MIRA
INFORM REPORT
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Report Date : |
29.06.2007 |
IDENTIFICATION DETAILS
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Name : |
SURAJ IMPEX INDIA PRIVATE LIMITED |
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Formerly Known As : |
TIRTHANKAR MARKETING PRIVATE LIMITED |
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Registered Office : |
Laksha D -9 Ratlam Kothi, |
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Country : |
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Financials (as on) : |
31.03.2003 |
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Date of Incorporation : |
10.12.1997 |
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Com. Reg. No.: |
12506 |
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CIN No.: [Company
Identification No.] |
U51101MP1997PTC012506 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BPLS05943A |
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PAN No.: [Permanent
Account No.] |
AACCS3080R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Traders of soya bean meal, wheat, red split lentile and
rapseed meal. |
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 202564 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established traders having satisfactory track. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are reported as fair. Payments are usually correct and as per commitments. Maximum creditline upto EUR 180000 can be suggested against D/A or D/P terms. |
LOCATIONS
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Registered Office : |
Laksha D – 9 Ratlam Kothi, |
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Tel. No.: |
91-731-5027843 |
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Fax No.: |
91-731-2528788 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Vinod Kumar Jain |
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Designation : |
Chairman And Director |
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Address : |
D -9, Ratlam Kothi, |
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Date of Birth/Age : |
01.04.1962 |
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Date of Appointment : |
26.11.1998 |
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Name : |
Mrs. Anita Jain |
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Designation : |
Director |
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Address : |
D -9, Ratlam Kothi, |
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Date of Birth/Age : |
03.03.1965 |
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Date of Appointment : |
10.12.1997 |
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Name : |
Mr. Dinesh Thakuria |
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Designation : |
Director |
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Name : |
Mrs. Kiran Thakuria |
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Designation : |
Director |
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Name : |
Mr. Amber Mahajan |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Praveen Kumar Vyas |
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Designation : |
Secretary |
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Address : |
37, Tilak Nagar Extension, |
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Date of Birth/Age : |
28.01.1959 |
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Date of Appointment : |
15.10.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names Of Shareholders |
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No. of Shares |
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Mr. Vinod Kumar Jain |
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518500 |
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Mrs. Anita Jain |
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346500 |
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Mr. Shankar Lal Ji Jain |
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26500 |
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Mr. V. K. Jain HUF |
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100000 |
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Mr. Dinesh Thakuria |
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1000 |
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Mrs. Kiran Thakuria |
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400 |
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Mrs. Shanta Thakuria |
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600 |
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Mrs. Kanchan |
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500 |
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Mrs. Pushpa Devi Jain |
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500 |
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Mr. Mangilal Jain |
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500 |
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Mr. Dinesh Thakuria |
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100 |
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Mrs. Anita Jain |
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100 |
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Mrs. Kiran Thakuria |
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100 |
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Equity share breakup ( percentage of total equity)
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S. No. |
Category |
Percentage |
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1 |
Directors or relavtives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Traders of soya bean meal, wheat, red split lentile and
rapseed meal. |
GENERAL INFORMATION
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No. of Employees : |
60 |
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Bankers : |
MCB Branch, Siyagang |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M /s Ashok Khasgiwala & Company Chartered Accountants |
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Address : |
317, Chetak Centre, NX, R. N. T. Marg, |
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Associates/Subsidiaries : |
Avi Impex |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity shares |
Rs. 10/- each |
Rs. 20.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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995000 |
Equity shares |
Rs. 10/- each |
Rs. 9.950
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
The company's latest financial information for the period ended 31st March, 2003 is enclosed herewith.
Note : Registrar of Companies details are those which have been filed by the subject or its agents. In certain circumstances, this data may not be upto date and reference should be made to general information details for possible changes not yet filed at the R.O.C. In circumstances, beyond our control R. O. C. data retrieval errors may result in incomplete data being available.
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2003 |
31.03.2002 |
31.03.2001 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.950 |
9.950 |
6.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
40.691 |
32.025 |
21.307 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
50.641 |
41.975 |
27.307 |
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LOAN FUNDS |
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1] Secured Loans |
88.438 |
0.263 |
89.421 |
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2] Unsecured Loans |
0.354 |
0.354 |
7.025 |
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TOTAL BORROWING |
88.792 |
0.617 |
96.446 |
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DEFERRED TAX LIABILITIES |
0.170 |
0.126 |
0.000 |
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TOTAL |
139.603 |
42.718 |
123.753 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.903 |
1.132 |
1.132 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.015 |
0.000 |
0.000 |
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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 |
108.681 |
58.472 |
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Sundry Debtors |
33.448 |
13.512 |
143.877 |
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Cash & Bank Balances |
5.299 |
5.863 |
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Loans & Advances |
11.165 |
12.567 |
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Total
Current Assets |
158.593 |
90.414 |
143.877 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
16.308 |
44.943 |
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Provisions |
4.600 |
3.900 |
21.287 |
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Total
Current Liabilities |
20.908 |
48.843 |
25.187 |
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Net Current Assets |
137.685 |
41.571 |
122.590 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.015 |
0.031 |
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TOTAL |
139.603 |
42.718 |
123.753 |
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KEY RATIOS
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PARTICULARS |
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31.03.2003 |
31.03.2002 |
31.03.2001 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.16
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1.17 |
4.45 |
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Current Ratio (Current Asset/Current Liability) |
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7.58
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1.85 |
5.71 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject was incorporated on 10th December, 1997
at
BUSINESS
Subject acts as traders of soya bean meal, wheat, red split lentile and rapseed meal.
