MIRA
INFORM REPORT
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Report Date : |
30.10.2007 |
IDENTIFICATION
DETAILS
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Name : |
SUNSUI INDIA LIMITED |
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Registered Office : |
6, Shubham Complex, Choudhary Hotel Building, M. I. Road, Jaipur,
Rajasthan, |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
08.11.1994 |
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Com. Reg. No.: |
09013 |
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CIN No.: [Company
Identification No.] |
U15142RJ1994PLC009013 |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturer of Time Pieces and Watches. |
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. |
Small |
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Maximum Credit Limit : |
USD 7452 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having sales of Rs.20.000 millions
per annum. Payments are reported as slow and delayed. The company is not much
known outside Jaipur. It’s products are also unknown although ‘SANSUI’
signifies some Japanese company. The company can be considered
for small to mediocre business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
6, Shubham Complex, Choudhary Hotel Building, M. I. Road, Jaipur,
Rajasthan, India |
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Tel. No.: |
91-141-5108623 |
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Fax No.: |
91-141-2373526 |
DIRECTORS
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Name : |
Mr. Mali Ram Bilwal |
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Designation : |
Director |
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Address : |
F-21, Vinay Dath, Bani Park, Jaipur – 302016, Rajasthan |
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Date of Birth/Age : |
02.02.1951 |
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Date of Appointment : |
08.11.1994 |
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Name : |
Mr. Bansi Dhar bilwal |
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Designation : |
Director |
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Address : |
6 / 225, Vidhayadhar Nagar, Jaipur, Rajasthan |
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Date of Birth/Age : |
01.08.1941 |
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Date of Appointment : |
08.11.1994 |
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Name : |
Mr. Babu Lal Bilwal |
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Designation : |
Director |
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Address : |
357, Shankar Nagar, Amer Road, Jaipur – 302002, Rajasthan |
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Date of Birth/Age : |
08.09.1954 |
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Date of Appointment : |
08.11.1994 |
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Name : |
Mr. Hari Shankar Bilwal |
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Designation : |
Whole Time Director |
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Address : |
F-21, Vinay Dath, Bani, Kanti Chand Road, Park, Jaipur – 302016,
Rajasthan |
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Date of Appointment : |
05.07.2004 |
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Name : |
Mr. Tarun Bilwal |
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Designation : |
Whole Time Director |
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Address : |
F-21, Vinay Dath, Bani, Kanti Chand Road, Park, Jaipur – 302016,
Rajasthan |
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Date of Birth/Age : |
08.10.1984 |
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Date of Appointment : |
05.07.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Shri Mali Ram Bilwal |
38020 |
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Shri Banshi Dhar Bilwal |
10960 |
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Shri Babulal Bilwal |
15760 |
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Shri Santosh Bilwal |
4760 |
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Shri Mahesh Kumar Bilwal |
9260 |
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Smt. Bimla Bilwal |
8760 |
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Shri HAri Shankar Bilwal |
8760 |
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Total |
96280 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer of Time Pieces and Watches. |
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GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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Bankers : |
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Facilities : |
--- |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
Gupta Rajiv and Associates Chartered Accountant |
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Address : |
Neelkanth, Nathmal Ji Ka Kalta, Opp. Sanganeri Gate Tel. Exchange,
JAipur – 302003, Rajasthan |
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Tel. No.: |
91-141-2609277 (3 Lines) |
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Mobile No.: |
91-141-2604883 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Share |
Rs.10/- Each |
Rs.1.000 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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96280 |
Equity Share |
Rs.10/- Each |
Rs.0.962 million |
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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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0.962 |
0.962 |
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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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0.901 |
0.829 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.863 |
1.791 |
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LOAN FUNDS |
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1] Secured Loans |
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1.615 |
1.442 |
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2] Unsecured Loans |
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0.000 |
0.300 |
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TOTAL BORROWING |
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1.615 |
1.742 |
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DEFERRED TAX LIABILITIES |
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0.124 |
0.124 |
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TOTAL |
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3.602 |
3.657 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.994 |
1.141 |
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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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0.003 |
0.003 |
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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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3.627 |
4.954 |
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Sundry Debtors |
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2.716 |
3.940 |
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Cash & Bank Balances |
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0.313 |
0.128 |
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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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0.236 |
0.256 |
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Total
Current Assets |
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6.892 |
9.278 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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4.268 |
6.719 |
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Provisions |
