MIRA
INFORM REPORT
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Report Date : |
24.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SUJA SHOEI INDUSTRIES PRIVATE LIMITED (w.e.f 26.10.2007) |
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Formerly Known As : |
SUJA RUBBER INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
45, Pattamangalm Street Mayiladuthurai, Nagai District, Mayiladuthurai – 609 001, Tamil Nadu |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
29.07.1985 |
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Com. Reg. No.: |
18 - 12078 |
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CIN No.: [Company
Identification No.] |
U25191TN1985PTC012078 |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer of Rubber Components and Rubber Compound |
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 300000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a successful Indo – Japanese Joint Venture. Directors are reported
as experienced, respectable and resourceful businessmen. Their trade
relations are fair. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
45, Pattamangalm Street Mayiladuthurai, Nagai District, Mayiladuthurai – 609 001, Tamil Nadu,
India |
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Tel. No.: |
91-4364-253428 |
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Fax No.: |
91-4364-253488 |
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E-Mail : |
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Website : |
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Corporate Office : |
19/3, Mylam Road, Sedaarpet, Pondicherry – 605 111, Tamil Nadu, India |
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Mangainallur Plant : |
# 5/188, Railway Feeder Road, Mangainallur, Mayiladuthurai – 609 404,
Tamil Nadu, India |
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Tel. No.: |
91-4364-253328 / 253428 |
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Fax No.: |
91-4364-253488 |
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E-Mail : |
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Pondicherry Plant : |
# 19/3, Mailam Road, Sedarapet Pondicherry – 609 111, India |
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Tel. No.: |
91-413-2677993 |
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Fax No.: |
91-413-2677028 |
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E-Mail : |
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Japan Plant : |
158, AZA- Tabehara, Tajima Minamiaizu – Machi, Minamiaizu – Gun,
Fukushima, Prefecture – 967 0004, Japan |
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Tel. No.: |
+81-241-62-0566 |
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E-Mail : |
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Suja- Shoei Plant : |
# 225, Agraharam 52 Villiyanallur, Kuttalam – 609 801, Mayiladuthurai
–TK, India |
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Tel. No.: |
91-4364-295920/235305 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Janakiraman Ganesan |
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Designation : |
Director |
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Address : |
28/A, Nallamangudi Agraharam Nannilam, Block 1 To 3, Nannilam,
Tiruvarur – 610 105, Tamil Nadu, India |
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Date of Birth/Age : |
29.11.1945 |
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Date of Appointment : |
02.02.2001 |
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Name : |
Mr. Torakichi Takahashi |
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Designation : |
Director |
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Address : |
2726-1, Kannonji Tajima Minamiaisumachi, Minamiaizugun, Fukushimakun –
967 0004 |
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Date of Birth/Age : |
16.11.1940 |
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Date of Appointment : |
06.10.2007 |
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Name : |
Mr. Katsuyoshi Hyodo |
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Designation : |
Alternate Director |
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Address : |
3-43-12 Hirohakama, Michidashi, Tokyo 1950056 |
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Date of Birth/Age : |
07.11.1954 |
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Date of Appointment : |
06.10.2007 |
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Name : |
Mr. M S Sudhakaran |
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Designation : |
Director |
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Address : |
45, Pattamangala Street, Mayiladuthurai – 609 001, India |
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Date of Appointment : |
01.03.2000 |
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Name : |
Mr. M S Sitaraman |
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Designation : |
Director |
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Address : |
45, Pattamangala Street, Mayiladuthurai – 609 001, India |
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Date of Appointment : |
29.09.1995 |
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Name : |
Mr. J Ganesan |
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Designation : |
Director |
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Address : |
Nallamangudi Agraharam, Nannilam – 610 0105, India |
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Date of Appointment : |
02.02.2001 |
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Name : |
Mr. M S Srinivasan |
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Designation : |
Director |
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Address : |
45, Pattamangala Street, Mayiladuthurai – 609 001, India |
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Date of Appointment : |
01.10.2002 |
KEY EXECUTIVES
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Name : |
Mr. K Krishnamoorthy |
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Designation : |
Company Secretary |
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Address : |
3/7 Ramachandra Road, Pondy Bazaar, T Nagar,
Chennai – 600 017, Tamil Nadu, India |
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Tel No.: |
91-44-28157234 / 28158970 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. G Suresh Kumar |
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1080 |
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Mr. M S Sitaraman Sons HUF |
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116040 |
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Mr. S Sudhakaran |
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34520 |
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Mr. G Susila |
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1320 |
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Mr. M S Srinivasan |
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185820 |
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Mr. R K Jayalakshmi |
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1800 |
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Mr. Vaidegi Swaminathan |
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31100 |
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Mrs. Deepa Natrajan |
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31200 |
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Mr. R Suresh |
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1600 |
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Mr. G Sriram |
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3000 |
