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Report Date : |
31.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
SHREE ENGINEERS |
|
|
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Registered
Office : |
No.61/29, Door No.4, Second Floor, |
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Country : |
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Year of
Establishment : |
2007 |
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Financial as on |
31.03.2012 |
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|
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Capital
Investment/ Paid-up Capital: |
Not Divulged |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business
: |
Electrical and Mechanical Contractors |
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No. of
Employees: |
25 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
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 proprietory concern having satisfactory
track. Trade relations are reported as decent. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
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
|
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 : |
|
|
Designation : |
Office Staff |
|
Contact No.: |
91-44-42051592 |
|
Date : |
30.10.2012 |
LOCATIONS
|
Registered Office : |
No.61/29, Door No.4, Second Floor, |
|
Tel. No.: |
91-44-42051591/2051592 |
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Mobile No.: |
91-9894175769 (Mr. Suresh Kumar) |
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Fax No.: |
91-44-2051592 |
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E-Mail : |
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Website : |
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Factory: |
993, Nagalamman Nagar, Arakkonam -631003, |
SOLE PROPRIETOR
|
Name : |
Mr. B. Suresh Kumar |
|
Designation : |
Proprietor |
KEY EXECUTIVES
|
Name : |
|
|
Designation : |
Office Staff |
BUSINESS DETAILS
|
Line of Business : |
Electrical and Mechanical Contractors |
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|
|
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Terms : |
|
|
Selling : |
Credit 30 (Days) |
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|
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GENERAL INFORMATION
|
Customers : |
End users ·
Apollo ·
IRT ·
Empee Group ·
Esab ·
JCBL Marrel ·
Manuli Hydrauics ·
Fenesta |
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No. of Employees : |
25 (Approximately) |
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Bankers : |
HDFC Bank |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Not Divulged |
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Sister Concern: |
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CAPITAL STRUCTURE
|
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]
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover(Approximately) |
|
|
Rs.40.000 |
The above information has been parted by Miss. Premlatha
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
No |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last one year |
Yes |
|
Profitability
for last three years |
No |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
No |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
Yes |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
No |
|
Conduct
of the banking account |
- |
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Buyer
visit details |
- |
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Financials,
if provided |
No |
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Incorporation
details, if applicable |
No |
|
Last
accounts filed at ROC |
No |
|
Major
Shareholders, if applicable |
No |
|
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
No |
PROFILE
This is a proprietorship firm. Two people formed the firm in the year
2001. They were
Mr. M. Bakthavatchalu
He started his career in 1970 in M/S. Indian Steel and Rolling Mills, Thiruninravur
as a Draftsman, in 1974 joined in MIS. Tamil Nadu Steels Limited, Arakkonam as
a Maintenance Engineer and retired from his service as Maintenance Manager. He
is having projects execution experience with various manufacturing and leading
contracting companies.
Mr. M.V. Sreenivasan
He started his career in 1975 in MI/. Tamil Nadu Steels Limited,
Arakkonam as an Electrical engineer and relieved from his service as Deputy Manager
(Electrical). He is having projects execution experience with various
manufacturing and leading contracting companies. Both the directors formed
Shree Engineers in the year 2001,later then taken over by Mr Bakthavatchalu's
son B.Suresh Kumar in the year 2007
That was how Shree Engineers was born. Now Mr. B Suresh Kumar is the
sole proprietor of the firm and he is carrying on the legacy left by the two
founders. The firm is engaged in the turnkey project execution of factories.
Any customer who wishes to start a factory will get a turnkey offer for
structural erection, ESA' grade contracting for electrical works, mechanical
works etc. They have more than 30 years experience in erection of steel plants
and other electrical contracting works. They can get electrical connection from
the Government Electricity board, fix the transformers and get electrical
connection from the grid to the premises and they do wiring for the premises.
They have partnership with the Electrical equipment manufacturers such as CCI,
Fortgloster, Polycab, Uniflex and Finolex, Siemens, Standard, L&T, GE and
other leading brands. They have executed various electrical projects for
Government departments such as Airport Authority of India Limited, Indian
Institute of Technology, Railways and private giants like Hyundai Motors of
India Limited, Saint Gobain Glass India Limited, Indian Furniture 1 Products.
ESAB India Limited and International company projects like international Rubber
Tech Private Limited, ABB China. Regency International etc. They undertake
management solutions for maintenance of factories, offices in all types of
industries and commercial sectors. They take outsourcing of back-up solution
for electrical problems and also take up maintenance of electrical equipments and
offer back up electricity for companies. They offer one stop solution to all
Electrical and mechanical related activities right from high voltage
substations / switchyards to all downstream works including control system and
are lighting
Shree Engineers is a part of a group called Shree group of companies
that comprises:
1. Shree engineers
2. Excel Enterprises
3. Shree electrical enterprises
4. Smart Soles
The factory is common to the above 4 companies. They manufacture Porta cabins and bunk house. The factory also houses the equipment needed by the group for their various operations.
While Shree Engineers is engaged in the electrical and mechanical
contract jobs, Excel enterprises are engaged in the manufacture of porta
cabins. Shree electrical enterprises is complementary to the work done by Shree
engineers and Smart soles are manufacturers of footwear in
The firm employs about 25 people. Their turnover is about 40.000
Millions per year. Their bankers are HDFC bank. There is no way to assess the
financial strength of firm. Caution advised in all financial transactions with
them.
The firm is reputed and well known for their quality work. They are
engaged in multifarious, activities and are leaders in turnkey projects
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.54.71 |
|
|
1 |
Rs.86.83 |
|
Euro |
1 |
Rs.69.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
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 |
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.