MIRA
INFORM REPORT
|
Report Date : |
18.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SURANA VENTURES LIMITED |
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Registered Office : |
2nd Floor, Surya Towers, S P Road, Secunderabad – 500 003,
Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.11.2006 |
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Com. Reg. No.: |
51566 |
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CIN No.: [Company
Identification No.] |
U45200AP2006PLC051566 |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacturer of Photovoltaic
Cells and Modules |
RATING &
COMMENTS
|
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 2000 |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Surana Group whose main object is to promote
industry and business in the group. The company has not done significant business, yet but talking with various
overseas companies for new ventures. Nothing adverse reported. The company can be considered for any normal business dealings merits. |
LOCATIONS
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Registered Office : |
2nd Floor, Surya Towers, S P Road, Secunderabad – 500 003, Andhra
Pradesh, India |
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Tel. No.: |
91-40-27845119, 27845046, 27841198 |
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Fax No.: |
91-40-27848851, 27818868 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Devendra Surana |
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Designation : |
Director |
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Address : |
21, P and T Colony, Trimulgherry, Secunderabad – 500 009, Andhra
Pradesh, India |
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Date of Birth/Age : |
08.02.1965 |
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Date of Appointment : |
08.11.2006 |
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Name : |
Mr. Manish Surana |
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Designation : |
Director |
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Address : |
21, P and T Colony, Hyderabad – 500 009, Andhra Pradesh, India |
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Date of Birth/Age : |
08.08.1986 |
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Date of Appointment : |
08.11.2006 |
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Name : |
Mr. Balasubramanian Swaminathan |
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Designation : |
Director |
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Address : |
2-2-18/18/4/45/C/1, Indraprashtha Colony, Bagh Amberpet, Hyderabad –
500 013, Andhra Pradesh, India |
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Date of Birth/Age : |
14.07.1953 |
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Date of Appointment : |
08.11.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 14.10.2006)
|
Names of Shareholders |
No. of Shares |
|
Mangilal Surana |
8333 |
|
Narender Surana |
8333 |
|
Devendra Surana |
8333 |
|
Sunita Surana |
8330 |
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Namrata Surana |
8330 |
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Manish Surana |
8331 |
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S. Balasubramanian |
10 |
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Total |
50000 |
List of Allottees
|
Names of Shareholders |
No. of Shares |
|
Bhagyanagar India Limited |
400000 |
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Surana Telecom and Power Limited |
400000 |
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Narender Surana |
29161 |
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Devendra Surana |
79170 |
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Manish Surana |
41669 |
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Total |
950000 |
List of Allottees
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Bhagyanagar India Limited |
1400000 |
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Surana Telecom and Power Limited |
1400000 |
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Narender Surana |
175000 |
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Devendra Surana |
350000 |
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Manish Surana |
175000 |
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Total |
3500000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
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Directors or relatives of Director |
99.98 |
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Other top fifty (50) shareholdera |
0.02 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Photovoltaic
Cells and Modules |
GENERAL
INFORMATION
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Bankers : |
Not Divulged |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
Sekhar and Company Chartered Accountants |
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Address : |
133/4, Rashtrapathi Road, Secunderabad – 500 003, Andhra Pradesh,
India |
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Group Companies : |
·
Bhagyangar India Limited CIN No.: L27201AP1991PLC012449 ·
Surana Telecom Limited CIN No. : L23209AP1989PLC010336 ·
Bhagyangar Entertainment Limited CIN No.: U92141AP2003PLC040294 ·
Innova Technologies Limited CIN No.: U72200AP2005PLC046329 ·
Bhagyangar Telecom Limited CIN No.: U64203AP2005PLC045838 |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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|
0.500 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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(0.029) |
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NETWORTH |
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0.471 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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0.471 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.014 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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|
0.117 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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|
0.500 |
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Total
Current Assets |
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0.617 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.302 |
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Provisions |
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|
0.000 |
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Total
Current Liabilities |
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|
0.302 |
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Net Current Assets |
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0.315 |
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MISCELLANEOUS EXPENSES |
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|
0.142 |
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TOTAL |
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0.471 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
|
31.03.2007 |
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Sales Turnover |
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0.000 |
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Other Income |
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0.000 |
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Total Income |
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0.000 |
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Profit/(Loss) Before Tax |
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(0.043) |
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Provision for Taxation |
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0.014 |
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Profit/(Loss) After Tax |
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(0.057) |
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Payment to Auditors |
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0.004 |
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Other Expenditure |
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0.039 |
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Total Expenditure |
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0.043 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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PAT / Total Income |
(%) |
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0.000 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.000 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(6.97) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.09) |
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Debt Equity Ratio (Total Liability/Networth) |
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0.64 |
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Current Ratio (Current Asset/Current Liability) |
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2.04 |
LOCAL AGENCY
FURTHER INFORMATION
Web Details
Surana Group is completely
customer-oriented. Since inception, the contracts have been designed to help
them work in harmony with the clients and their teams.
