MIRA
INFORM REPORT
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Report Date : |
03.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUMATEX LIMITED |
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Registered Office : |
H-81, RIICO Extension, Pur Road, Bhilwara – 311 001, Rajasthan |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.01.1998 |
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Com. Reg. No.: |
014593 |
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CIN No.: [Company
Identification No.] |
U29262RJ1998PLC014593 |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Manufactures and Exporters of selvedge design machines, pattern
maker machines, textile weaving machine, jacquard design, weaving machines
etc. |
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 160000 |
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Status : |
Satisfactory |
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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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Dinesh Kudal |
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Designation : |
Excise Officer |
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Contact No.: |
91-9352110778 |
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Date : |
12.05.2008 |
LOCATIONS
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Registered Office : |
H-81, RIICO Extension, Pur Road, Bhilwara – 311 001, Rajasthan, India |
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Tel. No.: |
91-1482-260693 / 260296 / 260496 / 320750 |
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Fax No.: |
91-1482-260575 |
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E-Mail : |
sumatex.sanjeev@gmail.com |
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Website : |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Sudeep Malu |
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Designation : |
Director |
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Address : |
A-19, R. K. Colony, Bhilwara – 311 001, Rajasthan, India |
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Date of Birth/Age : |
21.08.1961 |
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Qualification : |
Graduate |
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Date of Appointment : |
23.01.1998 |
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Name : |
Mrs. Supriya Malu |
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Designation : |
Director |
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Address : |
A-19, R. K. Colony, Bhilwara – 311 001, Rajasthan, India |
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Date of Birth/Age : |
06.08.1964 |
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Date of Appointment : |
23.01.1998 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Sudeep Malu |
167840 |
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Supriya Malu |
42160 |
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M/s Sudeep Malu HUF |
105500 |
Equity share breakup (percentage of total equity)
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As on 30.09.2007 |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufactures and Exporters of selvedge design machines,
pattern maker machines, textile weaving machine, jacquard design, weaving
machines etc. |
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Products : |
·
Computerized Pattern
Makers (selvedges NAME WRITER) used by the we making patterns, designs erc.
on fabric selsvedged
·
Accumulators for weft
insertion ·
Software for
development of designs for dobbies / full width furnishing fab pattern
makers for name, fabric selvedge bands ·
Full Width
Electronic Jacqards in variants of 672,1344 2688 or 5376 hooks
users |
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Imports : |
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Products : |
Raw Material |
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Countries : |
China |
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Terms : |
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Selling : |
Credit – 30 days |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
125 |
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Bankers : |
·
Bank of Baroda SSI Branch, Pur Road, Bhilwara – 311 001,
Rajasthan, India ·
ICICI Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
R C Somani Chartered Accountant 190, Kashipuri, Bhilwara – 311 001, Rajasthan, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 million |
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Total |
|
Rs. 5.000
million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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430000 |
Equity Shares |
Rs. 10/-
each |
Rs. 4.300
million |
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Total |
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Rs. 4.300 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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4.300 |
3.300 |
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2] Share Application Money |
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4.850 |
7.500 |
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3] Reserves & Surplus |
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23.747 |
11.513 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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32.897 |
22.313 |
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LOAN FUNDS |
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1] Secured Loans |
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15.733 |
6.131 |
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2] Unsecured Loans |
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6.996 |
4.783 |
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TOTAL BORROWING |
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22.729 |
10.914 |
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DEFERRED TAX LIABILITIES |
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1.784 |
1.392 |
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TOTAL |
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57.410 |
34.619 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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30.539 |
22.417 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.013 |
0.013 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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13.828 |
2.060 |
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Sundry Debtors |
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27.935 |
19.358 |
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Cash & Bank Balances |
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4.115 |
8.197 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
5.609 |
4.445 |
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Total
