MIRA
INFORM REPORT
|
Report Date : |
02.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
SUJAN INDUSTRIES |
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Registered
Office : |
Building No.1, Plot 1 and 2,
Behind Blue Chip Industrial Estate, Village Waliv, Sativali Udyog Nagar,
Vasai (East), Thane – 401 208, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Year of
Establishment : |
1978 |
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Capital
Investment / Paid-up Capital : |
Rs.38.951 millions (As on 31.03.2009) |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS05572A |
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PAN No.: [Permanent Account No.] |
AAAFS7630J |
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Legal Form : |
Partnership concern with an unlimited liability of the partners |
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Line of Business
: |
Manufacturer of Rubber Moulded and Rubber to Metal Bounded
Goods. |
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No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 156000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an
established partnership concern having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The concern can be
considered normal for 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
|
Name : |
Ms. Ankita Upadhyay |
|
Designation : |
Sales Officer |
|
Date : |
02.08.2011 |
LOCATIONS
|
Registered Office/ Factory : |
Building No.1,
Plot # 1 and 2, Behind Blue Chip Industrial Estate, Village Waliv, Sativali
Udyog Nagar, Vasai (East), District Thane-401208, |
|
Tel. No.: |
91-250-2456741/
42/43/44 |
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Fax No.: |
91-250-2456746 |
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E-Mail : |
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Website : |
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Area : |
43000 Sq. fts. |
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Location : |
Owned (Office cum
factory premises) |
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Branch Office
: |
Located at:- |
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Overseas Offices : |
Tera Internationals, Tel No. (718) 969-4370 Fax No. (718) 591-7650 E-Mail : terainc@aol.com Website : http://www.terainternationals.com Tel. No.: (612) 971-0815 Fax No. : (612) 971-0836 E-mail mchatlani@hotmail.com |
PARTNERS
|
Name : |
Mr. Ashok Sujan |
|
Designation : |
Managing Partner and Chief Executive Officer |
|
Qualification : |
Science Graduate, Rubber Technologist |
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|
Name : |
Mr. Harish Sujan |
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Designation : |
Partner |
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|
Name : |
Mrs. Usha Sujan |
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Designation : |
Partner |
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|
Name : |
Mrs. Kamal Tulsi Sujan |
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Designation : |
Partner |
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Name : |
Mrs. Manisha Ashok Sujan |
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Designation : |
Partner |
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Name : |
Mr. Ghanshyam R. Sujan |
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Designation : |
Partner |
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Name : |
Mr. Neel R. Sujan |
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Designation : |
Partner |
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Name : |
Ghanshyam R. Sujan HUF |
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Designation : |
Partner |
KEY EXECUTIVES
|
Name : |
Ms. Ankita Upadhyay |
|
Designation : |
Sales Officer |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Rubber Moulded and Rubber to Metal Bounded
Goods. |
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|
|
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Products : |
v Engine Mounts v Silent Blocks, Dampers v Rubber Rolls v Boots/Bellows v Dust Covers, Gaskets v Seals and O Rings v Extrusions v Fuel Tubes and Hoses v General Rubber Goods v Ferrous and Non Ferrous Fasteners. |
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Exports : |
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Products : |
v Engine Mounts v Silent Blocks, Dampers v Rubber Rolls v Boots/Bellows v Dust Covers, Gaskets v Seals and O Rings v Extrusions v Fuel Tubes and Hoses v General Rubber Goods v Ferrous and Non Ferrous Fasteners. |
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Countries : |
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Imports from : |
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Products : |
Raw Material and Machinery |
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Country : |
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Terms : |
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Purchasing : |
Depend |
GENERAL
INFORMATION
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Customers : |
Wholesalers, End Users, OEM’s and Corporate Industries v
Honda v
v
Maruti
Suzuki v
Mahindra v
Renault
v
Ford v
TATA v
v
Munjal
Showa v
Tenneco
Automotive v
Gabriel
|
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No. of Employees : |
600
(Approximately) |
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Bankers : |
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Banking Relations : |
Satisfactory |
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Auditors : |
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|
Name : |
Rohra Mehta and
Associates Chartered
Accountants |
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|
|
Associates : |
Plot No W-102 D, MIDC, Tel. No. 91-22-65161770 / 6516350 Fax No. 91-22-27616687 E-mail polyrub@gmail.com
Plot No. W-129 A, MIDC, Tel. No. 91-22-27681436/27672554 Fax No. 91-22-27687441 E-mail polyrub@sujangroup.com Provides the backup services to Polyrub for compounding with its own Moulding shop.
