MIRA
INFORM REPORT
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Report Date : |
24.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUNRISE AUTOCOMP PRIVATE LIMITED |
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Registered Office : |
47, Bunglow Road, Kamla Nagar, New Delhi – 110007 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
18.03.2004 |
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Com. Reg. No.: |
55-125271 |
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CIN No.: [Company
Identification No.] |
U34300DL2004PTC125271 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS20731E DELS23082D |
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Legal Form : |
Private limited Liability Company |
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Line of Business : |
Manufacturer of Adhesive Tapes. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 6408 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small company having moderate track records. Payments are
slow but correct. Scale of operation is small. Management remained non-cooperative during current investigation. The company can be considered for small to mediocre business dealings
on safe and secured trade terms and conditions. |
LOCATIONS
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Registered Office : |
47, Bunglow Road, Kamla Nagar, New Delhi – 110007, India |
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Mobile No.: |
91-95350041511 |
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E-Mail : |
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Head Office : |
121, Sector 7, IMT Manesar, Gurgaon, Haryana, India |
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Tel. No.: |
91-124-3953290 |
DIRECTORS
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Name : |
Mr. Gaurav Kumar Kothari |
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Designation : |
Director |
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Address : |
47, Bunglow Road, Kamla Nagar, New Delhi – 110007, India |
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Date of Birth/Age : |
10.05.1981 |
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Date of Appointment : |
18.03.2004 |
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Name : |
Mr. Kanak Mal Kothari |
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Designation : |
Director |
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Address : |
47, Bunglow Road, Kamla Nagar, New Delhi – 110007, India |
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Date of Birth/Age : |
13.08.1947 |
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Date of Appointment : |
18.03.2004 |
KEY EXECUTIVES
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Name : |
Jain Viney and Associates |
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Designation : |
Company Secretary |
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Address : |
208, A-212 C, Tirupati Plaza, Street No.1, Shakarpur, Delhi – 110092,
India |
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Tel No.: |
91-11-43016625 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
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No. of Shares |
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Mr. Gaurav Kumar Kothari |
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75000 |
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Mr. Kothari Mal Kanak |
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75000 |
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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 directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Adhesive Tapes. |
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Products : |
Products
Description Item Code
No Adhesive Tapes 481121 |
GENERAL
INFORMATION
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No. of Employees : |
10 |
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Bankers : |
· Oriental Bank of
Commerce Limited H-15, Connought Curcis, New Delhi – 110001, India · ICICI Bank
Limited |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
M Garg and Company (Mr.
Mahender Garg) Chartered Accountant |
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Address : |
24-A, SFS DDA Flats, Motiakhan, New Delhi – 110055, India |
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Tel No.: |
91-11-23522714/ 23522715 |
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Fax No.: |
91-11-43503600 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs.10/- each |
Rs.1.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs.10/- each |
Rs.1.500 Millions |
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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 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.102 |
0.042 |
0.022 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.602 |
0.142 |
0.122 |
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LOAN FUNDS |
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1] Secured Loans |
0.698 |
0.703 |
0.000 |
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2] Unsecured Loans |
3.052 |
3.518 |
1.492 |
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TOTAL BORROWING |
3.750 |
4.221 |
1.492 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5.352 |
4.363 |
1.614 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.109 |
1.252 |
0.491 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.155 |
0.102 |
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DEFERREX TAX ASSETS |
0.045 |
0.022 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.954
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1.531 |
0.446 |
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Sundry Debtors |
1.451
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1.245 |
0.392 |
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Cash & Bank Balances |
0.066
|
0.101 |
0.167 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1.053
|
0.308 |
0.085 |
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Total
Current Assets |
4.524
|
3.185 |
1.090 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.256
|
0.196 |
0.086 |
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Provisions |
0.099
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0.070 |
