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Report Date : |
22.05.2012 |
IDENTIFICATION DETAILS
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Name : |
VIGNESH PRINTING INKS |
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Registered
Office : |
15, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Year of
Establishment: |
1992 |
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Com. Reg. No.: |
TNGST – 5962082 VAT – 33125962082 |
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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
: |
Manufacturer of printing inks / Flexo Ink / Gravure Ink. |
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No. of Employees
: |
3 (Approximately) (In Factory) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
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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 for small 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
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. Manikandan |
|
Designation : |
Cashier |
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Contact No.: |
91-4562-220178 |
|
Date : |
18.05.2012 |
LOCATIONS
|
Registered Office /Factory : |
15, Kamraj Road, Satchiyapuram, Shivakasi West, Shivakasi – 626125,
Tamilnadu, India |
|
Tel. No.: |
91-4562-220178 / 222178 |
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Fax No.: |
Not Available |
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E-Mail : |
PARTNERS
|
Name : |
Mr. Mr. S Murugesan |
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Designation : |
Proprietor |
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|
|
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Name : |
Mr. M A Chandran |
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Designation : |
Proprietor |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of printing inks / Flexo Ink / Gravure Ink. |
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Brand Names : |
Vignesh |
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Terms : |
|
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Selling : |
Credit (30 days) |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
3 (Approximately) (In Factory) |
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Bankers : |
City Union Bank, Shivkasi, India |
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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 Divulged |
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Borrowed : |
-- |
|
Total : |
Not Divulged |
FINANCIAL DATA
[all figures are
in Rupees Millions]
(Rs
In millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sales Turnover (Approximately) |
8.500 |
7.700 |
6.200 |
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Expected Sales (2012-2013): Rs.10.000 millions
The above information has been parted by Mr. Manikandan.
Note : Sole Proprietory and Partnership concerns are exempted
from filing their financials with the Government Authorities or Registry
Records.
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
No |
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5) Type of Business |
Yes |
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6) Line of Business• |
Yes |
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7) Promoter’s background |
No |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
No |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
Yes |
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15) Capital in the business |
No |
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16) Details of sister concerns |
No |
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17) Major suppliers |
No |
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18) Major customers |
Yes |
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19) Payments terms |
Yes |
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20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
No |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
No |
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28) Incorporation details, if applicable |
No |
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29) Last accounts filed at ROC |
No |
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30) Major Shareholders, if available |
No |
PROFILE:
This is a partnership firm started in 1992. The partners are
· Mr. S Murugesan
· Mr. M A Chandran
Sivakasi is an active town and a municipality in Virudhunagar District in Tamilnadu. It is the capital of India's firecracker industry with about 8000 factories, big and small, producing 90 percent of the total fireworks output of India. There are almost 400 manufacturers based in the city. Beside fireworks factories, there are many printing presses with in-house studios and Sivakasi’s industries grew out of the economic struggles of India in the 1960s. Without government aid, the local people constructed matches, fireworks, and printing industries, which today contribute 80% of India's total safety matches production, 90% of India's total fireworks production, and 60% of India's total offset printing solutions. It is one of the highest Sales/Excise/Customs Duty paying towns, and has achieved 100% employment. Sivakasi is India's printing hub. 60% of India's offset printing solutions is produced in Sivakasi. Sivakasi houses largest number of printing machines in the world next only to Gothenburg in Germany.
All kinds of printing jobs are undertaken in Sivakasi including security jobs like printing bank Cheque books, flight tickets and lottery tickets. Most of the leading presses are exporting children's books, notebooks, magazines, greeting cards, calendars, trade labels and cartons throughout the world. More than 50,000 workers are engaged in printing and allied industries. The town has a school of printing technology. The printing industry in Sivakasi is worth about 10000.000 millions. The market for printing is growing at the rate of 10% per annum. The Sivakasi Institute of Printing Technology (SIPT) was instituted in the year 1977, when it was found absolutely essential to provide technicians and supervisory staff for running the large number of printing establishments that had come into existence in and around the area.
Sivakasi may be called as "A town of three industries", namely
· Pyrotechnics (Fireworks) and Crackers
· Safety Matches and Color Matches
· Offset Printers.
With this background any number of small scale ink manufacturers is present in the town.
Vignesh printing inks is engaged in the manufacture of Vgnesh brand printing mainly Flexo ink and Gravure inks. This is a very small scale firm situated in Satchiyapuram where any number of ink manufacturers and printers are located. This unit employs only three people and « a manufacturing unit for flexo inks. They offer their customers a wide assortment of liquid inks. These liquid inks come handy for varied purposes like various rotogravures and flexo printing on paper, Kraft paper, cartons, white paper, plastic bags, PVC films, LD, HDPE cement bags, paper laminated cement bags, aluminum foil, polyester, treated BOPP and treated polypropylene. The brand name under which they manufacture is Vignesh. With long shelf life of 8 - 12 months in air tight containers, they manufacture press ready water based Flexo ink that has excellent quality and good gloss. A full range of Pantone / GCMI shades are available with them. These water reducible inks are press ready inks formulated for flexographic printing on paper and can be used on any flexo printing machines with rubber anilox rollers They also
manufacture Gravure inks. Printing inks produced from Gellner Industrial acrylic polymers and resins will outperform conventional areas of flow, hold-out, gloss and solubility Gravure printing inks are traditionally used for high end applications such as magazines, newspaper supplements, catalogs, labels, cartons and gift wraps. Their main customers are polythene cover manufacturers in Tamilnadu, Kerala, and Andhra Pradesh. '
The firm employs only 3 people and does a turnover of under a Rs.10.000 millions per year. They are a very small firm. Their bankers are City Union Bank Sivakasi.
There is no way to assess the financial strength of the firm. Caution advised in all financial dealings with them.
A very small firm reaching a turnover of under a Rs.10.000 millions a 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.54.68 |
|
|
1 |
Rs.86.52 |
|
Euro |
1 |
Rs.69.86 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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.