MIRA
INFORM REPORT
|
Report Date : |
29.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
SUNORA TILES PRIVATE LIMITED |
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Registered
Office : |
Survey No.105/P, Kandla By- Pass N. H.8A, Taluka, Morbi,
Mahendranagar-363642, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
23.01.2007 |
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Com. Reg. No.: |
04-49849 |
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CIN No.: [Company Identification
No.] |
U26914GJ2007PTC049849 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RKTS05337D |
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PAN No.: [Permanent Account No.] |
AAKCS5845E |
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Legal Form : |
Private limited liability company |
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Line of Business
: |
Manufacturer of Floor Tiles, Interior Tiles and Vitrified Floor Tiles.
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RATING & COMMENTS
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MIRA’s Rating : |
B (32) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 280000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade
relations are fair. Business is active. Payments are reported to be slow but
correct. The company can be considered 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) |
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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 PARTED BY (GENERAL INFORMATION)
|
Name : |
Mr. Vishal Patel |
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Designation : |
Director |
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Contact No.: |
91-9978000800 |
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Date : |
24.03.2011 |
LOCATIONS
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Registered Office : |
Survey No.105/P, Kandla By- Pass N. H.8A, Taluka, Morbi,
Mahendranagar-363642, |
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Tel. No.: |
91-2877-240777 |
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Mobile No.: |
91-9978000800 (Mr. Vishal) |
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Fax No.: |
91-2877-241777 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Fultariya Bhanjibhai Nagjibhai |
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Designation : |
Director |
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Address : |
Shri Ram Vijay Nagar, |
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Date of Birth/Age : |
01.09.1957 |
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Date of Appointment : |
23.01.2007 |
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Name : |
Mr. Rangpariya Savjibhai Rugnathbhai |
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Designation : |
Director |
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Address : |
At Rajpara, Taluka Morbi, |
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Date of Birth/Age : |
21.06.1969 |
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Date of Appointment : |
23.01.2007 |
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Name : |
Mr. Patel Vipulkumar Vanjibhai |
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Designation : |
Director |
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Address : |
Gautam Society, |
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Date of Birth/Age : |
09.09.1975 |
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Date of Appointment : |
23.01.2007 |
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Name : |
Mr. Vishal Bhanjibhai Fultariya |
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Designation : |
Director |
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Address : |
Shriram Vijay Nagar, |
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Date of Birth/Age : |
31.12.1983 |
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Date of Appointment : |
16.10.2010 |
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Name : |
Mr. Vishal Patel |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Vishal Patel |
|
1000400 |
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Savjibhai Patel |
|
468800 |
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Vinodbhai Ptel |
|
47000 |
|
Rameshbhai Patel |
|
89000 |
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Dineshbhai Patel |
|
89000 |
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Bhanjibhai Fultariya |
|
182000 |
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Jivrajbhai Fultariya |
|
126500 |
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Rekhabhen Fultariya |
|
370000 |
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Swetaben Patel |
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122500 |
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Virenbhai Fultariya |
|
101600 |
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Jagrutiben Patel |
|
266450 |
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Nileshbhai Patel |
|
185000 |
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Kalpanaben Patel |
|
20000 |
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Rugnathbhai Patel |
|
158200 |
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Damjibhai Patel |
|
29000 |
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Mansikhbhai Patel |
|
225550 |
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Ansuyaben Patel |
|
50000 |
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Gangarmbahi Patel |
|
75000 |
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Savjibhai Patel |
|
230000 |
|
Jigneshbhai Patel |
|
92000 |
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Floor Tiles, Interior Tiles and Vitrified Floor Tiles.
