MIRA
INFORM REPORT
|
Report Date : |
14.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SUNDEK INDIA LIMITED |
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Registered Office : |
204, Lalita Complex, Rasala Marg, Navrangpura, Ahmedabad – 380 009,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
02.03.1983 |
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Com. Reg. No.: |
04-5945 |
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CIN No.: [Company
Identification No.] |
U20299GJ1983PLC005945 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMS00086C |
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PAN No.: [Permanent
Account No.] |
AACCS0897A |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer and Exporter of HPL – High Pressure Decorative Laminated
sheets. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 690000 |
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Status : |
Good |
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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. General financial position is good. Business is active. Payments are
reported as usually correct and as per commitments. The company can be considered good for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
204, Lalita Complex, Rasala Marg, Navrangpura, Ahmedabad – 380 009,
Gujarat, India |
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Tel. No.: |
91-79-26426840 / 49, 26461071 |
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Mobile No.: |
91-9327024644 |
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Fax No.: |
91-79-26426477 |
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E-Mail : |
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Website : |
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Factory : |
1421, Village Rajpur, Kalol Mehsana Highway, North Gujarat, India |
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Tel. No.: |
91-2764-278562 / 3 / 4, 278616 / 7
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Mobile No.: |
91-9327910110 / 9327910109 |
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Fax No.: |
91-2764-278406 |
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E-Mail : |
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E-Mail : |
chennai@sundekintl.com
(Chennai) mumbai@sundekintl.com
(Mumbai) nagpur@sundekintl.com
(Nagpur) pune@sundekintl.com (Pune) ahmedabad@sundekintl.com
(Ahmedabad) kolkata@sundekintl.com
(Kolkata) delhi@sundekintl.com (Delhi) bangalore@sundekintl.com
(Bangalore) cochin@sundekintl.com
(Cochin) |
DIRECTORS
|
Name : |
Mr. Shashikant S Gupta |
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Designation : |
Managing Director |
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Address : |
31, Indraprastha Bungalows, Opp. Management Enclave, Vastrapur,
Ahmedabad – 380 015, Gujarat, India |
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Date of Birth/Age : |
08.11.1961 |
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Date of Appointment : |
15.10.1985 |
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Name : |
Mrs. Shardadevi S Gupta |
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Designation : |
Whole Time Director |
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Address : |
9, Pratima Society, Navrangpura, Ahmedabad – 380 009, Gujarat, India |
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Date of Birth/Age : |
06.04.1943 |
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Date of Appointment : |
05.12.1996 |
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Name : |
Mrs. Rupali S Gupta |
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Designation : |
Executive Director |
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Address : |
9, Pratima Society, Navrangpura, Ahmedabad – 380 009, Gujarat, India |
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Date of Birth/Age : |
15.08.1966 |
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Date of Appointment : |
15.02.1997 |
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Name : |
Mr. Krishna Kumar Shah |
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Designation : |
Executive Director |
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Address : |
C-3/23, Goyal Intercity, Drive-In-Road, Ahmedabad – 380 054, Gujarat,
India |
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Date of Birth/Age : |
08.02.1945 |
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Date of Appointment : |
03.02.1987 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Directors or relatives of Director |
78.77 |
|
Other top fifty (50) shareholders |
21.23 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of HPL – High Pressure Decorative Laminated
sheets. |
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Products : |
·
Design Gallery ·
Standard Grades ·
Other Grades ·
Prelaminated Boards ·
Care and Mantenance
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GENERAL
INFORMATION
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Bankers : |
Usmanpura
Branch, Ashram Road, Ahmedabad – 380 013, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Naushir M Marfatia and Company Chartered Accountants |
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Address : |
1st Floor, B Jadhav Chambers, Ashram Road, Ahmedabad – 380
009, Gujarat, India |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200010 |
Equity Shares |
Rs.100/- each |
Rs.20.001
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
20.001 |
20.001 |
20.001 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
118.602 |
109.752 |
96.915 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
138.603 |
129.753 |
116.916 |
|
|
LOAN FUNDS |
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|
|
|
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1] Secured Loans |
22.094 |
17.126 |
12.176 |
|
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2] Unsecured Loans |
0.479 |
0.474 |
0.712 |
|
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TOTAL BORROWING |
22.573 |
17.600 |
12.888 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.413 |
0.000 |
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|
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TOTAL |
161.176 |
147.766 |
129.804 |
|
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
50.990 |
52.008 |
54.490 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
