MIRA
INFORM REPORT
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Report Date : |
26.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
SURETECH INFRASTRUCTURE PRIVATE LIMITED |
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Formerly Known As : |
SURETECH MARKETING PRIVATE LIMITED |
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Registered Office : |
103 A, Rajkamal Heightd, Dr. S. S. Road, Rajkamal Studio Compound,
Parel East, Mumbai – 400012, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.11.1990 |
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Com. Reg. No.: |
11-59049 |
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CIN No.: [Company
Identification No.] |
U59049MH1990PTC059049 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Direct Sales and Services of Engineering Equipment |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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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 20000 |
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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 distributor of engineering equipment.
Financial position is satisfactory. Trade relations are fair. Payment are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mrs. Neelam |
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Designation : |
Accountant Executive |
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Date : |
20.08.2008 |
LOCATIONS
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Registered Office : |
103 A, Rajkamal Heightd, Dr. S. S. Road, Rajkamal Studio Compound,
Parel East, Mumbai – 400012, Maharashtra, India |
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E-Mail : |
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Website : |
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Corporate Office : |
48, Jawahar Industrial Estate, Panvel, Navi Mumbai – 400209,
Maharashtra, India |
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Tel. No.: |
91-22-27424888/ 27423633 |
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Mobile No.: |
91-9380180080 (Chennai Branch)/ 91-9350104503 (Delhi Branch) |
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Fax No.: |
91-22-27424685 |
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E-Mail : |
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Website : |
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Area : |
2500 sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Sunil Pallu Newatia |
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Designation : |
Managing Director |
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Address : |
28A, Madhuban Apartments, Worli Sea Face, Worli, Mumbai – 400018,
Maharashtra, India |
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Date of Birth/Age : |
28.12.1968 |
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Date of Appointment : |
10.11.2002 |
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Mobile : |
91-9819689901 |
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Email : |
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Name : |
Mr. Surjeet Mukherjee |
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Designation : |
Managing Director |
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Mobile : |
91-9820064023 |
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Email : |
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Name : |
Mr. Kantham Ramkumar |
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Designation : |
Director – Operations |
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Address : |
Flat No.302, 3rd Floor, Prabhu Niwas Plot No.51, Sector 4A,
Kopar Khairne, Navi Mumbai – 400709, Maharashtra, India |
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Date of Birth/Age : |
15.05.1965 |
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Date of Appointment : |
25.10.2007 |
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Mobile : |
91-9820379661 |
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Email : |
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Name : |
Mr. Nandkishore S. Newatia |
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Designation : |
Director |
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Address : |
28A, Madhuban Apartments, Worli Sea Face, Worli, Mumbai – 400018,
Maharashtra, India |
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Date of Birth/Age : |
10.05.1965 |
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Date of Appointment : |
28.11.1990 |
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Name : |
Mr. Tarunkumar Mukharjee |
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Designation : |
Director |
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Address : |
38, Milan, 16Pali Road, Bandra, Mumbai – 400050, Maharashtra, India |
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Date of Birth/Age : |
10.10.1961 |
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Date of Appointment : |
15.02.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 06.10.2005)
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Names of Shareholders |
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No. of Shares |
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Ayush Sunil Newatia |
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1000 |
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N. K. Newatia |
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15000 |
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Pallu Sunil Newatia |
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500 |
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Sharda Newatia |
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10000 |
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Sunil N. Newatia (HUF) |
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2500 |
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Sunil N. Newatia (SC) |
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30000 |
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Surjit T. Mukherjee (SC) |
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74000 |
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Collien A Gonsalves (SC) |
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17000 |
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Total |
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150000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of director |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Direct Sales and Services of Engineering Equipment |
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Products : |
Engineering Equipment |
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Imports : |
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Countries : |
Nederland |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
L/C and Credit |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
30 |
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Bankers : |
HDFC Bank Housesenapati Bapat
Marg, Lower Parel West. Mumbai – 400013, Maharashtra, India
Worli,
Mumbai, Maharashtra, India |
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Facilities : |
Over Draft Rs.1.500 Millions will 90 upto Rs.5.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vinod G. Rana and Company Chartered Accountant |
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Address : |
52, 1st Khattar Gali, Room No.47, 1st Floor,
Amarwadi Back Building C, Mumbai – 400004, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs.10/- each |
Rs.1.500
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.500 |
1.500 |
1.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.582 |
1.955 |
1.576 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4.082 |
3.455 |
3.076 |
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LOAN FUNDS |
