MIRA INFORM
REPORT
|
Report
Date : |
06.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
SURYA ROSHNI LIMITED |
|
|
|
|
Registered
Office : |
Prakash
Nagar, Sankhol, Bahadurgarh - 124507, |
|
|
|
|
Country
: |
|
|
|
|
|
Financials
(as on) : |
31.03.2006 |
|
|
|
|
Date
of Incorporation : |
17.10.1973 |
|
|
|
|
Com.
Reg. No.: |
7543 |
|
|
|
|
CIN
No.: [Company
Identification No.] |
L31501HR1973PLC007543 |
|
|
|
|
TAN
No.: (Tax
Deduction & Collection Account No.) |
MRTS01773C/DELS06442C |
|
|
|
|
PAN
No.: (Permanent
Account No.) |
AAACS3558C |
|
|
|
|
Legal
Form : |
A public limited liability company. The company's shares are listed on the
Stock Exchanges. |
|
|
|
|
Line
of Business : |
Manufacturing
of steel tubes and pipes, lamps, cold rolled strips / sheets, etc. |
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 : |
USD
6300000 |
|
|
|
|
Status
: |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
Slow by
average 30 days |
|
|
|
|
Litigation
: |
Clear |
|
|
|
|
Comments
: |
Subject is a listed company on Stock Exchange. It is a
well established company. Trade relations are fair. General financial
position is satisfactory. Payments are reported as slow by average 30 days. The company can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
Prakash
Nagar, Sankhol, Bahadurgarh - 124507, |
|
Tel.
No.: |
91-11-92-310540
/ 311980 |
|
Fax
No.: |
91-11-92-311986 |
|
E-Mail
: |
|
|
Website
: |
|
|
|
|
|
Head
Office : |
2nd Floor, |
|
Tel.
No.: |
91-11-574 0093 - 96 |
|
E-Mail
: |
|
|
|
|
|
Factory
1 : |
Works lighting division
7 K. M. Stone, Kashipur - Tel. No. 91-5947-75117 / 195 / 124 / 110 Fax No. 91-5947-75185 J-7, 8 & 9, Malanpur Industrial Area,
Malanpur, District Bhind, Madhya Pradesh Tel. No. 91-7539-83554 / 82347 / 83348 Fax No. 91-7539-83483 E Mail : srlmlpr@gwr1.dot.net.in Works steel division
Prakash Nagar, Sankhol, Bahadurgarh - 124 507,
Haryana E Mail : srlakash@ndf.venl.net.in |
|
|
|
|
Branch:
|
Located at : Ahmedabad, Bangalore, Mumbai, Bhubaneshwar, Calcutta,
Chandigarh, Delhi, Centralised Godown Ghaziabad, Goa, Gwalior, Guwahati,
Hyderabad, Himachal Pradesh, Indore, Jabalpur, Jaipur, Jammu, Kanpur, Cochin,
Chennai, Madurai, Nagpur, Patna, Pune, Parwanoo, Raipur, Rohtak, Siliguri,
Varanasi, Vijaywada and Zirakpur. |
DIRECTORS
|
Name : |
Mr. B. D.
Agarwal |
|
Designation
: |
Chairman
cum Managing Director |
|
Date
of Birth/Age : |
77 years |
|
Qualification
: |
B. A. |
|
Experience
: |
51 years |
|
Date
of Appointment : |
01.04.1982 |
|
Previous Employment |
Jindal
Industries Limited - Wholetime Director |
|
|
|
|
Name : |
Mr. K. K.
Narula |
|
Designation
: |
Director |
|
|
|
|
Name : |
Mr.
Rajendra Arya |
|
Designation
: |
Director |
|
|
|
|
Name : |
Mr. J. P.
