MIRA
INFORM REPORT
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Report Date : |
30.12.2008 |
IDENTIFICATION DETAILS
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Name : |
SUNDEK INDIA LIMITED |
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Formerly Known As : |
Sunrays Laminates Private Limited |
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Registered Office : |
204, Lalita Complex, Rasala Marg, Navrangpura, Ahmedabad – 380 009, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
02.03.1983 |
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Com. Reg. No.: |
04-005945 |
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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
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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 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. |
INFORMATION PARTED BY
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Name : |
Mr. Rathi |
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Designation : |
Accounts Manager |
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Date : |
29.12.2008 |
LOCATIONS
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Registered Office : |
204, Lalita Complex, Rasala Marg, Navrangpura, Ahmedabad – 380 009, |
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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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Area : |
2000 Sq.fts |
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Location : |
Owned |
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Factory : |
1421, Village Rajpur, |
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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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Area : |
36000 Sq.yards |
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E-Mail : |
chennai@sundekintl.com
(Chennai) mumbai@sundekintl.com
(Mumbai) nagpur@sundekintl.com ( pune@sundekintl.com (Pune) ahmedabad@sundekintl.com
(Ahmedabad) kolkata@sundekintl.com
(Kolkata) delhi@sundekintl.com ( bangalore@sundekintl.com
( cochin@sundekintl.com ( |
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Network Areas : |
Mumbai :
91-22-55768010 / 8020/ 8040/ 8050, 9324582580 Pune :91-20-6431525, 6451535, 9371024980 Vijaywada : 91-866-2576441,
2570583, 9346253034 Ahmedabad : 91-79-26442962, 26440207,
9376122004 Chennai
: 91-44-26691691/2/3/4,
26691688, 938328312 Hisar
: 91-1662-238315,
9354310635 Kolkota
: 91-33-30905193, 31046348, 22208733 |
Notes:
Subject have closed down all office which were
at
DIRECTORS
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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, |
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Date of Birth/Age : |
08.11.1961 |
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Qualification : |
B.Com |
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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 Cum Chairman |
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Address : |
9, Pratima Society, Navrangpura, Ahmedabad – 380 009, |
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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, |
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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, |
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Date of Birth/Age : |
08.02.1945 |
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Qualification : |
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Date of Appointment : |
03.02.1987 |
KEY EXECUTIVES
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Name : |
Mr. Rathi |
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Designation : |
Accounts Manager |
SHAREHOLDING PATTERN
Equity shares Breakup (percentage of total equity)
(As on 30.09.2008)
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Category |
Percentage |
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Directors or relatives of Director |
78.77 |
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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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Exports : |
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Countries : |
Arab Countries like |
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Imports : |
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Products : |
Waste Paper Chemical |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Customers : |
· Reliance · BNP · Godrej ·
Bayer · Haldiram ·
· Tata · GNFC · Mafatlal · Sony India Limited · Wipro · NEPC ·
· Indian Rayon · Birla · Hotel Maurya · LIC · ABN amro ·
Bank of · Omega Elevators · Zee Group · Standard Chartered Bank · ICICI Bank · J and K Bank · Corporation Syndicate · Ashok Leylands · HDFC Bank · Punjab National Bank · L and T · NELCO · Karur Vysya Bank · Canara Bank |
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No. of Employees : |
250 |
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Bankers : |
·
Bank of · Kotak Mahindra Bank · HDFC Bank Limited · ICICI Bank Limited ·
State bank of · IDBI Bank ·
Bank of |
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Rs.
