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MIRA
INFORM REPORT
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Report Date : |
21.08.2007 |
IDENTIFICATION DETAILS
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Name : |
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Formerly Known As : |
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Registered Office : |
Block No. 30, Village - Garadhia, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.06.1992 |
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Com. Reg. No.: |
04-17745 |
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CIN No.: [Company
Identification No.] |
U17119GJ1992PLC017745 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDS01283C |
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Legal Form : |
A
closely held public limited liability company. |
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Line of Business : |
Manufacturer,
Importer, Designer and Exporter of Process Equipments, Tanks, Vessels, Pipes
and Fittings with FRP, PP,PVDF, ECTFE, PFA, FEP and EPOXY, etc. |
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 290000 |
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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. Input for this report was parted by Mr. Siju, Accountant of the
company. |
LOCATIONS
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Registered Office / Factory : |
Block No. 30, Village - Garadhia, |
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Tel. No.: |
91 – 2667 - 251342, 251276, 251350, 251626
- 28 |
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Fax No.: |
91 – 2667 - 251360 |
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E-Mail : |
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Website : |
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Area : |
60,000 sq.fts. [Owned] |
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Location : |
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Corporate Office : |
860/3, G.I.D.C. Estate, Post Box No. 843, |
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Tel. No.: |
91 – 265 -
2644958, 2645421, 2640829, 2658025-6 |
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Fax No.: |
91 – 265 – 2638742, 2645412 |
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Area : |
10,000 sq.fts. [Owned] |
DIRECTORS
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Name : |
Mr. Joy Kutty |
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Designation : |
Managing Director |
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Address : |
A / 7, Nandanvan Society, |
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Date of Birth/Age : |
04.01.1961 |
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Date of Appointment : |
01.06.1992 |
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Other Directorship : |
U29199GJ1990PTC013627 Sunrise Industrial Chemicals Limited U24231GJ1994PLC023330 |
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Name : |
Mr. Molly Kutty |
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Designation : |
Director |
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Address : |
A / 7, Nandanvan Society, |
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Date of Birth/Age : |
10.05.1967 |
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Date of Appointment : |
01.06.1992 |
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Other Directorship : |
U29199GJ1990PTC013627 Sunrise Industrial Chemicals Limited U24231GJ1994PLC023330 |
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Name : |
Mr.
Thomas Kunju Kutty |
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Designation : |
Director |
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Address : |
A-7, Nandvan Society, |
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Date of Appointment : |
01.06.1992 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
|
No. of Shares |
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Thomas
K. Kutty |
|
40166 |
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Rosani
Kutty |
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10100 |
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Joseph
Kutty |
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39600 |
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Gee Verghese
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|
35700 |
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Alxander
Kutty |
|
11000 |
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Sushma
Mathai |
|
19800 |
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Mathai |
|
16800 |
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Babu
Kutty |
|
13650 |
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Raju
Kutty |
|
33700 |
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Sunrise
Industrial Chemicals Limited |
|
1042100 |
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Roy
Enterprise |
|
96000 |
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Mary
Kutty |
|
35250 |
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V.
Mathews |
|
11500 |
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Equity Share
Breakup |
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Percentage of
Holding |
|
Category |
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Directors or relative of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer,
Importer, Designer and Exporter of Process Equipments, Tanks, Vessels, Pipes
and Fittings with FRP, PP,PVDF, ECTFE, PFA, FEP and EPOXY, etc. |
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Products : |
FRF Equipments
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Brand Names : |
“SUNOPLAST” |
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Exports : |
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Countries : |
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Imports : |
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Products : |
Resins,
Mat, CPVC, PVDS, PP and FRP Chemicals |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit
or L/C terms |
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Purchasing : |
Cash,
Credit and L/C terms |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
350-400 |
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Bankers : |
Canara
Bank Alkapuri
Branch, Vadodara – 390 007, |
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Facilities : |
Fund Base around Rs. 60.000 Millions Non Fund Base around Rs. 60.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sachin
Mehta and Company Chartered
Accountants Happy
Home Apartments, No. 2, Behind Bina Clinic, Sampatrao Colony, R. C. Dutt
Road, Baroda-390007, Gujarat, India Tel No
: 91-265-2461497 K.C.