0.003 |
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Total
Current Liabilities |
0.355
|
0.266 |
0.089 |
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Net Current Assets |
4.169
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2.919 |
1.001 |
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MISCELLANEOUS EXPENSES |
0.029 |
0.015 |
0.020 |
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TOTAL |
5.352 |
4.363 |
1.614 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
11.647 |
8.636 |
2.155 |
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Other Income |
0.040 |
0.022 |
0.002 |
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Total Income |
11.687 |
8.658 |
2.157 |
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Profit/(Loss) Before Tax |
0.149 |
0.058 |
0.036 |
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Provision for Taxation |
0.089 |
0.038 |
0.013 |
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Profit/(Loss) After Tax |
0.060 |
0.020 |
0.023 |
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Import Value |
2.617 |
2.023 |
NA |
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Expenditures : |
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Raw Material Consumed |
1.215 |
3.119 |
0.413 |
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Purchases made for re-sale |
7.120 |
2.797 |
1.353 |
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Salaries, Wages, Bonus, etc. |
1.260 |
0.455 |
0.018 |
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Managerial Remuneration |
0.014 |
0.000 |
0.000 |
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Payment to Auditors |
0.000 |
0.026 |
0.011 |
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Interest |
0.000 |
0.477 |
0.037 |
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Insurance Expenses |
1.000 |
0.002 |
0.000 |
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Power & Fuel |
0.592 |
0.000 |
0.000 |
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Other Expenditure |
0.297 |
1.724 |
0.289 |
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Total Expenditure |
11.498 |
8.600 |
2.121 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.51
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0.23 |
1.07 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.28
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0.67 |
1.67 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.64
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1.31 |
2.28 |
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Return on Investment (ROI) (PBT/Networth) |
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0.09
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0.41 |
0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.56
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31.60 |
12.96 |
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Current Ratio (Current Asset/Current Liability) |
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12.74
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11.97 |
12.25 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporate
identity number (CIN) Foreign company registration number |
U34300DL2004PTC125271 |
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Name of the
Company |
SUNRISE AUTOCOMP PRIVATE LIMITED |
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Address |
47, Bunglow Road, Kamla Nagar, New Delhi – 110007, India |
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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) |
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Particulars of
the charge holder |
Oriental Bank of Commerce Limited H-15, Connought Curcis, New Delhi – 110001, India CIN :U99999DL1901PTC002036 |
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Nature or description
of the instrument(s) creating or modifying the charge |
Agreement of
Hypothecation of Assets |
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Date of the
instrument creating or modifying the charge |
28.11.2006 |
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Amount secured by
the charge |
Rs.3.700 Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: Rate of Interests
@1.25% (Bank Spread) below PLR (Present PLR of the Bank is 11.50%) which
works out at 10.25% monthly rests. Subject to Charges in PLR/Spread announced
by the Bank and subject to change by RBI from time to time. Penal Interests
@2% p.a. over and above the rate on overdraw portion shall be applicable. Terms of
Repayment: On Demand Margin: Cash Credit
Hypothecation 25% Letter of Credit
25% in the shape of unencumbered FDR/CDRs. Extent and
operation of the charge: Hypothecation of
Stock of raw materials, Stock-in-process, finished goods, stock and spares
and receivables. For LC : ·
Document of
title deeds to goods in case of L/C of DP basis ·
Hypothecation
charges over the goods in case of L/C on DA basis (Documents to be
delivered against Trust Receipts in case of L/C on DA basis) |
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Short particulars
of the property charged (including location of the property) |
Hypothecation of Stock
of raw materials, Stock-in-process, finished goods, stock and spares and
receivables. For LC : ·
Document of
title deeds to goods in case of L/C of DP basis ·
Hypothecation
charges over the goods in case of L/C on DA basis (Documents to be
delivered against Trust Receipts in case of L/C on DA basis) |
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Particular of the
present modification |
NA |
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.42.84 |
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UK Pound |
1 |
Rs.84.78 |
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Euro |
1 |
Rs.67.32 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
1 |
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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 |
|
25 |
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 |
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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 |
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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 |
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