MIRA
INFORM REPORT
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Report Date : |
13.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
SUNRISE GINNING PRIVATE LIMITED |
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Registered Office : |
Survey No. 595 / 4 Opposite Balaji Paper Mills, Upleta Road,
Dhoraji - 360 410, District Rajkot , Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.02.2006 |
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Com. Reg. No.: |
04-47767 |
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CIN No.: [Company
Identification No.] |
U17110GJ2006PTC047767 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTS05242G |
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PAN No.: [Permanent
Account No.] |
ABGFS1167H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Cotton Bales. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 30500 |
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Status : |
New company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and had not commenced commercial operations, as
per first financials of the company as on 31.03.2007; the company had
incurred some pre – operative expenses during the year. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. No clear credit can be granted. |
LOCATIONS
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Registered Office/Factory : |
Survey No. 595 / 4 Opposite Balaji Paper Mills, Upleta Road,
Dhoraji - 360 410, District Rajkot , Gujarat |
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Tel. No.: |
91-2824-227645 / 227646 |
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Mobile No.: |
91-9867160007 |
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Fax No.: |
91-2824-227646 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Atul Kumar
Ranchhodbhai Sojitra |
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Designation : |
Director |
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Address : |
Rakholiachowk, Station Road, Dhoraji – 360 410, Gujarat, India |
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Date of Birth/Age : |
09.02.1962 |
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Date of Appointment : |
20.02.2006 |
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Name : |
Mr. Tohid Haji Gaffar Janoohasan |
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Designation : |
Director |
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Address : |
H. No. 58-59, Ganga Sagar Society , Rander Road, Surat – 395 009,
Gujarat, India. |
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Date of Birth/Age : |
13.11.1963 |
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Date of Appointment : |
20.02.2006 |
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Name : |
Mr. Affan Tohid Janoohasan |
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Designation : |
Director |
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Name : |
Mrs. Sunera Arif Haji |
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Designation : |
Director |
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Address : |
58-59, Ganga Sagar Society, Opposite Shilpraj Apartment, Adajan Patia,
Rander Road, Surat – 395 009, Gujarat, India |
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Date of Birth/Age : |
08.02.1969 |
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Date of Appointment : |
01.03.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Tohid Haji Gaffar Janoohasan |
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753300 |
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Mr. Affan Tohid Janoohasan |
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5000 |
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Mr. Atul Ranchhodbhai Sojitra |
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1000 |
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Total
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759300 |
Equity Shares Breakup (Percentage of Total Equity):
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Cotton Bales. |
GENERAL
INFORMATION
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Bankers : |
State Bank of India Address: Dhoraji Branch, Dr. Pravinbhai Garbi Chowk, Dhoraji -360 410,
Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Saurabh P Kulkarni and Company Chartered Accountants |
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Address : |
203-204, Alap A, Limda Chowk, Rajkot – 360 001, Gujarat, India |
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Tel. No.: |
91-281-2460145 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity shares |
Rs. 10/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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759300 |
Equity shares |
Rs.10/- each |
Rs. 7.593
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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7.593 |
0.100 |
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2] Share Application Money |
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0.000 |
0.258 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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7.593 |
0.358 |
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LOAN FUNDS |
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1] Secured Loans |
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20.881 |
0.000 |
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2] Unsecured Loans |
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0.396 |
0.000 |
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TOTAL BORROWING |
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21.277 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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28.870 |
0.358 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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22.892 |
0.000 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.444 |
0.000 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
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0.595 |
0.100 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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2.173 |
0.100 |
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Total
Current Assets |
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5.212 |
0.200 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.633 |
0.000 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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0.633 |
0.000 |
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Net Current Assets |
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4.579 |
0.200 |
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MISCELLANEOUS EXPENSES |
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0.158 |
0.158 |
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PRE – OPERATIVE EXPENSES |
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1.241 |
0.000 |
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TOTAL |
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28.870 |
0.358 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.88 |
0.00 |
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Current Ratio (Current Asset/Current Liability) |
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8.23 |
0.00 |
LOCAL AGENCY
FURTHER INFORMATION
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Corporation identity number or foreign company registrations number of
the company |
U17110GJ2006PTC047767 |
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Name of the company |
SUNRISE GINNING
PRIVATE LIMITED |
|
Address |
Survey No. 595 / 4 Opposite Balaji Paper Mills, Upleta Road,
Dhoraji - 360 410, District Rajkot , Gujarat, India |
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This Form is for |
Creation of charge |
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Type of Charges |
· Book Debts · Movable Property |
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Particular of the charge holder
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State Bank of India Address: Dhoraji Branch, Dr. Pravinbhai Garbi Chowk, Dhoraji -360 410,
Gujarat, India Email ID: sbi.03789@sbi.co.in
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Nature or description of the instrument creating charge |
Memorandum for recording creation of mortgage by deposit of title
deeds agreement of loan cum hypothecation. |
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Date of the instrument creating charge |
20.01.2007 |
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Amount Secure by the charge |
Rs. 29.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate
of interest: Demand Cash Credit SB -3, Term Loan SBTL –
3 Term
of Repayment: Term Loan repayable in 65 monthly installment starting from November
2006 as under first 17 installment Rs. 0.200 millions each, next 12
installments Rs. 0.250 millions each next 12 installments Rs. 0.300 millions
each, next 12 installments Rs. 0.350 millions each next 12 installments Rs.
0.400 millions Cash credit facility repayable on Demand. Margin: Term Loan Building and civil works 24.58% Plant and Machinery 27.27% Cash credit Raw Material Domestic 25% SIP 40% FG
40% Receivables 50% Extent
and operation of charge: The charge to create security for finance
given. |
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Short particulars of the
Property charged |
Hypothecation of stock and book debts Equitable mortgage of factory land and building admeasuring 22658 sq
and building at survey No .595/ 5 Paiki at Dhoraji district Rajkot ,
hypothecation of plant and machinery. |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.37 |
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UK Pound |
1 |
Rs.80.49 |
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Euro |
1 |
Rs.57.92 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
--- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
--- |
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--PROFITABILIRY |
1~10 |
--- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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16 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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