MIRA
INFORM REPORT
|
Report Date : |
22.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SUJAN
INDUSTRIES |
|
|
|
|
Registered Office : |
Building
No.1, Plot # 1 and 2, Behind Blue Chip Industrial Estate, Village Waliv,
Sativali Udyog Nagar, Vasai (East), District Thane-401208, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
1978 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS05572A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAAFS7630J |
|
|
|
|
Legal Form : |
Partnership Concern with an Unlimited
Liability of the Partners |
|
|
|
|
Line of Business : |
Manufacturers of Rubber Moulded and
Rubber to Metal Bounded goods |
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 : |
|
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow
by average 30 days |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is a well-established concern having satisfactory track. Trade relations are
fair. Partners are reported as experienced, respectable and resourceful
businessmen. Their trade relations are fair. Payments are reported as slow
but correct. The
concern can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office/ Factory : |
Building
No.1, Plot # 1 and 2, Behind Blue Chip Industrial Estate, Village Waliv,
Sativali Udyog Nagar, Vasai (East), District Thane-401208, Maharashtra, India |
|
Tel. No.: |
91-250-2456741/
42/43/44 |
|
Fax No.: |
91-250-2456746 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
43000
Sq. fts. |
|
Location : |
Owned
(Office cum factory premises) |
|
|
|
|
Branches
: |
Located at:- Delhi and New York |
|
|
|
|
Overseas Offices : |
v Mr. Nirmal Kumar Phyl Tera Internationals, P. O. Box 656793, Fresh Meadows, New York 11365, United States of America. Tel No. (718) 969-4370 Fax No. (718) 591-7650 E-Mail : terainc@aol.com Website : http://www.terainternationals.com v Mr. Charles Mohan 5450 Douglass Dr., N#223, Crystal, MN 55421, United States of America. Tel. No.: (612) 971-0815 Fax No. : (612) 971-0836 E-mail mchatlani@hotmail.com |
SOLE PROPRIETOR/PARTNERS/DIRECTORS
|
Name : |
Mr. Ashok Sujan |
|
Designation : |
Managing Partner & Chief Executive Officer |
|
Age : |
56 years |
|
Qualification : |
Science Graduate, Rubber Technologist |
|
Experience : |
36 years |
|
|
|
|
Name : |
Mr. Harish Sujan |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mrs. Usha Sujan |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mrs. Padma Harish Sujan |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mrs. Kamal Tulsi Sujan |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mrs. Manisha Ashok Sujan |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Ghanshyam R. Sujan |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Neel R. Sujan |
|
Designation : |
Partner |
|
|
|
|
Name : |
Ghanshyam R. Sujan HUF |
|
Designation : |
Partner |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Rubber Moulded and
Rubber to Metal Bounded goods |
|
|
|
|
Products : |
Generic names of principal products of the concern are: v Engine Mounts v Silent Blocks, Dampers v Rubber Rolls v Boots/Bellows v Dust Covers, Gaskets v Seals & O Rings v Extrusions v Fuel Tubes & Hoses v General Rubber Goods v Ferrous & Non Ferrous Fasteners. |
|
|
|
|
Exports to : |
USA, UK, Australia, Italy, Germany, West
Indies and the Gulf |
|
|
|
|
Imports from : |
Japan, USA and Spain |
GENERAL
INFORMATION
|
Customers : |
End users and Wholesalers Maruti Udyog, Hindustan Motors, Larsen
& Turbro, Telco, Siemens India Limited |
|
|
|
|
No. of Employees : |
450 |
|
|
|
|
Bankers : |
v State Bank of India MIDC Branch, Andheri (East), Mumbai – 400 093, India |
|
|
|
|
Facilities : |
[The group as a whole enjoys Cash Credit Limit of Rs.60.0 millions from its banker] |
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
|
|
|
Auditors : |
S.B.
Chhajed & Company Chartered
Accountants |
|
|
|
|
Associates : |
v Polyrub Extrusions (India) Plot No W-102 D, MIDC, Thane Belapur Road, Khairne, Navi Mumbai – 400 705, Maharashtra Tel. No. 91-22-27632708/27901770/27901771 Fax No. 91-22-27687441 E-mail polyrub@sujangroup.com v Speciality Elastomers Plot No. W-129 A, MIDC, Thane Belapur Road, Khairne, Navi Mumbai – 400 705, Maharashtra Tel. No. 91-22-27681436/27672554 Fax No. 91-22-27687441 E-mail polyrub@sujangroup.com Provides the backup services to Polyrub for compounding with its own Moulding shop. v Mega Rubber Technologies Private Limited Building No.1, Agarwal Udyog Nagar Waliv, Vasai Road (East), District Thane – 401 208, Maharashtra Tel. No. 91-250-2454365/2454520 Fax No. 91-250-2454519 E-mail mega_rubber@sujangroup.com v Mould-De-Sujan Unit No. 5, Waliv, Vasai Road (East), District Thane – 401 208, Maharashtra Tel. No. 91-250-2454365/2454520 Fax No. 91-250-2454519 E-mail mega_rubber@sujangroup.com It caters the requirements of Moulds, Jigs and Fixtures of the group and maintain the same. v Vee Kay Rubber Products 3, Mistry Industrial Complex, MIDC Cross Road A, Andheri (East), Mumbai – 400 093, Maharashtra Tel. No. 91-22-28300360 Fax No. 91-22-28367339 E-mail sujanind@sujangroup.com It caters the compounding needs of the Subject. It also carries out moulding operations of its own. v Tee Vee Tools & Engineering Industries 89, Mistry Industrial Complex, MIDC, Cross Road “A”, Andheri (East), Mumbai – 400 093, Maharashtra Tel. No. 91-22-28369646/28366494 (works) Fax No. 91-22-28367339 E-mail sujanind@sujangroup.com It caters to the fasteners requirements of its subsidiaries and also to the electrical container, engineering goods manufacturers. |
FINANCIAL DATA
[all figures are in Rupees
Millions]
|
Particulars |
|
31.03.2007 (up to Jan.2007) |
31.03.2006 |
|
Sales Turnover |
|
163.100 |
200.000 |
Expected
Sales : Rs.170.000 millions as at 31.03.2007.
LOCAL AGENCY
FURTHER INFORMATION
Subject
is associates of Sujan Group.
BUSINESS
Subject is engaged in manufacturing of Rubber Moulded and Rubber to Metal Bounded goods.
Subject manufactures and exports Engine Mounts, Bellows, House Pipes, Silent Blocks, Valves, Small Fasteners and other miscellaneous products to USA, UK, Australia, Italy, Germany, West Indies and the Gulf.
Subject’s products had made its mark in the domestic market with clients like Maruti Udyog, Hindustan Motors, Larsen & Turbro, Telco, Siemens India Limited, etc.
Subject imports machinery and raw materials from Japan, USA and Spain.
The concern’s customers include end users and wholesalers.
Subject customers are among the leaders in auto, electric, aerospace, earthmoving, office automation, etc.
Subject is in trade terms with:
v Shriram Honda Limited, New Delhi
v SRF Nippend Limited, New Delhi
v Hemla Steel Limited
v Telco, Pune
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.44.25 |
|
UK
Pound |
1 |
Rs.86.41 |
|
Euro |
1 |
Rs.58.10 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
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 |
|