In Millions |
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Facilities: |
(Secured by hypothecation of existing and future movable machineries and further secured by extention of charger of hypothecation of stock and book debts.) From others :
Rs. In Millions
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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, |
CAPITAL STRUCTURE
(As on 31.03.2008)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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200010 |
Equity Shares |
Rs.100/- each |
Rs.20.001
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
20.001 |
20.001 |
20.001 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
119.705 |
118.602 |
109.752 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
139.706 |
138.603 |
129.753 |
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LOAN FUNDS |
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1] Secured Loans |
16.722 |
22.094 |
17.126 |
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2] Unsecured Loans |
0.438 |
0.479 |
0.474 |
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TOTAL BORROWING |
17.160 |
22.573 |
17.600 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.413 |
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TOTAL |
156.866 |
161.176 |
147.766 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
49.593 |
50.990 |
52.008 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.073 |
0.073 |
0.073 |
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DEFERREX TAX ASSETS |
3.328 |
0.445 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
148.462
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151.083
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119.640 |
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Sundry Debtors |
37.324
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41.526
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44.532 |
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Cash & Bank Balances |
13.956
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9.202
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39.636 |
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Other Current Assets |
0.000
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0.000
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0.000 |
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Loans & Advances |
24.814
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21.779
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9.688 |
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Total
Current Assets |
224.556
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223.590
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213.496 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
106.057
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97.777
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109.576 |
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Provisions |
14.627
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16.145
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8.235 |
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Total
Current Liabilities |
120.684
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113.922
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117.811 |
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Net Current Assets |
103.872
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109.668
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95.685 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
156.866 |
161.176 |
147.766 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
409.386 |
433.682 |
417.627 |
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Other Income |
5.006 |
3.858 |
6.894 |
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Total Income |
414.392 |
437.540 |
424.521 |
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Profit/(Loss) Before Tax |
4.822 |
13.157 |
20.637 |
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Provision for Taxation |
1.886 |
4.306 |
7.799 |
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Profit/(Loss) After Tax |
2.936 |
8.851 |
12.838 |
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Export Value |
22.129 |
20.855 |
32.023 |
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Expenditures : |
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Raw Material Consumed |
263.125 |
281.872 |
278.142 |
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Purchases made for re-sale |
6.452 |
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Consumption of stores and spares parts |
4.707 |
5.231 |
3.245 |
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Increase/(Decrease) in Finished Goods |
0.828 |
24.985 |
(8.765) |
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Salaries, Wages, Bonus, etc. |
14.058 |
9.120 |
9.212 |
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Managerial Remuneration |
1.800 |
1.611 |
1.590 |
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Payment to Auditors |
0.271 |
0.250 |
0.257 |
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Interest |
1.210 |
2.555 |
0.000 |
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Insurance Expenses |
0.229 |
0.383 |
0.175 |
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Power & Fuel |
20.613 |
18.893 |
18.584 |
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Depreciation & Amortization |
16.108 |
12.850 |
10.910 |
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Other Expenditure |
80.169 |
66.633 |
90.534 |
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Total Expenditure |
409.570 |
424.383 |
403.884 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
0.71
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2.02
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3.02 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.18
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3.03
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4.94 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.74
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4.79
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7.77 |
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Return on Investment (ROI) (PBT/Networth) |
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0.03
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0.09
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0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.99
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0.98
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1.04 |
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Current Ratio (Current Asset/Current Liability) |
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1.86
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1.96
|
1.81 |
LOCAL AGENCY FURTHER INFORMATION
Performance:-
During the year, the turnover and other income was Rs. 414.390 millions
compared to Rs. 416.685 millions in the previous year. Exports have registered
at Rs. 22.128 millions as compared to
Rs. 20.855 millions in the previous year. The total expenditure incurred is Rs.
392.633 millions compared to Rs. 415.662 millions in the corresponding year
2006-07 resulting into Gross Profit before depreciation and taxation of
Rs. 20.930 millions compared to Rs.
26.070 millions and Net profit after taxation of Rs. 2.936 millions compared to Rs. 8.851 millions in
corresponding financial year 2006-07.
During the financial year, there had been a number of external factors
adversely affecting the performance and profitability of the company i.e.
1)
Increase in raw material cost particularly
chemicals like phenol, Methanol, formaldehyde and Melamine due to rising
crude oil prices.