Agarwal |
|
Designation
: |
Vice
Chairman cum Joint Managing Director |
|
Date
of Birth/Age : |
55 years |
|
Qualification
: |
B. Com. |
|
Experience
: |
34 years |
|
Date
of Appointment : |
01.04.1986 |
|
Previous Employment |
Jindal
Industries Limited - Wholetime Director |
|
|
|
|
Name : |
Mr. B B Chadha |
|
Designation
: |
Director |
|
Name : |
Mr. G S Gupta |
|
Designation
: |
Director |
|
|
|
|
Name : |
Mr. M G Bakre |
|
Designation
: |
Director |
|
|
|
|
Name : |
Mr. Urmil Agarwal |
|
Designation
: |
Director |
KEY
EXECUTIVES
|
Name : |
Mr. Chatur Singh |
|
Designation
: |
Chief General Manager- Kashipur
Unit |
|
|
|
|
Name : |
Mr. B. B.
Singal |
|
Designation
: |
Company
Secretary |
|
|
|
|
Name : |
S. N. Bansal |
|
Designation
: |
Executive Director & CFO (Corporate) |
|
|
|
|
Name : |
Sharad Agarwal |
|
Designation
: |
Executive Director - Lighting Division |
|
|
|
|
Name : |
B. B. Pradhan |
|
Designation
: |
Chief General Manager - Malanpur
Unit |
|
|
|
|
Name : |
Shiv Kumar Gaur |
|
Designation
: |
Vice President (Commercial) - Steel Division |
MAJOR
SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoters (including Persons
Acting in Concert) |
6458494 |
24.839 |
|
Institutional Investors |
2784318 |
10.708 |
|
Private Corporate Bodies |
9990840 |
38.424 |
|
Indian Public |
6608938 |
25.418 |
|
NRIs and OCBs |
96938 |
0.373 |
|
Others (Clearing Members) |
61722 |
0.237 |
|
Total |
26001250 |
100.00 |
BUSINESS
DETAILS
|
Line
of Business : |
Manufacturing
of steel tubes and pipes, lamps, cold rolled strips / sheets, etc. |
||||||||
|
|
|
||||||||
|
Products
: |
|
||||||||
|
|
|
||||||||
|
Export:
|
Currently, Surya exports
to the following countries : Jordan Holland Ivory
Coast |
PRODUCTION STATUS
|
Particulars |
Unit |
|
Installed Capacity |
Actual Production |
Steel division
|
|
|
|
|
|
Pipes / Tubes |
MT |
|
Not yet assessed |
156301 |
|
Cold Rolled Strips / Sheets |
MT |
|
Not yet assessed |
54948 |
|
Cold Rolled Formed Sections |
MT |
|
Not yet assessed |
-- |
Lighting division
|
|
|
|
|
|
CLS Lamps |
Million Nos. |
|
160.500 |
150.714 |
|
Fluorescent Tube Lamps |
Million Nos. |
|
35.000 |
44.993 |
|
Tubular Glass Shells |
Million Nos. |
|
53.340 |
68.087 |
|
Glass Shells for GLS Lamps |
Million Nos. |
|
426.900 |
426.441 |
|
Filament |
Million Nos. |
|
213.000 |
238.178 |
|
Auto Halogen Lamps |
Million Nos. |
|
12.500 |
-- |
|
Cap-GLS Lamps |
Million Nos. |
|
150.000 |
171.627 |
|
Fluorescent Powder |
MT |
|
200.000 |
228.480 |
|
Lead Glass Tubings |
MT |
|
1700.000 |
2902.087 |
|
HPSV / HPMV
Lamps |
Nos. |
|
150000 |
450554 |
GENERAL
INFORMATION
|
No. of
Employees : |
3511 |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers
: |
v
State Bank of v
Punjab National Bank v
IDBI Bank Limited v
State Bank of |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
Unsecured Loans :
|
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors
: |
Sastry K.
