MIRA INFORM REPORT
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Report Date : |
19.03.2011 |
IDENTIFICATION DETAILS
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Name : |
SUNRISE INFO SOLUTIONS PRIVATE LIMITED |
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Formerly Known As : |
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Registered Office : |
Room No. 102, 2nd Floor, Swadesh Market, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
23.02.2005 |
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Com. Reg. No.: |
11-151519 |
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CIN No.: [Company
Identification No.] |
U72100MH2005PTC151519 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS48028B |
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PAN No.: [Permanent
Account No.] |
AAICS8079A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader for Computer Peripherals for Intel, Gigabites, Asus etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 95000 |
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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 company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct 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
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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 DECLINED BY
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Name : |
Mr. Ravindra |
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Designation : |
Director |
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Date : |
18.03.2011 |
LOCATIONS
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Registered Office : |
Room No. 102, 2nd Floor, Swadesh Market, |
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Tel. No.: |
91-22-22034207 |
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Mobile No.: |
91-9821240416 (Mr. Ravinder) |
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E-Mail : |
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Area : |
250 Carpet area |
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Warehouse : |
F–28, Shailesh Industries Premises, |
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Branch Office : |
Located at: ·
Ahmedabad ·
Jaipur ·
·
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DIRECTORS
As on 30.09.2009
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Name : |
Mr. Ravindra Prasad Kariwala |
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Designation : |
Director |
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Address : |
Room No.102, 2nd Floor, Swadeshi Market, |
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Date of Birth/Age : |
30.09.1966 |
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Qualification : |
B.Com |
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Date of Appointment : |
23.02.2005 |
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DIN No.: |
02024304 |
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Name : |
Mr. Rajendra Prasad Kariwala |
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Designation : |
Director |
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Address : |
C 1502 |
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Date of Birth/Age : |
50 Years |
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Qualification : |
B.Com |
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Date of Appointment : |
23.02.2005 |
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DIN No.: |
02020707 |
KEY EXECUTIVES
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Name : |
Mr. Mahindrabhai Kariwala |
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Designation : |
In charge of Ahmedabad Office |
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Mobile No. : |
91-9824444246 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
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Names of Shareholders |
No. of Shares |
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Ravindra Kariwala |
57000 |
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Rajendra Kariwala |
33000 |
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Chandra Kala N Kariwala |
3 |
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Dwaraka Prasad and Sons (HUF) |
1 |
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Jamuna Devi Kariwala |
1 |
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Joyti Kanodia |
1 |
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Kiran Kariwala |
1 |
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Bhagwati Devi Kariwla |
1 |
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Satyanarayan Kariwala |
1 |
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Madan Lal Didwaniya |
1 |
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Mahendra Kariwla |
27401 |
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Nand Kishore Rathi |
1 |
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Memi Devi Rathi |
1 |
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Radha Devi Kanodia |
1 |
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Rajneesh Joshi |
1 |
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Ramnarayan Rathi |
1 |
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Renu Kariwala |
1 |
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Ritu Kariwala |
13001 |
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Sandeep Kariwala |
1 |
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Shashi Rajesh Chandak |
1 |
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Dhawarka Prasad Kanodia |
1 |
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Shyam Kanodia (HUF) |
1 |
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Shyam Kanodia |
1 |
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Sohanlal Rathi |
1 |
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Subhash Kariwala |
1 |
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Sudha S Kariwala |
1 |
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Suman Agarwal |
1 |
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Surendra Kariwala |
10001 |
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Sweeti Kariwala |
10001 |
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Vimla Rathi |
1 |
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Rajendra Prasad Kariwala (HUF) |
17200 |
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Alkem Management and Financial Services Private Limited, |
60000 |
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Signora Finance Limited, |
60000 |
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Total |
287630 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2009
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Category |
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Percentage |
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Bodies corporate (not mentioned above) |
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41.72 |
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Directors or relatives of directors |
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48.82 |
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HUF |
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9.46 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader for Computer Peripherals for Intel, Gigabites, Asus etc. |
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GENERAL INFORMATION
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No. of Employees : |
30 (Approximately) |
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Bankers : |
· Union Bank of India, Bhuleshwar Branch, Mahavir Building, 6-A, K.N. Jhaveri Road, Kumbhartukda, Mumbai – 400 004, Maharashtra, India ·
