MIRA
INFORM REPORT
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Report Date : |
27.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUNARK ALUMINIUM INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
588, Sivakasi Virudhunagar Road, Thiruthangal – 626130, Tamilnadu. |
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Country : |
India |
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Date of Incorporation : |
11.09.2007 |
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Financials (as on) : |
31.03.2008 |
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Com. Reg. No.: |
64681 |
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CIN No.: [Company
Identification No.] |
U27203TN2007PTC064681 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter and trader of Unmatched Aluminium Products |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a year old company in its field and in the process of
establishing itself. Trade relations are fair. No further details could be
made available. The company can be considered for any business dealings on safe and
secured terms initially. |
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LOCATIONS
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Registered Office |
588, Sivakasi Virudhunagar Road, Thiruthangal – 626130, Tamilnadu,
India. |
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Factory: |
45 Chairman A Shumugam Road, Sivakasi, Thiruthangal – 626130, Tamil
Nadu, India |
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Tel. No.: |
91-4562-654436 |
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Mobile No.: |
91-9952420184 / 9944699922 |
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Fax No.: |
91-4562-232636 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Poornachandran Sivakumar |
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Designation : |
Director |
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Address : |
45 Chairman A Shumugam Road, Sivakasi, Thiruthangal – 626130, Tamil
Nadu, India |
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Date of Birth/Age : |
22.01.1968 |
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Date of Appointment : |
21.01.2008 |
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Name : |
Mr. P. Suresh |
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Designation : |
Director |
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Address : |
103 – A, South Car Street, Sivakasi, Virudhnagar, Tamilnadu – 626123,
India. |
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Date of Birth: |
22.10.1972 |
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Date of Appointment : |
11.09.2007 |
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Name : |
Mr. P. Sivashunmugam |
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Designation : |
Director |
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Address : |
103 – A, South Car Street, Sivakasi, Virudhnagar, Tamilnadu – 626123,
India. |
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Date of Birth : |
28.08.1965 |
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Date of Appointment : |
21.01.2008 |
KEY EXECUTIVES
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Name : |
Mr. P. Venkatasubramanian |
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Designation : |
Practicing Company Secretary |
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Address : |
65J, J.S.A. Lodge, A.K.S.Theatre Road, Kovilpatti – 628 501. |
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Tel No. : |
91-4632-231936 |
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Mobile No.: |
91-9842210167 |
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Fax No.: |
91-4632-231936 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 18.06.2008
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Names of Shareholders |
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No. of Shares |
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Mr. P. Sivashunmugam |
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600 |
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Mr. P. Sivakumar |
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1200 |
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Mr. P. Suresh |
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1200 |
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Poun Sons Holdings Private Limited |
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685000 |
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Total |
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688000 |
AS ON 31.03.2008
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter and trader of Unmatched Aluminium Products |
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Products : |
·
Lucule Granule- Aluminium Granule ·
Lucule Concrete - Aluminium Concrete Powder ·
Lucule Grit- Aluminium Powder ·
Lucule Fire- Pyro-Technic Aluminium Powder ·
Silver Lucule- Aluminium Paste.