Building No.1, Agarwal Udyog Nagar Waliv, Tel. No. 91-250-2454365/2454520 Fax No. 91-250-2454519 E-mail mega_rubber@sujangroup.com
Unit No. 5, Waliv, Tel. No. 91-250-2454365/2454520 Fax No. 91-250-2454519 E-mail mega_rubber@sujangroup.com It caters the requirements of Moulds, Jigs and Fixtures of the group and maintain the same.
3, Mistry Industrial Complex, Tel. No. 91-22-28300360 Fax No. 91-22-28367339 E-mail sujanind@sujangroup.com It caters the compounding needs of the Subject. It also carries out moulding operations of its own.
89, Mistry Industrial Complex, MIDC, Cross Road “A”, Andheri (East), Mumbai –400 093, Maharashtra, India Tel. No. 91-22-28369646/28366494 (works) Fax No. 91-22-28367339 E-mail sujanind@sujangroup.com It caters to the fasteners requirements of its subsidiaries and also to the electrical container, engineering goods manufacturers. |
CAPITAL STRUCTURE
As on 31.03.2009
|
Capital Investment : |
|
|
Owned : |
Rs.38.951 millions |
|
Borrowed : |
-- |
|
Total : |
Rs.38.951 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
31.03.2011 |
31.03.2010 |
|
Sales Turnover (Approximately) |
|
200.000 |
140.000 |
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|
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|
The above information has been parted by Ms. Ankita Upadhyay (Sales
Officer).
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Partner’s Capital |
|
38.951 |
26.831 |
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|
2] Share Application Money |
|
0.000 |
0.000 |
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|
3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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|
NETWORTH |
|
38.951 |
26.831 |
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|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
45.271 |
71.715 |
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2] Unsecured Loans |
|
127.592 |
104.740 |
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TOTAL BORROWING |
|
172.863 |
176.455 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
211.814 |
203.286 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
136.711 |
130.396 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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Sundry Debtors |
|
115.228 |
105.073 |
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Cash & Bank Balances |
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Other Current Assets |
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Loans & Advances |
|
13.984 |
10.730 |
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Total
Current Assets |
|
129.212 |
115.803 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors and Other Current Liabilities |
|
54.221 |
44.214 |
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Provisions |
|
1.603 |
1.603 |
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Total
Current Liabilities |
|
55.824 |
45.817 |
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Net Current Assets |
|
73.388 |
69.986 |
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MISCELLANEOUS EXPENSES |
|
1.715 |
2.914 |
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TOTAL |
|
211.814 |
203.286 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
|
|
Sales Turnover |
|
98.661 |
115.525 |
|
|
Labour Charges Received |
|
2.441 |
5.158 |
|
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Scrape Sales |
|
0.160 |
0.296 |
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Export Receipts |
|
130.758 |
100.383 |
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Export Incentives |
|
7.699 |
5.885 |
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Other Income |
|
11.073 |
5.169 |
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Total Income |
|
250.632 |
232.416 |
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Net profit / (loss) for the year |
|
7.248 |
(14.983) |
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Expenditures : |
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Administrative Expenses |
|
17.342 |
18.414 |
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Raw Material Consumed |
|
115.473 |
102.928 |
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Wages and Bonus |
|
4.324 |
3.761 |
|
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Manufacturing Expenses |
|
31.723 |
34.237 |
|
|
Increase/(Decrease) in Finished Goods |
|
(2.080) |
8.855 |
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Salaries, Wages, Bonus, etc. |
|
18.928 |
15.581 |
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Selling and Distribution Expenses |
|
25.492 |
21.220 |
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Interest |
|
9.307 |
21.114 |
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|
Depreciation & Amortization |
|
21.371 |
20.411 |
|
|
Provision for Taxation |
|
1.664 |
0.876 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
|
2.89 |
(6.45) |
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
7.35 |
(12.97) |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.73 |
(6.09) |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.19 |
(0.56) |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
5.87 |
8.28 |
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|
Current Ratio (Current Asset/Current Liability) |
|
|
2.31 |
2.53 |
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCES:
v Larsen and Toubro
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.44.05 |
|
|
1 |
Rs.72.40 |
|
Euro |
1 |
Rs.63.46 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.