MIRA
INFORM REPORT
|
Report Date : |
05.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
SUMATEX SERVICES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
H – 81, Riico Extension, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
23.01.1998 |
|
|
|
|
Com. Reg. No.: |
014593 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U29262RJ1998PTC014593 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
JDHS02916E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAFCS0342F |
|
|
|
|
Legal Form : |
Private Limited Company. |
|
|
|
|
Line of Business : |
Manufacturers of Textile Weaving machinery, Computerized Pattern
Maker, Harness Cord, Electronic Full Width Jacquards and Accumulators |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
Maximum Credit Limit : |
-- |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject appears to be an active company having moderate track. The company is regarded as irregular in complying statutory requirements
since no latest financials are available. Its payments are reported as slow
and delayed. However the company can be considered for small to mediocre business
dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
H – 81, Riico Extension, |
|
Tel. No.: |
91-1482-260693, 260296, 260496, 320750 |
|
Mobile No.: |
91-9829046410 |
|
Fax No.: |
91-1482-260575 |
|
E-Mail : |
|
|
Area : |
800 Sq. mtrs. |
|
Location : |
Owned |
|
|
|
|
Factory: |
H – 81, Riico Extension, |
|
Tel. No.: |
91-1482-260693, 260296, 260496, 320750 |
|
Mobile No.: |
91-9829046410 |
|
Fax No.: |
91-1482-260575 |
|
E-Mail : |
|
|
Area : |
6500 Sq. mtrs. |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Sudeep Malu |
|
Designation : |
Managing Director |
|
Address : |
91-9829046410 |
|
Date of Birth/Age : |
46 years |
|
Qualification : |
Graduate |
|
Experience : |
20 years |
|
|
|
|
Name : |
Mrs. Supriya Malu |
|
Designation : |
Director |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Textile Weaving machinery, Computerized Pattern
Maker, Harness Cord, Electronic Full Width Jacquards and Accumulators |
|
|
|
|
Terms : |
|
|
Selling : |
Cash or Credit |
|
|
|
|
Purchasing : |
Cash or Credit (30 days) |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
200 |
|
|
|
|
Bankers : |
Bank of |
|
|
|
|
Facilities : |
Cash Credit of Rs. 40.00 millions |
|
|
|
|
Banking
Relations : |
Satisfactory |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,00,000 |
Equity Shares |
Rs. 10.00 each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4,60,000 |
Equity Shares |
Rs. 10.00 each |
Rs. 4.600
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
No financials are available after 2002 from Registry.
Top level management agreed to provide latest financials and if
available, it will follow soon.
|
Particulars |
|
|
31.03.2007 |
|
Sales Turnover |
|
|
145.000 |
LOCAL AGENCY FURTHER INFORMATION
Website details attached:
Subject is the unique manufacturer in India of Computerized Pattern maker
(CPM), accumulates Jacquard design weaving machines, harness cord and selvedges
design weaving machines. They are used by the weaving industry to make
patterns, designs, name and style on the fabric. They have already installed
more than 6000 machines in
They are the only benchmark manufacturer in
These latest technology of microprocessor based electronic controlled
machines are virtually maintenance free, compact vertical models, easy
installable and have the capacity to synchronize with any weaving machine
having speed up to 1000 rpm.
In-house developed SUMATEX CAD software features in-built in these
machines are user friendly and can be customized to track weaving operation of
the weaving machine such as rpm of the weaving machine, meters of a particular
quality woven fabric, how much is left to weave, etc.
They as a company are in this segment since January 1998 and ever since
their incorporation, they have stood with the evolving weaving industry and
have been working as a catalyst for it.
They have dedicated their efforts to create cost competitiveness for the
weaving industry and successfully delivered their products at unbeatable costs.
Their CPM has been successful in achieving productivity, efficiency, working at
low operating and maintenance costs and in creating brand value of the fabric
weaved by the weaving industry competitively.
Key Features:
- An ISO : 9001
– 2000 Company
- The only benchmark
Manufacturer in Jacquard Category for TUFS CLCS scheme by Govt. of India
- 10 years of
long partnership for enhancing competitiveness of the weaving industries
- 6000 machines
running in all over
- Nation wide
service center
- Member of
ITAMMA, EEPC, FIEO.
Products and
Services:
- Textile
Weaving Machinery
- Computerized
Pattern Maker
- Harness Cord
- Electronic
Full Width Jacquards
- Accumulators
- Consultancy
Service (for establishment of new weaving plant)
- Software
development (designing and consultancy)
Trade References:
- Reliance Industries limited, Ahmedabad
- Grasim industries Limited,
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 40.57 |
|
|
1 |
Rs.80.97 |
|
Euro |
1 |
Rs.55.19 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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 |
|