MIRA
INFORM REPORT
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Report Date : |
05.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
POLYRUB EXTRUSIONS INDIA PRIVATE LIMITED |
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Registered Office : |
90, Mistry Industrial Complex, MIDC Cross Road A, Andheri (East),
Mumbai - 400 093, Maharashtra, India. |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.10.2005 |
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Com. Reg. No.: |
11-156873 |
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CIN No.: [Company
Identification No.] |
U25110MH2005PTC156873 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP21218B |
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PAN No.: [Permanent
Account No.] |
AADCP7071L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in the business of manufacture,
trading, imports and exports selling of otherwise dealing in rubber and
engineering goods a such as rubber components, rubber molded items, rubber to
metal bonded items and rubber extruded items such as hoses, profiles, pipes,
strips, sheets and other related articles things, whether on own account or
through others or an behalf of others. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 80000 |
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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 successor of Polyrub Extrusions (India), whose report is enclosed herewith. Directors are reported as experienced, respectable and having satisfactory means of their won. Their trade relations are fair. Payments are correct and as per commitment. The company can be considered good for normal business
dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Mistry Industrial Complex, MIDC Cross Road A, Andheri (East),
Mumbai - 400 093, Maharashtra, India. |
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Tel. No.: |
91-22-28300360 / 28321769 / 28366494 / 6441 / 26870441 /
26871769 / 26872696 / 26870330 |
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Fax No.: |
91-22-28367339 / 26870339 |
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E-Mail : |
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Factory 1 : |
Plot No. W-102 D, MIDC, Thane Belapur Road, Khairne, Navi
Mumbai - 400 075, Maharashtra |
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Tel. No.: |
91-22-65903530 / 65903531 / 65901770 / 71 |
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Fax No.: |
91-22-65903532 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. K. Jayaprakash Vasdani |
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Designation : |
Director |
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Address : |
703, C Gasnga Estate, Atur Park, Chembur, Mumbai - 400071 |
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Date of Joining : |
Since Incorporation |
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Name : |
Mr. Tulsi Sujan |
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Designation : |
Director |
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Address : |
401-402, Gulashan, Th. Of Ahinsa Marg and Khar Banda Road, Khar (West), Mumbai – 400052 |
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Date of Joining : |
Since Incorporation |
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Name : |
Mr. Ashok Sujan |
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Designation : |
Director |
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Address : |
1701, Green Ache, Lokhandwala, Complex, Andheri (West), Mumbai - 400058 |
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Date of Joining : |
Since Incorporation |
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Name : |
Mrs. Satvinder Kaur V. Sujan |
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Designation : |
Director |
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Address : |
302, Kripa Nidhi, JYPD, Scheme, Gulnchar Crosss, Road, 4, Vile Parle (West), Mumbai - 400056 |
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Date of Joining : |
Since Incorporation |
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Name : |
Mrs. Padam H. Sujan |
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Designation : |
Director |
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Address : |
B-4-69, Basant Park, Mahul Road, Chembur, Mumbai – 400071 |
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Date of Joining : |
Since Incorporation |
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Name : |
Mrs. Sheetal N . Sunjay |
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Designation : |
Director |
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Address : |
802/902, Ruchita Towers, Juhu Versova Road, Andheri (West), Mumbai –
400053 |
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Date of Joining : |
Since Incorporation |
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Name : |
Mrs. Kanchann L Sujan |
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Designation : |
Director |
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Address : |
1307, Giriraj, Neelkanth Valley, Rajawadi, Road, Ghattkopar (East),
Mumbai - 400077 |
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Date of Joining : |
Since Incorporation |
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Name : |
Mr. A Sekar |
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Designation : |
Practicing company secretary |
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Address : |
A6, Samadham, Radabhai Cross Road, 3, Vile Parle, (West), Mumbai- 56 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr Tulsi R. Sujan |
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99000 |
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Mr. K. Jayaprakash Vasdani |
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396000 |
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Mr. Ashok Sujan |
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99000 |
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Mrs. Padam H. Sujan |
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99000 |
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Mrs. Sheetal N . Sunjay |
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99000 |
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Mrs. Satvinder Kaur V. Sujan |
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99000 |
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Mrs. Kanchann L Sujan |
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99000 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of manufacture ,trading
, imports and exports selling of otherwise dealing in rubber and engineering
goods a such as rubber components, rubber molded items, rubber to metal
bonded items and rubber extruded items such as hoses , profiles, pipes,
strips, sheets and other related articles things , whether on own account or
through others or an behalf of others. |
GENERAL
INFORMATION
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No. of Employees : |
74 |
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Bankers : |
State Bank of India Marol Branch, Silver Arcade, Mumbai – 400059 |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Bharat Kumar H. Rave Chartered Accountants 606-B, Raj Vaibhav –I, Mahavir, Nagar, Kandivli (West), Mumbai – 400067 S B Chhajed and Company Chartered Accountants 2/202, Inder Tower, K G Marg, Dadar(West) , Mumbai –
