MIRA
INFORM REPORT
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Report Date : |
03.05.2007 |
IDENTIFICATION DETAILS
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Name : |
SULTANIA TRADE PRIVATE LIMITED |
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Registered Office : |
33/1351, Sector – 7, Antop Hill, Mumbai – 400037, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.02.1999 |
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Com. Reg. No.: |
118089 |
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CIN No.: [Company
Identification No.] |
U15500MH1999PTC118089 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS40060G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject acts as a Distributors for Alcoholic Beverages |
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 193048 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having
satisfactory track. Directors are reported as experience and respectable
businessmen. Trade relations are reported as fair. Business is active.
Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
33/1351 Sector – 7 Antop Hill, Mumbai – 400037, |
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Tel. No.: |
91-22-28202505/06 |
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Website : |
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Head Office : |
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Tel. No.: |
91-28689467 |
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Corporate Office : |
A -2, Tahira Industrial Compound, Opp Premsons Industrial Estate Caves
Road, Jogeshwari (East), Mumbai – 400060, Maharashtra |
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Tel. No.: |
91-28202505/06 |
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Fax No.: |
91-28202486 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
402 – Thacker Apartments, Juhu Lane, Andheri ( West), Mumbai – 400058,
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Date of Birth/Age : |
08.06.1962 |
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Date of Appointment : |
23.06.1997 |
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Name : |
Mr. Vikas Gupta |
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Designation : |
Director |
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Address : |
442 – |
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Date of Birth/Age : |
1.03.1971 |
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Date of Appointment : |
15.02.2002 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. |
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5001000 |
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Mr. Awadesh Kumar Tulshyan ( HUF) |
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27500 |
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Mr. Sultania Enterprises Limited |
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405000 |
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Mr. Narayan Prasad Sultania |
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47500 |
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Mr. Primco Private Limited |
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440100 |
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Mr. Super Business Limited |
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64250 |
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Mr. |
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343000 |
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Mr. Murarilal Chirmar |
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10.00 |
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Mr. Murarilal Chirmar (HUF) |
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10.00 |
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Mr. Rajesh Murarilal Chirmar |
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10.00 |
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Mrs. Umadevi Chirmar |
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10.00 |
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Mrs Vinita Rajesh Chirmar |
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10.00 |
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Mr. Vibha Sultania |
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100090 |
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Total |
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1927590 |
BUSINESS DETAILS
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Line of Business : |
Subject acts as a Distributors for Alcoholic Beverages |
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GENERAL INFORMATION
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Suppliers : |
Mc dowell and Company Limited Kaivalya Traders Private Limited Pals Distilleries Limited Utility Solutions Private Limited Shaw Wallace Breweries Limited |
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Customers : |
Hem securities Limited Herbertsons Limited Radico Khaitan Lmited Skol Breweries Limited Viki Industries Private Limited |
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Bankers : |
Developments Credit Bank Limited The Bharat Co-operative Bank Limited , Mumbai HDFC Bank Kotak Mahindra Bank |
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Facilities : |
Secured Loans – Cash Credit from - Development Credit Bank Limited Vehicles Loans from – HDFC Bank Limited, Kotak Mahindra Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Banshi Jain and Association Chartered Accountants |
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Address : |
404/405, |
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Tel. No.: |
91-22-26500213 |
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Associates/Subsidiaries : |
Primco Private Limited Sultania Enterprises Limited Wine Nook Dealers Private Limited Super Business Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2500000 |
Equity Shares |
Rs. 10/- each |
Rs.25.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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192700 |
Equity Shares |
Rs. 10/-
each |
Rs.1.927
million |
FINANCIAL DATA
[all figures are
in Rupees Millions)
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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19.926 |
17.734 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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28.336 |
6.828 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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48.262 |
24.562 |
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LOAN FUNDS |
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1] Secured Loans |
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55.168 |
39.064 |
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2] Unsecured Loans |
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18.000 |
3.642 |
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TOTAL BORROWING |
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73.168 |
42.706 |
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DEFERRED TAX LIABILITIES |
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1.355 |
0.763 |
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TOTAL |
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122.785 |
68.031 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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18.397 |
12.781 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.773 |
1.779 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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35.998 |
31.949 |
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Sundry Debtors |
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71.045 |
19.214 |
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Cash & Bank Balances |
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12.095 |
2.275 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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22.870 |
11.483 |
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Total
Current Assets |
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142.008 |
