MIRA
INFORM REPORT
|
Report Date : |
15.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
SUKAM POWER SYSTEMS LIMITED |
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Registered
Office : |
306, Kirti Deep, Nangal Raya, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
14.10.1998 |
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Com. Reg. No.: |
55-096685 |
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CIN No.: [Company Identification
No.] |
U64201DL1998PLC096685 |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business
: |
Manufacturer of Inverter. |
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 |
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Maximum Credit Limit : |
USD 5941056 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company 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 |
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Risk Category |
ECGC
Classification |
|
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 |
LOCATIONS
|
Registered Office : |
306, Kirti Deep, Nangal Raya, |
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Tel. No.: |
91-11-44231111 |
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Fax No.: |
Not Available |
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E-Mail : |
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Web Site : |
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Corporate Office : |
Plot No.54, Udyog Vihar, Phase VI, Sector 37, Gurgaon – 122001, |
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Tel. No.: |
91-124-4030700 / 4170500 |
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Fax No.: |
91-124-4038700 |
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E-Mail : |
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Manufacturing Facilities : |
Inverter Plant 196-C, Udyog Vihar, Phase VI, Sector-37, Gurgaon -122001, Tel: +91-124-4030700,4170500 Fax: +91-124-4038700 E-mail: mgoel@su-kam.com
Tel.:+91-1795-244607, 244608, 247123, 247124 Fax:+91-1795-247917,244607 Plot No.7, Apparel-Park-cum Industrial Area, Katha,
Baddi-173205, Dist: Solan, E-mail:hnayyar@su-kam.com
Plot No.-44, Bhatolikalan, HIMUDA Industrial Area Baddi,
Dist: Solan - 173205 E-mail: mgoel@su-kam.com |
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Branches : |
Located at
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DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Kunwar Sachdev |
|
Designation : |
Director |
|
Address : |
F-37, |
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Date of Birth/Age : |
16.11.1962 |
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Date of Appointment : |
14.10.1998 |
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Name : |
Mrs. Geeta Sachdev |
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Designation : |
Director |
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Address : |
F-37, |
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Date of Birth/Age : |
04.02.1964 |
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Date of Appointment : |
18.07.2008 |
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Name : |
Mr. Alok Goswami |
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Designation : |
Director |
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Address : |
9/32, Sector -3, Rajinder Nagar Sahibabad, Gaziabad – 201005, |
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Date of Birth/Age : |
12.02.1962 |
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Date of Appointment : |
04.10.2007 |
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Name : |
Mr. Venkataraman Rajaraman |
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Designation : |
Director |
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Address : |
38, Deerwood Chase, Nirvana Country, Gurgain – 122001, |
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Date of Birth/Age : |
17.06.1966 |
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Date of Appointment : |
21.06.2008 |
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Date of Ceasing : |
30.06.2010 |
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Name : |
Mr. Kotnala Madan |
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Designation : |
Director |
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Address : |
Plot No.531/1, Sector 8, Gandhinagar – 382007, |
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Date of Birth/Age : |
02.03.1957 |
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Date of Appointment : |
02.07.2010 |
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Name : |
Mr. Chajjed Manish |
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Designation : |
Director |
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Address : |
29, Adarsh Nagar, Rohtak – 124001, |
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Date of Birth/Age : |
14.06.1978 |
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Date of Appointment : |
28.03.2009 |
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Name : |
Mr. Jaiswal Amarpreet |
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Designation : |
Company Secretary |
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Address : |
C-1938, Sushant Lok-1, Gurgaon – 124001, |
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Date of Birth/Age : |
27.10.1979 |
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Date of Appointment : |
26.12.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
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|
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Kunwar Sachdev |
|
3486989 |
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Nagender Bajaj |
|
1090 |
|
Narender Nagi |
|
2000 |
|
Kunwar Deep Sachdeva |
|
200000 |
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Sanjeev Kumar Saini |
|
4000 |
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Dhananjay Sharma |
|
3000 |
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Vijay Prakash Gupta |
|
3400 |
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Vinay Awasthi |
|
2500 |
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Pawan Pratap |
|
800 |
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Rabinder Nath Vishwakarma |
|
800 |
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Durgesh Pradhan |
|
200 |
|
Anmol |
|
1000 |
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Dilip Kumar Gupta |
|
900 |
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Air Cmde (Retd) K R |
|
1000 |
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Reliance |
|
907545 |
|
Jagmohan Panwar |
|
2500 |
|
Amarpreet Jaiswal |
|
350 |
|
Ashok Anand |
|
13000 |
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Arun Dev Bharadwaj |
|
12000 |
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Kanav Sachdeva |