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1] Secured Loans |
0.898 |
0.400 |
0.000 |
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2] Unsecured Loans |
1.400 |
0.400 |
1.838 |
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TOTAL BORROWING |
2.298 |
0.800 |
1.838 |
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DEFERRED TAX LIABILITIES |
0.192 |
0.195 |
0.190 |
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TOTAL |
6.572 |
4.450 |
5.104 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.253 |
4.371 |
1.740 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.006 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3.028
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2.512 |
3.045 |
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Sundry Debtors |
1.008
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3.549 |
1.948 |
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Cash & Bank Balances |
0.380
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0.738 |
0.817 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1.606
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0.466 |
0.262 |
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Total
Current Assets |
6.022
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7.265 |
6.072 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
8.083
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6.844 |
2.643 |
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Provisions |
0.620
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0.342 |
0.071 |
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Total
Current Liabilities |
8.703
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7.186 |
2.714 |
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Net Current Assets |
(2.681)
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0.079 |
3.358 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
6.572 |
4.450 |
5.104 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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24.878 |
16.555 |
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Profit/(Loss) Before Tax |
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0.901 |
0.655 |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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0.901 |
0.655 |
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Expenditures : |
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Interest |
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0.173 |
0.062 |
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Depreciation & Amortization |
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0.777 |
0.036 |
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Other Expenditure |
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23.026 |
15.802 |
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Total Expenditure |
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23.976 |
15.900 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
PAT / Total Income
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(%) |
3.62 |
3.96 |
NA |
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Net Profit Margin
(PBT/Sales)
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(%) |
3.62 |
3.96 |
NA |
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Return on Total Assets
(PBT/Total Assets}
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(%) |
5.90 |
5.63 |
NA |
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Return on Investment (ROI)
(PBT/Networth)
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0.22 |
0.19 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.70
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2.31 |
1.48 |
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Current Ratio (Current Asset/Current Liability) |
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0.69
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1.01 |
2.24 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered Office of the company has been shifted from 28A, Madhuban
Apartments, Worli Sea Face, Worli, Mumbai – 400018, Maharashtra, India to the
present address w.e.f. 01.3.2008
Trade Reference:
- S. C. Thakar
and Brother, Panvel
- Nareendra
Gaikwad, Raighad
Form 8: Bankers
Charges Report as per Registry
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Name of the company |
SURETECH MARKETING PRIVATE LIMITED |
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Presented By |
Jointly Company and Charge holder |
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1) Date and description of instrument creating the change |
Agreement of
Hypothecation of goods dated 10.11.1998 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.400 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 |
All stock of raw
materials, semi finished goods, finished goods, stores and spares, packing
materials used for manufacturing now being or hereafter in course of transit
to any godown, jath or other place of storages at Mumbai or other place
whatsoever and wherever in the possession or occupation of the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Security is given
in respect cash credit Interests @
16.58% p.a. or as fixed by the bank from time to time Margin @ 25% Security to cover
principal amount together with interests discount, commission, costs, charge
etc. |
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5) Name and Address and description of the person entitled to the charge. |
Dena Bank Worli,
Mumbai, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
Website Details:
Profile:
Subject was
incorporated in 1990 to offer specialised Infrastructure construction and foundation
engineering equipment to the Building and Construction industry, throughout the
Indian Sub-Continent. They are a 100% Indian owned company, managed by
professional engineering and qualified personnel, with extensive experience in
the construction industry. Besides, marketing and sales of equipment, they
possess a rental fleet and competent backup support services.
They are one of the
leading distributors of Construction Equipment in India. Their activities include
sales, service and parts of new equipment, equipment reconditioning, dealing in
used equipment and equipment rentals.
Their diversified
areas of operation include:
- Piling,
foundation and ground improvement solutions
- Road
construction and maintenance solutions.
- Infrastructural
construction solutions.
They are proud to be
distributors for the following overseas equipment manufacturers:
- The
International Construction Equipment BV:Hydraulic vibratory hammers and
extractors, and diesel impact hammers.
- IHC Hydrohammers
and IHC Fundex BV: Hydraulic impact hammers for marine and offshore
applications and Integrated piling rigs
- BSP
International Foundations, UK: Hydraulic Impact hammers and Rapid Impact
Compactors
- Kobelco
Construction Equipment India: Hydraulic Excavators
- Atlas Copco
India: Drilling Solutions, Compressors, Demolition attachments
- Dynapac: Road
building equipment, Light Compaction & Concrete machinery
- Aska India:
Portable lighting towers
Their corporate
office is located in Navi Mumbai and they have branch offices at Nasik and Goa.
They also have representative offices at Ahmedabad, Delhi, Chennai and Kolkata,
manned by competent sales and service teams
All equipment offered
by is through their dealerships of:
Foundation Equipment
Other Infrastructural equipment
- Atlas Copco
India Limited
- Dynapac India
- Kobelco
Construction Equipment India Private Limited
- Aska Equipment
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.44.07 |
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UK Pound |
1 |
Rs.81.26 |
|
Euro |
1 |
Rs.64.71 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
|
49 |
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 |
|