MIRA
INFORM REPORT
|
Report Date : |
29.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SUMILON INDUSTRIES LIMITED |
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Registered Office : |
Vairagini
Wadi, Delhi Gate, Surat – 395003, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
27.06.1996 |
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Com. Reg. No.: |
04-30056 |
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CIN No.: [Company
Identification No.] |
U29199GJ1996PLC030056 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTS00153G |
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PAN No.: [Permanent
Account No.] |
AADCS3567L |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturer and Exporter of Metallic Yarn. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1100000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established and reputed company having satisfactory track. Directors are
reported as experienced and respectable businessmen. Trade relations are
reported as fair. Business is active. Payments are usually correct and as per
commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Vairagini
Wadi, Delhi Gate, Surat – 395003, Gujarat, India |
|
Tel. No.: |
91- 261- 2441122 , 2443340 ,
2423586 |
|
Fax No.: |
91- 261- 2442952 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Sumanlal Atmaram Jariwala |
|
Designation : |
Chairman |
|
Address : |
6/491, Kharadi Sheri, Manchharpura, Surat, Gujarat |
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Date of Birth/Age : |
12.03.1937 |
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Date of Appointment : |
24.06.1996 |
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Name : |
Mr. Mahesh Jariwala |
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Designation : |
6/491, Kharadi Sheri, Manchharpura, Surat, Gujarat |
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Address : |
Managing Director |
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Date of Birth/Age : |
13.08.1961 |
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Date of Appointment : |
27.06.1996 |
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Name : |
Mr. Jitendra Jariwala |
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Designation : |
Executive Director |
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Address : |
6/491, Kharadi Sheri, Manchharpura, Surat, Gujarat |
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Date of Birth/Age : |
25.09.1966 |
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Date of Appointment : |
27.06.1996 |
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Name : |
Mr. Shabbir Jilal |
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Designation : |
Chief Executive |
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|
Name : |
Mr. Nikunj Maheshchandra Jariwala |
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Designation : |
Director |
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Address : |
Adarsh Society, Athwalines, Surat, Gujarat, India |
|
Date of Appointment : |
15.04.2003 |
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|
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|
Name : |
Mr. Jignesh Maheshchandra Jignesh Jariwala |
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Designation : |
Director |
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Address : |
97, Adarsh Society, Athwalines, Surat - 395001, Gujarat, India |
|
Date of Appointment : |
20.05.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Sumanlal Atmaram Jariwala |
|
340000 |
|
Mahesh Jariwala |
|
600000 |
|
Jitendra Jariwala |
|
500000 |
|
Bhagwatiben Sumanlal Jariwala |
|
250000 |
|
Hansaben Mahesh Jariwala |
|
400000 |
|
Jitendra Daxaben Jariwala |
|
400000 |
|
Jayshreben Nareshchandra Solanki |
|
100 |
|
Sumanlal Jariwala – HUF |
|
270000 |
|
Mahesh Jariwala – HUF |
|
267500 |
|
Jitendra Jariwala – HUF |
|
287500 |
|
Sumilon Textile Private Limited |
|
680000 |
|
Sumilon Plastic Private Limited |
|
437500 |
|
Singapuri Rahul Chandrakant |
|
302000 |
|
Singapuri Bhanumari Chandrakant |
|
100000 |
|
Singapuri Kamuben Keshavram |
|
298000 |
|
Keshavram Singapuri – HUF |
|
200000 |
|
Singapuri Vimal Chandrakant |
|
330000 |
|
Ernest Security Limited |
|
100000 |
|
Indo Castle Multimedia Limited |
|
480000 |
|
Indo City Infotech Limited |
|
500000 |
|
Kushal Software Limited |
|
380000 |
|
Tanu Health Care Limited |
|
280000 |
|
Talent Infoway Limited |
|
600000 |
|
Khyati Multimedia Entertainment Limited |
|
160000 |
|
Category |
|
Percentage of
Holding |
|
Bodies Corporate |
|
49.00 |
|
Directors or relative of directors |
|
39.00 |
|
Other top fifty shareholders |
|
12.00 |
|
Total |
|
100.000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Metallic Yarn. |
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Products : |
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PRODUCTION STATUS
|
Particulars |
Unit |
|
|
Installed
Capacity |
|
Metallised and Coated Polyester Film |
M.T. |
|
|
4800 |
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Metallic Yarn and Covering Yarn |
M.T. |