400025, Maharashtra, India |
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Associates/Subsidiaries : |
v Mega Rubber Technologies Private Limited v Veekay Rubber Products v Speciality Elastomers v Sujan Industries v Tee-Vee Tools and Engineering Industries v Mould-de-Sujan |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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30,00,000 |
Equity Shares |
Rs. 10 each |
Rs. 30.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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9,95,000 |
Equity Shares |
Rs. 10 each |
Rs. 9.950 millions |
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The paid up capital of the company shall be a minimum of Rs. 0.100 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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9.950 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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9.797 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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19.747 |
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LOAN FUNDS |
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1] Secured Loans |
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54.298 |
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2] Unsecured Loans |
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51.495 |
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TOTAL BORROWING |
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105.793 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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125.540 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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30.131 |
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Capital work-in-progress |
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32.623 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.594 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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33.806 |
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Sundry Debtors |
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47.189 |
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Cash & Bank Balances |
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2.400 |
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Other Current Assets |
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0.893 |
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Loans & Advances |
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6.183 |
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Total
Current Assets |
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90.471 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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25.257 |
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Provisions |
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3.277 |
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Total
Current Liabilities |
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28.534 |
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Net Current Assets |
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61.937 |
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MISCELLANEOUS EXPENSES |
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0.255 |
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TOTAL |
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125.540 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2006 |
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Sales Turnover |
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120.073 |
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Total Income |
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120.073 |
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Profit/(Loss) After Tax |
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14.633 |
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Earnings in Foreign Currency : |
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Total Earnings |
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11.718 |
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Expenditures : |
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Interest |
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2.780 |
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Depreciation & Amortization |
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2.564 |
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Other Expenditure |
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100.096 |
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Total Expenditure |
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105.440 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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PAT / Total Income |
(%) |
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12.18 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.44 |
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Current Ratio (Current Asset/Current Liability) |
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3.17 |
STOCK PRICES
LOCAL AGENCY
FURTHER INFORMATION
The Genesis:
"Success is the sum of efforts, repeated day in and day out ..."
A success story cannot be kept under wraps for too long. Sooner or
later the world is going to learn about it. Nobody knows it better than the
people of Sujan who, over the years, have built such a close and enduring
relationship with their customers by consistently bringing them quality
products.
A brief look at the history of this group will tell us that Sujan
started as a small entrepreneur in the Rubber processing industry. Over a
period of years, Sujan has transcended all barriers by its untiring efforts,
dedication and perseverance and today, stands among the leaders in Compounding,
Moulding and Extruding of Rubber products. Sujan operates through seven
seperately constituted firms that ensures effective working within the
framework of the Group.
Quality - simply uncompromising:-
"Quality is never an accident; it is always the result of
high intention, sincere effort, intelligent direction and skillful execution;
it represents the wise choice of many alternatives".
The Sujan Group is committed to the philosophy employee
improvement which is an enormous expression of faith & confidence in its
people. The Group ensures that it absorbs new technologies, new polymers, &
continously updates techniques to offer more value for money to its customers.
Three group companies are in the finishing stages of achieving ISO
9002 accreditation ensuring that their quality systems & process
capabilities form the base of their work ethic. Extensive laboratory facilities
at all stages of process (raw material in process & finished product) means
that the Sujan Group is in total control of all stages of development &
production.
Company’s vision beyond:
"Unless you try to do something beyond what you have
mastered, you will never grow."
The experience
gained over the years had emboldened the group to make forays into global
markets. Today, Sujan exports Engine Mounts, Bellows, Hose Pipes, Silent
Blocks, Valves, Small Fasteners and other miscellaneous products to the U.S.A,
U.K, Australia, Italy, Germany, West Indies and the Gulf.
REGD. OFFICE
Mistry lndustrial Complex
M.I.D.C. Cross Road A, Andheri (E)
Mumbai-400 093.INDIA.
