MIRA
INFORM REPORT
|
Report Date : |
27.10.2007 |
IDENTIFICATION
DETAILS
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Name : |
SURYA EXIM PRIVATE LIMITED |
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Registered Office : |
79-80, Pocket A – 2, Sector – 16, Rohini, New Delhi – 110085 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.04.2004 |
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Com. Reg. No.: |
55-125951 |
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CIN No.: [Company
Identification No.] |
U51909DL2004PTC125951 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS27640E |
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PAN No.: [Permanent
Account No.] |
AAICS1358L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Knitted Fabrics |
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 23000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a 3 years old company having moderate track. Company’s profitability
is under severe pressure. It has some accumulated losses. Payments are
reported as slow but correct. The company can be considered for small to mediocre business dealings
with slight caution, initially. |
LOCATIONS
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Registered Office : |
79-80, Pocket A – 2, Sector – 16, Rohini, New Delhi – 110085, India |
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Tel. No.: |
91-11-27297275 |
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Mobile No.: |
91-9810001593 |
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E-Mail : |
vda.india@gmail.com suryaexim@gmail.com vstexnit@touchtelindia.net |
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Website : |
http://surya.tradeindia.com
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Administrative Office : |
923, Sector 14, Gurgaon 122001, Haryana, India |
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Tel. No.: |
91-124-2322706 / 2300370 |
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Factory : |
384, Sector-7, IMT Manesar, Gurgaon -
122050, Haryana, India |
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Tel. No.: |
91-124-4368161-63 |
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Fax No.: |
91-124-4368164 |
DIRECTORS
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Name : |
Mr. Rakesh Aggarwal |
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Designation : |
Director |
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Address : |
House No. 923, Sector – 14, Gurgaon – 122001, Haryana, India |
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Date of Birth/Age : |
28.09.1956 |
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Date of Appointment : |
22.04.2004 |
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Name : |
Mrs. Renu Aggarwal |
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Designation : |
Director |
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Address : |
House No. 923, Sector – 14, Gurgaon – 122001, Haryana, India |
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Date of Birth/Age : |
14.09.1963 |
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Date of Appointment : |
22.04.2004 |
KEY EXECUTIVES
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Name : |
Renu Dua and Associates |
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Designation : |
Company Secretaries |
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Address : |
242-43, Tribhuvan Complex, Ishwar Nagar, Friends Colony [West], New
Delhi – 110065, India |
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Tel. No.: |
91-11-42603161 to 42603163 |
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Fax No.: |
91-11-42603164 |
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E-Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Rakesh Aggarwal |
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29400 |
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Renu Aggarwal |
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30600 |
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Total |
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60000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Knitted Fabrics |
GENERAL
INFORMATION
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Bankers : |
Bank of India, Old Railway Road, Gurgaon – 122001, Haryana, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sunil Subhash and Company Chartered Accountants |
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Address : |
496/E/3C, Rama Block, Bholanath Nagar, Shahdara, Delhi – 110032, India
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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60,000 |
Equity Shares |
Rs. 100/-
each |
Rs. 6.000
Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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60,000 |
Equity Shares |
Rs. 100/-
each |
Rs. 6.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
01.04.2005 to 31.03.2006 |
22.04.2004 To 31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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6.000 |
0.100 |
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2] Share Application Money |
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0.000 |
0.400 |
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3] Reserves & Surplus |
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[0.159] |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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5.841 |
0.500 |
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LOAN FUNDS |
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1] Secured Loans |
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27.037 |
0.000 |
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2] Unsecured Loans |
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3.100 |
1.552 |
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TOTAL BORROWING |
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30.137 |
1.552 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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35.978 |
2.052 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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29.530 |
2.400 |
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Capital work-in-progress |
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0.000 |
0.144 |
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INVESTMENT |
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0.000 |
0.000 |
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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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0.123 |
0.000 |
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Sundry Debtors |
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1.794 |
0.000 |
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Cash & Bank Balances |
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0.356 |
0.261 |
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Other Current Assets |
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4.919 |
0.000 |
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Loans & Advances |
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0.126 |
0.000 |
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Total
Current Assets |
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7.318 |
0.261 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.522 |
0.784 |
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Provisions |
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0.467 |
0.000 |
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Total
Current Liabilities |
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0.989 |
0.784 |
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Net Current Assets |
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6.329 |
[0.523] |
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MISCELLANEOUS EXPENSES |
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0.119 |
0.031 |
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TOTAL |
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35.978 |
2.052 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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01.04.2005 to 31.03.2006 |
22.04.2004 To 31.03.2005 |
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Sales Turnover |
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3.189 |
-- |
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Profit/(Loss) Before Tax |
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0.309 |
-- |
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Provision for Taxation |
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0.468 |
-- |
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Profit/(Loss) After Tax |
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[0.159] |
-- |
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Imports : |
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Total Imports |
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23.612 |
NA |
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Expenditures : |
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Advertisement |
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0.001 |
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Meeting Expenses |
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0.004 |
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News Paper Books and Periodicals |
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2.880 |
0.002 |
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Bank Charges |
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0.002 |
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Auditors Remuneration – As audit fees |
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0.001 |
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Total Expenditure |
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2.880 |
0.010 |
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KEY RATIOS
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PARTICULARS |
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01.04.2005 to 31.03.2006 |
22.04.2004 To 31.03.2005 |
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PAT / Total Income |
(%) |
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[4.99] |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
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9.69 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.84 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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0.05 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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5.33 |
4.67 |
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Current Ratio (Current Asset/Current Liability) |
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7.40 |
0.33 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
- Land
- Building
Bankers Charges
Report as per Registry
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Name of the company |
SURYA EXIM
PRIVATE LIMITED |
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Presented By |
Bank of India,
old Railway Road, Gurgaon [Haryana] |
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1) Date and description of instrument creating the change |
07.11.2005
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 32.950
Millions |
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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 of
the following :
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4) Gist of the terms and conditions and extent and operation of the charge. |
the above is
hypothecated to secure the following credit facilities granted by Bank of
India to the company :
The rate of interest
shall be charged at the rate of BOI PLR which is at present 10.75 % p.a. with
monthly rests or at such other rate as may be specified by the bank time to
time. The term loan
shall be repayable in 60 monthly installments of Rs. 45.000 Millions commencing
six months from commercial products. Cash credit limit
payable on demand. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India Old Railway Road,
Gurgaon [Haryana] |
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6) Date and brief description of instrument modifying the 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. |
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
80023179 |
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Corporate
identity number of the company |
U51909DL2004PTC125951 |
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Name of the
company |
SURYA EXIM PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
79-80, Pocket A – 2, Sector – 16, Rohini, New Delhi – 110085, India |
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Type of charge |
Immovable Property |
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Particular of
charge holder |
Bank of India Old Railway Road,
Gurgaon – 122001,
Haryana, India virendradel@rediffmail.com |
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Nature of
description of the instrument creating or modifying the charge |
No instrument.