Anandam & Company Chartered Accountants |
|
|
|
|
Subsidiaries
: |
Surya
Roshni Limited, Surya
Roshni Inc. ( |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
49800000 |
Equity shares
|
Rs. 10 each |
Rs. 498.000 millions |
|
620000 |
Preference
shares |
Rs. 100 each |
Rs. 62.000 millions |
|
|
Total |
|
Rs. 560.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
26001250 |
Equity
shares |
Rs. 10 each |
Rs. 260.012 millions |
|
3800000 |
Optionally
Convertible Equity Warrants |
Rs.64/- each |
Rs.24.320 millions |
|
|
Total |
|
Rs.284.332 millions |
FINANCIAL
DATA
[all
figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
284.332 |
254.012 |
254.012 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3]
Reserves & Surplus |
1297.799 |
1121.160 |
1012.587 |
|
|
4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
1582.131 |
1375.172 |
1266.599 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
2895.902 |
2674.489 |
2497.863 |
|
|
2]
Unsecured Loans |
520.103 |
519.186 |
582.740 |
|
TOTAL
BORROWING
|
3416.005 |
3193.675 |
3080.603 |
|
|
DEFERRED
TAX LIABILITIES |
478.368 |
494.228 |
512.409 |
|
|
|
|
|
|
|
TOTAL
|
5476.504 |
5063.075 |
4859.611 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
2752.257 |
2557.529 |
2587.500 |
|
Capital work-in-progress
|
104.113 |
110.493 |
11.329 |
|
|
|
|
|
|
|
INVESTMENT
|
71.911 |
72.279 |
72.511 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
1538.603
|
1580.556
|
1399.598 |
|
|
Sundry Debtors
|
1060.576
|
904.840
|
962.364 |
|
|
Cash & Bank Balances
|
48.691
|
33.749
|
42.513 |
|
|
Loans & Advances
|
232.065
|
165.739
|
158.968 |
Total Current Assets
|
2879.935 |
2684.884
|
2563.443 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
250.139
|
302.423
|
290.610 |
|
|
Provisions
|
81.573
|
59.687
|
84.562 |
Total Current Liabilities
|
331.712 |
362.110
|
375.172 |
|
Net
Current Assets
|
2548.223 |
2322.774
|
2188.271 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
5476.504 |
5063.075 |
4859.611 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales
Turnover |
10117.193 |
9984.050 |
7836.591 |
|
|
Other Income |
(78.302) |
125.752 |
|
|
|
Total Income |
10038.891 |
10109.802 |
7836.591 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
287.118 |
173.398 |
145.702 |
|
|
Provision for Taxation |
100.215 |
48.490 |
25.758 |
|
|
Profit/(Loss) After Tax |
186.903 |
124.908 |
119.944 |
|
|
|
|
|
|
|
|
Total Earnings |
856.046 |
1139.716 |
571.516 |
|
|
|
|
|
|
|
|
Imports
: |
|
|
|
|
|
|
Raw Materials |
137.710 |
|
|
|
|
Stores & Spares |
28.700 |
21.383 |
69.757 |
|
|
Capital Goods |
205.419 |
91.043 |
|
|
Total
Imports |
371.829 |
166.965 |
69.757 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
6922.985 |
|
|
|
|
Purchases made for re-sale |
280.586 |
224.412 |
|
|
|
Consumption of stores and spares parts |
195.074 |
158.990 |
|
|
|
Salaries, Wages, Bonus, etc. |
499.645 |
504.306 |
7690.890 |
|
|
Selling Expenses |
495.407 |
448.496 |
|
|
|
Interest |
651.142 |
679.343 |
|
|
|
Depreciation & Amortization |
274.670 |
244.905 |
|
|
|
Other Expenditure |
276.747 |
245.591 |
|
|
Total
Expenditure |
9751.773 |
9936.404 |
7690.890 |
|
QUARTERLY
|
PARTICULARS |
30.06.2006 [1ST
Quarter] |
30.09.2006 [2nd Quarter] |
31.12.2006 [3rd Quarter] |
|
Sales Turnover |
3138.200 |
3160.000 |
3328.500 |
|
Other Income |
1.300 |
1.400 |
4.400 |
|
Total Expenditure |
2951.800 |
2973.000 |
3121.500 |
|
Operating Profit |
187.700 |
188.400 |
211.400 |
|
Interest |
73.600 |
78.100 |
86.300 |
|
Depreciation |
68.800 |
59.400 |
73.900 |
|
Tax |
16.400 |
18.600 |
18.700 |
|
Reported PAT |
30.300 |
33.500 |
34.000 |
200606
Quarter 1
Notes
EPS is Basic and Diluted 1. The above results
have been taken on record by the Board of Directors of the company at its
meeting held on July 28,2006. 2. Details of investor complaints : Received
-58,Disposed off - 58,Unresolved – Nil
200609
Quarter 2
Notes
Expenditure Includes (Increase) / Decrease in
Stock in Trade Rs 87.80 million Consumption of Raw Materials Rs 2098.40 million
Staff Cost Rs 125.30 million Other Expenditure Rs 661.50 million Tax Includes
Provision for Current Tax Rs 17.20 million Deferred Tax Rs (1.20)million Fringe
Benefit Tax Rs 1.40 million EPS is Basic & Diluted The above results have
been taken on record by the Board of Directors of the Company at its meeting
held on October 28, 2006.
