MIRA
INFORM REPORT
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Report Date : |
08.08.2011 |
IDENTIFICATION DETAILS
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Name : |
TREND SETTERS N WATERPROOFING |
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Registered
Office : |
No. 17/13, 18th Avenue, Ashok Nagar, Chennai – 600083,
Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Year of
Establishment : |
2009 |
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Capital
Investment / Paid-up Capital : |
Not Divulged |
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Legal Form : |
Partnership Concern with an unlimited liability of the partners. |
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Line of Business
: |
Service providers in the line of waterproofing and construction
chemicals. |
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No. of Employees
: |
50-100 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established partnership concern having satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Ramesh |
|
Designation : |
Office Assistant |
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Contact No.: |
91-44-24896868 |
|
Date : |
06.08.2011 |
LOCATIONS
|
Registered Office : |
No. 17/13, 18th Avenue, Ashok Nagar, Chennai – 600083,
Tamilnadu, India |
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Tel. No.: |
91-44-24896868 |
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Fax No.: |
91-44-24897878 |
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E-Mail : |
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Website : |
PARTNERS
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Name : |
Mr. V Agasthiyan |
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Designation : |
Partner |
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Name : |
Mr. M. Senthamarai Selvan |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Service providers in the line of waterproofing and construction
chemicals. |
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Agencies Held : |
Green Seal Malaysia |
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Exports : |
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Products : |
Waterproofing Materials and technology from Malaysia |
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Terms : |
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Selling : |
L/C, Credit (30 days) |
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Purchasing : |
Cash (60 days) |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
50-100 (Approximately) |
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Bankers : |
·
State Bank of Travancore ·
Axis Bank, Chennai, Tamilnadu, India |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Not Available |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Not Divulged |
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Borrowed : |
-- |
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Total : |
Not Divulged |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2011 |
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Sales Turnover (Approximately) |
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30.000 |
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The above information has been parted by Mr. Ramesh.
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
LOCAL AGENCY FURTHER INFORMATION
PROFLE
Established in the
year 2009 this is a partnership
firm who are innovative, reliable and trained service applicators for an entire
range of Construction Chemical products. With service being handled by
experienced professionals, they have gained specialization in providing
solutions for waterproofing and chemicals resistant coating to buildings and
other concrete structures. The partners are
·
Mr. Mahadevan Senthamarai Selvan
·
V. Agasthiyan
Mr. Selvan was
working with Chemplast Sanmar Limited and has a wide knowledge of chemicals.
They are now authorized applicators of Greenseal Sdn Bhd, Malaysia. The subject
company in Malaysia, is a pioneer in this field. They also solve all seepage
problems on Metal Roofs llBR and Corrugated) Tiled Roofs, rising Damp and Basements
and Concrete Roofs. They deal in 5 broad categories of service
·
Cementitious waterproofing (crystallization)
products
·
Liquid applied elastomeric PU membranes
·
Acrylic Polymer Waterproofing membranes
·
Liquid waterprofooing membranes
·
Floor Hardeners
Their bankers are
State bank of Travancore and Axis Bank, Chennai . Their turnover is about 30.000 to 40.000 millions a year. There is no way to assess
the financial strength of the firm. Caution advised in all financial
transaction with them. They are the sole applicators for the Malaysian product of Green seal and so have the
market to themselves. Right now they are busy with many orders from the
corporate sector and hope to do well this year.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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. 44.80 |
|
|
1 |
Rs. 72.85 |
|
Euro |
1 |
Rs. 63.11 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.