Mehta and Company Chartered
Accountants |
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Holding Company : |
Sunrise Industrial Chemicals
Limited GIDC,
Makarpura, U24231GJ1994PLC023330 |
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Associates/Subsidiaries : |
Gujarat Industrial Equipments
Private Limited GIDC,
Makarpura, Sunrise Industrial
Equipments Private Limited U29199GJ1990PTC013627 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,849,070 |
Equity Shares |
Rs. 10/- each |
Rs. 18.491
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
18.491 |
18.491 |
17.931 |
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2] Share Application Money |
48.203 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.873 |
10.913 |
5.756 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
72.567 |
29.404 |
23.687 |
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|
LOAN FUNDS |
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1] Secured Loans |
66.024 |
44.609 |
8.171 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
66.024 |
44.609 |
8.171 |
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DEFERRED TAX LIABILITIES |
4.134 |
0.000 |
0.000 |
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TOTAL |
142.725 |
74.013 |
31.858 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
39.993 |
39.208 |
23.054 |
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Capital work-in-progress |
10.297 |
0.000 |
0.000 |
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INVESTMENT |
0.008 |
0.008 |
0.008 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
19.532
|
21.460 |
5.536 |
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Sundry Debtors |
29.910
|
33.558 |
22.382 |
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|
Cash & Bank Balances |
46.259
|
29.662 |
2.488 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
15.182
|
10.444 |
5.224 |
|
Total
Current Assets |
110.883
|
95.124 |
35.630 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
17.968
|
60.288 |
26.834 |
|
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Provisions |
0.488
|
0.234 |
0.000 |
|
Total
Current Liabilities |
18.456
|
60.522 |
26.834 |
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Net Current Assets |
92.427
|
34.602 |
8.796 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.195 |
0.000 |
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TOTAL |
142.725 |
74.013 |
31.858 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
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Sales Turnover |
100.152 |
153.005 |
80.657 |
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Other Income |
4.334 |
3.771 |
0.571 |
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Total Income |
104.486 |
156.776 |
81.228 |
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Profit/(Loss) Before Tax |
[0.602] |
6.408 |
0.989 |
|
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Provision for Taxation |
[0.712] |
1.250 |
0.000 |
|
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Profit/(Loss) After Tax |
[1.314] |
5.158 |
0.989 |
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Earnings in Foreign Currency : |
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Total Earnings |
NA |
11.971 |
14.531 |
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Imports : |
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Total Imports |
NA |
4.456 |
5.069 |
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Expenditures : |
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Manufacturing Expenses |
0.000 |
0.000 |
5.406 |
|
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Administrative Expenses |
0.000 |
0.000 |
12.953 |
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Raw Material Consumed |
57.795 |
134.213 |
49.137 |
|
|
Consumption of stores and spares parts |
1.065 |
1.772 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
3.970 |
[14.679] |
10.030 |
|
|
Salaries, Wages, Bonus, etc. |
6.934 |
6.124 |
0.000 |
|
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Managerial Remuneration |
1.200 |
0.780 |
0.000 |
|
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Payment to Auditors |
0.067 |
0.049 |
0.000 |
|
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Interest |
4.607 |
2.277 |
1.126 |
|
|
Insurance Expenses |
0.786 |
0.192 |
0.000 |
|
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Power & Fuel |
0.750 |
0.670 |
0.000 |
|
|
Depreciation & Amortization |
2.771 |
2.314 |
1.587 |
|
|
Other Expenditure |
25.143 |
16.656 |
0.000 |
|
Total Expenditure |
105.088 |
150.368 |
80.239 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
