|
Report Date : |
23.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
SARATHA ELECTRICAL WORKS |
|
|
|
|
Registered
Office : |
No.25A, Kasthuri Nagar, Korattur,
Chennai - 600080, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Year of
Established : |
1989 |
|
|
|
|
Com. Reg. No.: |
VAT 33671442695 CST – 892285C |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Not Divulged |
|
|
|
|
IEC No.: |
0410048585 |
|
|
|
|
PAN No.: [Permanent Account No.] |
ADTPT6254D |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business
: |
Manufacturer, Supplier and Exporter of Industrial equipment, alnico
magnets, magnetic coolant separator, ball vibrators, magnetic drum separator,
bin vibrator, magnetic drum types separator, cable drum, magnetic floor
sweeper, circular electro magnets, magnetic grill, circular lifting magnets,
magnetic rack, circular motion. |
|
|
|
|
No. of Employees
: |
20 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Small Concern |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a small proprietary concern in its field. Its scale of
activities are limited. Trade relations are reported as fair. Business is
active. Payments are reported to be slow but correct. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. R Thayalan |
|
Designation : |
Proprietor |
|
Contact No.: |
91-9444822356 |
|
Date : |
23.10.2012 |
LOCATIONS
|
Registered Office / Factory : |
No.25A, Kasthuri Nagar,
Korattur, Chennai - 600080, Tamilnadu, India |
|
Tel. No.: |
91-44-26257887 |
|
Mobile No.: |
91-9444822356 (Mr. R Thayalan) |
|
Fax No.: |
91-44-42836392 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1600 Sq. ft |
SOLE PROPRIETOR
|
Name : |
Mr. R Thayalan |
|
Designation : |
Proprietor |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Supplier and Exporter of Industrial equipment,
alnico magnets, magnetic coolant separator, ball vibrators, magnetic drum
separator, bin vibrator, magnetic drum types separator, cable drum, magnetic
floor sweeper, circular electro magnets, magnetic grill, circular lifting
magnets, magnetic rack, circular motion. |
|
|
|
|
Products : |
·
Alnico Magnets ·
Magnetic Coolant Separator ·
Ball Vibrators ·
Magnetic Drum Separator ·
Bin Vibrator ·
Magnetic Drum Types Separator ·
Cable Drum ·
Magnetic Floor Sweeper ·
Circular Electro Magnets ·
Magnetic Grill ·
Circular Lifting Magnets ·
Magnetic Rack ·
Circular Motion Inclined Screens ·
Magnetic Separators |
|
|
|
|
Exports : |
|
|
Countries : |
·
China ·
Korea |
|
|
|
|
Terms : |
|
|
Selling : |
L/C / Credit (30 Days) |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
20 (Approximately) |
|
|
|
|
Bankers : |
Bank of Baroda, Chennai, Tamilnadu, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
Not Available |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Not Divulged |
|
Borrowed : |
Not Divulged |
|
Total : |
Not Divulged |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
5.000 |
The above information has been parted by Mr. R Thayalan
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last one year |
Yes |
|
12] |
Profitability for last three years |
No |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
No |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
No |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
PROFILE
This is a proprietorship firm started in the year 1989. The proprietor is Mr. R Thayalan. The firm is engaged in the manufacture, export and supply of Industrial equipment. Their range includes Alnico magnet, Ferrite Magnet, Rare Earth magnets, Ball vibrators, Bin vibrators, Circular vibrating screen, Rectangular vibrating screen, circular electro electro lifting magnet, Circular lifting magnet, Rectangular lifting magnet, Unbalance motor vibrator coil, Boveal Feedes and VIB Feeders, De-Magnetizers, Over band separators, Suspension magnet (Electro/Permanent) Folding Magnet, Metal detectors, Drum Separator (Wet/Dry type), Magnetic grills, electro-magnetic chucks etc. These products are used by every type of industry be textile industry, automobile industry, Mills, construction industry etc. They cater to the needs of South India and have a 30% export production too. They export of South Asian countries like China, Korea etc. The mining industry is one of their biggest clients and the rare earth minerals are sifted, sieved and separated by their De-magnetizers and other vibrators. They specially cater to the automobile industry by manufacturing AC/DC Motor, electro-magnetic brakes, clutches, clutch plate, etc. One of their main strength is that they manufacture goods to the customer specifications and so are widely appreciated, for their easy handing, availability in various sizes and dimensions, customized designs, flawless operations and so on. They have a state of the art factory spread over an area of 1600 sq.ft. They have lathe machines, drilling machines with 40 mm diameter. They are capable of manufacturing and supplying vibrator motors from 100 watts to 10 HP, electrco Magnetic feeds upto 18 kw and electro-magnetic coils upto 25 kw. They are also capable of supplying a maximum of 4 meters diameter permanent magnet for separators. Rewinding of all types of magnets, motors and transformers etc are also undertaken. They also service and do maintenance work for the above equipments irrespective of the fact that it was bought from them or otherwise.
They employ about 20 people. Their turnover is about Rs.5.000 Millions per year and their bankers are Bank of Baroda. There is no way to assess the financial strength of the firm and caution advised in all financial transactions with them.
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 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.53.67 |
|
|
1 |
Rs.86.05 |
|
Euro |
1 |
Rs.70.07 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.