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Products: |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
·
Dangi Ball Mills ·
Patidar Marketing ·
Hari Enterprises ·
Parishram Trading ·
Ambika Minerals ·
Tulsi Electric Stores ·
Core Graphics ·
Patel Foam ·
Alfa Products ·
Patel suppliers ·
Jain Minechem ·
·
Parag Mineral Industries |
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Customers : |
Wholesalers ·
Keshav Sales ·
Shri Ram Marketing ·
Sunora Marketing ·
Krishna Agency ·
Tiles ·
Mahavir Ceramic ·
Patel Sanitary ·
Sunora Network ·
·
Balalji Marketing ·
·
Dhand Traders ·
Vishnu Agencies
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No. of Employees : |
800 (Approximately) |
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Bankers : |
·
State Bank of ·
HDFC Bank |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
Nanalal P. Hadial Chartered Accountants |
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Address : |
1st Floor, Shakti Complex, Near Dr. Rupala Hospital, 15,
Savsar Plot, Morbi-363 641, Gujarat, India |
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Associates/Subsidiaries : |
·
Sunora Electric Industries ·
Sunora Ceramic Industries |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4750000 |
Equity Shares |
Rs.10/- Each |
Rs.47.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4600000 |
Equity Shares |
Rs.10/- Each |
Rs.46.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
46.000 |
46.000 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
43.155 |
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3] Reserves & Surplus |
25.080 |
14.512 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
71.080 |
60.512 |
43.255 |
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LOAN FUNDS |
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1] Secured Loans |
103.511 |
114.784 |
79.393 |
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2] Unsecured Loans |
12.251 |
14.327 |
12.280 |
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TOTAL BORROWING |
115.762 |
129.111 |
91.673 |
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DEFERRED TAX LIABILITIES |
5.351 |
5.924 |
0.000 |
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TOTAL |
192.193 |
195.547 |
134.928 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
97.337 |
108.520 |
98.995 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
27.126
|
38.787 |
8.593 |
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Sundry Debtors |
100.531
|
74.644 |
0.000 |
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Cash & Bank Balances |
12.486
|
5.023 |
1.042 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
13.799
|
14.023 |
25.577 |
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Total
Current Assets |
153.942
|
132.477 |
35.212 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
43.681 |
37.402 |
5.789 |
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Other Current Liabilities |
9.290
|
5.563 |
0.000 |
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Provisions |
6.210
|
2.611 |
0.193 |
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Total
Current Liabilities |
59.181
|
45.576 |
5.982 |
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Net Current Assets |
94.761
|
86.901 |
29.230 |
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MISCELLANEOUS EXPENSES |
0.095 |
0.126 |
6.706 |
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TOTAL |
192.193 |
195.547 |
134.928 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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TOTAL |
|
357.942 |
245.673 |
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Less |
EXPENSES |
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TOTAL |
|
326.563 |
208.483 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
31.379 |
37.190 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
|
14.937 |
14.143 |
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PROFIT BEFORE
TAX |
|
16.442 |
23.047 |
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Less |
TAX |
|
6.210 |
8.535 |
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PROFIT AFTER TAX
|
|
10.232 |
14.512 |
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Earnings Per
Share (Rs.) |
|
2.22 |
4.44 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.86
|
5.91 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.54
|
9.56 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.38 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.46
|
2.89 |
2.26 |
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Current Ratio (Current Asset/Current Liability) |
|
2.60
|
2.91 |
5.89 |
LOCAL AGENCY FURTHER INFORMATION
Financial Results:
The company earned net profit of Rs.16.4472 millions on a total income
of Rs.357.942 millions during the year. With a view to conserve reserves, the
directors do not recommend any dividend during the year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U26914GJ2007PTC049849 |
|
Name of the
company |
SUNORA TILES
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Survey No.105/P, Kandla By- Pass N. H.8A, Taluka, Morbi,
Mahendranagar-363642, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10062306 |
|
Type of charge |
·
Book
Debts ·
Movable
Property ·
Immovable
Property |
|
Particular of
charge holder |
State Bank of |
|
Nature of
description of the instrument creating or modifying the charge |
i) Supl. Agreement
of Hypo. of Goods and Assets, ii) Memo. rela.
to Deposit of Title Deeds for further charge. |
|
Date of
instrument Creating the charge |
01.11.2010 |
|
Amount secured by
the charge |
Rs.297.300
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest WC : 11.35 % TL : 11.10 % Terms of
Repayment WC : On demand, TL : 65 mly. Installments. Margin 50 % :
Receivables, 40 % : Semi and
Finished goods, 25 % : Others. Extent and
Operation of the charge First charge of
SBI. |
|
Short particulars
of the property charged |
Hypo.of all
stocks including r/m, semi-finished and finished goods, book-debts, all
current assets, all plant and machineries, present and future more
particularly described in copy of agreement EM of factory
land and building at S. No. 105/1 and 105/4, Vill. Mahendranagar,Tal. Morbi
more particularly described in copy of agreement |
|
Particulars of
the present modification |
The Bank enhanced
credit facilities from Rs.137.500 millions to Rs. 297.300 millions as under : i) CC (Stock and
BD) : Rs. 80.000 millions, ii) TL-1
O/s. : Rs. 27.600 millions, iii) TL-2
O/s. : Rs. 29.200 millions, iv) TL-3 New : Rs.143.000 millions v) L/C-B/G : Rs. 17.500 millions. |
Fixed Assets:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Coal Stove
·
Mobile Air Conditioner
·
Weight Scale
·
Dead Stock
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.44.78 |
|
|
1 |
Rs.71.63 |
|
Euro |
1 |
Rs.62.96 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
32 |
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.