MIRA
INFORM REPORT
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Report Date : |
22.01.2011 |
IDENTIFICATION DETAILS
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Name : |
SURFINE TOOLS |
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Registered
Office : |
72/2, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Year of
Establishment : |
1989 |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
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Line of Business
: |
Manufacturing, Exporting and Local Suppliers of Auto Components,
Tractor Components and Textile Components/ Sub Assembly. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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. Suresh |
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Designation : |
Office Assistant |
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Contact No.: |
91-422-2666861 |
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Date : |
19.01.2011 |
LOCATIONS
|
Registered Office : |
72/2, |
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Tel. No.: |
91-422-2666861 |
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Fax No.: |
91-422-2667059 |
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E-Mail : |
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Website : |
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Corporate Office/ Factory : |
3/F67/8, Chinnavedanpatti, |
PARTNERS
|
Name : |
Mr. V. Sriram |
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Designation : |
Partner |
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Name : |
Mr. N. Rajendran |
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Designation : |
Partners |
KEY EXECUTIVES
|
Name : |
Mr. Suresh |
|
Designation : |
Office Assistant |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Exporting and Local Suppliers of Auto Components,
Tractor Components and Textile Components/ Sub Assembly. |
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|
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Products : |
AUTO
COMPONENTS §
Hydraulic cylinders for power
steering system of passenger cars §
Yokes for steering column of Light /
Heavy commercial vehicles §
Valve Housing for Fuel injection
System TRACTOR
COMPONENTS §
Clutch application for Tractors §
Cylinder Frame §
Valve Spool §
Valve Sleeve §
Hydraulic Cylinders §
Flange §
Piston TEXTILE
COMPONENTS / SUB ASSEMBLY
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Exports : |
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Products : |
· Auto Components · Tractor Components · Machining Parts |
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Countries : |
·
·
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Terms : |
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Selling : |
L/C, Credit – 30 days |
GENERAL INFORMATION
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Customers : |
Wholesalers, OEM’s and End Users |
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No. of Employees : |
35 (Office – 10 and Factory – 25) |
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Bankers : |
· India Bank |
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Banking
Relations : |
-- |
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Auditors : |
Not Available |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Not Available |
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Borrowed : |
Not Available |
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Total : |
Not Available |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sales Turnover |
190.100 |
165.300 |
143.700 |
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Expected Sales (2010-11): Rs.218.600 Millions
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCE:
·
All Major Automotive OEM in
WEBSITE DETAILS:
PROFILE:
Subject came into existence in the year 1989 to manufacture precision
components for Automobile, Tractor and Textile Industries. Under the dynamic
leadership of Mr. V. Sriram and Mr. N. Rajendran they are able to conduct their
business on ethical grounds.
They focus on producing high quality components that meet the specific need of
the client. With an aim to provide sophisticated and comprehensive range of
components, they understand the requirements and the ins and outs of the
industries they serve and fabricate their range accordingly.
To keep pace with the ever-changing requirements of the clients and achieve
remarkable position in the market, they invest a lot of time and money to
upgrade technology besides taking meticulous efforts to keep delivery schedules
and competitive rates.
The intensive
industry experience and know how helped us carve a niche for themselves in
domestic market. Having established a strong image in
FUTURE PLAN
They collectively work towards achieving
the objective of serving domestic clients and concentrating in increasing
20-25% of export of Tractor Components, Textile Components, and Automotive
Components by constructing a new factory in 20,000 Sq feet area, enhancing
production and thereby catering the needs of both clients consistently and
comprehensively. They show Interest to have tie-up on a long-term basis with
clients.
Subject steady
growth is about 15 percent per year and is expected to reach 21.86 in the
following years. Its rise is shown vibrantly in the below chart Rs.8.500
Millions in 2000-2001, Rs.143.700 Millions in 2007-2008, Rs.165.300 Millions in
2008-2009, Rs.190.100 Millions in 2009- 2010, Rs.218.600 Millions in
2010-2011).
INFRASTRUCTURE
The team with highly experienced and dedicated personnel’s
work innovatively with enthusiasm to provide clients augmented products at competitive
price
The
manufacturing unit fitted with technologically advanced machines like CNC, VMC,
HMC, Honing, Grinding, Milling, Drilling, Broaching and Welding Machines help
them to keep pace with increasing market demand.
They have 3D Modelling, Edge CAM software
to optimize the cycle time of the machining. The Quality facilities include
CMM, height master, tool setter, surface roughness tester to offer flawless components to clients.
§ VMC (S33 Makino) - 2 Nos
§
VMC (Brother Make) - 2 Nos
§
Burnishing - 1 No
§
Gang Drilling Machine - 1 No
§
Voumard Internal Grinding Machine - 1
No
§
Tool Milling Machine with PLC - 1 No
§
Projection Welding Machine 20 Kva - 1
No
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.45.70 |
|
|
1 |
Rs.72.78 |
|
Euro |
1 |
Rs.61.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
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--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 |
|
--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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.