MIRA
INFORM REPORT
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Report Date : |
22.06.2007 |
IDENTIFICATION DETAILS
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Name : |
SURYA INDUSTRIES |
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Registered Office : |
Unit 1, Plot No. 229, Nangli Sakrawati, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1996 |
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Legal Form : |
Sole Proprietory
Concern |
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Line of Business : |
Manufacturer and Suppliers of Office Chairs, Hotel &
Restaurant Furniture and Work Stations Chairs. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 6000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small
concern having moderate track. Trade
relations are fair. Payments are
reported as slow but correct. The concern can
be considered for small to mediocre business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office : |
Unit 1, Plot No. 229, Nangli Sakrawati, |
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Tel. No.: |
91-11-65464149 / 65679877 |
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Fax No.: |
91-11-25530290 |
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E-Mail : |
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Website : |
http://suryaindustries.tradeindia.com |
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Factory 1 : |
Unit - II Plot No. 260, Sector 37, Udyog Vihar, Gurgaon, |
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E-Mail : |
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Location : |
Commercial |
SOLE PROPRIETOR
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Name : |
Mr. Basant Singh |
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Designation : |
Sole Proprietor |
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Address : |
K II / 56, First Floor, Vikas Puri, |
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91-9811188805 / 9313808402 / 9910148886 |
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Date of Birth/Age : |
38 Years |
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Qualification : |
Graduate |
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Experience : |
19 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Suppliers of Office Chairs, Hotel &
Restaurant Furniture and Work Stations Chairs. |
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Products : |
v Office Furniture v Restaurant Furniture v Wrought iron Furniture v Hotel Furniture v Home Furniture v Display racks v Interior designing v Interior decorations |
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Exports to: |
The subject is supplying their products to MNCs,
Corporate, Hotel Industry |
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Imports from: |
Domestic Market
[Raw Materials] |
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Terms : |
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Selling : |
L/C and TT Domestic : Credit
[60 days] |
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Purchasing : |
Credit [30 / 45 days] |
GENERAL INFORMATION
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Customers : |
Airtel eServe International Limited Essar Group HCL Comnet HCL Technologies Hutchison Essar ITC Hotels Link Locks MGRM Net Limited Maurya Sheraton Radisson Siemens Spice Telecom Wipro
Technologies |
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No. of Employees : |
20 |
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Bankers : |
State Bank of Janak Puri, |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chartered Accountants |
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Associates/Subsidiaries : |
Iron Idea
Interiors, |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 1.500
millions |
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Borrowed : |
- |
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Total : |
Rs. 1.500
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
7.000 |
8.000 |
10.000 |
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Profit Before Tax |
NA |
NA |
0.200 |
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Profit After Tax |
NA |
NA |
0.150 |
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Net Worth |
NA |
NA |
1.500 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
NA
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NA |
1.50 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA |
2.00 |
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10.00 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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NA |
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LOCAL AGENCY FURTHER INFORMATION
Website details attached
Profile
Subject has gained immense
reputation in the entire market as a leading manufacturer and exporter of
elegant yet stylish range of Furniture. They have been able to maintain a
consistent growth throughout the year by making innovations in designs and
raising the quality standards. Their dedicated efforts have directed us to
deliver outstanding range of Furniture in the pre-scheduled time frame at
competitive prices. Their products have established a niche for themselves on
the platform of ethnic designs and utility. The range of Furniture mainly
include Office Furniture, Restaurant Furniture, Wrought Iron Furniture, Hotel
Furniture, Home Furniture and Display Racks.
Customized Order
They give highest priority to the demands and requirements of the customers.
Their designers and craftsmen are involved in creating designs that exactly
meet the specifications given by the clients. Their main emphasis is to give
life to the imaginations of the clients and turn them into reality.
They are the manufacturers and exporters of the following range of products:
- Office
Furniture
- Restaurant
Furniture
- Wrought Iron
Furniture
- Hotel
Furniture
- Home
Furniture
- Display Racks
- Office Chair
Quality Assurance
They
have adopted stringent quality control norms implemented at every stage of the
production process. These procedures help us in supplying products that match
the best in the international market for their excellent design, finish,
quality and reliability.
Strengths
- Commitment to
quality and reliability
- Quick and
efficient customer services
- Timely
delivery and fast execution of orders
- Customized
services
- Trained &
experienced craftsmen
Clients
They have established a dominant position by providing impeccable quality of
Furniture. They design and supply their products according to the taste and
preferences of their various customers related to interior designing, interior
decorations, hotel projects and institutional projects.
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. 40.71 |
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1 |
Rs. 81.24 |
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Euro |
1 |
Rs. 54.63 |
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 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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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38 |
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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