MIRA INFORM REPORT

 

 

Report Date :

29.05.2007

 

IDENTIFICATION DETAILS

 

Name :

SUMATEX SERVICES PRIVATE LIMITED

 

 

Registered Office :

H – 81, Riico Extension, Pur Road, Bhilwara, Rajasthan – 311 001

 

 

Country :

India

 

 

Date of Incorporation :

23.01.1998

 

 

Com. Reg. No.:

014593

 

 

IEC No.:

1302005251

 

 

CIN No.:

[Company Identification No.]

U29262RJ1998PTC014593

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

JDHS02916E

 

 

PAN No.:

[Permanent Account No.]

AAFCS0342F

 

 

Legal Form :

Private Limited Liability 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 :

USD 89000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject appears to be an active company having moderate track records.

 

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, Pur Road, Bhilwara, Rajasthan – 311 001

Tel. No.:

91-1482-260693, 260296, 260496, 320750

Mobile No.:

91-9829046410

Fax No.:

91-1482-260575

E-Mail :

sumatex@sancharnet.in

Area :

17855 Sq. Fts.

Location :

Leased

 

 

Factory:

H – 81, Riico Extension, Pur Road, Bhilwara, Rajasthan – 311 001

Tel. No.:

91-1482-260693, 260296, 260496, 320750

Mobile No.:

91-9829046410

Fax No.:

91-1482-260575

E-Mail :

sumatex@sancharnet.in

Area :

6500 Sq. mtrs.

Location :

Owned

 

 

DIRECTORS

 

Name :

Mr. Sudeep Malu

Designation :

Managing Director

Address :

A-19, R K Colony, Bhilwara

Date of Birth/Age :

46 years

Qualification :

Textile Engineering

Experience :

20 years

 

 

Name :

Mrs. Supriya Malu

Designation :

Director

Address :

A-19, R K Colony, Bhilwara

Date of Birth/Age :

43 years

Qualification :

Diploma in Fine Art

Experience :

10 years

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

No. of Shares

Mr. Sudeep Malu

167840

Mrs. Supriya Malu

42160

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers of Textile Weaving machinery, Computerized Pattern Maker, Harness Cord, Electronic Full Width Jacquards and Accumulators

 

 

Import :

 

Products :

M5 Modules

Countries :

China

 

 

Terms :

 

Selling :

Cash

 

 

Purchasing :

L/C or Credit (30 days)

 

PRODUCTION STATUS

 

Particulars

Unit

 

 

Actual Production

Computerised Pattern Maker

Per Day

 

 

5 to 6 Machine

 

 

GENERAL INFORMATION

 

Customers :

End Users

 

 

No. of Employees :

250 (In Office : 50, In Factory : 200)

 

 

Bankers :

Bank of Baroda, Bhilwara

 

The Bank of Rajasthan Limited, Gandhi Nagar, Pur Road, Bhilwara

Facilities : Current Account

 

HDFC Bank Limited, s K Plaza Complex, Pur Road, Bhilwara

 

 

Facilities :

Cash Credit of Rs. 40.00 millions

 

 

 

Banking Relations :

Satisfactory

 

 

Sister Concerns :

Rajtex Machinery Private Limited

Plot No.5, Undeveloped Ruco Area, Pur Road, Bhilwara

Line of Business : Trading work

 

Suiz Fab Private Limited

A-19, R K Colony

Line of Business : Trading work

 

 

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

4,30,000

Equity Shares

Rs. 10.00 each

Rs. 4.300 millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2007

(Unaudiated)

31.03.2006

(Audited)

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital (Including Share Application Money)

 

9.150

10.800

3] Reserves & Surplus

 

19.046

11.513

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

28.196

22.313

LOAN FUNDS

 

 

 

1] Secured Loans

 

17.156

6.131

2] Unsecured Loans

 

6.969

4.783

TOTAL BORROWING

 

24.125

10.914

DEFERRED TAX LIABILITIES

 

1.750

1.392

 

 

 

 

TOTAL

 

54.071

34.619

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

29.573

22.418

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.001

0.001

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

27.621

19.358

 

Sundry Debtors
 

13.835

2.060

 

Cash & Bank Balances
 

2.643

8.196

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

5.460

4.445

Total Current Assets
 

49.559

34.059

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

16.725

16.229

 

Provisions
 

8.350

5.642

Total Current Liabilities
 

25.075

21.871

Net Current Assets
 

24.484

12.188

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.013

0.012

 

 

 

 

TOTAL

 

54.071

34.619

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2007

(Unaudiated)

31.03.2006

(Audited)

Sales Turnover

 

140.000

76.718

Other Income

 

1.112

0.152

Total Income

 

141.112

76.870

 

 

 

 

Profit/(Loss) Before Tax

 

6.009

3.051

Provision for Taxation

 

1.500

0.500

Profit/(Loss) After Tax

 

4.509

2.551

 

 

 

 

Imports :

 

 

 

 

Raw Materials

 

26.223

8.454

 

 

 

 

Expenditures :

 

 

 

 

Cost of Goods Sold

 

97.599

59.391

 

Administrative Expenses

 

6.607

3.395

 

Interest

 

2.253

0.979

 

Depreciation & Amortization

 

2.421

1.600

Total Expenditure

 

108.880

65.365

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2007

(Unaudiated)

31.03.2006

(Audited)

PAT / Total Income

(%)
 

3.19

3.32

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

4.26

3.97

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

7.59

5.40

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.21

0.14

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

1.74

1.47

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.98

1.56

 

 

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 India of different versions.  Their eminent clients include Raymonds Limited, Reliance Industries Limited, BTM (GRASIM) Limited, Birla Limited, Sutlej Industries Limited, BSL Limited, Suzuki Textile Limited etc.

 

They are the only benchmark manufacturer in India in their category.  TUFS CLCS @ 20% (Credit Linked Capital Subsidy) or @ 5% (Interest Subsidy) is available on our product BY GOVT. OF India.

 

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 India efficiently
  • 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)
  • Institute of Textile (practical training to use the machines)
  • Software development (designing and consultancy)

 

Trade References:

 

  • Reliance Industries limited, Ahmedabad
  • Grasim industries Limited,
  • Yuoyo Foreign Trade Company Limited, No.2, South Shunshai Road, YuyaoZhejang, Province, China
  • Asia Automation Private Limited, 22, Pragati Marg, Kothrud Complex, Indstrial Area, Pune
  • Suzuki Textile Limited, Mandel, District Bhilwara, Rajasthan, Concern Person : Mr. Ratnesh Dhani

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 40.53

UK Pound

1

Rs.80.41

Euro

1

Rs.54.52

 

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions