%20PRIVATE%20LIMITED%20140294%2028-Apr-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
28.04.2011 |
IDENTIFICATION DETAILS
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Name : |
SURAKSHA TRANSPORT SYSTEMS ( |
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Registered Office : |
SF No. 113/2, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
23.10.2000 |
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Com. Reg. No.: |
18-9527 |
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CIN No.: [Company
Identification No.] |
U60231TZ2000PTC009527 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture of Cargo Containers and Tanks |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 77000 |
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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 an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. V P Vargheese |
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Designation : |
Director |
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Contact No.: |
91-9443761190 |
LOCATIONS
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Registered Office/ Factory : |
SF No. 113/2, |
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Tel. No.: |
91-422-2611011/ 2611035/ 2611036 |
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Mobile No.: |
91-9443761190/ 9443061162/ 9443061140/ 91-9843177411/ 22 |
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Fax No.: |
91-422-2611012 |
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E-Mail : |
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Website : |
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Area : |
60000 sq. ft. Build up/ 10 acers Land |
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Location : |
Owned by Directors |
DIRECTORS
As on 15.09.2010
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Name : |
Mr. V P Vargheese |
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Designation : |
Director |
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Address : |
Saras 33/1783C |
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Date of Birth/Age : |
08.01.1959 |
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Qualification : |
Graduate in Engineering |
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Date of Appointment : |
06.01.2003 |
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DIN No. : |
00242249 |
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Name : |
Mr. Saindran Nair |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
07.11.1951 |
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Qualification : |
B.A. |
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Date of Appointment : |
06.01.2003 |
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DIN No. : |
00242283 |
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Name : |
Mr. P K Santosh Kumar |
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Designation : |
Director |
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Address : |
Gowtham Apartments, Sundareswar Layout, |
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Date of Birth/Age : |
23.06.1963 |
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Qualification : |
B Com |
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Date of Appointment : |
24.03.2004 |
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DIN No. : |
00242371 |
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Name : |
Mr. D. Babu |
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Designation : |
Director |
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Address : |
3/12, Parsn Sesh Nestle Castle, |
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Date of Birth/Age : |
23.01.1965 |
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Qualification : |
BSC |
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Date of Appointment : |
23.03.2004 |
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DIN No. : |
00242114 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 15.09.2010
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Names of Shareholders |
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No. of Shares |
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V P Vargheese |
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24500 |
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Saindran Nair |
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24500 |
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D. Babu |
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24500 |
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P K Santosh Kumar |
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24500 |
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Total |
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98000 |
As on 15.09.2010
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Category |
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Percentage
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Directors or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture of Cargo Containers and Tanks |
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Products : |
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Terms : |
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Selling : |
Advance |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Manufacturers and Consigners
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No. of Employees : |
200 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P M Prabhakar Chartered Accountant |
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Address : |
1951 E/5, Gounder Complex, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
98000 |
Equity Shares |
Rs.100/- each |
Rs.9.800
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.800 |
7.800 |
7.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
9.415 |
7.439 |
5.625 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
19.215 |
15.239 |
13.425 |
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LOAN FUNDS |
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1] Secured Loans |
11.856 |
10.257 |
61.702 |
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2] Unsecured Loans |
0.200 |
4.383 |
1.183 |
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TOTAL BORROWING |
12.056 |
14.640 |
62.885 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.034 |
0.132 |
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TOTAL |
31.271 |
29.913 |
76.442 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
20.809 |
20.546 |
20.974 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.041 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
23.515
|
22.014 |
46.055
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Sundry Debtors |
9.785
|
9.155 |
58.030
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Cash & Bank Balances |
0.338
|
0.168 |
0.783
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Other Current Assets |
0.000
|
0.000 |
0.000
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Loans & Advances |
8.474
|
10.403 |
14.592
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Total
Current Assets |
42.112
|
41.740 |
119.460 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
26.990
|
27.698 |
58.334
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Provisions |
4.706
|
4.686 |
5.675
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Total
Current Liabilities |
31.696
|
32.384 |
64.009 |
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Net Current Assets |
10.416
|
9.356 |
55.451 |
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MISCELLANEOUS EXPENSES |