200612
Quarter 3
Notes
EPS is Basic and Diluted 1. The above results
have been taken on record by the Board of Directors of the company at its
meeting held on January 27,2007. Status of Investors complaints for the quarter
ended December 31,2006 Complaints pending at the beginning of the quarter Nil
Complaints received during the quarter 63 Complaints disposed off during the
quarter 63 Complaints unresolved at the end of the quarter Nil
KEY
RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt-Equity Ratio |
2.27 |
2.40 |
2.57 |
|
Long Term Debt-Equity Ratio |
1.35 |
1.44 |
1.58 |
|
Current Ratio |
1.27 |
1.23 |
1.19 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
2.07 |
2.10 |
1.70 |
|
Inventory |
7.28 |
7.41 |
6.22 |
|
Debtors |
11.55 |
11.83 |
9.85 |
|
Interest Cover Ratio |
2.04 |
1.71 |
1.54 |
|
Operating Profit Margin(%) |
7.39 |
6.01 |
7.75 |
|
Profit Before Interest And Tax
Margin(%) |
4.97 |
3.79 |
4.77 |
|
Cash Profit Margin(%) |
4.07 |
3.35 |
4.36 |
|
Adjusted Net Profit Margin(%) |
1.65 |
1.13 |
1.38 |
|
Return On Capital Employed(%) |
11.85 |
9.43 |
9.56 |
|
Return On Net Worth(%) |
12.85 |
9.55 |
9.85 |
STOCK PRICES
|
Face Value |
Rs.10/- |
|
High |
Rs.53.80 |
|
Low |
Rs.53.00 |
LOCAL
AGENCY FURTHER INFORMATION
History:
Formerly known as Prakash Tubes, subject has two
divisions -- the steel division and the lighting division. The steel division,
which commenced operations in 1974, manufactures electrical resistance welded
(ERW) steel pipes and tubes, and cold-rolled formed sections and profiles, and
cold-rolled (CR) strips. The lighting division, operating since 1983,
manufactures flourescent tube lamps (FTL), general lighting systems (GLS),
glass shells for GLS lamps, tubular glass shells, FTL filaments, GLS filaments,
and sodium and mercury vapour lamps. The lamps are sold under the Surya brand.
A backward intergration to manufacture lead glass tubings and an expansion of
capacities of the lighting division were undertaken in 1993.
The company recently completed a project to manufacture halogen lamps and
decorative lamps. Its backward integration project to manufacture ribbon glass
shells, FTL tube drawing lines, GLS filaments, FTL filaments, GLS caps and GLS
chains, is under implementation, out of which two GLS lamp groups, GLS lamp
filament and automatic FTL packing machine were completed in 1995-96. The
technologies for the above projects are from GB Glass,
Subject has also set up a joint venture with Osram, under the name Osram Surya
Pvt Limited to manufacture compact flourescent lamps.