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|
2400 |
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Plain Polyester Film |
M.T. |
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|
12000 |
GENERAL
INFORMATION
|
No. of Employees : |
About 500 |
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Bankers : |
Bank of Baroda,
Sukhi Bazar, Surat |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R V Dudhwala and Company Chartered Accountants |
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Address : |
104, Dalal Chambers, Bhajiwali Pole, Bhagal, Surat – 395003, Gujarat,
India |
CAPITAL STRUCTURE
As on 30.09.2006
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9,444,500 |
Equity Shares |
Rs. 10/- each |
Rs. 94.445
Millions |
|
|
|
|
|
As on 31.03.2006
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7,703,500 |
Equity Shares |
Rs. 10/- each |
Rs. 77.035
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
77.035 |
79.535 |
72.336 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
196.255 |
188.170 |
174.285 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
273.290 |
267.705 |
246.621 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
435.591 |
413.284 |
346.733 |
|
|
2] Unsecured Loans |
77.686 |
43.309 |
42.770 |
|
|
TOTAL BORROWING |
513.277 |
456.593 |
389.503 |
|
|
DEFERRED TAX LIABILITIES |
17.908 |
17.908 |
13.501 |
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|
|
|
|
|
|
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TOTAL |
804.475 |
742.206 |
649.625 |
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APPLICATION OF FUNDS |
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|
|
|
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|
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FIXED ASSETS [Net Block] |
448.659 |
518.361 |
508.583 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.212 |
0.012 |
0.029 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
62.734
|
148.427 |
121.219 |
|
|
Sundry Debtors |
285.740
|
80.835 |
27.610 |
|
|
Cash & Bank Balances |
2.004
|
4.412 |
3.964 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
27.695
|
17.991 |
24.991 |
|
Total
Current Assets |
378.173
|
251.665 |
177.784 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
22.729
|
28.045 |
37.037 |
|
|
Provisions |
|
|
|
|
Total
Current Liabilities |
22.729
|
28.045 |
37.037 |
|
|
Net Current Assets |
355.444
|
223.620 |
140.747 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.160 |
0.213 |
0.266 |
|
|
|
|
|
|
|
|
TOTAL |
804.475 |
742.206 |
649.625 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
738.395 |
449.066 |
325.593 |
|
|
Other Income |
0.250 |
0.716 |
1.391 |
|
|
Increase / [Decrease] |
0.000 |
0.000 |
[19.144] |
|
|
Total Income |
738.645 |
449.782 |
307.840 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
8.236 |
0.323 |
18.056 |
|
|
Provision for Taxation |
0.151 |
4.434 |
17.966 |
|
|
Profit/(Loss) After Tax |
8.085 |
[4.111] |
0.090 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Consumption of stores and spares parts |
369.693 |
233.899 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
80.652 |
[37.312] |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
6.170 |
5.275 |
0.000 |
|
|
Managerial Remuneration |
0.100 |
0.075 |
0.000 |
|
|
Payment to Auditors |
0.015 |
0.015 |
0.000 |
|
|
Manufacturing Expenses |
0.000 |
0.000 |
61.851 |
|
|
Administrative, General and Sales Expenses |
0.000 |
0.000 |
9.287 |
|
|
Raw Material Consumed |
0.000 |
0.000 |
167.861 |
|
|
Financial Expenses |
0.000 |
0.000 |
18.604 |
|
|
Interest |
38.885 |
38.155 |
0.000 |
|
|
Insurance Expenses |
4.142 |
5.058 |
0.000 |
|
|
Power & Fuel |
69.438 |
53.512 |
0.000 |
|
|
Depreciation & Amortization |
121.331 |
108.103 |
32.181 |
|
|
Other Expenditure |
40.093 |
42.679 |
0.000 |
|
Total Expenditure |
730.519 |
449.459 |
289.784 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
1.09
|
[0.91] |
0.03 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.12
|
0.07 |
5.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.92
|
0.04 |
2.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.00 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.89
|
1.81 |
1.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
16.63
|
8.97 |
4.80 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
Ø
Plant and Machinery
Ø
Factory
Ø
Electric Fitting
Ø
Generator
Ø
Laboratory Equipments
Ø
Office Equipments
Ø
Computer
Ø
Motor Vehicles
Ø
Staff Quarters
Ø
Furniture
Ø
Air Conditioners
Ø
Fax Machines
Ø
Cycles
Ø
Motor Car
Contingent Liabilities
Contingent liabilities not provided for in
respect of estimated amount of contract remaining to be executed on capital
account 100 millions
Term loan and working capital loan form Bank
of Baroda are secured by Equitable Mortgage of immovable properties and
hypothecation of companies movable assets including inventories, Book debts and
are further guaranteed personally by all three directors. The term loan and
working capital loan are further collaterally secured by and equitable mortgage
of property owned by directors Mr. Maheshchandra S. Jariwala and Jitendra
Jariwala.
