MIRA
INFORM REPORT
|
Report Date : |
11.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SUCHARITA PRECISION GEARS PRIVATE LIMITED |
|
|
|
|
Formerly Name : |
SUCHIRITA ENGINEERING INDUSTRIES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
E-68, Industrial Estate, Sidco, Coimbatore 641021, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
23.03.1988 |
|
|
|
|
Com. Reg. No.: |
181-002139 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74210TZ1988PTC002139 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CMBS05997F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCS9187R |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Gear and Gear Boxes
|
RATING &
COMMENTS
|
MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 12000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are fair. Payments are records as slow but correct. However, the company can be considered normal for business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Karthik |
|
Designation : |
Accountant Manager |
|
Date : |
01.09.2008 |
LOCATIONS
|
Registered Office/Factory |
E-68, Industrial Estate, Sidco, Coimbatore 641021, Tamilnadu |
|
Tel. No.: |
91-422-2672390/2670108 |
|
Mobile No.: |
91-9443059245 |
|
Fax No.: |
91-422-2672038 |
|
E-Mail : |
|
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Sudesh Koti Reddy |
|
Designation : |
Director |
|
Address : |
No. 15, Circuit House Road, Coimbatore 641018, Tamilnadu |
|
Date of Birth/Age : |
29.08.1962 |
|
Qualification : |
MBA |
|
Experience : |
25 Years |
|
Date of Appointment : |
28.03.1988 |
|
|
|
|
Name : |
Mr. Swarna Koti Reddy |
|
Designation : |
Director |
|
Address : |
No. 15, Circuit House Road, Coimbatore 641018, Tamilnadu |
|
Date of Birth/Age : |
06.09.1965 |
|
Qualification : |
BSC |
|
Experience : |
20 Years |
|
Date of Appointment : |
20.03.1988 |
|
|
|
|
Name : |
Mr. Jayachandra Koti Reddy |
|
Designation : |
Director |
|
Address : |
810, Road No. 23 Jubilee Hills, Hyderabad 500034, Andhra Pradesh |
|
Date of Birth/Age : |
11.03.1930 |
|
Date of Appointment : |
25.11.2004 |
KEY EXECUTIVES
|
Name : |
Mr. T V Krishnamurthi |
|
Designation : |
Company Secretary |
|
Address : |
27, Kalingaroyan Street, Coimbatore 641009, Tamilnadu |
|
Tel. No.: |
91-44-2231442 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Sudesh Koti Reddy |
|
500 |
|
Mr. Swarna Koti Reddy |
|
9500 |
|
Mr. Jayachandra Koti Reddy |
|
9000 |
AS ON 31.03.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Gear and Gear Boxes
|
|
|
|
|
Products : |
v Rugged Gear
Boxes v Spur Gears v Metalon, Nylon,
Derlin Gears v Helical Gears v Worm Gears and
shafts v Hylem Gears v Shaved and
Ground Gears v Industrial Gears v Chain Wheels |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30 days) |
|
|
|
|
Purchasing : |
Credit (30 to 45 days) |
GENERAL
INFORMATION
|
No. of Employees : |
65 |
|
|
|
|
Bankers : |
v State Bank of
India, Small Enterprises Crediy, Kurinji Complex, Coimbatore 641018,
Tamilnadu v HDFC Bank v ABN Amro Bank v Citi Bank |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Ganesh Prasad Chartered Accountant |
|
Address : |
198- E, Raju Naidu Road, 1st Floor, Sivanandha Colony,
Coimbatore 641012, Tamilnadu |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
19000 |
Equity Shares |
Rs. 100/- Each |
Rs. 1.900
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
19000 |
Equity Shares |
Rs. 10/- Each |
Rs. 1.900
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.900 |
1.900 |
1.900 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.677 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
(1.158) |
(1.246) |
|
|
NETWORTH |
2.577 |
0.742 |
0.654 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7.512 |
5.256 |
4.704 |
|
|
2] Unsecured Loans |
3.743 |
2.021 |
2.320 |
|
|
TOTAL BORROWING |
11.255 |
7.277 |
7.024 |
|
|
DEFERRED TAX LIABILITIES |
0.060 |
0.805 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
13.892 |
8.824 |
7.678 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
9.805 |
5.925 |
4.837 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1.353
|
1.474 |
0.782 |
|
|
Sundry Debtors |
9.033
|
2.902 |
2.447 |
|
|
Cash & Bank Balances |
0.161
|
0.276 |
0.265 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.598
|
1.535 |
1.553 |
|
Total
Current Assets |
14.145
|
6.187 |
5.047 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
9.298
|
3.003 |
1.971 |
|
|
Provisions |
0.760
|
0.285 |
0.235 |
|
Total
Current Liabilities |
10.058
|
3.288 |
2.206 |
|
|
Net Current Assets |
4.087
|
2.899 |
2.841 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
13.892 |
8.824 |
7.678 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
38.557 |
15.885 |
11.962 |
|
|
Total Income |
38.557 |
15.885 |
11.962 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
1.560 |
1.016 |
1.079 |
|
|
Provision for Taxation |
0.755 |
0.285 |
0.413 |
|
|
Profit/(Loss) After Tax |
0.805 |
0.731 |
0.666 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Financial Charges |