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Mr. G Srividhiya |
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47470 |
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Mrs. Usha Suresh |
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1000 |
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Mr. P Saraswathy |
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2000 |
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Mr. J Ganesan |
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17000 |
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Mr. K Ganesan |
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26000 |
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Mr. Kamakshi Ganesan |
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2500 |
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Mr. S Jyothismathi |
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3100 |
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Mr. G Sivagamavalli |
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6200 |
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Mr. S Suresh |
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32380 |
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Mr. Ganapathiraman |
|
3750 |
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Mr. Kavitha |
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7600 |
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Mr. S Anbu |
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30100 |
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Mr. Ayyappan |
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2900 |
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Mr. J Gnanasambandam |
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21000 |
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Mr. N Ganesan |
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3400 |
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Mr. Srikrishna |
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14500 |
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Mr. S Kamakshi |
|
9400 |
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Mr. M S Sudhakaran HUF |
|
72500 |
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Dr. R Swaminathan HUF |
|
30000 |
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Mr. K Manoharan |
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10000 |
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Mr. K V Saambhashivam |
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10000 |
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Mr. G Sridevi |
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14000 |
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Mr. G Sriram , HUF |
|
24000 |
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Mr. K Kalyanasundaram |
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9000 |
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Mr. K Rajalakshmi |
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3300 |
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Mr. Meenamonoharan |
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11000 |
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Mr. M Sellaiyan |
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10000 |
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Mr. Sudhakar
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25000 |
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Mr. R Sivamanikanandaan |
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20000 |
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Mr. R Venkatesh |
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20000 |
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Mr. Elangovan |
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21500 |
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Mr. S Ezhil |
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20000 |
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Mr. S Parimala |
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20000 |
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Mr. T Thangaprakasam |
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8000 |
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Mr. V Krishnaurthy |
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20000 |
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Mr. R Muhukumaran |
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3000 |
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Shoei Corporation , Japan |
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76200 |
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Others |
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106500 |
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Total
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1171780 |
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Names of Allottees (As on 22.01.2008) |
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No. of Shares |
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Shoei Corporation |
|
76200 |
Equity Share Breakup (Percentage of Total Equity):-
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Category (As on 31.03.2007) |
Percentage |
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Foreign Holdings (Foreign Institutional
Investor(s), Foreign Companie(s), Foreign Financial Institution(s), Non – Resident
Indian(s) or Overseas Corporate Bodies or Others |
6.50 |
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Directors or relative of directors |
91.60 |
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Others |
1.90 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Rubber Components and Rubber Compound |
GENERAL
INFORMATION
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No. of Employees : |
Around 300 |
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Bankers : |
· State Bank of India, 15 Rue Suffren, Pondicherry – 605 001, India · State Bank of India, Mayiladuthurai |
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Banking
Relations : |
Good |
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Financial Institutions : |
SBi Factors and Commercial Services
Private Limited, “Chamber Towers”, Avanashi Road, Coimbatore – 641 018, Tamil
Nadu, India |
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Auditors : |
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Name : |
S Venkatram and Company Chartered Accountants |
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Address : |
23 Bannadurai Sannadhi, Kumbakonam – 612 001, Tamil Nadu, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on
31.03.2008):-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 millions |
|
2000000 |
Preference Shares |
Rs. 10/- each |
Rs. 20.000 millions |
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Total |
Rs.
35.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1171780 |
Equity Shares |
Rs. 10/- each |
Rs.11.718
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
11.718 |
10.956 |
10.956 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
64.228 |
41.227 |
28.307 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
75.946 |
52.183 |
39.263 |
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LOAN FUNDS |
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1] Secured Loans |
148.854 |
92.010 |
84.527 |
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2] Unsecured Loans |
30.746 |
30.746 |
30.745 |
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TOTAL BORROWING |
179.600 |
122.756 |
115.272 |