HDFC Bank Limited, HDFC Bank House Senapati
Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India ·
HDFC Bank Limited, Ahmedabad |
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Facilities : |
Note: Working Capital Loan amounting the Rs.42.709 millions
(P.Y. Rs.22.897 millions from Union Bank of
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Singrodia Goyal and Company Chartered Accountants |
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Address : |
A-201, Rajeshri Accord, |
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Tel. No.: |
91-22-42256363 |
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Fax No.: |
91-22-42256364 |
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E-Mail: |
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Website : |
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PAN No.: |
AAAFS7106D |
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Associates/Subsidiaries : |
·
Monica Overseas, ·
Brightex Securities Private Limited ·
Mohit Infocomm ·
SB Components Private Limited Activity: Room No.102, 2nd Floor, Swadesh Market, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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287630 |
Equity Shares |
Rs.10/- each |
Rs.2.876
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
2.876 |
2.876 |
2.876 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
20.819 |
14.173 |
14.222 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
23.695 |
17.049 |
17.098 |
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LOAN FUNDS |
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1] Secured Loans |
42.709 |
22.897 |
15.878 |
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2] Unsecured Loans |
19.441 |
19.315 |
23.895 |
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TOTAL BORROWING |
62.150 |
42.212 |
39.773 |
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DEFERRED TAX LIABILITIES |
0.180 |
0.215 |
0.059 |
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TOTAL |
86.025 |
59.476 |
56.930 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.281 |
2.040 |
2.171 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.001 |
0.001 |
0.001 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
33.568
|
46.477 |
55.711
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Sundry Debtors |
26.256
|
40.264 |
24.920
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Cash & Bank Balances |
9.088
|
9.407 |
10.212
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Other Current Assets |
0.000
|
0.000 |
0.000
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Loans & Advances |
37.845
|
26.591 |
18.377
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Total
Current Assets |
106.757
|
122.739 |
109.220 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
13.832 |
52.920 |
45.624 |
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Other Current Liabilities |
5.196
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6.788 |
3.385
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Provisions |
3.986
|
5.596 |
5.453
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Total
Current Liabilities |
23.014
|
65.304 |
54.462
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Net Current Assets |
83.743
|
57.435 |
54.758
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
86.025 |
59.476 |
56.930 |
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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 |
830.404 |
709.674 |
669.072 |
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Other Income |
1.253 |
2.017 |
0.487 |
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TOTAL (A) |
831.657 |
711.691 |
669.559 |
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Less |
EXPENSES |
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Cost of Goods Sold |
798.399 |
686.939 |
644.517 |
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Personnel Cost |
7.789 |
7.249 |
8.988 |
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Administrative & Other Cost |
6.795 |
9.334 |
6.849 |
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TOTAL (B) |
812.983 |
703.522 |
660.354 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
18.674 |
8.169 |
9.205 |
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Less |
INTEREST &
FINANCIAL EXPENSES (D) |
7.600 |
7.653 |
5.309 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
11.074 |
0.516 |
3.896 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.290 |
0.266 |
0.185 |
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PROFIT BEFORE
TAX (E-F) (G) |
10.784 |
0.250 |
3.711 |
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Less |
TAX (H) |
3.984 |
0.299 |
1.278 |
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PROFIT AFTER TAX
(G-H) (I) |
6.800 |
(0.049) |
2.433 |
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Prior Period
Expenses |
0.154 |
0.000 |
0.000 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
10.549 |
10.598 |
8.165 |
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BALANCE CARRIED
TO THE B/S |
17.195 |
10.549 |
10.598 |
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IMPORTS |
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C.I.F. Value of Purchases |
468.759 |
219.214 |
230.852 |
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TOTAL IMPORTS |
468.759 |
219.214 |
230.852 |
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Earnings Per
Share (Rs.) |
23.64 |
(0.17) |
8.46 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.82 |
(0.01) |
0.36
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Net Profit Margin (PBT/Sales) |
(%) |
1.30 |
0.04 |
0.55
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.89 |
0.20 |
3.33
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.46 |
0.01 |
0.22
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Debt Equity Ratio (Total Liability/Networth) |
|
3.59 |
6.31 |
5.51
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Current Ratio (Current Asset/Current Liability) |
|
4.64 |
1.88 |
2.01
|
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
|
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|
- Due to Micro,
Small and Medium Enterprises |
-- |
-- |
-- |
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- Due to Others |
13.832 |
52.920 |
45.624 |
FORM: 8
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Corporate
identity number of the company |
U72100MH2005PTC151519 |
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Name of the
company |
SUNRISE INFO SOLUTIONS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Room No. 102, 2nd Floor, Swadesh Market, E-Mail: sun@bomb7.vsnl.net.in |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10198697 |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg,
Lower Parel (West), Mumbai – 400 013, Maharashtra, India E-Mail: RBBform8@hdfcbank.com |
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Nature of description
of the instrument creating or modifying the charge |
Supplementary
Letter of Hypothecation |
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Date of
instrument Creating the charge |
02.12.2010 |
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Amount secured by
the charge |
Rs.85.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest at the
rate as may be communicated by the Bank from time to time. Terms of
Repayment: On Demand. Margin: As may be
stipulated by the Bank from time to time. Extent and
Operation of the charge: Hypothecation by
way of First Charge on Company's Stocks and Book Debts etc,
to secure as a continuing security for the repayment of Rs.85.000
millions together with interest, costs, charges, expenses and other moneys
due and payable by the Company to the Bank.