PROFILE
Subject
began its journey in the Steel Tubes Industry. It then diversified into
manufacture of Lighting products in 1984. The 1990s saw the company implement major
expansion and backward integration programs. This resulted not only in the
timely availability of good quality raw material but also proved to be
immensely cost effective. Today, the Company is the leader in Steel Tubes /
Pipes market and the second largest Lighting Company in
Quality
has always been the driving force at Subject. The company succeeded in
bench-marking quality and innovation standards by achieving the ISO 9002 in the
year 1999. The company was awarded ISO-14001 and OHSAS-18001 certifications
related to Environment and Safety respectively. The company continues to be
committed towards making quality products, ensuring human as well as
environment safety and bringing value addition to the investments of the
shareholders. Subject, standing poised towards achieving new heights, is on
it's way to becoming one of the leading brands globally.
INDUSTRY
STRUCTURE AND DEVELOPMENT
Despite
competition from other established market players and unorganized sectors,
Lighting Division is witnessing steady growth in turnover and profit. The
following may impact the market in the coming years:
Small
Scale Industry in GLS and FTL
The
increasing cost of electricity resulting into opting for use of energy saving
lamps.
Shift
from traditional to innovative lamps and systems
The
management is keeping constant watch on these points to overcome from them.
The Steel
Tubes industry too witnessed growth during the year under review and the market
growing steadily due to the boom in infrastructure sector. The future is likely
to see only those companies successful, which have their products priced
competitively and to sell their products in the international market. All
possible efforts are being made by the company to reduce costs without
compromising on the quality of the product and increase the export.
SWOT
ANALYSIS
Strengths :
Well
focused vision of the Management
Complete
backward integration
High
quality of products
Nation-wide
marketing network
Weaknesses
:
Diminishing
margin of profit on the products
Uncertainties
of external market forces
Opportunities :
Potential
increase in demand of energy efficient products
Untapped
potential in outsourcing and marketing of Luminaries
Increase
in demand of regular lighting products with a general improvement in the power
condition in urban as well as rural sectors and increase in spending on
infrastructure development
Threats :
Tough
competition from multi-national companies
Unbranded
products from the unorganised sector
SEGMENT-WISE
PERFORMANCE :
The
company is broadly divided into two main segments viz. Steel and Lighting.
OUTLOOK
:
The
Government is giving continuous thrust on housing and infrastructure sector
where Steel Tubes and Lighting products are used.
The existing
refineries are expanding their capacities and new refineries are coming into
the scene. In future also there seems to be a tremendous scope for export in
Cold Rolling as well as ERW Pipes particularly to
FINANCIAL
AND OPERATIONAL PERFORMANCE :
The
Company was able to maintain itself as a leader in the Steel Tubes industry and
as a strong contender in the Lighting industry.
INDUSTRIAL
RELATIONS AND HUMAN RESOURCE
MANAGEMENT:
Industrial
relations during the year under review were cordial and peaceful. The
management wishes to place on record, the excellent cooperation and
contribution made by the employees, collectively called "SURYA
PARIVAR", at all levels of the organisation to the continued growth of the
company. There was constant focus on all round organizational development.
Various training programs including visionary exercises were conducted for
personal as well as professional development of the employees. Further various
other activities like annual sports, festival celebrations take place every
year to get in touch with them and their families.
Relationship
has been very cordial with the worker's union for the past several years.
During the month of December 2004 the management executed wage agreement with
the union, which shall be applicable till 31st December, 2007.
The
Company's industrial relations continued to be harmonious during the year under
review. The number of persons directly employed by the Company was 3511 as on
31st March, 2006.
PERFORMANCE
DURING THE YEAR UNDER REVIEW
During
the year under review, the turnover of the Company increased to Rs.12185.700
millions from Rs. 11791.800 millions last year, registering an increase of
3.34%. However the gross profit increased to Rs.561.800 millions from
Rs.418.300 millions last year, a rise of 34.30%. The export turnover during the
year under review is Rs.992.700 millions as against Rs. 1430.500 millions in
previous year. The performance of the various divisions and the subsidiaries of
the Company is given below:
STEEL
DIVISION
During
the year under review, the turnover of the division is Rs.8292.100 millions as
compared to Rs.8449.900 millions in the last financial year. The export
turnover of the division is Rs.704.400 millions in comparison to Rs.1151.800
millions in the last financial year. The division has, however been able to
maintain it's leadership in the Steel Tubes' market. The product is now well
established in some countries with orders flowing on a regular basis.