Tel : 91-022-2687 0441, 91-022-2687 1769, 91-022-2687 2696, 91-022-2687 0330,
91-022-2687 0331
Fax: 91-022-2687 0339
E-mail: sujan@bom3.vsnl.net.in
FACTORIES
SUJAN INDUSTRIES
16, 17 & 77, Mistry Industrial Complex
M. I. D. C. Cross Road A, Andheri (E)
Mumbai-400 093.
INDIA.
Tel 91-22-2687 0441, 91-22-2687 1769
Fax : 91-22-2687 0339
E-mail: sujan@bom3.vsnl.net.in
POLYRUB EXTRUSIONS (INDIA)
Plot No. W- 102 D, M. I. D. C.
Thane Belapur Road, Khairne
Navi-Mumbai-400 705.
INDIA.
Tel: 91-22-5590 3530, 91-22-5590 3531, 91-22-5590 1770/71
Fax : 91 - 22 - 5590 3532
E-mail : polyrub@mantraonline.com
E-mail : polyrub@vsnl.net
SPECIALITY ELASTOMERS
Plat No. W- 129 A, M. I. D. C.
Thane Belapur Road, Khairne,
Navi-Mumbai-400 705.
INDIA.
Tel: 91-22-5590 3530, 91-22-5590 3531, 91-22-5590 1770/71
Fax : 91 - 22 - 5590 3532
E-mail : polyrub@mantraonline.com
E-mail : polyrub@vsnl.net
MEGA RUBBER TECHNOLOGIES PVT.LTD.
Building No. 1,
Agarwal Udyog Nagar Waliv,
Vasai Road'(E)
District Thane - 401 208.
INDIA.
Tel: 91- 0250-454 365, 91- 0250-454 520
Fax: 91- 0250-454 519
E-mail : mega_rubber@vsnl.com
MOULD- DE-SUJAN
Unit no. 5
Waliv, Vasai Road(E)
District Thane-401 208.
INDIA.
Tel: 91- 0250-454 365, 91- 0250-454 520
Fax: 91- 0250-454 519
E-mail : mega_rubber@vsnl.com
VEE KAY RUBBER PRODUCTS
3, Mistry Industrial Complex
M. I. D. C. Cross Road A, Andheri (E)
Mumbai-400 093.
INDIA.
Tel : 91-22-2687 0360
Fax: 91-22-2687 0339
E-Mail : sujan@bom3.vsnl.net.in
TEE VEE TOOLS & ENGINEERING INDUSTRIES
89, Mistry Industrial Complex,
M.I.D.C, Cross Road , "A"
Andheri(E),
Mumbai - 400093.
Tel : 91-22-2687 0360
Fax : 91-22-2687 0339
E-Mail : sujan@bom3.vsnl.net.in
Products
Ř Engine mounts
Ř Silent Blocks. Dampers
Ř Rubber Rolls
Ř Boots/ Bellows
Ř Dust Covers
Ř Gaskets
Ř Seals and O Rings
Ř
Extrusions
Ř
Fuel Tubes and Hoses
Ř
Gen. Rubber Goods
Ř
Ferrous and Non Ferrous
Fastners
Associates
Sujan
Group
signifies a new power in the rubber industry of the country, whose
manufacturing operations started in the early 60's. Currently the group
consists of 7 separately located facilities in Bombay & its suburbs.
1. Sujan Industries located at Andheri in Bombay is
involved in manufacturing rubber-moulded products for various end-users. The
major being Automobiles & Aerospace.
2. Veekay Rubber also located in the vicinity caters to the
compounding needs of Sujan. It also carries out Moulding operations of its own.
3. Polyrub Extrusions located at New Bombay fulfills the
groups need to supply extruded products to the various industries, the
speciality being twin & three layer hoses for fuel, radiator & other
automobiles hoses.
4. Speciality Elastomers provides the backup services to
Polyrub for compounding with its own Moulding shop.
5. Mega Rubber Technologies is the latest project of the
Groups wherein the many years experience acquired in the other units is put to
work, resulting in a well executed automated project with latest equipment like
injection moulding, auto weighing systems, auto batch off units, auto metal
treatment equipment, various end product testing equipments, lab equipments,
etc.
6. Tee Vee Tools caters to the fasteners requirements of
its subsidiaries and also to the electrical, container, engineering goods
manufacturers.
7. Mould De Sujan caters to the requirements of Moulds,
Jigs and Fixtures of the group and maintain the same.
Exports
Global
Reach
"The need of expansion is as genuine an instinct in us as the
need in a plant for the light."