64.921 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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57.576 |
260.35 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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57.576 |
260.35 |
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Net Current Assets |
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103.602 |
53.446 |
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MISCELLANEOUS EXPENSES |
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0.0136 |
0.028 |
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TOTAL |
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122.785 |
68.031 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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829.791 |
593.902 |
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Total Income |
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829.791 |
593.902 |
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Profit/(Loss) Before Tax |
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13.522 |
10.930 |
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Provision for taxation |
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4.072 |
4.162 |
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Profit/(Loss) After Tax |
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9.450 |
6.768 |
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Imports : |
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Total Imports |
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0.718 |
0.627 |
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Expenditures : |
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Interest |
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6.460 |
4.915 |
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Depreciation & Amortization |
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1.167 |
0.854 |
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Other Expenditure |
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Total Expenditure |
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816.251 |
582.972 |
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KEY RATIOS
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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PAT / Total Income |
(%) |
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1.13 |
1.13 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.62 |
1.84 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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8.42 |
14.06 |
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Return on Investment (ROI) (PBT/Networth) |
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0.28 |
0.44 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.19 |
10.60 |
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Current Ratio (Current Asset/Current Liability) |
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2.46 |
0.24 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
SULTANIA TRADE
PRIVATE LIMITED |
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Presented By |
THE BHARAT
CO-OPERATIVE BANK (MUMBAI) LIMITED, GOREGAON BRANCH, MUMBAI |
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1) Date and description of instrument creating the change |
15TH
September, 2004 (a) Hypothecation
of Tangible Moveable Property (b) Charge and
Hypothecation of Book Debts (Both the
documents constitute a single charge) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 60.000
million |
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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 |
Hypothecation by
way of first charge in favour of the bank: (a) Stock of
liquor and all product goods and any and every machinery, tool, tangible
movable property of the borrower whether now lying or at any time hereafter
during the continuance of this security lying or being in or about the
borrower’s premises and godowns at plot. No. A -2 Tahira Industrial Compound,
Opp. Premson Industrial Estate, Caves Road, Jogeshwari (East), Mumbai –
400060 or wherever else the same may be or be held by any party anywhere to
the order and disposition of the Borrower or in course of transit to the
Borrower. (b) all the
outstanding book debts, moneys, receivable, claims and approved book debts,
due to the borrowers and bills which are now due owing to the borrower/s in the
course of its business by any person, firm company or by the government or
any local or public body or authority. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the
rate of 11% per annum or at such rate/s as may be determined by the Bank from
time to time for the cash Credit limit of Rs. 60.000 millions granted by the
bank to the company |
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5) Name and Address and description of the person entitled to the charge. |
The bharat co- operative
Bank (Mumbai ) Limited Goregaon Branch, Shivgini, Plot No. 11, Groung Floor,
Samant Estate, Goregaon (East), Mumbai-400063 |
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6) Date and brief description of instrument modifying the charge |
3rd
November, 2004 (a)
Hypothecation
of tangible moveable property (b)
(b)
Charge and hypothecation of book debt (both the
documents constitute a single modification of the original charge) |
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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. |
The original
charge dated 15th September, 2004 for Rs. 60.000 million is herby
modified by granting an addition limit of Rs. 20.000 million there by enhancing
the cash credit limit from Rs6.000 million to Rs 80.000 million against the
same security as stated in column No. 3 above Interest at the
rate of 11%per annum |
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Corporate
identity number (CIN) Foreign company registration number |
U15500MH1999PTC118089 |
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Name of the
Company |
THE BHARAT
CO-OPERATIVE BANK(MUMBAI) LIMITED |
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Address |
Goregaon branch,
Shivgiri, Ground Floor, Plot No. 11 – Samant Estate, Goregaon (east),Mumbai-
400063, |
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This form is for |
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Type of Charge |
Book debts and
Movable property ( not being Pledge) |
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Particulars of
the charge holder |
Hypothecation by
way of first charge in favour of the bank – (1) Stock of liquors including all products. Goods
and any every machinery, tool, tangible moveable property of the borrower
lying at the borrower’s premises and godowns at Mumbai or wherever else the
same may be including in transit and (2) All the present and future outstanding
book debts, money receivable, claim and approved book debts, due to the
borrower and bills which are due and owing to the borrower in the course of
its business. |
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Amount secured by
the charge |
Rs.5.000 millions |
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Brief of the
principal terms and conditions |
(a) Rate of Interest – Interest as determined
by the Bank from time to time (b) (b) Terms of Payments – On Demand (c) Margin – As per sanction terms (d) Extent and operation of the charge – To
secure the letter of credit limit of Rs. 5.000 million granted by the bank to
the company |
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Charge
identification |
1 |
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Brif description
of the instrument modifying the charge under section |
(1) Hypothecation of tangible movable property (2) (2) Agreement for creation charge on book
debts (3) ( Both the Documents constitute a single
charge) |
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Date of
Instrument |
29.11.2006 |
Property:
Motor Vehicles, Furniture and Fixture,
Computer, Office Capital
Details:
Subject was established in 191 as per India
Company act 1956 with its registered office in Mumbai,
The company is engaged in distribution and
retailing of beverage alcohol products of Indian and imported origin.