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INVESTMENT |
0.073 |
0.073 |
0.073 |
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DEFERREX TAX ASSETS |
0.445 |
0.000 |
4.517 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
151.083
|
119.640 |
112.601 |
|
|
Sundry Debtors |
41.526
|
44.532 |
36.438 |
|
|
Cash & Bank Balances |
9.202
|
39.636 |
21.122 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
21.779
|
9.688 |
16.095 |
|
Total
Current Assets |
223.590
|
213.496 |
186.256 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
97.777
|
109.576 |
106.320 |
|
|
Provisions |
16.145
|
8.235 |
9.212 |
|
Total
Current Liabilities |
113.922
|
117.811 |
115.532 |
|
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Net Current Assets |
109.668
|
95.685 |
70.724 |
|
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|
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
161.176 |
147.766 |
129.804 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
433.682 |
417.627 |
359.945 |
|
|
Other Income |
3.858 |
6.894 |
4.136 |
|
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Total Income |
437.540 |
424.521 |
364.081 |
|
|
|
|
|
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Profit/(Loss) Before Tax |
13.157 |
20.637 |
(16.236) |
|
|
Provision for Taxation |
4.306 |
7.799 |
(3.295) |
|
|
Profit/(Loss) After Tax |
8.851 |
12.838 |
(12.941) |
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|
|
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Earnings in Foreign Currency : |
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|
|
|
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Sale of Goods Manufactured |
20.855 |
32.023 |
53.599 |
|
Total Earnings |
20.855 |
32.023 |
53.599 |
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Expenditures : |
|
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|
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Raw Material Consumed |
281.872 |
278.142 |
259.708 |
|
|
Consumption of stores and spares parts |
5.231 |
3.245 |
3.466 |
|
|
Increase/(Decrease) in Finished Goods |
24.985 |
(8.765) |
(0.563) |
|
|
Salaries, Wages, Bonus, etc. |
9.120 |
9.212 |
8.581 |
|
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Managerial Remuneration |
1.611 |
1.590 |
1.253 |
|
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Payment to Auditors |
0.250 |
0.257 |
0.200 |
|
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Interest |
2.555 |
0.000 |
0.076 |
|
|
Insurance Expenses |
0.383 |
0.175 |
0.272 |
|
|
Power & Fuel |
18.893 |
18.584 |
15.526 |
|
|
Depreciation & Amortization |
12.850 |
10.910 |
12.251 |
|
|
Other Expenditure |
66.633 |
90.534 |
79.547 |
|
Total Expenditure |
424.383 |
403.884 |
380.317 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.02
|
3.02 |
(0.04) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.03
|
4.94 |
(4.51) |
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.79
|
7.77 |
(6.74) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.16 |
(0.14) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.98
|
1.04 |
1.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.96
|
1.81 |
1.61 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Name of the company |
SUNDEK INDIA LIMITED |
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Presented By |
Senior Manager,
Bank of Baroda, Usmanpura Branch, Usmanpura, Ahmedabad – 380 013. |
|
1) Date and description of instrument creating the change |
Hypothecation of
Moveable Machinery dated 26th of June, 1987 executed by Sunrays
Laminates Private Limited (Company) in favour of Bank of Baroda (Bank). |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.5.012 millions |
|
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 |
All the moveable
machinery including stocks and spare parts both present and future at
Company’s factory premises, godowns at Village Rajpur, Taluka Kadi, District
Mehsana or elsewhere or in transit. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
·
All the securities
described in column No.3 hereinabove are charged and hypothecated to the Bank
for due repayment and discharge by the company to the Bank of its Term Loan
(under Normal Refinance of IDBI) of Rs.5.012 millions plus interest and
charges. ·
The Company
shall pay interest at rate of 12.5% per annum. ·
The company
will repay the said loan in 20 quarterly instalments of Rs.0.251 millions
each commencing after 12 months from the date of first disbursement. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda Usmanpura Branch, Ashram Road, Ahmedabad – 380 013, Gujarat, India |
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6) Date and brief description of instrument modifying the charge |
Extension of
Hypothecation of Book-debts – Sundek India – Manufacturing Division dated 26th
day of June, 1987 executed by Sunrays Laminates Private Limited (Company) in
favour of Bank of Baroda (Bank) for Rs.12.212 millions |
|
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. |
·
Term Loan of
Rs.5.012 millions secured over securities described in column No.3 hereinabove vide hypothecation of Moveable
Machinery dated 26th June, 1987 shall now also be secured over the
securities of all the book-debts of Sundek India – Manufacturing Division of
the company in respect of supplies made to Government Departments, bodies,
limited companies, firm, person or corporation etc., present and future, by
the aforesaid Extension of Hypothecation of Book-debts Manufacturing Division
dated 26th day of June, 1987. ·
Save and
except as aforesaid all the terms and conditions of the aforesaid
Hypothecation of Moveable Machinery dated 26th day of June, 1987
sahll remain operative and intact. |
|
Corporate
identity number of the company |
U20299GJ1983PLC005945 |
|
Name of the
company |
SUNDEK INDIA LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
204, Lalita Complex, Rasala Marg, Navrangpura, Ahmedabad – 380 009,
Gujarat, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Book debts ·
Movable
property (not being pledge) ·
Others |
|
Particular of
charge holder |
Bank of Baroda Usmanpura Branch, Ashram Road, Ahmedabad – 380 013, Gujarat, India |
|
Nature of
instrument creating charge |
Supplemental
Composite Instrument of Hypothecation of Goods, Book-Debts, Movable Machinery
and Vehicles dated 07.09.2007 |
|
Date of
instrument Creating the charge |
07.09.2007 |
|
Amount secured by
the charge |
Rs.90.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest 1.