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Short particulars
of the property charged |
Stock in Trade,
consisting of raw materials, goods in process of manufacturing finished
goods, and other merchandise whatsoever being movable properties. All the debts,
that is, all the book debts, outstandings, monies receivables, claims, bills,
invoice documents, contracts, guarantees, and rights. |
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Particulars of
the present modification |
The Charge shall
now stand increased from Rs.80.000 millions to Rs.85.000 millions
(Comprising: Overall facility under MFA/Addendum of Rs 80.000 millions, Letter of Credit of Rs.5.000 millions,
Buyers Credit (Sublimt of LC) of Rs.5.000 millions) against the security of
Stocks and Book Debts of the Company. |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80049090 |
|
Corporate
identity number of the company |
U72100MH2005PTC151519 |
|
Name of the
company |
SUNRISE INFO
SOLUTIONS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Room No.102, 2nd
Floor Swadesh Market, |
|
Type of charge |
·
Book
debts ·
Moveable
property (not being pledge) |
|
Particular of
charge holder |
Union Bank of
India, Bhuleshwar Branch, ‘Mahavir Building’, 6-A, K.N. Jhaveri Road,
Kumbhartukda, Mumbai – 400 004, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Supplementary
Agreement to Hypothecation Agreement of Goods and Debts |
|
Date of
instrument Creating the charge |
21.11.2008 |
|
Amount secured by
the charge |
Rs.27.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest 16.75% per annum
with monthly rests Terms of
repayment On demand Margin As per sanction terms Extent and
operation of the charge To secure Revised
cash credit (Hypothecation) against Stocks and book debts facility of
Rs.27.500 Millions granted by the Bank to the company. |
|
Short particulars
of the property charged |
That the
hypothecation goods, Bookm debts and moveable property covered by the
Principal Hypothecation Agreement shall continue to be security for the Bank
for the enhanced cash credit hypothecation against stocks and book debts
limit of Rs.27.500 Millions granted by the bank to the company |
|
Date of latest
modification prior to the present modification |
28.03.2006 |
|
Particulars of
the present modification |
Vide this
modification an additional sum of Rs.5.000 Millions has been granted by the Bank
thereby enhancing the cash credit (Hypothecation) against stocks and book
debts facility from Rs.22.500 Millions to Rs.27.500 Millions and that the
Hypothecated Goods, Book-Debts and movable property covered by the Principal
Hypothecation Agreement shall continue to be security for the Bank for the
enhanced Cash Credit (Hypothecation) against Stocks and Book-debts limit of
Rs.27.500 Millions granted by the Bank to the company. |
CONTINGENT LIABILITIES NOT PROVIDED FOR: (As on 31.03.2010)
i) Guarantee given by bank on behalf of the
Company Rs.10.000 millions
ii) The Company has paid Custom Duty on Import
of Flash Memory at the rate of 10%. However as per the expert opinion obtained,
the Company is of the view that the rate of duty leviable on the said product
is 4%. The differential duty amounting to Rs.1.027 million paid by the Company
is shown as receivable.
FIXED ASSETS:
v Plant and Machinery
v Mobile Phone
v Computer
v Air Conditioner
v Fax Machine
v Vehicles
v Calculator
v Printer
v Furniture and Fixtures
v Office Equipments
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.45.24 |
|
|
1 |
Rs.72.57 |
|
Euro |
1 |
Rs.63.00 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.