The company own and operate its own fleet of
vehicles for deliveries across the city and also have Excise Bonded warehouse
for storage of these sensitive gods.
The company is largest distributors for the UB
Group for its Spirits Division and for SA Miller for their beers
Presently the company supplies to over 350
wines shops, over 800 permit rooms and all star hotels and premium restaurants
in the mega polis of Mumbai.
International Business Convention on
The International Business Convention on
Aquitaine Wines and Spirits which was held recently in
SULTANIA TO SHAKE AND STIR IMPORTED SPIRIT
MARKET
(ARTICLE from AMBROSIA magazine May 2006)
After having playd a strategic role in promoting UB spirits and SAB
Miller beers in the mumbai market, the company is readying its strategy to play
an equally vibrant role in the imported spirits market under the stewartship of
Vikas Gupta, Director, and A.M.David, Vice President, Sultania Trade Pvt Ltd.
The imported
spirits industy has been crampled on account of the high duties but all the
major global companies who are betting big on the Indian market have set up
shop. For local player , Sultania Trade Pvt Ltd., it is indeed a logical step
in the right direction to get into the growing imported spirits market. The
company intimately understands the market of commercial capital of India,
Mumbai, and has made a significant contribution by clocking close to one
million cases in this key market for all liquor manufacturers both local and
international players.
Sultania Trade Pvt Ltd. The largest distributors of beverage alchohol products
in Mumbai (in value), reenters t imported bottled in origin beverage alchohol
products distribution. Currrently they distribute UB spirits Division Division
Products and SAB Miller's Beers and has clocked volume in excess of 8,00,000
cases during the period ended 31st March 2006. Sultania was the
first in
For Vikas gupta who handles the entire operations of the country
certainly knows his business. Although the company has won all its laurels in
the IMFL business it is the international business that is closest to his
heart. Ask him the price of any international brand and pat comes the answer,
but ask him the price of Bagpiper and he needs to double check. For the moment,
Our Strategy is to choose our products carefully and only when the conditions
are conducive, we will introduce our brands, he says.
Mr. A.M.David is veteran in the imported beverage
alcohol industry with over two decades of experience, brings to Sultania his
immense knowledge and experience to establish this new segment of business into
its logical next step providing greater synergy for the entire value chain from
producer to consumer.
Mr.David has extensive experience in handling
world's leading brands of beverage alcohol products of United Distillers ( now
known as Diageo),
Moet-Hennessy, Allied Distillers(Now known as Jim
Bean Brands), Martini & Rossi (now know as Bacardi-Martini), Carlsberg
International, Angostrutra biters, southcorp wines, Grupo Campari etc.Many of
these companies have now their own distribution arrangements in the country. Mr
David has also unique distinction of bringing Camimo Real, Jose'Cuervo and
Sauza tequilas into the country.
Mr. Vikas Gupta, confirms that this move will ensure that Sultania will get
into the next growth mode through import distribution – the key being , getting
The duo had
visited
International Business Convention on
(Article
from AMBROSIA magazine DEC 2006)
The international
business convention on AQUINTAINE WINES and SPIRITS which was held recently in
Excerpts:
and to avoid
confusion, the french wine maker have also started labelling the bottles as per
grape varieties. This was clearly visible during the recent convention on
Aquitaine Wines and Spirits.
The event had attracted 80 qualifiedbuyers from 27 countries and china was the
flavour of the meet with 16 buyers many of them being ladies.
The producers of these wines and Spirits were from the classic reds of the
The buyers were also treated with a gala reception by the organizers at cheteau
Rochermonin an Andre Lurton property and to a tour of St.Emillion a world
heritage site known for premium wines.
In his visit ti the largest bottling facility in European Union of Les Grands
Chaise De France (G.C.F.) at Landiras a suburb of
According to David
the producers from
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.40.78 |
|
|
1 |
Rs.80.34 |
|
Euro |
1 |
Rs.55.53 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|