Every time they have come up with a new idea, they are assured it can't
be done. Out of sheer faith in themselves they ignore them. Then they
systematically demolish every obstacle one after another, until they attain the
goal. This determination no matter how difficult the challenge, has powered our
every move over the last two decades.
The vision has always been to create a highly competent, global business
where the best people are happy to work.
Surana Group was founded in 1978 with an objective of offering the
entire range of Telecom hardware and software.
Surana
Telecom Limited was incorporated as a Private Limited Company in 1989 in the
name of Surana Petro Products Private Limited and subsequently converted into a
Public Limited Company with the name of Surana Telecom Limited
. The company that commenced its commercial operations in 1990 with a single
product and has grown into a Multi-product company.
To
achieve the main objective, Surana Telecom Limited had proliferated into
manufacturing of Optical Fiber, Optical Fiber Cables, Polyethylene insulated
jelly filled cables, jointing kits, CDMA handheld phones in association with
world giants like LG Electronics, Huawei and now Haier. Surana Telecom Ltd. is
also venturing out into new areas of operations such as Broad Band DLC, Soft
Switch, handheld GSM and CDMA phones and Telecom Billing Solutions.
In
the present highly competitive scenario of Telecom products, Surana Telecom Ltd
is performing well in serving the needs of its customers. The company has
expanded its activities at its plant at GOA for manufacture of Jelly Filled
Cables, Optical Fiber Cables, Jointing Kits under Diversification and Backward
Integration Plan.
The
major customers for Surana Telecom Limited are Bharat Sanchar Nigam Ltd
(formerly Department Of Telecommunication) and Mahanagar Telephone Nigam
Limited. The company is also supplying its products to Railways, Defence and
other Public/Private Sector organizations.
Keeping
in view the market demand, the company proposes to set up a unit for
manufacturing of handsets for Wire in Local Loop phones as a part of its
diversification strategy. The company is also diversifying in a major way into
Testing and Measuring Equipment business.
Bhagyanagar India Limited also a part of Surana Group was
incorporated in 1985. Over the years the company has expanded its activities by
acquisition, merger, diversification etc. Since inception the company has
ventured into manufacture of range of copper products such as – Copper Coils,
Strips, Sheets, Flat pipes apart from PIJF Cables of various sizes,
Polyethylene Compound and Auto annealing components, which are supplied to the
reputed Automobile companies like Maruti, Hyundai, Telco, Ashok Leyland,
Mahindra etc. In order to catch up the boom in Cellular Phones, the company has
further diversified into the field of offering CDMA Phones and Fixed Wireless
Phones. The company has also diversified into setting up of IT Parks to meet
the increasing demand of the IT sector.
Both the companies are accredited with ISO Certification from American
Quality Assessors.
For
the year 2004-2005, Surana Telecom Ltd., expects to achieve a sales turnover of
Rs.1500 millions as against Rs.410 millions last year and BHAGYANAGAR INDIA
LIMITED., expects to achieve Rs.2000 millions as against Rs.930 millions of
previous year.
The
ultimate objective of the Group is to serve the customers with a better quality
product at a competitive price and with timely delivery schedules. Surana Group
is at the service of the Public as well as the Nation by supplying telecom
products for the communication network spread over the length and breadth of
the Country. Surana Group is not just complacent with whatever achievements it
has made, but always endeavors to put forth its concrete efforts towards
diversification, backward integration, innovation and research and development.
Surana Ventures
Business Objectives
Become a dominant global player in the market with over 0.5 GW of Solar
PV products and services
·
100 MW of wafer plant
·
300 Mw of Crystalline PV products and services over ten years
·
200 MW of Thin Film products and services over ten years
·
Continuously improve margins
·
Continuous process of backward integration to reduce cost of inputs
·
Continuously enhance quality and
operational efficiency
·
Strive to be closer to the end user
·
Have better control on sources of raw material supply
Overall Mission : Making quality Solar PV solutions affordable
Surana Ventures
Business Strategy
Enter high growth PV market in proven Crystalline Silicon Technology
·
Start Module manufacturing immediately to generate cash flow
·
Add Cell manufacturing to capture additional margin
·
Invest in ancillary businesses to assure quality
Adopt a quick ramp-up strategy to become a major player in the business.
Add thin film product line with collaboration from Applied Materials USA
/ Jusung Corporation, South Korea
Demonstrate technology leadership by investing in R and D to improve
efficiencies and manufacturability
Implement Wafer Manufacturing and Systems Integration
Summery
Solar PV is demonstrating phenomenal CAGR with conservative estimates
around 35%
Subject’s strategic objective is to be a dominant global player in
crystalline PV as well as thin film PV products and
Subject proven and dynamic management team has the global experience in
key technologies and markets
Subject is executing to plan with speed and agility and is on track to
realizing its objectives
Subject offers a great opportunity to potential investors
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.42.82 |
|
UK Pound |
1 |
Rs.80.01 |
|
Euro |
1 |
Rs.63.83 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
- |
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--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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 |
|