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GENERAL
INFORMATION
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No. of Employees : |
20 |
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Bankers : |
NA |
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Facilities : |
Unsecured Loans
as on 31.03.2008
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Banking
Relations : |
Unknown |
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Memberships : |
· Indo-American Chamber of Commerce, · Chemicals and Allied Products Export Promotion Council (CAPEXIL) · Confederation of Indian Industry (CII) |
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Auditor : |
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Name : |
Mr. A. Sakthivel Chartered Accountant |
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Address : |
93, N.R.K.R. Road, Sivakasi – 626123, Tamil Nadu, India. |
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Holding Company: |
Poun Sons Holdings Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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600000 |
Equity shares |
Rs. 100/- each |
Rs. 60.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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436800 |
Equity shares |
Rs. 100/-
each |
Rs. 43.680
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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25.120 |
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2] Share Application Money |
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0.500 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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(0.008) |
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NETWORTH |
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25.612 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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1.338 |
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TOTAL BORROWING |
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1.338 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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26.950 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.666 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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8.386 |
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Cash & Bank Balances |
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13.752 |
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Other Current Assets |
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0.101 |
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Loans & Advances |
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0.000 |
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Total
Current Assets |
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22.239 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.115 |
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Provisions |
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0.009 |
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Total
Current Liabilities |
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0.124 |
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Net Current Assets |
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22.117 |
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MISCELLANEOUS EXPENSES |
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0.167 |
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TOTAL |
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26.950 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2008 |
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Sales Turnover |
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NA |
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Other Income |
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NA |
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Total Income |
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NA |
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Profit/(Loss) Before Tax |
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NA |
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Provision for Taxation |
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0.008 |
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Profit/(Loss) After Tax |
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(0.008) |
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Total Expenditure |
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NA |
KEY RATIOS
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PARTICULARS |
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31.03.2008 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.05 |
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Current Ratio (Current Asset/Current Liability) |
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179.34 |
LOCAL AGENCY
FURTHER INFORMATION
Directors Report
Project
The company has not
commenced any commercial operations so far. However other activities relating
to the project are in progress and the trial run is expected in the month of
September 2008. The full commercial production is expected to start in October
2008.
Land
The proposed plant
is located at Melamathur Village which is around 16 kilometers from
Virudhunagar and is well connected by State highways and National highways. The
land procurement for the entire plant has been completed.
Civil Works Progress
The civil works is
in progress wherein the construction work is being done by M/S. Modern Builder
Company, Kovilpatti. Orders for machinery have been placed and the Machineries
are expected to arrive at the port shortly.
Financial Position
The company has
expended an amount of Rs.1.319 Millions as pre-operative expenditure.
Fixed Assets
Ø
Land
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Building
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Plant and
machinery
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Lap Equipment
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Furniture and
Fixtures
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Office equipments
Fax and Phone
Xerox
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Vehicles
Two Wheelers
Motor Cars
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Production
Drums
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Computer
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Pre – operative
Expenses
WEBSITE DETAILS:
With a
strong force of technically skilled workers and an outstanding infrastructural
facility, they, at the company, introduce
their selves as a trustworthy manufacturer,
exporter and trader of
unmatched aluminium products. Their product galore includes aluminium granules, aluminium grit/ powder,
pyro-technic aluminium powder and aluminium paste. Their products are
widely used in various industrial sectors such as Steel Industries, Exothermic
Applications, etc. They follow harsh and rigid quality control procedures in
their process in order to ensure flawless production. Their products are
supported by first class sales service and a technical back-up. They are known
for their client oriented approaches and transparent trade practices in the
entire business community. The company has earned a substantial market base in
a very limited span of time. They offer their products under the brand name of
"Lucule". Their company is a proud member of Indo-American
Chamber of Commerce, Chemicals and Allied Products Export Promotion Council
(CAPEXIL) and Confederation of Indian Industry (CII).
Quality
Assurance
Their company
is keenly administered by sound management ethics at every level of its process
that facilitates smooth and flawless production. Every operation at the company
is executed under the strict supervision of trained professionals that hardly
leaves even a small corner for faulty production. Their professionals procure
the best quality of Aluminium Scrap and Foil from the European and Asian
markets. They are committed to provide their reputed customers with products
that are made as per defined specifications and meet their required
criteria with consistency. The finished items are properly inspected by experts
before their packaging, thus ensuring the flow of best products to the market.
Their capability to ensure timely delivery provides us an additional edge over
other players operating in the similar arena. They have employed Laser
Diffraction Practical Size Analyzer in their process.
Client
Satisfaction
Their
endeavours are actually directed towards achieving the highest levels in the
arena of client satisfaction. They provide personalized after sales services to
their clients.
Infrastructure
They are well supported
by an outstanding facility comprising of the latest standardized machines,
innovative workforce and huge storage facilities. Their robust infrastructural
setup has helped us to execute every task smoothly and efficiently. They also
have a full fledged laboratory to conduct various tests on their products.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.85 |
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UK Pound |
1 |
Rs.76.60 |
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Euro |
1 |
Rs.64.68 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
2 |
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--RESERVES |
1~10 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
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14 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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