2)
Increase in unfavorable exchange rates of US %$ and
Euro
3)
Increase in both inward and outward freight costs
due to high fuel prices. The company ability to neutralize cost increase and
improve margins together with purchasing efficiencies, improvement in
manufacturing yield / usage purchasing control helped in sustaining the
profitability.
The company is carrying out its expansion and modernization project at
factory site, the project envisages modernization, expansion and manufacturing
of allied products at existing plant and the
installed capacity of producing decorative laminates in bigger size and
add new capacity for prelam boards. All
these steps will result into higher sales realization, bigger market share,
more customer acceptance which will finally improve profitability in the coming
years. The company will become major supplier of CEM in line with other companies in such field. With these expansion and modernization the
brand name “sundek” which has excellent reputation in national and
international market will bring significant prospects in coming years.
FIXED ASSETS:-
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· Factory Road
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· Plant and Machinery
· Electric Installation
· Computer
· Furniture and Fixtures
· Vehicles
· Laboratory
· Loose Tools
· Capital Work in progress
Form 8
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Corporate
identity number of the company |
U20299GJ1983PLC005945 |
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Name of the
company |
SUNDEK INDIA
LIMITED |
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Address of the
registered office or of the principal place of business in |
204, Lalita Complex, Rasala Marg, Navrangpura, Ahmedabad – 380 009, |
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This form is for |
Creation of
charge |
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Type of charge |
· Book debts · Movable property (not being pledge) · Others |
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Particular of
charge holder |
Bank of E-Mail: usmanp@bankofbaroda.com |
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Nature of
instrument creating charge |
Hypothecation
agreement dated 17.04.2008 |
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Date of instrument
Creating the charge |
17.04.2008 |
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Amount secured by
the charge |
Rs. 30.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest: Interest : 1%
below BPLR i.e. 11.75% +1% additional interest i.e. 12.75% p.a with monthly
rests Term of
Repayment: Repayment of
Adhoc limit of Rs. 30.000 millions for period of 3 month Margin: Stock : 25% Book debts 50% Extent and
Operation of charge The charge is for
period of 3 month adhoc limit for
Rs. 30 millions |
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Short particulars
of the property charged (Including location of the property) |
Hypothecation of
stock such as raw material, craft paper, tissue paper, formaldehyde, phenol,
melamine urea, caustic soda, HEL acid and other chemicals required for the
process, stock in progress, finished goods i.e. laminated sheets, packing
materials etc. and hypothecation book debts, movable plant and machinery
relating to the company works at factory at 1421, Rajpur, Taluka – kadi,
Kalol Mehsana Highway, north Gujarat and outside branches and goods in
transit. |
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Corporate
identity number of the company |
U20299GJ1983PLC005945 |
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Name of the
company |
SUNDEK INDIA LIMITED |
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Address of the registered
office or of the principal place of
business in |
204, Lalita Complex, Rasala Marg, Navrangpura, Ahmedabad – 380 009, |
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This form is for |
Modification of
charge |
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Type of charge |
·
Book
debts ·
Movable
property (not being pledge) ·
Others |
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Particular of
charge holder |
Bank of Usmanpura Branch, |
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Nature of
instrument creating charge |
Supplemental Composite
Instrument of Hypothecation of Goods, Book-Debts, Movable Machinery and
Vehicles dated 07.09.2007 |
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Date of
instrument Creating the charge |
07.09.2007 |
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Amount secured by
the charge |
Rs.90.000
millions |
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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 movable 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 debts 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
Manufacturing
The Plant is located about 500 kms. North
West of Mumbai (
Awards and Credentials
They have acclaimed
The Top Exporter Award on National Level and many Export Awards from State
Government of Gujarat as well. Furniture Industries Research Association of UK (FIRA)
has tested and confirmed that Sundek Laminate conforms to British European
standard BS EN 438
The stringent quality control maintained by subject has led to a reputation
other laminates can only envy. In
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 them 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,
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.48.76 |
|
|
1 |
Rs.71.68 |
|
Euro |
1 |
Rs.69.17 |
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 |
|