Current Assets |
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51.487 |
34.060 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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24.631 |
21.874 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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24.631 |
21.874 |
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Net Current Assets |
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26.856 |
12.186 |
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MISCELLANEOUS EXPENSES |
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0.002 |
0.003 |
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TOTAL |
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57.410 |
34.619 |
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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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136.630 |
75.781 |
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Other Income |
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0.909 |
0.152 |
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Total Income |
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137.539 |
75.933 |
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Profit/(Loss) Before Tax |
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5.616 |
3.052 |
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Provision for Taxation |
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1.892 |
1.009 |
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Profit/(Loss) After Tax |
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3.724 |
2.043 |
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Expenditures : |
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Financial Charges |
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2.374 |
0.980 |
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Increase/(Decrease) in Finished Goods |
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(1.462) |
(0.938) |
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Preliminary Expenses |
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0.001 |
0.001 |
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Depreciation & Amortization |
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2.419 |
1.601 |
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Other Expenditure |
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128.591 |
71.237 |
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Total Expenditure |
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131.923 |
72.881 |
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Financial 2008 – Rs. 140.000 million
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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2.71 |
2.69 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.11 |
4.03 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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6.85 |
5.40 |
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Return on Investment (ROI) (PBT/Networth) |
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0.17 |
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.44 |
1.47 |
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Current Ratio (Current Asset/Current Liability) |
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2.09 |
1.56 |
LOCAL AGENCY
FURTHER INFORMATION
Trade
References
·
Reliance Industries
·
OCM Limited
·
Kanchan Wool Tex
Form
No. 8
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Name of the company |
SUMATEX LIMITED |
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Presented By |
Shree Sudeep Malu
– Director |
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1) Date and description of instrument creating the change |
·
Hypothecation
Agreement dated 09.05.05 ·
Memorandum
of entry dated 09.05.05 |
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2) Amount secured by the charge/amount owing on the securities of charge |
·
Aggregate
Credit Limit of Rs. 14.500 millions includes ·
Cash Credit
limits Rs. 7.500 millions ·
Letter of
Credit Rs. 7.000 millions (sight/60 days unnco) |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
·
Hypothecation
of Goods Book Debts and Movable machineries ·
Equitable
mortgage of factory Land and Building situated at Plot No. 79, 80, 81 RIICO
Extension, Pur Road, Bhilwara |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Cash Credit 25% on stocks 50% on Book Debts Letter of Credit 25% Cash (FDR) Margin on Sight L/C 30% Cash (FDR) Margin on Usance L/C
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda SSI Branch,
Mill Chauraha, Gandhinagar Pur Road,
Bhilwara 311 001 |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
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Corporate
identity number (CIN) Foreign company registration number |
U29262RJ1998PLC014593 |
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Name of the Company
|
SUMATEX LIMITED |
|
Address |
H-81, RIICO Extension, Pur Road, Bhilwara – 311 001, Rajasthan, India |
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This form is for |
Creation of
charge |
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Type of Charge |
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Particulars of
the charge holder |
Bank of Baroda SSI Branch Pur Road,
Bhilwara – 311 001, Rajasthan, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
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Amount secured by
the charge |
Rs. 13.000
millions |
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Brief of the
principal terms and conditions |
Rate of Interest Interest on the term
Loan @ BPLR i.e. at present 13.25% p.a. with monthly rests Terms of
repayment Repayable in 20
Quarterly installment Rs. 0.650 millions each commencing from 01.07.2008.
Interest will be payable as and when due. Margin Margin on movable
machinery -25.71% Extent and
operation of the charge The charge will
be on first charge basis on entire current and fixed Assets of the company
for term loan of Rs. 13.000 millions Others The above
facility includes a sub limit of one time ILC (sight) of Rs. 14.716 millions |
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Description of
the property charged indicating |
First charge over
fixed assets comprising of plant and machinery, etc. and Equitable Mortgage
of Factory Land and Building Situated At Plot No. F-77 A, H-79-80, E-1-81 A
RIICO, Ext. Pur Road, Bhilwara Extension of
first charge over entire current assets of the company comprising raw
material, work in progress, finished goods, consumable etc and book debts. |
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.42.24 |
|
UK Pound |
1 |
Rs.83.26 |
|
Euro |
1 |
Rs.65.58 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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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 |
|