MIRA INFORM REPORT
|
Report Date : |
17.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
SURAJ FILAMENTS PRIVATE LIMITED |
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Registered Office : |
Block No. 171, Behind Siddhi Gas, Mamsa, Bhavnagar – 364 001, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.04.1997 |
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Com. Reg. No.: |
04-32147 |
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CIN No.: [Company
Identification No.] |
U72200GJ1997PTC032147 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of High Tenacity Polypropylene
Multifilament Yarn. |
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 100000 |
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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 having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Nagin Makwana |
|
Designation : |
Chief Executive Officer |
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Contact No.: |
91-9825094923 |
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Date : |
11.06.2008 |
LOCATIONS
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Registered Office / Factory : |
Block No. 171, Behind Siddhi Gas Mamsa, Bhavnagar – 364 001, Gujarat,
India |
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Tel. No.: |
91-278-2438266 / 2438113 / 2438128 |
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Mobile No.: |
91-9825094923 |
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Fax No.: |
91-278-2438280 |
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E-Mail : |
info@surajfilaments.com |
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Website : |
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Area : |
10000 Sq. ft. |
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Location : |
Owned |
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Branch Office : |
Dr. Ambedkar Circle, Nari Road, Bhavnagar – 364 006, Gujarat, India |
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Tel. No.: |
91-278-2883431 |
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Fax No.: |
91-278-2883244 |
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E-Mail : |
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Corporate Office : |
U/L 24, Pattni Plaza, Devubaug Road, Bhavnagar – 364 002, Gujarat,
India |
DIRECTORS
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Name : |
Mr. Yogeshbhai Devjibhai Makwana |
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Designation : |
Director |
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Address : |
Kumbharwada Circle, Nari road, Bhavnagar – 364 006, Gujarat, India |
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Date of Birth/Age : |
31 Years |
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Qualification : |
MBA |
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Date of Appointment : |
15.01.04 |
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Name : |
Mr. Pareshbhai Saubhagychand Mehta |
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Designation : |
Director |
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Address : |
625/F Deri Road, Krishnanagar, Bhavnagar – 364 002, Gujarat, India |
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Date of Birth/Age : |
41 Years |
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Qualification : |
M. Com |
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Date of Appointment : |
25.02.2004 |
KEY EXECUTIVES
|
Name : |
Pramod S Shah and Associates |
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Designation : |
Company Secretary |
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Address : |
3/11, Kotak Kunj, 36 Chowpatty Road, 9 Near Bhartiya Vidya Bhawan, Mumbai
– 400 007, Maharashtra, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Valijbhai Premjibhai Makwana |
15991 |
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D P Makwana |
9 |
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Devjibhai P. Makwana |
4000 |
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Ghanshyam N. Makwana |
5000 |
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N V Makwana |
2000 |
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G D Makwana |
2000 |
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Ms. Jayaben N. Makwana |
2000 |
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V P Makwana |
2000 |
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Ms. Varshaben G Makwana |
2000 |
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Nanji L. Parmar |
2000 |
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A V Makwana |
2000 |
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D P Makwana, HUF |
2000 |
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Natwarlal P. Makwana, HUF |
2000 |
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Nandlal P. Makwana, HUF |
2000 |
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Yogesh D. Makwana |
2000 |
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Ms. Maniben N. Makwana |
2000 |
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D V Makwana |
2000 |
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V J Chavda |
3000 |
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K N Makwana |
2000 |
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D P Makwana, HUF |
2000 |
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Ms. Siruben J Chavda |
2000 |
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Girdhar Dharamshibhai |
2000 |
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Dhirubhai Rupabhai |
2000 |
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Karsanbhai Arjanbhai |
2000 |
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Ms. Champaben D Makwana |
2000 |
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Ms. Puriben P Makwana |
2000 |
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Trambak D. Makwana |
70000 |
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Others |
5000 |
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Total |
145000 |
Equity share breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of High Tenacity Polypropylene