LIGHTING
DIVISION
Despite
competition from other established market players and unorganised sectors, the
Division has witnessed a steady growth in turnover and profit. During year under
review, the turnover of the division increased to Rs.3893.600 millions as
compared to Rs.3341.800 millions last year, an increase of 16.51%. The export
turnover during the year under review increased to Rs.288.300 millions as
against Rs.278.700 millions in previous year registering an increase of 3.44%.
Strategies are being continuously developed to give greater thrust to the
exports.
During
the year the Company has intimated to the Central Excise Department for
claiming the exemption in Excise Duty for a period of ten years from 2nd
January, 2006 under Notification No. 50/ 2003-CE dated 10th June, 2003
regarding incentives to Units located in Uttaranchal on undertaking substantial
expansion by way of increase in installed capacity by more than 25% in respect
of all the final and intermediate products manufactured and cleared from
Kashipur Unit as well as captive consumption.
SUBSIDIARIES
Subject the only wholly owned subsidiary of the company in
FUTURE
PROSPECTS
STEEL
DIVISION
In view
of thrust of the Government of India on water and infrastructure sectors, there
is tremendous scope for growth in the Steel Pipe and C.old Rolled Industry.
More demand is expected from various Oil and Gas companies for LDP pipes of API
standards. In the Cold Rolling segment also demand is expected to increase due
to higher growth in the automobile sectors.
LIGHTING
DIVISION
There is
an increase in demand of regular lighting products with a general improvement
in the power condition in urban as well as rural sectors and increase in spending
on infrastructure development in the coming years. Well defined strategies are
being implemented in order to cater the gradual increase in demand of lighting
products and enhance the product share in market and to boost the demand for
the Company's products. The Company has taken steps to install the Compact
Fluorescent Lamp (CFL) plant, which is a value added product and will enhance
the profitability of the Company. As a result of the sincere initiatives being
taken at all levels, the turnover and profitability of the company during the
current year are likely to reflect a considerable growth as compared to those
of the year under review.
Fixed Assets :
v
Land
& Site
v
Development
v
Building
v
Plant
& Machinery
v
Furniture
& Fixtures
v
Vehicles
v
Office
Equipments
v
Air
conditioners &
v
Coolers
v
Miscellaneous
Assets
v
Temporary
Erections
Website
Details:
CORPORATE HISTORY
Subject's journey started in 1973 when it set up its steel
pipe plant at Bahadurgarh, Haryana(30 kms from
In 1984, subject set up its first factory, for lighting
products, at Kashipur (in Nainital, UP). And in 1992, it built another factory
at Malanpur (near
Subject is the only lighting company with 100 per cent
backward integration. It manufactures all its components.
Today, subject is the second largest seller of GLS and FTL
in
A record of sorts, Subject's turnover graph has always moved
upwards over the years.
Given below are the landmarks achieved by its plants at Kashipur and Malanpur.
KASHIPUR
- Lighting
division and factory building construction begins
1984
- GLS lamp
chain starts production
- First chain of FTL starts production
- Surya tubes and bulbs launched in the market
1985
- Second
chain of FTL starts production
- Modern glass factory began production
1986
- Second
GLS chain starts production
1987
- Bulb
blowing machine added to production
1988
-
Energy-efficient 26mm FTL production begins
1989
- Two more
GLS producing machines begin production
1991
- Tube
drawing capacity expanded
- Capacity of filament for GLS and FTL expanded
1993
- New
modern lead glass plant begins production
1994
- GLS lamp
production capacity doubled
1995
- Filament
and wire drawing capacity increased
- New automatic packing machine for FTL introduced
1996
- FTL
capacity increased by addition of a new FTL chain
MALANPUR
- Project of 5 million FTLs and 20 million GLS lamps
commences production
1992
- FTL capacity expanded
1993
- Modern
factory of H4-Auto-Halogen Lamp commences production
- Production of decorative lamps begins
1994
- Surya
sets up modern factory of H-3 and Dichroic Lamp
1995
- Lamps Cap
Project for GLS Lamps starts
1996
-
State-of-the-art, most modern Ribbon Glass Shell Plant commences production
GLOBAL PRESENCE
The hallmark in today's competitive market is global
presence. Today, subject finds itself in 46 countries and is in direct
competition with world famous manufacturers. Its brand name is available at
some of the world's best outlets.