0.005 |
0.011 |
0.017 |
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TOTAL |
31.271 |
29.913 |
76.442 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
161.653 |
206.767 |
195.345 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
153.428 |
197.502 |
188.509 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8.225 |
9.265 |
6.836 |
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Less |
FINANCIAL
EXPENSES (D) |
2.380 |
3.481 |
2.934 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.845 |
5.784 |
3.902 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.077 |
3.298 |
2.470 |
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PROFIT BEFORE
TAX (E-F) (G) |
2.768 |
2.486 |
1.432 |
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Less |
TAX (I) |
0.792 |
0.673 |
0.739 |
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PROFIT AFTER TAX
(G-I) (J) |
1.976 |
1.813 |
0.693 |
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Earnings Per
Share (Rs.) |
23.37 |
-- |
-- |
|
%20PRIVATE%20LIMITED%20140294%2028-Apr-2011_files/image003.gif){kind=small}
%20PRIVATE%20LIMITED%20140294%2028-Apr-2011_files/image004.gif){kind=small}
%20PRIVATE%20LIMITED%20140294%2028-Apr-2011_files/image005.gif){kind=small}
%20PRIVATE%20LIMITED%20140294%2028-Apr-2011_files/image006.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.22
|
0.88 |
0.35 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.40
|
3.99 |
1.02 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.16 |
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.28
|
3.08 |
9.45
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Current Ratio (Current Asset/Current Liability) |
|
1.33
|
1.29 |
1.87
|
LOCAL AGENCY FURTHER INFORMATION
Form
8:
|
Corporate
identity number of the company |
U60231TZ2000PTC009527 |
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Name of the
company |
SURAKSHA TRANSPORT SYSTEMS ( |
|
Address of the
registered office or of the principal place of business in |
SF No. 113/2, |
|
This form is for |
Modification
of charge |
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Charge identification
(ID) number of the charge to be modified |
10036998 |
|
Type of charge |
Immovable
property |
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Particular of
charge holder |
Indusind Bank Limited, 3, |
|
Nature of instrument
creating charge |
Letter evidencing
extension of equitable mortgage. |
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Date of
instrument Creating the charge |
16.10.2010 |
|
Amount secured by
the charge |
Rs.36.075
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest
: As stipulated by
the bank from time to time. Terms of
repayment : As stipulated by
the bank from time to time. Margin : As stipulated by
the bank from time to time. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Extension of EM
of Land and Buildings situated at G.S.No. 112/2 and S.F. No. 113/2, |
|
Date of
instrument modifying the charge |
15.10.2010 |
|
Particulars of
the present modification |
The reduced
limits of Rs.36.075 Millions from Rs.90.700 Millions, as per modification dated
15.10.2010, already secured by movables and current assets, are further
secured by the company’s immovable assets. |
Fixed Assets:
- Land
- Electrical Fittings
- Computer
- Furniture and Fittings
- Plant and Machinery
- Vehicles
Website Details:
Profile:
Subject is promoted and managed by a team of young professionals with two- decade long experience in Container industry, bunk houses and dairy equipments manufacturing.
The manufacturing facility vehicle is located in
The factory is spread over 4.5 acres of land. The built up area of the factory
runs to over 25,000 sq.ft. Important manufacturing facilities available are a
modern Press Shop complete with shearing machines, press brakes and all other
necessary toolings, shot with Airless Spary Painting, TIG Welding machines for
SS and Aluminium, CO2 shielded MIG Welding machines, PU Injecting machines and
other testing equipments. Sufficient capacity handling facilities are available
in-house.
Subject is managed
by a team of professionals with a long experience and complete understanding of
the industry.
The Promoters and
Core Management Team Consists of
Mr. V. P Vargheese
, Managing Director
A graduate Mechanical Engineer with MBA (Specialisation in Marketing
& Finance). Has undergone the Middle Management Development Programme in
IIM/ Ahmedabad. Has over 20 years experience in Industrial Marketing of Wire
Processing machinery, Marine Freight Containers, Refrigerated and Insulated
Containers, and Custom built portable bunkhouses. Has extensively traveled in
almost all the states in
V D Sasindran
Nair, Director - Marketing
A Post Graduate in Marketing Management with experience over 20 years in
Marketing of Marine Freight Containers, Refrigerated and Insulated Containers,
Portable bunkhouses and Dairy Plant Equipments. Has rich experience in
Marketing of Portable Bunk Houses to Major Oil Drilling and exploring Companies
in
Mr. P K Santhosh
Kumar, Director - Operations
A Graduate with experience over 10 years in manufacture of Cargo
Containers, Bunk houses and special containers. An successful entrepreneur in
developing a strong and vibrant market for dry cargo containers for the parcel
cargo transportation in
Mr. Babu Devasi,
Director – Materials
A Science Graduate hailing from a business family, with experience over
20 years in industrial Insulation and Sheet metal fabrication with special
emphasis on PU and other modern insulation materials. An entrepreneur,
successfully undertaken insulation projects at various industrial houses in
The 4-member team, under the leadership of Mr. V P Varghese, successfully
set up the factory way back in 2001 for manufacture of Cargo Container Products
and Transportation and Storage Equipment for the Dairy Industry in India under
the Brand Name " Surakhsha" During the past 5 years the company
achieved a ten-fold growth in the business turnover, and today
"Surakhsha" is a well known brand for quality products in the
transport sector in India. Subject not only serve over 1000 valued and
satisfied customers in India but regarded as one of the best superstructure
builder for Ashok Leyland Limited for their Domestic and overseas customers.
Important
facilities are:
- 25000 sq ft
of covered area and 3 acres of open space
- A modern
press shop equipped with shearing machines, press brakes and the necessary
toolings
- CO2 Shielded
MIG, and TIG Welding machines
- Shot blasting
conforming to SA 2 1/2 standards
- Airless and
Kremlin Air mix systems
- Automatic PU
Mixing and dispensing medicine
- EOT cranes
and mobile cranes
- Testing and
inspection facilities
- Easily
accessible from
Services include:
- Periodic
Health Check-up of containers and tanks at the customer premises
- After sales
support services during warranty
- Maintenance
of products after warranty
- Repair/Refurbishing
of Products which are damaged due to accidents etc.,
- Co-ordination
with under-writers
Associates
include:
- SAIL and
Jindal Vijayanagar Steel for mild steel requirements
- Salem Steel
and Jindal for stainless steel requirements
- Manali
Petrochemicals / Huntsman /Dow chemicals for PU chemicals
- Grand Polycoats,
- Veneer Mills
and Prime Veneer for Marine Gurgan plywood
- Korean
imports for SS rivets and Sealants
- Anand
Nishikawa for EPDM door seals
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.40 |
|
|
1 |
Rs.73.26 |
|
Euro |
1 |
Rs.65.17 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
31 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.