Cash Credit Rs.35.000
millions : @ BPLR i.e.at present 12.50% p.a.with monthly rests 2.
FBP/FCBP/FBD/FCBD
Rs.1.000 million as per RBI / Bank’s / FEDAI guidelines issued from time to
time 3.
Inland /
Import letter of credit Rs.40.000 millions: commission as per Bank’s schedule
of service charges / FEDAI rates 4.
Inland Bank
Guarantee Rs.5.000 millions: commission 2% p.a. for performance guarantees
and 3% p.a. for financial guarantees, minimum commission for 6 months as per
Bank’s schedule of service charge ·
Terms of
repayment 1.
Cash Credit
Rs.35.000 millions: 12 months 2.
FBP/FCBP/FBD/FCBD
Rs.10.000 millions: 12 months 3.
Inland /
Import letter of credit Rs.40.000 millions : 12 months 4.
Inland Bank
Guarantee Rs.5.000 millions : 12 months ·
Margin 25% on stock 50% on Book Debts 10% on FOB value 15% by way of fixed deposits ·
Extent and
operation of the charge The charge was created by Hypothecation of Movable Machineries,
Hypothecation of Book Debts and Hypothecation of Goods all dated 26.06.1987
for Rs.12.212 millions securing movable properties. Thereafter, the charge
was modified on 04.1.1989: 10.06.1898; 03.11.1990; 08.07.1991; 15.12.1994 and
lastly on 23.02.2004 securing aggregates facilities Rs.80.000 millions. ·
Others Now, the charge was modified on 07.09.2007 increasing cash credit from
Rs.25.000 millions to Rs.35.000 millions and other facilities remain same
making aggregate facilities from Rs.80.000 millions to Rs.90.000 millions |
|
Particulars of
the property charged |
Hypothecation of all
movbable machineries, stock, spares at factory premises godown at Village
Rajpur. All stock of raw material, work in process, finished goods, stores
and packing material both present and future at Company’s godowns, factories
premises at Village Rajpur, Taluka – Kadi, Dist-Mehsana or elsewhere or in
transit. All book debta against the supply bills, raw material present and
future of the Company in its manufacturing division. |
|
Particulars of
the present modification |
The charge has
increased its aggregate facilities from Rs.80.000 millions to Rs.90.000
millions as under: Cash Credit
increased from Rs.25.000 millions to Rs.35.000 millions FBP/FCBP/FCBD
Rs.10.000 millions Inland/Import
letter of credit Rs.40.000 millions Inland Bank
Guarantee Rs.5.000 millions |
Web Details
They are the manufacturer and exporter of HPL-High Pressure Decorative
Laminated sheets from India - The Promoters of the Company have experience of
more than 30 years in this field and have set up and managed several HPL
factories in India. The turnover is approximately US $ 6.5 million per annum.
Manufacturing
The Plant is located about 500 kms. North
West of Mumbai ( Bombay ).It makes transportation of their products fast and convenient.
They have sophisticated machinery to give quality laminates.
Product :
High Pressure Decorative Melamine Plastic
Laminated Sheets.
Size :
2440 x 1220 mm
Thickness :
0.5 mm to 13 mm
Grade :
Standard, Post Formable, Fire Retardant,
Compact, Electrical Insulation Grade, Anti Static, Counter Top, Marker, Chalk
Board, Colour Core, Sandwich.
Quality :
Tested As per British European Standard BS
EN 438
Range :
Solid Colours, Wood Grains, Abstracts and
Natural Stone , Silverene and Metallic Designs
Finishes :
Sudede (SF), Satinmatt (SM), Silky Matt
(SK), Higloss (HG), Satinmatt (SM), Suede (SF), Wood Touch (WT), Silky Matt
(SK), Oak (OK), Diamond (DD), Paraline (PL), Leather (LR), Fabrik (FK).
Diamond(DD), Stone Touch(ST), Veneer Touch'e (VN)
Mission Statement
Subject philosophy and strength can be
described in just one Line "Consistent Good Quality Laminates with
Innovative Designs and Grades."
Works and Plants
The Plant is located about 500 kms. North West of Mumbai and is spread over
a vast land of 53000 Sq.Mts. It is equipped with most modern manufacturing
facilities and they have a capacity of about 150,000 sheets of 8 ft x 4 ft size
per month. The Plant employs about 200 people.
Well - trained and highly experienced team of production personnel runs
the plant with tremendous stress on quality control and research and
development. Strict quality control of the raw materials, online testing and
pre-shipment inspections of final product are done as per international
standards. All this enables us to deliver consistently good quality of
laminates in time to all the customers.
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.42.67 |
|
UK Pound |
1 |
Rs.80.92 |
|
Euro |
1 |
Rs.63.71 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|