MIRA
INFORM REPORT
|
Report Date : |
28.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
SUNFLAME ENTERPRISES PRIVATE LIMITED (w.e.f. 31.05.1995 ) |
|
|
|
|
Formerly Known
as: |
Sunflame Appliance Marketing Private Limited |
|
|
|
|
Registered Office
: |
D – 836, New Friends Colony, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
21.08.1984 |
|
|
|
|
Com. Reg. No.: |
55 -18992 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs 1.700 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1984PTC018992 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELS24462E / DELS21281B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCS7177C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Kitchen / Home
Appliances |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1500000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported to be
fair. Business is active. Payments are reported to be regular and as per
commitments. The company 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.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
D – 836, New Friends Colony, |
|
Fax No.: |
91-11-26837312 / 2275023 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
58, Sector 27C, |
|
Tel. No.: |
91-129-2274608 / 2274609 / 2275723 |
|
Area: |
8000 sq. meters |
DIRECTORS
As on 04.09.2010
|
Name : |
Mr. Pankaj Verma |
|
Designation : |
Director |
|
Address : |
D – 836, New Friends Colony, |
|
Date of Birth/Age : |
22.09.1976 |
|
Date of Appointment : |
30.03.2005 |
|
DIN No.: |
00551798 |
|
|
|
|
Name : |
Mr. Krishan Lal Verma |
|
Designation : |
Director |
|
Address : |
D – 836, New Friends Colony, |
|
Date of Birth/Age : |
21.08.1945 |
|
Date of Appointment : |
21.08.1984 |
|
DIN No.: |
00551636 |
|
|
|
|
Name : |
Mr. Vikram Verma |
|
Designation : |
Director |
|
Address : |
D – 836, New Friends Colony, |
|
Date of Birth/Age : |
22.09.1976 |
|
Date of Appointment : |
30.03.2005 |
|
DIN No.: |
00551752 |
|
|
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 04.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Krishan Lal Verma |
|
10500 |
|
Usha Verma |
|
3500 |
|
Pankaj Verma |
|
1500 |
|
Vikram Verma |
|
1500 |
|
Total |
|
17000 |
Equity Share Break up (Percentage of Total Equity)
As on 04.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Kitchen / Home
Appliances |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Brij Kumar Goel Chartered Accountant |
|
Address : |
P – 16, NDSE – 11, |
|
Tel. No.: |
91 – 11 – 41011236 / 41011335 |
|
Pan No.: |
AAIPG1143Q |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17000 |
Equity Shares |
Rs.100/-
each |
Rs
1.700 Millions |
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 |
|
|
|
|
|
1] Share Capital |
1.700 |
1.000 |
1.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
373.066 |
205.129 |
127.747 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
374.766 |
206.129 |
128.747 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.775 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
8.096 |
6.070 |
|
|
TOTAL BORROWING |
0.000 |
8.871 |
6.070 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
Others |
1.506 |
1.506 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
376.272 |
216.506 |
134.817 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
62.068 |
60.342 |
43.640 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
131.947
|
97.716 |
78.448 |
|
|
Sundry Debtors |
201.121
|
126.054 |
78.920 |
|
|
Cash & Bank Balances |
132.630
|
11.154 |
15.168 |
|
|
Other Current Assets |
31.710
|
27.269 |
0.191 |
|
|
Loans & Advances |
3.149
|
11.409 |
12.127 |
|
Total
Current Assets |
500.557
|
273.602 |
184.854 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
150.256
|
101.181 |
74.197 |
|
|
Other Current Liabilities |
13.455
|
6.174 |
8.324 |
|
|
Provisions |
22.642
|
10.083 |
11.156 |
|
Total
Current Liabilities |
186.353
|
117.438 |
93.677 |
|
|
Net Current Assets |
314.204
|
156.164 |
91.177 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
376.272 |
216.506 |
134.817 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
TOTAL
INCOME |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
TOTAL
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
203.301 |
93.394 |
74.291 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
35.364 |
16.012 |
13.766 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
167.937 |
77.382 |
60.525 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5.129 |
2.747 |
2.223 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
170.000 |
75.000 |
60.000 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
3.066 |
5.129 |
2.748 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
36.13
|
27.97 |
32.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.45 |
0.58 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.50
|
0.61 |
0.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.69
|
2.33 |
1.97 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 :
|
Corporate
identity number of the company |
U74899DL1984PTC018992 |
|
Name of the
company |
SUNFLAME
ENTERPRISES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
D – 836, New Friends Colony, |
|
This form is for |
Modification
of Charge |
|
Charge
identification (ID) number of the charge to be modified |
10184480 |
|
Type of charge |
Immovable
Property Movable Property |
|
Particular of
charge holder |
Oriental Bank of Commerce, |
|
Nature of
instrument creating charge |
LTR 22 Dt.
20.10.2010 Supplement
Agreement to secure credit / loan facilities Dt. 19.10.2010 |
|
Date of
instrument Creating the charge |
19.10.2010 |
|
Amount secured by
the charge |
Rs 82.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per agreement Terms of
Repayment On Demand Margin Margin – 15% in
the case of unencumbered fixed deposits Extent and
operation of the charge Hypothecation of
stock of raw material, semi – finished and finished goods of the company. Hypothecation / assignment
of book debts of the company. Hypothecation of
fixed assets of the company, both present and future. Equitable
Mortgage of land and building situated at village Dharampur HB No. 193
Pargana Dharampur Tehsil Nalagarth District Solan (H P) Registered vide Title
deed No. 1175 Date13.05.2005 and Title Deed No. 3501 Date 22.12.2005 |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
|
|
Date of
instrument modifying the charge |
21.10.2009 |
|
Particulars of
the present modification |
Limit of Amount
enhanced from Rs 42.500 Millions to Rs 82.500 Millions. Rate of Interest:
As per agreement. |
Fixed Assets:
- Furniture and Fixture
- Car
- Air Conditioner
- Computer
- Fax Machine
- Office Flat
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 |
Rs43.94 |
|
|
1 |
Rs.72.12 |
|
Euro |
1 |
Rs.63.67 |
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 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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.