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DEFERRED TAX LIABILITIES |
4.673 |
3.394 |
6.483 |
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TOTAL |
260.219 |
178.333 |
161.018 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
130.852 |
87.553 |
83.197 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.116 |
0.117 |
0.018 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
32.892
|
24.298 |
21.337 |
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Sundry Debtors |
75.645
|
70.674 |
48.152 |
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Cash & Bank Balances |
33.183
|
8.116 |
6.443 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
8.822
|
7.516 |
6.448 |
|
Total
Current Assets |
150.542
|
110.604 |
82.380 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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|
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Current Liabilities |
19.751
|
18.336 |
4.215 |
|
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Provisions |
1.540
|
1.605 |
0.362 |
|
Total
Current Liabilities |
21.291
|
19.941 |
4.577 |
|
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Net Current Assets |
129.251
|
90.663 |
77.803 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
260.219 |
178.333 |
161.018 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
268.558 |
262.228 |
196.574 |
|
|
Other Income |
2.949 |
1.584 |
4.392 |
|
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Total Income |
271.507 |
263.812 |
200.966 |
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|
|
|
|
|
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Profit/(Loss) Before Tax |
10.961 |
11.844 |
3.940 |
|
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Provision for Taxation |
2.820 |
1.076 |
0.952 |
|
|
Profit/(Loss) After Tax |
8.141 |
12.920 |
2.988 |
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Export Value |
|
|
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In USD |
989350 |
838239 |
NA |
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In Japan Yen |
975000 |
764400 |
NA |
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In Euro |
28797 |
NA |
NA |
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Import Value |
44.666 |
44.528 |
NA |
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Expenditures : |
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|
Financial Charges |
15.108 |
11.379 |
10.383 |
|
|
Increase/(Decrease) in Finished Goods |
[0.626] |
0.152 |
[2.819] |
|
|
Depreciation & Amortization |
22.769 |
21.187 |
19.325 |
|
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Other Expenditure |
223.295 |
219.250 |
170.137 |
|
Total Expenditure |
260.546 |
251.968 |
197.026 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
2.99
|
4.89 |
1.49 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.08
|
4.52 |
2.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.89
|
5.97 |
2.38 |
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.22 |
0.10 |
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|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.65
|
2.73 |
3.05 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.07
|
5.55 |
17.99 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Name of the company |
SUJA RUBBER INDUSTRIES PRIVATE LIMITED |
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Presented By |
SBI Factors and Commercial Services
Private Limited, Coimbatore – 641 018 |
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1) Date and description of instrument creating the change |
All dated
31.03.2001 · Factoring Agreement · Agreement of hypothecation of book debts and assets. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Factoring Credit
Limit – Rs. 10.000 millions (Overall limit
not exceeding Rs. 14.000 millions) |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Second charge on the
current assets of the company and the fixed assets of the company shall rank
pari-passu charge with the existing Bankers. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Factoring Credit
limit : Rate of interest
: 15.50 Margin : 20% The other terms
and conditions as per the agreement enclosed. |
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5) Name and Address and description of the person entitled to the charge. |
SBi Factors and Commercial Services
Private Limited, “Chamber Towers”, Avanashi Road, Coimbatore – 641 018, Tamil
Nadu, India |
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6) Date and brief description of instrument modifying the charge |
All dated
09.04.2005
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
This Modification
as follows:-
The Term and
conditions and securities already charge to the earlier modifications remains
unchanged and shall extend / cover to this modification. The other terms
and conditions remains as per the documents enclosed herewith. |
|
Corporate
identity number of the company |
U25191TN1985PTC012078 |
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Name of the
company |
SUJA SHOEI
INDUSTRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
45, Pattamangalm St. Mayiladuthurai, Nagai District, Mayiladuthurai – 609 001, Tamil Nadu,
India |
|
This form is for |
Modification of
charge |
|
Type of charge |
· Immovable Property · Movable Property · Book Debts |
|
Particular of
charge holder |
State Bank of India, 15 Rue Suffren, Pondicherry – 605 001, India E-Mail: sbi.0900@sbi.co.in |
|
Nature of
instrument creating charge |
· Supplemental agreement of loan for increase in the overall limit · Supplemental agreement of hypothecation of goods and assets for increase in the overall limit · Supplemental agreement of pledge of goods and assets for increase in the overall limit · Supplemental deed of guarantee for increase in the overall limit |
|
Date of instrument
Creating the charge |
31.05.2007 |
|
Amount secured by
the charge |
Rs. 113.600
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : Working capital @
1.25% below SBAR Other terms as
per the Bank’s sanction governed from time to time. Terms of Repayment : Working capital
facilities are repayable on demand and the term loan (existing) repayment
schedules continues same and repayment of term loan (fresh) of Rs. 62.400
millions as per the schedule to the
instrument. Margin : As per the Bank’s
sanction and governed from time to time. Extent and Operation of the charge : The entire credit
facilities Rs. 113.600 millions (present limit Rs. 54.600 millions) is
secured by way of : Primarily by way
of entire current assets and all movable fixed asset including its plant and
machinery both present and future first charge basis. Collaterally
secured by way of company immovable properties situated at Mangainallur,
Mayiladuthurai Taluk, Nagapattinam district and Pondicherry. |
|
Short Particulars
of the property charged |
Company’s
immovable properties situated at Mangainallur, Mayiladuthurai Taluk,
Nagapattinam District and Pondicherry. |
|
Particulars of
the present modification |
Existing credit
facilities are modified from Rs. 54.600 millions to Rs. 113.600 millions as follows:- CC (Hypo of
stocks) – Rs. 10.000 millions (modified
from Rs. 6.000 millions ) with sub limit of EPC of Rs. 2.500 millions
and FBD (Non L/C ) of Rs. 2.500 millions Term Loan
Modified from Rs. 29.700
millions to Rs. 92.100 millions (Fresh TL – Rs. 62.400 millions) Letter of credit
Rs. 2.500 millions modified to Rs. 5.000 millions BG Rs. 2.500
millions modified to Rs. 5.000 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 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.45.72 |
|
UK Pound |
1 |
Rs.84.81 |
|
Euro |
1 |
Rs.67.60 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|