[1.26]
|
3.29 |
1.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
[0.60]
|
4.19 |
1.23 |
|
|
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[0.40]
|
4.77 |
1.69 |
|
|
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
[0.01]
|
0.22 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.16
|
3.58 |
1.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.01
|
1.57 |
1.33 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Land
- Building
- Plant and
Machinery
- Crane
- Air Conditioner
- Furniture and
Fixture
- Type Writer
- Vehicles
- Computers
- Tools and
Tackles
- Office
Equipment
- Laboratory
Equipments
- Garden
Equipments
- Electrical
Installation
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
90095210 |
|
Corporate
identity number of the company |
U17119GJ1992PLC017745 |
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Name of the
company |
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Address of the registered
office or of the principal place of
business in |
Block No. 30, Village - Garadhia, |
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Type of charge |
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Particular of charge
holder |
Canara
Bank Alkapuri
Branch, |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental common hypothecation agreement dated 27.03.2007 |
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Date of
instrument Creating the charge |
27.03.2007 |
|
Amount secured by
the charge |
Rs. 98.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest C.C. @ 15 % p.a. P.C. @ 9.25 %
p.a. L.C. not
applicable [being non-fund based limit] Guarantee – not
applicable [being non-fund based limit] BULC [ST] - @ 8.5
% p.a. Terms of
repayment Repayable on
demand Margin 25 % on R.M. /
Semi finished goods / finished goods 40 % on Book
dents Extent operation
of the charge First charge on
the Stocks and Book Debts of the company situated at Block No. 30, village Gardhia,
Jarod – |
|
Short particulars
of the property charged |
|
|
Date of latest
modification prior to the present modification |
09.03.2006 |
|
Particulars of
the present modification |
While reviewing the
credit facilities being enjoyed by the company, the bank has granted revised
facilities of Rs. 98.500 Millions as per break up given below CC Rs. 20
millions, P.C. Rs. 18.500 Millions, LC Rs. 20 Millions, guarantee Rs. 10
millions and BULC [ST] Rs. 30 Millions Accordingly the
original charge crated on 26.02.2001 for Rs. 20 Millions and which was
modified from time to time lastly on 09.03.2006 for Rs. 81.500 millions is
now further extended to secure the revised facilities of Rs. 98.500 millions |
AS PER WEBSITE
FRP Dreams
Chemical engineers like them often dream of plastics. That’s
because most of them are dealing with some form or other of engineering
plastics in their everyday lives. One night, one of us, Joy Kunjukutty, dreamt a little big on FRP Dream that actually
came true of
Today, under the dynamic leadership of Mr.
Joy Kunjukutty, Sunrise Polymers
and Industries (India) Limited, has grown into one of the few top
organizations in South Asia that is involved in the design, manufacture and
supply of Anti – Corrosive Equipment, Pipes and Fittings made with Composite
Technology from Engineering Plastics.
His clear and focused vision for
the company backed by a dedicated and efficient team of technical and marketing
professionals, also ensured that SUNRISE
was the first company in India and the only one in Asia to bag the ISO 9001 – 2000 (certification by TUV No. 0410020011126-E3)
for the complete range of thermoplastic lined and thermoset process equipment,
pipes and fittings and pollution control equipment. These are also manufactured
to the relevant BS, ASTM, ASME, RTP,
IS, DIN, AS and JIS standards accepted internationally.
Established in 1983 as Sunrise Industrial Equipments Private
Limited, the organization had humble beginning – a small shed,
some basic equipment, one order in hand for which they offered a
never-done-before 5 years’ guarantee, and a lot of confidence in their ability
to deliver what they promise and a determination to succeed.
Their state-of-the-art manufacturing facilities are now spread over 8000 sq.
meters of shop floor and administrative offices, with a staff of 250 technical
and management personnel, on the outskirts of Vadodara,
They have a technology transfer and buyback arrangement with
All Plastics & Fiberglass Inc.,
Achievement
- They have developed for the first time
in the world Furopolymer Lined Fibreglass Evaporator for Spin Bath
Application for high temperature, pressure / vacuum conditions.