The Sujan management recognised the need for developing and
actioning an appropriate strategy for exports to compete successfully in the
global market. As an Expansion plan and in order to provide better, effective
and interoperatibility services to its global customers, Sujan has appointed
two Representatives with their Marketing offices in U.S.A., and also plans to
open such other marketing offices in other part of the Globe in near future.
Products inquiry from the nearby locations can be made from these
Marketing offices via e-mail, fax or by visiting their respective website.
Marketing offices in U.S.A:
Mr. Nirmal Kumar Phul
Tera Internationals
P.O. Box 656793,
Fresh Meadows, New York 11365,
U.S.A.
Tel : (718) 969-4370
Fax : (718) 591-7650
E-Mail : terainc@aol.com
Website : www.terainternationals.com
Mr. Charless Mohan
5450 Douglass Dr,N # 223,
Crystal,
MN 55421,
U.S.A.
Tel : (612) 971-0815
Fax : (612) 971-0836
E-Mail : mchatlani@hotmail.com
Sujan products had already made its mark in the domestic market
with clients like Maruti Udyog, Hindustan Motors, Larsen & Turbo, Telco,
Siemens India Ltd., etc.
The experience gained over the years had emboldened the group to
make forays into global markets. Today Sujan exports Engine Mounts, Bellows,
Hose Pipes, Silent Blocks, Valves, Small fastners and other miscellaneous
products to U.S.A, U.K, Australia, Italy, Germany, West Indies and the Gulf.
Company’s customers are among the leaders in auto, electric, aerospace,
earthmoving, office automation, etc.
Technology
Company’s Technical Progress
"Science and technology multiply around us. To an increasing
extent they dictate the languages in which they speak and think. Either company
uses those languages, or company remains mute. Company opt for the
former."
To streamline the entire production and marketing process, Sujan
has invested heavily in infrastructure. With years of experience in the areas
of rubber processing, the company's emphasis has all along been on state of the
art technology and its absorbtion through process engineering, application
engineering, continued product development and performance evaluation.
Sujan's manufacturing units are fine examples of application of
modern technological developments and symbols of the company's attitude and
aspirations. The Sujan Group has been able to develop more than 10,000 products
relating to over 150 applications. A number of applications have been in the strategic
sector.
The effort of the group has always been to be in the forefront
with strong emphasis on indigenisation. However, consulting help in rubber
technology and polymer science is sought from time to time to keep abreast of
the progress made the world over. Sujan's technical prowess has gone a long way
in helping the company go deep into the problems faced by its customers and
assist them to overcome major hurdles.
Endurance Testing Machine :
Electro-dynamic Vibration Shaker (Exciter), the heart of Vibration
Testing system, simulates the vibrations at the top of its platform and
transfers to the specimen mounted on its head or table.It basically consists of
a moving element termed as head, rigidly connected to Drive Coil (Armature),
which is positioned in d.c.mfed to the Drive Coil agnetic field created by D.C.
current in the Field (fixed) Coil. An AC Signal through Power Amplifier in the
magnetically energized field generates a force which is reflected in the
movement of shaker platform. This movement gets transfered to the specimen
mounted on the platform and assists in reliable and safe testing, kept bare
Total mass of moving element is minimum to achieve maximum acceleration.
The Shakers are designed for Bare- table acceleration of 65 'g'
and velocity of 1.77 mlsec. However higher acceleration and velocity levels can
also be achieved.
To restrict any cross-axial or rotational movement and to provide
high lateral stiffness, proper Suspension systems such as Laminate Flexures and
Rolling Struts are utilized. Further, for true vertical movement, a linear
bearing at centre position is provided to restrict any cross-axial motion.
Effective stray demagnetisation on top of Shaker head is ensured
by providing Magnetic Shield for small capacity shakers and Degaussing Coil for
the higher ones; Shaker rotation of 90 Deg. from its vertical axis is also
possible to enable vibration testing in all the three orientations.A Cooling
system is coupled to the Shaker for cooling of drive coil, field coil and
flexures. This ensures continuous duty/performance even under adverse operating
conditions. Reliability of Vibration Shaker is further enhanced as there are no
rolling parts to wear out. Axial resonance frequency is kept sufficiently high
to avoid self-resonance.
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 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.42.90 |
|
UK Pound |
1 |
Rs.84.69 |
|
Euro |
1 |
Rs.57.21 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--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 |
YES |
|
--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 |
|
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 |
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 |
|