0.764 |
0.638 |
0.294 |
|
|
Depreciation & Amortization |
1.057 |
0.671 |
0.399 |
|
|
Other Expenditure |
35.176 |
13.560 |
10.190 |
|
Total Expenditure |
36.997 |
14.869 |
10.883 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.08
|
4.60 |
5.56 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.04
|
6.39 |
9.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.51
|
8.38 |
10.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.60
|
1.36 |
1.64 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
8.27
|
1.36 |
1.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.40
|
1.88 |
2.28 |
LOCAL AGENCY
FURTHER INFORMATION
Trustseal Acceptance
Chart
|
Existence Verification |
|
|
Name |
SUCHARITA PRECISION GEARS PRIVATE LIMITED |
|
Address |
E-68, Industrial Estate, Sidco, Coimbatore 641021, Tamilnadu |
|
Tel. No.: |
91-422-2672390/2670108 |
|
Mobile No.: |
91-9443059245 |
|
Fax No.: |
91-422-2672038 |
|
|
|
|
Statutory Approvals |
|
|
Legal Status of Firm |
Private Limited |
|
Income Tax Registration |
AACCS9187R |
|
Central Sales Tax Registration |
2848900 Date - 5-7-1989 |
|
State Sales Tax Registration |
|
|
Service Tax Registration |
|
|
VAT/ TIN Registration |
33141800480 |
|
Name of Bank |
State Bank of India, Small Enterprises Crediy, Kurinji Complex,
Coimbatore 641018, Tamilnadu |
|
Current Account Number |
10286466447 |
|
Account Since |
2 Years |
|
|
|
|
Trade Affiliations |
|
|
SSI Registration |
331223180 Dt. 18.09.1992 |
Form 8
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
90001495 |
|
Corporate
identity number of the company |
U74210TZ1988PTC002139 |
|
Name of the
company |
SUCHARITA PRECISION GEARS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
E-68, Industrial Estate, Sidco, Coimbatore 641021, Tamilnadu |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
State Bank of India, Small Enterprises Crediy, Kurinji Complex,
Coimbatore 641018, Tamilnadu |
|
Nature of
description of the instrument creating or modifying the charge |
Increase in Cash credit
and term loan |
|
Date of
instrument Creating the charge |
18.01.2008 |
|
Amount secured by
the charge |
Rs. 9.042
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
14.25% Terms of
Repayment 58 Monthly instalments commencing from April 2008 Margin 25% Extent and
Operation of the charge - The charge
has been modified from Rs. 6.500 Million to Rs. 9.042 Millions with effect
from 18.01.2008 Others Nil |
|
Short particulars
of the property charged |
Land Measuring
1483.13 Sq. mts located at SIDCO, Kuruichi Industrial Estate, E 68,
Pollachi Road, Coimbatore |
|
Date of latest
modification prior to the present modification |
14.08.2003 |
|
Particulars of the
present modification |
An increase of
Rs. 1.500 Millions in Cash Credit from Rs. 3.500 Millions and Term Loan
increase of Rs. 1.878 Millions therefore total Cash Credit Limit increased to
Rs. 5.000 Millions and Term Loan to Rs. 4.042 Millions total limit Rs. 9.042
Millions |
|
Name of the company |
SUCHARITA PRECISION GEARS PRIVATE LIMITED |
|
Presented By |
Mr. Sudesh Koti Reddy |
|
1) Date and description of instrument creating the change |
14.08.2003 General agreement
for the grant of small Industrial Advance and hypothecation Movables, Book
Debts and other assets Dt. 14.08.2003 Agreement for the
Grant of small Industrial Advance dt. 14.08.2003 (Stocks) Agreement for the
Grant of small Industrial Advance dt. 14.08.2003 (Book Debts) Agreement for the
Grant of small Industrial Advance dt. 14.08.2003 (Machinery) Memorandum of
entry for Equitable mortgage by way of deposit of title deeds on 14.08.2003 EM
Entry maintained at SBI Ganapathy Branch on behalf of SBI Kuruchi branch as
an internal arrangement |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit of
Rs. 2.000 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 |
Hypothecation of
stocks of Raw Materials, Semi Finished Goods, Book Debts machineries and
other assets All that plece
and parcel of land and building thereon bearing shed No. E-68, Industrial
Estate, Sidco, Coimbatore 641021, Tamilnadu |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interests @ 2%
over the SBAR with Minimum of 12.25% Margin CC
(Stocks) 25% Margin CC (Book
Debts) 25% |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of India, Small Enterprises Crediy, Kurinji Complex,
Coimbatore 641018, Tamilnadu |
|
6) Date and brief description of instrument modifying the charge |
Equitable Mortage
dt. 02.12.2004 |
|
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. |
The charge on Immovable
property is enhanced to the limit of Rs. 3.500 Millions |
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 Intl
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 companys 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.45.12 |
|
UK Pound |
1 |
Rs.79.60 |
|
Euro |
1 |
Rs.63.83 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
41 |
This score serves as a reference to assess SCs 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 |
|