Multifilament Yarn. |
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Products : |
·
High Tenacity Yarn ·
High Tenacity Twine ·
Webbing ·
Crimp Yarn ·
Low Tenacity Yarn |
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Exports : |
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Countries : |
Many African Countries |
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Imports : |
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Countries : |
Korea |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C – T/T (Telegraphic Transfer) |
GENERAL
INFORMATION
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Customers : |
All types of Customers |
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No. of Employees : |
60 |
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Bankers : |
·
HDFC Bank ·
IDBI Bank ·
Bank of India ·
Bank of Baroda Shastrinagar Branch, Bhavnagar – 364 001,
Gujarat, India ·
UCO Bank Darbargadh Branch, Darbargadh, Near Clock
Tower, Bhavnagar – 364 001, Gujarat, India |
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Banking
Relations : |
Sastisfactory |
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Auditors : |
V.M. Shah and Company Chartered Accountants 103, Radha Apartment, Waghawadi Road, Bhavnagar – 364 001, Gujarat,
India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 millions |
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Total |
|
Rs. 20.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
145000 |
Equity Shares |
Rs. 100/-
each |
Rs. 14.500
millions |
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Total |
|
Rs. 14.500 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
14.500 |
14.500 |
14.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
11.804 |
7.905 |
2.056 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
26.304 |
22.405 |
16.556 |
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|
LOAN FUNDS |
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1] Secured Loans |
1.974 |
0.356 |
3.376 |
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2] Unsecured Loans |
3.146 |
2.992 |
6.422 |
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TOTAL BORROWING |
5.120 |
3.348 |
9.798 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
31.424 |
25.753 |
26.354 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.280 |
5.952 |
7.017 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.431 |
0.301 |
0.090 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
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Inventories |
5.646
|
1.530 |
4.149 |
|
|
Sundry Debtors |
19.771
|
18.792 |
11.809 |
|
|
Cash & Bank Balances |
0.538
|
1.299 |
1.753 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
13.030
|
10.898 |
8.317 |
|
Total
Current Assets |
38.985
|
32.519 |
26.028 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
6.991
|
7.242 |
4.786 |
|
|
Provisions |
8.281
|
5.781 |
2.003 |
|
Total
Current Liabilities |
15.272
|
13.023 |
6.789 |
|
|
Net Current Assets |
23.713
|
19.496 |
19.239 |
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.004 |
0.008 |
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TOTAL |
31.424 |
25.753 |
26.354 |
|
PROFIT & LOSS
ACCOUNT
|
|
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
118.134 |
92.106 |
|
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Other Income |
|
0.000 |
2.243 |
|
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Total Income |
|
118.134 |
94.349 |
|
|
|
|
|
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|
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Profit/(Loss) Before Tax |
|
6.299 |
9.442 |
|
|
Provision for Taxation |
|
2.372 |
3.568 |
|
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Profit/(Loss) After Tax |
|
3.927 |
5.874 |
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|
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Expenditures : |
|
|
|
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|
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Depreciation & Amortization |
|
1.727 |
1.730 |
|
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Other Expenditure |
|
110.108 |
83.177 |
|
Total Expenditure |
|
111.835 |
84.907 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.32 |
6.23 |
- |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
5.33 |
10.25 |
- |
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.62 |
24.54 |
- |
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.42 |
- |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.78 |
0.73 |
1.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.55 |
2.50 |
3.83 |
LOCAL AGENCY
FURTHER INFORMATION
Trade
References :
·
IFFCO
·
RCF
Form No. 8
|
Name of the company |
SURAJ FILAMENTS PRIVATE LIMITED |
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Presented By |
Mr. Y D Makwana |
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1) Date and description of instrument creating the change |
Deed of Hypothecation
dated 21.06.2004 and other ancillary agreements. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 4.000
millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All inventory
likes stocks, work in process, stores and spares, book debts, other current
assets present as well as future and entire block of plant and machinery and
other fixed assets. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Charge to secure
working capital facility of Rs. 4.000 millions having breakup of L. C. of Rs.
1.000 millions and C. C. of Rs. 3.000 millions. ·
Interest
application monthly and the rate will be 13.50% per annum. ·
The
facilities are subject to renewal basis annually. ·
The margin
will be as under : 25% in case of stocks and 50% in case of book debts. ·
L.C.
margin will be 25% |
|
5) Name and Address and description of the person entitled to the charge. |
UCO Bank Darbargadh Branch, Darbargadh, Near Clock Tower, Bhavnagar – 364 001,
Gujarat, India |
|
6) Date and brief description of instrument modifying the charge |
The supplmentary Deed
of Hypo. Dtd. 19.07.2005 |
|
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. |
Increases in L.
