MIRA
INFORM REPORT
|
Report Date : |
27.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
SUNLAND ALLOYS |
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Registered
Office : |
Raut Estate, 16, 1st Floor. 93/115, Fanaswadi,
Mumbai-400002, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Year of
Establishment : |
2004 |
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Capital
Investment / Paid-up Capital : |
Rs. 220.644 Millions |
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Legal Form : |
Partnership Concern with an unlimited liability of the partner |
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Line of Business
: |
Manufacturer of Non Ferrows Metal Alloys Ingots. |
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No. of Employees
: |
90 (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 880000 |
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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 well established partnership concern having fine track. The
concern is doing well. Trade relations are reported as fair. Business is
active. Payments are reported to be regular and as per commitments. The concern can be considered good for normal 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.
INFORMATION PARTED BY
|
Name : |
Mr. Mukesh Chaturvedi |
|
Designation : |
Account Head |
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Contact No.: |
91-9870992401 |
|
Date : |
25.08.2011 |
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|
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|
Name : |
Mr. Himanshu Aggarwal |
|
Designation : |
Charter Accountant |
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Contact No.: |
91-9911157578 |
|
Date : |
25.08.2011 |
LOCATIONS
|
Registered Office : |
Raut Estate, 16, 1st Floor. 93/115, Fanaswadi, Mumbai-400002,
Maharashtra, India |
|
Tel. No.: |
91-22-40901632 |
|
Mobile No.: |
91-9870992401 (Mr. Mukesh Chaturvedi) 91-9911157578 (Mr. Himanshu Aggarwal) |
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Fax No.: |
91-22-40901620 |
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E-Mail : |
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Website : |
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Area : |
300 sq. ft. |
|
Location : |
Rented |
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|
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Factory : |
Survey No.116/ 1/ 1/ 2/ 1, Village Rudhana, Dadra and Nagar Haveli,
Silvassa, India |
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Area : |
80000 sq. ft. |
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Location : |
Owned |
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|
|
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Branch Office : |
5300, 1st Floor, Sadar Thana Road, Sadar Bazar,
Delhi-110006, India |
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Area : |
1000 sq. ft. |
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Location : |
Owned |
PARTNERS
AS ON 31.03.2011
|
Name : |
Mr. Sajeev Aggarwal |
|
Designation : |
Partner |
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|
|
|
Name : |
Mr. Praveen Ranka |
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Designation : |
Partner |
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Name : |
Mr. Abhishek Kachhara |
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Designation : |
Partner |
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|
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|
Name : |
Master Anish Aggarwal |
|
Designation : |
Partner |
KEY EXECUTIVES
|
Name : |
Mr. Mukesh Chaturvedi |
|
Designation : |
Account Head |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Non Ferrows Metal Alloys Ingots. |
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Exports : |
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Products : |
·
Alloys Ingots |
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Countries : |
·
Japan ·
UAE |
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Imports : |
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Products : |
·
Raw Material |
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Countries : |
·
UK ·
UAE |
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Terms : |
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Selling : |
Credit (40 days to 60 days) |
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Purchasing : |
CAD |
GENERAL INFORMATION
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Customers : |
·
OEM’s ·
Manufacturer |
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No. of Employees : |
90 (Approximately) |
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Bankers : |
·
State Bank of India, IFB Branch, Cuffe Parade,
Mumbai, Maharashtra, India ·
Canara Bank, Prathna Samaj Branch, Mumbai,
Maharashtra, India |
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Facilities : |
State Bank of India / Canara Bank Cash Credit Limit : -Rs. 300.000 Millions |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Sanjay Singhala and Company (For 09-10) Chartered Accountant |
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|
Name : |
Suneet Kumar Goel (For 10-11) Chartered Accountant |
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|
|
|
Name : |
Himanshu Aggarwal Chartered Accountant |
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Tel No.: |
91-11-23615512 |
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E-Mail : |
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Sister Concern : |
Sunland Metal Recycling Industries Address: Room No.13, 1st Floor, 24, Anand Building,
Fanaswadi, Mumbai-400002, Maharashtra, India Line of Business : Manufacturer of Non Ferrows Metal Alloys Ingots. |
CAPITAL STRUCTURE
AS ON 31.03.2011
|
Capital Investment : |