Oral assent for Extension of Equitable Mortgage. |
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Date of
instrument Creating the charge |
23.01.2007 |
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Amount secured by
the charge |
Rs. 36.825
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest shall now
be charged at the rate of 1.25 % below BPLR with a minimum of 10.75 % per
annum with monthly rests or at such other rates as may be prescribed by the
bank from time to time Interest /
commission on bank guarantee shall now be charged as may be prescribed by the
bank from time to time. Terms of
repayment Cash credit limit
– payable on demand The term loan – I
shall be repayable in 60 monthly installments of Rs. 13.000 Millions.
Commencing from 30.06.2007 Margin Cash Credit – 40
Percent Term Loan – 25
Percent Bank Guarantee –
15 Percent Extent operation
of the charge 100 Percent Other The said charge
is hypothecated to secure the following credit facilities by bank of India to
the company :
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Short particulars
of the property charged |
Hypothecation of
following :
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Date of latest
modification prior to the present modification |
23.01.2007 |
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Particulars of
the present modification |
The various
credit facilities aggregating to Rs. 36.825 Millions shall be collaterally
secured by equitable mortgage by deposit of title deeds of Company’s immovable
properties situated at plot No. 384, Sector – 7, Phase – II, IMT Maneasr,
together with all land, buildings, super structures, fixed machinery and
plant, fixture and fittings thereat. Other terms and
conditions remained the same. [Original Charge created
on 07.11.2005 & registered on 02.12.2005 for Rs. 32.950 Millions and
Modified on 23.01.2007 for Rs. 36.825 Millions] |
AS PER WEBSITE
Knitted fabrics are
basically used in stockings and other clothing that requires changes in shape. They
can stretch from 0 to 500%, depending on their material and knitting pattern.
Incorporated in the year 1995, subject is a
prominent manufacturer and exporter of knitted fabrics. Their in-depth
expertise in the discipline coupled with excellent workforce and standardized
technology has helped them earn a dignified position in today's competitive
scenario.
They follow stringent quality
control measures right from the selection of raw materials to the shipment of
finished products, that facilitates smooth production from every stage. Their
increasing catalog of both domestic and international clients itself explains
their worth at the quality front. Their capability to ensure timely delivery of
the products, irrespective of the order size provide thm a leading edge over
the other players operating in similar arena.
Product Profile
Strictly committed to its
penchant for offering unparalleled products at the most competitive prices,
subject has established itself as a highly reputed manufacturer and exporter of
Knitted Fabrics. The company is known for its client oriented approaches
and unmatched quality in its arena.
Quality
Subject is a quality driven
company and is keenly administered by rigorous quality control procedures at
every stage of its operation. Their dignified reputation in the market is based
on quality, reliability, integrity, and complete understanding of the market
dynamics. All their products are manufactured by employing the finest quality
of raw material which is processed through modern machines, thus leaving no
space for quality degradation.
Client
Satisfaction
Their endeavours are actually
directed towards achieving the highest level of client satisfaction. They
always follow and advocate the culture of healthy trade practices, which is the
main reason behind the repetitive orders of a large number of clients from
every corner of the world.
Infrastructure
They are well equipped with a
sound infrastructural set up comprising of ultra modern machines and well
trained workforce that enable them to manufacture most distinctive range of
knitted fabrics at competitive prices. The company also owns a capacious
warehousing facility and a wide distribution network of dealers that ensures
smooth trafficking of goods to the market.
Hallmarks
·
A sound
infrastructure armored with advanced and innovative technology
·
Keeping in
tune with the latest manufacturing techniques in the related field
·
Work with
close coordination with their esteemed customers
·
Prompt
deliveries and customer satisfaction--their top priority
·
Company USP
defined by customer satisfaction and expansion of client base
·
Meeting the
exacting requirements of the customers and standards of the industry.
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.39.32 |
|
UK Pound |
1 |
Rs.81.82 |
|
Euro |
1 |
Rs.56.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
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 |
5 |
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--PROFITABILIRY |
1~10 |
1 |
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--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 |
|
27 |
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. |
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 |
|