- They have developed for the first time
in India FRP Pressure Vessel for 10 Kg/Cm2 for Water Treatment
Application.
- They have developed for the first time
Equipments, Vessels, Pipes, Fittings for High Temperature / Pressure,
Highly Corrosive Application for Chloro-Alkali, Pulp-Paper and Rayon
Plants.
- They regularly export their products to
- They have manufactured the biggest FRP
HCL storage tank in
- They have manufactured the biggest FRP
Chlorine Dioxide Storage Tank in
- They have manufactured the biggest FRP
Spin Bath Storage Tank in
- They have supplied complete FRP
equipments, Tanks, Pipes, Fittings, Ductings for the biggest Pickling
Plant in
- They have manufactured the biggest FRP
scrubber for the Paper – Pulp plant in
- They have supplied the complete
FRP/PP-FRP, Equipment, Tanks, Absorbers, Scrubbers, Stacks, Ducting, Pipes
for the biggest Acid Regeneration Plant in
PLASTIC ENGINEERING DIVISION
Their plastic engineering division manufactures all types of
Process Equipments, Storage tanks, Pipes, Fittings etc suitable for highly
corrosive applications upto 350°c service temperature.
Design, detail engineering, manufacturing, testing, supply, erection and
commissioning of FRP (GRP), PVC-FRP, CPVC-FRP, PP-FRP, PPH-FRP, PVDF-FRP,
ECTFE-FRP, PFA-FRP, FEP-FRP, EPOXY, PHENOLIC, FURANE, CS-FRP.
- Chemical Process Equipments
- Reaction Vessels, Mixing Vessels
- Chemical Storage Tanks
- Polymer Concrete Cells
- Wet Gas Electrostatic Precipitator
(esp)
- Pollution Control Equipment (scrubbers,
absorbers, towers, separators, blowers (fan), stacks, ductings etc.).
- Exhaust Systems
- Glass Flake Lining
- Pipes & Fittings up to 2500mm dia
- Floor Gratings
- Cable Trays up to 1000 mm width
- Motor Guards/Junction Boxes etc.
- Single/Double Stage Strainers
They can design and manufacture
products to suit the specific requirements of the clients.
Manufacturing
standard
They
manufacture equipments, pipes and fittings as per the latest standards:
BS/ASTM/DIN/AS/JIS etc.
Manufacturing
process
They
follow the manufacturing process as per international technology to achieve
maximum strength and the best quality.
- Filament winding
- Contact moulding
- Pultrusion
With
more than 20 years' of experience in this field, they are one of the top
players in the field of Composite Technology were their products are guaranteed
to outperform and their last similar products made from conventional metal
materials. This has been achieved primarily because they look upon their selves
as a total solutions providers in this field, not just a fabricator of FRP
products.
Their
range of products broadly includes Chemicals Process Equipment, Reaction
Vessels, Mixing Vessels, Storage Tanks, Pollution Control Equipment (
scrubbers, absorbers, towers, separators, blowers or fans, ducting, stacks,
etc.), Exhaust Systems, Pipes & Fittings, Floor Gratings, Cable Trays,
Industrial Sewers, Degassing Units and so on.
These
are suitable for highly corrosive applications upto 350° C service temperature.
They undertake design as per customer specifications, detail engineering,
testing, manufacturing, supply, and finally, erection and commissioning.
Their products are designed, keeping in mind, the most severe combination of
conditions, which may include apart from internal or external pressure and temperature,
wind load, bending moments due to loads, loads due to heating and cooling of
thermal gradients, loads applied by the personal during installation and
operation as well as fatigue. They follow manufacturing process guidelines as
per global technology procedures and standards to achieve maximum strength and
the best quality. These include Filament Winding, Contact Moulding and
Pultrusion.
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.41.01 |
|
|
1 |
Rs.81.39 |
|
Euro |
1 |
Rs.55.30 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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. |
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 |
|