During the year under report, the company registered sales of Rs. 1111.233 millions, as against Rs. 1444.324 millions in the previous year and the profit before income tax for the year Rs. 11.137 millions (previous year Rs. 15.571 millions), the decline in the sales and profits was attributed to low yield of soyabean, high fluctuation in the international market.
It employs around 60 persons in its’ office.
It operates from caption rented office premises.
The company’s fixed assets of important value include office equipment, furniture & fixture, vehicles, computers, fan, television, telephone and gas cylinder.
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Corporate
identity number (CIN) Foreign company registration number |
U51101MP1997PTC012506 |
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Name of the
Company |
Suraj Impex Inida Private Limited |
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Address |
Laksha D -9 Ratlam Kothi, |
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This form is for |
Modification of
charge |
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Type of Charge |
Book debts,
movable property (not being pledge) |
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Particulars of
the charge holder |
Punjab National
Bank, MCB Branch, Siyagang |
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Amount secured by
the charge |
Rs. 600.000
millions |
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Brief of the
principal terms and conditions |
a) Rate of Interest Interest at the rate
over/below prevailing 8.25% rate plus interest tax (is any) per annum with
monthly rests. b) Terms of
Repayment Repayable on Demand c) Margin 10% Margin on
Stock d) Extent and operation of the charge 1st
charge on current of the company. Hypothecation of all stock such as soybean
meal/Extraction. Rape seed meal/extraction, Groundnut meal/extension/DOC,
Indian Maize and such other commodities in which the company trading and
acceptable to Bank and book debts. |
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Description of the
property charged indicating |
Hypothecation of
all stocks such as Soybean meal/extension, Rape seed meal/extraction,
Groundnut mal /extraction/DOC, Indian maize situated at D – 9, Lakshya,
Ratlam Kothi, |
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Charge
identification |
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Brif description
of the instrument modifying the charge under section |
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Date of
Instrument |
13.03.2006 |
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Particular of the
present modification |
Enhancement of
credit facility of EPC/FOBP/FOUBP
from Rs. 200.000 millions. Thereby total limit enhanced from Rs. 500.000
millions to Rs. 600.000 millions |
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Name of the company |
Suraj Impex Inida Private Limited |
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Presented By |
Mr. Vinod Kumar
Jain, Director (Name and Designation
of the official of the company) |
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1) Date and description of instrument creating the change |
29.01.2002,
Hypothecation Agreement executed by the company in favour of Punjab National
Bank (hereinafter referred as the Bank) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Adhoc Working
Capital facilities of Rs. 80.000 millions ( By way of
EPC/FOBF/FOUBP/FOBNLC/FOUBNLC for 3 months) |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
First charge by
way of Hypothecation on all the Current Assets acquired/ to be acquired by
the company out of the above said adhoc working capital limit of Rs. 80.000
millions. The current assets includes stock of raw material / finished goods / trade goods such as
Soybean Meal (DOC)in trade / all merchant goods allowed for Export under EXIM
policy, demand / usance bills accompanied by full set of shipping documents
including bill of lading covering Export of DOC /other merchant goods. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
a. The firest
charge operate as security inter alia for due repayment by the company to Punjab
National Bank, Siyaganj, Indore, for all money borrowed by the company
together with interest, panel interest, other charges and all other money
payable by the company to the Bank as per terms and hypothecation agreement b. Periodment on
Demand c. Repayment on
demand d. all other
terms and condtionas as per hypothecation agreement deated 29.01.2002 inter
into in between company and Punjab National Bank |
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5) Name and Address and description of the person entitled to the charge. |
Punjab National
Bank, MCB Branch, Siyagang |
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6) Date and brief description of instrument modifying the charge |
14.02.2005 i. Hypothecation Agreement
of Current Assets. ii. Packing
Credit Agreement (Hypothecation) iii.Letter of
authority for Bills to secure
additional ad-hoc PC limit of Rs. 50.000 millions |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
i. The amount
secured by the existing charge created by Deed of Hypothecation for Ad-hoc
limit of Rs. 80.000 millions was further modified from time to time and duly
registered in ROC ii. The existing
charge is now further modified for additional Packing Credit Limit of Rs.
50.000 millions by hypothecations agreement of current assets and packing
credit agreement (hyp.) and letter of authority for bills entered into in
between company and Bank (All the documents dated 14.02.2005) ii. All existing
terms and conditions will be continuing terms and conditions. iv. Other terms
and conditions as per agreement and deeds executed by the company in favor of
Punjab National Bank |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.75 |
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1 |
Rs.81.63 |
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Euro |
1 |
Rs.54.79 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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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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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
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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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