|
44325 |
|
Shourya Sachdeva (minor) through Geeta
Sachdeva |
|
44325 |
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|
|
|
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Total |
|
4731724 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Mutual Funds |
19.18| |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
0.00 |
|
Bodies corporate |
0.00 |
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Directors or relatives of Directors |
79.77 |
|
Other top fifty shareholders |
1.05 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Inverter. |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Punjab National
Bank, |
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Facilities : |
Notes :
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.S. Kothari Mehta and Company Chartered Accountant |
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Address : |
146-149, Tribhuvan Complex, Ishwar Nagar Mathura Road, New Delhi –
110065, Delhi, India |
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Subsidiary Companies : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4731724 |
Equity Shares |
Rs.10/- each |
Rs.47.317
Millions |
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|
|
|
|
Note :
Of the above 1236279 (Previous Year 1238279)
equity shares have been issued for consideration of the cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
47.317 |
47.317 |
47.317 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1437.947 |
1344.467 |
1266.632 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1485.264 |
1391.784 |
1313.949 |
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LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1655.891 |
1315.688 |
1495.440 |
|
|
2] Unsecured Loans |
0.000 |
0.624 |
1.553 |
|
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TOTAL BORROWING |
1655.891 |
1316.312 |
1496.993 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
3141.155 |
2708.096 |
2810.942 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1074.100 |
1091.174 |
339.421 |
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Capital work-in-progress |
76.713 |
43.598 |
608.301 |
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INVESTMENT |
0.880 |
0.880 |
0.880 |
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DEFERREX TAX ASSETS |
25.257 |
35.119 |
11.588 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
1357.115
|
1199.412 |
1265.205 |
|
|
Sundry Debtors |
1405.363
|
805.744 |
1017.919 |
|
|
Cash & Bank Balances |
120.885
|
34.869 |
75.885 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
262.037
|
243.260 |
252.030 |
|
Total
Current Assets |
3145.400
|
2283.285 |
2611.039 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
|
|
|
|
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Other Current Liabilities |
1114.884
|
704.444 |
732.493 |
|
|
Provisions |
66.311
|
38.517 |
27.794 |
|
Total
Current Liabilities |
1181.195
|
742.961 |
760.287 |
|
|
Net Current Assets |
1964.205
|
1540.324 |
1850.752 |
|
|
|
|
|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3141.155 |
2711.095 |
2810.942 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3932.601 |
3070.994 |
2314.223 |
|
|
|
Other Income |
22.874 |
30.346 |
79.806 |
|
|
|
TOTAL (A) |
3955.475 |
3101.340 |
2394.029 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
2896.821 |
1992.462 |
1812.537 |
|
|
|
Manufacturing Expenses |
88.905 |
49.939 |
6.033 |
|
|
|
Employee Remuneration and benefits |
238.423 |
209.464 |
11.987 |
|
|
|
Selling and Distribution Expenses |
301.171 |
336.566 |
175.232 |
|
|
|
Administrative and other Expenses |
239.217 |
268.226 |
303.682 |
|
|
|
Increase and Decrease in stock |
(239.003) |
(90.699) |
(299.471) |
|
|
|
TOTAL (B) |
3525.534 |
2765.958 |
2165.496 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
429.941 |
335.382 |
228.533 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
229.050 |
208.112 |
141.261 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
200.891 |
127.270 |
87.272 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
78.182 |
61.573 |
25.555 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
122.709 |
65.697 |
61.717 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
12.621 |
(12.136) |
2.859 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
110.088 |
77.833 |
58.858 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
880.748 |
802.915 |
NA
|
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
11.000 |
-- |
-- |
|
|
|
Dividend |
14.195 |
-- |
-- |
|
|
|
Tax on Dividend |
2.412 |
-- |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
963.229 |
880.746 |
NA
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
23.26 |
16.45 |
12.44 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.78
|
2.50 |
2.45 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.12
|
2.13 |
2.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.90
|
1.94 |
2.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.04 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.91
|
1.47 |
1.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.66
|
3.07 |
3.43 |
LOCAL AGENCY FURTHER INFORMATION
NOTE :
The Registered office address of the company has been
shifted from WZ-1401/2, Nangal Raya,
Fixed Assets :
- Leasehold Land\building
– Factory
- Plant and
Machinery
- Office
Equipments
- Computers
- -Owned
- -Leased
- Furniture and
Fixtures
- Vehicles
- Electric
Fittings
- Research and
Developments
- Patents
Form : 8
|
Corporate
identity number of the company |
U64201DL1998PLC096685 |
|
Name of the
company |
SU-KAM POWER
SYSTEMS LTD |
|
Address of the
registered office or of the principal place of business in |
306, Kirti Deep,
Nangal Raya, |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) Others |
|
Particular of
charge holder |
Punjab National
Bank, |
|
Nature of
instrument creating charge |
|
|
Date of
instrument Creating the charge |
10/12/2010 |
|
Amount secured by
the charge |
Rs. 250.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : Br + 5% I.E.
13.50% P.A. (Presently Br Is 8.50%)
Subject To Change From Time To Time Commission As Per
Bank Rules Terms of repayment : On Demand Margin : RM/Finished
Goods 25% Stock In
Process 30% Book Debts 30% LC 15% As Per Agreement Extent and operation of the charge : Full Charge 100% Other : Rs In Millions : CC (H) 150.000 millions CCBD Out Of CCH (75.000 millions) Total FB
Limit 150.000 millions LLC/FLC-DA/DP 100.000 millions, LLG 50.000 millions Total NFB 0.00 Total Commitment
Rs. 250.000 millions |
|
Short particulars
of the property charged (Including location of the property) |
|
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. 45. 30 |
|
|
1 |
Rs. 71.73 |
|
Euro |
1 |
Rs. 54.84 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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.