The status of Provisions of payment of Bonus
Act, provided Fund Act and Gratuity Act are applicable to the company and the company
is regular in depositing contribution of Provided Fund.
Additional Information Pursuant of Para 3 and
4C and 4D of part II of Schedule VI of the Companies Act, 1956.
Bankers Charges
Report as per Registry
|
Name of the company |
SUMILON INDUSTRIES
LIMITED |
|
Presented By |
Jitendra S.
Jariwala – Director |
|
1) Date and description of instrument creating the change |
15-11-1997
Memorandum of Deposit of Title Deeds |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 79.000
Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Equitable
Mortgage of Property bearing revenue Block No 161 admeasuring hector 1.42.70
of Village Mota Barasara of Taluka Mangrol of Surat District Equitable
Mortgage of property bearing Revenue Survey No. 219/4/2 adm. 1970 sq. Meters
of Village Dadra of U.T. of Dadra and Nagar Haveli |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
To create
security by way of Equitable Mortgage to secure credit facilities agg. Rs.
79.000 Millions |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda Sufi Baug Branch,
Surat |
|
6) Date and brief description of instrument modifying the charge |
Supplemental
Memorandum of Entry dated 09.05.2005 |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Charge created on
the assets stated in point No. 3 above is now extended / Modified to secure the
revised financial assistance as stated below : For KIM Unit Cash Credit
[Hypothecation of Stock and Book debts] Rs. 10.000 Millions For GANDHIDHAM
Unit Term Loan Rs.
88.200 Millions Cash Credit
Hypothecation of Stock and Book Debts Rs. 61.000 Millions Over and above
existing limits. |
AS PER WEBSITE
PROFILE - SUMILON GROUP OF INDUSTRIES
Started in 1968 - having enriched experience of more than
three decades.
Sumilon - The finest name in Metallised and Lacquered / Laminated
Polyester Films, Metallic Yarn-Zari and Jarikasab.
It is a unique company in the universe, which has all the
manufacturing facilities of Metallic yarn manufacturing in one single roof.
It has its own
Ø BOPET
film plant
Ø Metallising
Ø Lacquering
/ Laminating
Ø Dyestuff
plant
Ø Resin
manf. plant
Ø Microslitting
Ø Twisting
& Covering
Ø Moulding
Sumilon is appreciated worldwide for its innovative
range and excellent quality. It believes in constant Research &
Development, to create novel varieties of yarns.
It is the only Indian manufacturer who posseses facility
of pure silver metallising, besides regular aluminium metallising , flouracent
colours, rainbow lamination & multicolour films and yarns.
SUMILON PRODUCTS
Sumilon metallic yarns are superior in
standard & made with excellent materials.
They manufacture best quality plain polyester film with
distinctive properties such as uniform thickness, high clarity, extra gloss
& superior strength.
The material is manufactured using most modern production
facility & unique techniques. They are the only Indian company which
posseses brand new, world best Metallisers for yarn grade application
manufactured by ULUAC INC, JAPAN. They have state of the art lacquering /
laminating machines, slitting machines, hollow spindle machines besides
moulding facility, dyes plant & resin plant.
Sumilon is the only company in India which
produces even pure silver metallised film.
Besides pure silver metallising, they are also speciallised
in flouracent colours, rainbow films / yarns, multicolours, chenill metallic
yarn & all type of fancy colours with high gloss, bright effect and
excellent feel.
All products undergoes strict quality control check up at
every stage to ensure uniformity, stability & consistency.
CMT REPORT (Corruption,
Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.43.59 |
|
UK Pound |
1 |
Rs.85.53 |
|
Euro |
1 |
Rs.58.14 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
|
54 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|