|
|
Owned : |
Rs. 220. 644 Millions |
|
Borrowed : |
-- |
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Total : |
Rs. 220. 644 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
220.644 |
190.390 |
|
|
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 |
|
220.644 |
190.390 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
271.193 |
209.285 |
|
|
2] Unsecured Loans |
|
121.532 |
115.030 |
|
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TOTAL BORROWING |
|
392.725 |
324.315 |
|
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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|
|
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TOTAL |
|
613.369 |
514.705 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
30.369 |
30.858 |
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Capital work-in-progress |
|
0.000 |
0.000 |
|
|
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INVESTMENT |
|
1.000 |
0.500 |
|
|
DEFERREX TAX ASSETS |
|
0.615 |
0.862 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
|
152.313 |
88.106 |
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Sundry Debtors |
|
351.333 |
254.535 |
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Cash & Bank Balances |
|
38.226 |
32.363 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
84.520 |
135.937 |
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Total
Current Assets |
|
626.392 |
510.941 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
|
32.829 |
20.469 |
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Other Current Liabilities |
|
0.000 |
0.037 |
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Provisions |
|
12.178 |
7.950 |
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Total
Current Liabilities |
|
45.007 |
28.456 |
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|
Net Current Assets |
|
581.385 |
482.485 |
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|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
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|
|
|
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TOTAL |
|
613.369 |
514.705 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
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|
SALES |
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Sales (Manufacturing) |
|
1943.399 |
1356.509 |
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Sales (Trading) |
|
1423.725 |
1074.218 |
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|
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Other Income |
|
8.764 |
6.425 |
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|
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TOTAL (A) |
|
3375.888 |
2437.152 |
|
|
|
|
|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material (Manufacturing) |
|
1720.873 |
1192.311 |
|
|
|
Cost of Material (Trading) |
|
1397.850 |
1053.839 |
|
|
|
Audit Fees |
|
0.021 |
0.020 |
|
|
|
Furnace Oil |
|
56.663 |
39.501 |
|
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Wages and Salary |
|
6.015 |
6.366 |
|
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Commission on Sales |
|
7.464 |
6.560 |
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Discount Allowed |
|
3.241 |
5.129 |
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Interest on Loans |
|
12.708 |
6.153 |
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Outward Loading Charges |
|
3.751 |
3.191 |
|
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Salary |
|
2.043 |
1.994 |
|
|
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Short and Excess |
|
3.963 |
1.377 |
|
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Freight Outward |
|
23.784 |
18.442 |
|
|
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Other Expenses |
|
85.800 |
70.586 |
|
|
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TOTAL (B) |
|
3324.176 |
2405.469 |
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
51.712 |
31.683 |
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|
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|
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Less |
FINANCIAL
EXPENSES (D) |
|
0.000 |
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
51.712 |
31.683 |
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.965 |
0.642 |
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|
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|
|
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PROFIT BEFORE
TAX (E-F) (G) |
|
50.747 |
31.041 |
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|
|
|
|
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Less |
TAX (I) |
|
10.626 |
6.227 |
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|
|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
|
40.121 |
24.814 |
|
The above information has been parted by Mr. Mukesh Chaturvedi and
Mr. Himanshu Aggarwal.
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
|
1.19 |
1.02 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
1.51 |
1.28 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
7.72 |
5.72 |
|
|
|
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|
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.23 |
0.16 |
|
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Debt Equity Ratio (Total Liability/Networth) |
|
|
1.98 |
1.85 |
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
|
13.92 |
17.96 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
Sundry Creditors |
|
32.829 |
20.469 |
TRADE REFERENCE :
·
Nikunj Exim Private Limited, Gurgaon
·
Menan Piston Limited, Kolhapur
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. 46.05 |
|
|
1 |
Rs. 75.19 |
|
Euro |
1 |
Rs. 66.47 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
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.