C. facility from Rs. 1.000 million to Rs. 4.000 millions and new Bank
Guarantee for Rs. 1.000 millions. Margin 25% in the form of Bank’s FDR. |
|
Corporate
identity number of the company |
U72200GJ1997PTC032147 |
|
Name of the
company |
SURAJ FILAMENTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Block No. 171, Behind Siddhi Gas, Mamsa, Bhavnagar – 364 001, Gujarat |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Book debts ·
Movable property
(not being pledge) |
|
Particular of
charge holder |
UCO Bank Darbargadh Branch, Darbargadh, Near Clock Tower, Bhavnagar – 364 001,
Gujarat, India |
|
Nature of
instrument creating charge |
·
Deed of Hypothecation
of Movable Plant and Machinery to secure A Term Loan ·
Hypothecation
of goods to secure a demand Cash Credit. ·
Hypothecation
and Book Debts to secure Demand Cash Credit ·
Bank
Guarantee Letter |
|
Date of
instrument Creating the charge |
20.07.2007 |
|
Amount secured by
the charge |
Rs. 8.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest Subject to Bank Norms ·
Terms of
repayment Within One Year the date of sanction ·
Margin 25% on Stock, 50% on Book Debts, 25% Bank’s FDR ·
Extent and
operation of the charge Full extent over plant and machineries, book debts and over all
present and future movable properties of the company. |
|
Particulars of
the property charged |
The whole of the
Borrower’s tangible movable property viz., raw materials, stock in process,
and stock in trade, plant and machinery, equipments, furnitures and fixtures,
implements, and appliances. Book debts both present and future. Hypothecation
of entire raw materials, work in process, finished goods, spares and parts,
and consumable stores stored at factory’s premises and kept at various sites
or elsewhere. |
|
Particulars of
the present modification |
Securuties described
in Col. No. 14 cover the principal charge 1) C.C. Limit of Rs. 3.000 millions
2) L.C. Inland Limit Rs. 4.000 millions 3) L.C. Foreign Rs. 1.000 million
which in now modified and Bank has extend the charge over Raw Materials such
as Nylon threads, Twine and Stiching threads and modified the Limits as
follows:- ·
Cash Credit
against Hypo Stocks – Rs. 3.000 millions ·
Cash Credit
against Hypo Book Debts – Rs. 3.000 millions ·
Bank
Guarantee – Rs. 2.000 millions. |
Company Profile
The Company, since its inception
in 1997 has come to occupy an enviable position in the domestic as well as
international market with its range of products that are known for their
variety of shades, constructions, strength and durability.
With an installed capacity of 6000 Mt per year we are one of the largest
manufacturer of PP Multifilament yarn in India. They are one of the few
companies in India who has marked its presence in both FDY and POY industry.
They have state of art European production technology for our FDY products and
Japanese technology for POY products.
They have grown to be a force to reckon with within the Industrial Textile
industry. They are continuously diversifying to meet new challenges and reach
new horizons. At SFPL we serve the need of diverse industries.
The company, since its establishment has been steadily following a policy of
regular up gradation of its technology. This has been achieved through
development of innovative and quality products. Their core mission is to provide
world class quality value products to our clients at affordable prices &
deliver customer delight.
“Sujlon” is the registered trademark of our company’s product and it represents
quality PP Multifilament Yarn. Sujlon is the most preferred brand across the
Indian and Global market catering to widest range of Industries and
Applications. THeir persistent commitment to quality, well equipped
manufacturing facilities and understanding our customer needs have propelled
their growth as a leading manufacturer of PP multifilament yarn and other
related products.
Clients
The quality of their products & the timely delivery of services have won us
a laudable market presence. The list of our satisfied clients transcended
boundaries. Their products have found acceptance at both the domestic &
international markets.
Our Products
High Tenacity Yarn
They produce High Tenacity Polypropylene
Multi Filament Yarn under the brand name of SUJLON with State of Art
production technology from Europe with a denier range from 100D to 5000D and a
tenacity range of 6 to 7 gpd for various industrial applications.
They produce both flat and twisted yarn with a twist range of 50 TPM up to 300
TPM in both S and Z direction.
Our yarn is used
for following applications:
1) Filter and Industrial fabric,
2) Geo Fabrics,
3) HDPE & PP woven Sack mouth and bottom closing
4) Sewing Thread for FIBC (Fully integrated Bulk Container),
5) Shoe Stitching ,
6) PVC Hose Pipe Reinforcement,
7) High tenacity slings.
8) Tapes or narrow woven fabrics for school and luggage bags.
High Tenacity Twine
They are manufacturing all types of two and multiple plied twine
commonly used as Stitching and Sewing Threads for sealing bags in sugar,
rice and fertilizers industry. Apart from these applications their product is
also used for manufacturing fishing nets. They produce the twine with below
mentioned construction:
a) 210*3*2
b) 210*4*2
c) 500*2
d) 600*2
e) 700*2
f) 840*2
g) 1000*2
h) 840*3
i) 840*2*3
j) 840*3*3
Webbing
As part of our strategy towards downward integration they have started
manufacturing PP narrow woven fabric. They market our webbing under the brand
name of “Surya”. Their webbing is used for manufacturing soft luggage,
traveling/school bags. They also produce high tenacity webbing used in jumbo
bags. They produce webbing with size ranging from 10 mm up to 75mm.
Crimp Yarn
SFPL is manufactures Polypropylene Multifilament Crimp yarns in
different shades and deniers, the range being Deniers from 65 to 210. They can also supply Crimp Yarn in different
shades depending customer requirement and specifications. They also supply PP
HE (High Elongation yarn) our yarn is used in manufacturing of elastic tape and
in garment industry.
Low Tenacity Yarn
SFPL also specializes in manufacturing low tenacity colour yarn.
Their range of products includes both flat (FDY) and twisted yarn in wide range
of shades shade card. They produce yarn with round as well as trilobal cross
section filaments. Denier range includes 210 to 1000. Their products are mainly
used in braided dori, narrow woven fabric, mallai dori, and hosiery industry.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.92 |
|
UK Pound |
1 |
Rs.84.48 |
|
Euro |
1 |
Rs.66.66 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|