Bahamas, Barbados, St.
Lucis etc and they are developing their exports to countries like
Trinidad,Tobago, Jamaica and Dominica. Their technical people were working in
International companies who are manufacturing quality machines and have vast
technical knowledge of different types of machines from different countries /
companies.
They can also make machines
as per the buyers requirements, for example if the machines can produce 4
stroke per cycle and if the client requires 5 stroke per cycle, the same can be
accomodated in their machines and moulds can be updated accordingly as per
their valued customers requirement.
They are making the
machines from 1/4" thickness raw material whereas others are using lower
thickness material than above and hence their machines are very strong and can
make production for two shifts continuously and also put in long time use
provided they give proper maintenance.
Recently they had
developed a new version of their model SHM 105 M860 which can give 16 Block per
stroke and make about 2500 nos of Blocks per 8 Hour shift of size 400 x 200 x
200 (16 x 8 x 8).
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.46.88 |
|
UK Pound |
1 |
Rs.82.97 |
|
Euro |
1 |
Rs.64.99 |
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 |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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/normal. |
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 |
|