Subject is the only lighting company to get the prestigious
CE mark on its GLS category for meeting European Quality Standards. The CE mark
is mandatory for companies to enter the European markets. The company has also
received other international approvals such as SABS (South African Bureau of
Standards) and Sri Lankan Bureau of Standards.
ENVIRONMENTAL CARE
For over 15 years now Surya has contributed to the community
at large.
Mr. B. D. Agarwal, the company's Chairman and Managing
Director, received the 'Environmental Activist of the Year' award on the 5th of
June 1998 on the occasion of 'World Environment Day' from the Indian Federation
of the United Nations.
This honour was conferred to him because he is among the few
who have contributed significantly to make this world cleaner, healthier and a
better place to live.
This award is in reference to the Malanpur manufacturing
unit of the company. With large production capacity, the Malanpur plant stands
out as a shining star, striking a balance between nature and technology.
The company uses Hydro Based Technology (HBT) which is
environmental friendly. HBT uses water as a solvent to suspend Phosphor. Water
is used because it is more eco-friendly than chemicals such as Xylene or Butyl
Acetate and doesn't make the process detrimental to the health of the workers
in the workplace. This is the latest technology in the world. Surya has been
using it since its inception.
Over the years, Subject has taken conscious steps to help
conserve the environment and, hence, help to build a brighter tomorrow.
AWARDS & ACHIEVEMENTS
Over the years, subject has won several awards for its
excellent performance.
Subject's lighting division received the National Safety
Award for outstanding performance in Industrial Safety during the year 1994,
1993 and 1991 for achieving longest 'Accident Free Period'.
SRL, Nainital received the five star class
certificate for having the best industrial facilities. This certificate was
issued by the Government of Uttar Pradesh.
Subject's Malanpur plant has received the ISO 14000
certification in the year 2002.
Subject has grown phenomenally within a short period of time
to become one of
With 100 per cent backward integration, Surya Roshni
manufactures all its components such as filaments and glass shells for GLS
Lamps and FTLs, Fluorescent Powder, Lead-in-wires and Lead Glass.
Subject's testing and development lab for product
development and modification reflects Surya's ideals of producing energy
efficient illumination sources.
Press Releases :
Bureau of Energy
Efficiency (BEE) kick starts Star Ratings for Tube lights
(On 20th September,
2006)
Surya Roshni becomes the first Recipient of BEE Energy
label
Surya
Roshni Limited-
one of the leading lighting companies, became the first recipient in
Surya Roshni will now be carrying the BEE
(Bureau of Energy Efficiency) label showing its products as 3-
star & 4- star lighting Products.
The number of stars represents the energy efficiency of
their products as compared to other similar products available in the market.
And as Mr. Shahi remarked “would help consumers to include the
electricity costs when he makes a decision about which tube light he wants to
buy”.
Terming it as a historic occasion, Mr. Shahi pointed out
that the energy shortages in
On the occasion Mr. B. D. Agarwal, Chairman &
Managing Director, Surya Roshni Limited, said “Surya Roshni was
proud to be the first recipient of the BEE Energy label and this was an
indication to their goal to provide the best products to consumers.”
Surya Tube lights are the first lighting products to carry
the BEE energy label, said Dr Ajay Mathur, Director General, Bureau of
Energy Efficiency, “This would help in a consumer led market
transformation towards more energy efficient products and therefore reducing
energy bill of the consumers, over come energy shortages.”
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
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.40.55 |
|
|
1 |
Rs.80.89 |
|
Euro |
1 |
Rs.54.89 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP
CAPITAL |
1~10 |
4 |
|
OPERATING
SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--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 |
YES |
|
--OTHER
MERIT FACTORS |
YES/NO |
NO |
|
TOTAL |
|
42 |
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
|
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 |