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0.021 |
0.050 |
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Total
Current Liabilities |
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4.289 |
6.769 |
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Net Current Assets |
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2.603 |
2.509 |
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MISCELLANEOUS EXPENSES |
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0.002 |
0.004 |
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TOTAL |
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3.602 |
3.657 |
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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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Sales Turnover & Other Income |
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23.116 |
12.542 |
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Total Income |
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23.116 |
12.542 |
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Profit/(Loss) Before Tax |
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0.095 |
0.153 |
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Provision for Taxation |
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0.023 |
0.049 |
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Profit/(Loss) After Tax |
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0.072 |
0.104 |
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Expenditures : |
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Cost of Goods Sold |
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19.411 |
11.609 |
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Manufacturing Expenses |
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0.151 |
0.150 |
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Administrative Expenses |
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1.305 |
1.134 |
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Excise Duty |
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0.081 |
0.047 |
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Purchases made for re-sale |
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0.000 |
0.000 |
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Consumption of stores and spares parts |
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0.000 |
0.000 |
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Increase/(Decrease) in Finished Goods |
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1.604 |
(1.382) |
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Salaries, Wages, Bonus, etc. |
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0.000 |
0.000 |
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Managerial Remuneration |
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0.000 |
0.000 |
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Payment to Auditors |
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0.000 |
0.000 |
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Interest |
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0.000 |
0.000 |
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Insurance Expenses |
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0.000 |
0.000 |
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Power & Fuel |
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0.000 |
0.000 |
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Depreciation & Amortization |
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0.000 |
0.000 |
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Other Expenditure |
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0.293 |
0.662 |
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Total Expenditure |
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22.845 |
13.602 |
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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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0.31 |
0.82 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.41 |
1.21 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.20 |
1.46 |
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Return on Investment (ROI) (PBT/Networth) |
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0.05 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.16 |
4.75 |
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Current Ratio (Current Asset/Current Liability) |
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1.60 |
1.37 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the company |
SUNSUI INDIA
LIMITED |
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Presented By |
Union Bank of
India , Overseas branch, Jaipur |
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1) Date and description of instrument creating the change |
All documents
dated 06.11.1996 1. hypothecation
(consumer goods vehicles ) agreement. 2. hypothecations
(Goods) Agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.300
millions 1. CC Rs.2.000 millions 2. Vehicles Rs.0.300 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 |
1. Vehicles :
Hypothecations of vehicle concerned Tata Seiera Car. 2. CC : All
products goods and movable property of any kind belonging to the borrowers
which now or hereinafter from time to time during this security shall be
brought in stored or be in or about the borrowers premises or godown at F-
187, VKI Area, Jaipur |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Vehicles : Interest 5.25 %
over bank rate minimum of 17.25% Margin : 25% Repayable in 36 monthly installment Cash Credit : Interest : 6.25%
over the Bank rate subject to minimum of 18.25 % p.a. Margin 25% Repayable on
demand |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of
India, Overseas Branch, Jaipur |
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6) Date and brief description of instrument modifying the charge |
Hypothecation
(goods) agreement (SD - 03) dated 29.05.2003 |
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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. |
1. By this
modification the book debts limit of Rs. 1.000 million letter of guarantee
limit of Rs. 0.297 million and import L/C limit of Rs.0.500 millions have
been totally canceled and cc hypo. Limit of Rs. 2.000 millions 2.First charge by
way of hypothecation of all stock of clock, wrist watches, clock parts,
watches parts, wall clocks, time pieces etc. and movable property of any
kind belonging to the company to cover the CC
hypothecation limit of Rs. 2.000 millions. 3. Interest 14.5% p.a with monthly rests, subject to
change from time to time. 4. Other terms
and conditions remain unchanged. |
Fixed Assets
- Plant and Machinery
- Office Equipments
- Furniture and Fixture
- Vehicles
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 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.39.32 |
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UK Pound |
1 |
Rs.81.35 |
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Euro |
1 |
Rs.56.75 |
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 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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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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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 |
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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 |
|
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. |
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 |
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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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