MIRA
INFORM REPORT
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Report Date : |
16.05.2011 |
IDENTIFICATION DETAILS
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Name : |
SUMITRON EXPORTS PRIVATE LIMITED |
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Registered
Office : |
27, Community Centre, Naraina Phase I, New Delhi-110028 |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
13.12.1990 |
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Com. Reg. No.: |
55-129507 |
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Capital
Investment / Paid-up Capital : |
Rs.3.167 Millions |
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CIN No.: [Company Identification
No.] |
U51909DL1990PTC129507 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of electricals, electronics gadgets and home appliances. |
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No. of Employees
: |
58 (In Office : 25, In Branch :33) (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 100000 |
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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 |
LOCATIONS
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Registered Office : |
27, Community Centre, Naraina Phase I, New Delhi-110028, |
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Tel. No.: |
91-11-41410631/41410632/41410633/41410634/41410635 |
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Fax No.: |
91-11-41410494/25891761/25259550 |
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E-Mail : |
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Website : |
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Area : |
5000 (Sq.ft.) (H.O., Owned) |
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Sales and Marketing Office : |
F19/1, Sec-8, Rohini, |
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Tel. No.: |
91-11-43824444 (6
Direct Lines) |
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Fax No.: |
91-11-41410494 |
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E-Mail : |
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Branches : |
Located at: ·
·
Chennai ·
Mumbai ·
Kolkata ·
·
Pantnagar |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Shiv Kumar Jain |
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Designation : |
Managing Director |
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Address : |
A-2/127, Paschim Vihar, New Delhi-110063, |
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Date of Birth/Age : |
01.02.1955 |
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Date of Appointment : |
13.12.1990 |
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DIN No. : |
00384588 |
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Name : |
Mrs. Sunita Jain |
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Designation : |
Director |
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Address : |
A-2/127, Paschim Vihar, New Delhi-110063, |
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Date of Birth/Age : |
11.11.1959 |
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Date of Appointment : |
20.12.2003 |
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DIN No. : |
00955060 |
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Name : |
Mr. Sumeet Jain |
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Designation : |
Director |
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Address : |
A-2/127, Paschim Vihar, New Delhi-110063, |
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Date of Birth/Age : |
29.10.1982 |
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Date of Appointment : |
14.09.2004 |
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DIN No. : |
00384600 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Shiv Kumar Jain |
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165000 |
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Sunita Jain |
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34530 |
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Mukesh Kumar Jain |
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3100 |
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Maya Devi Jain |
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1650 |
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Sheela Devi Jain |
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1600 |
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Sumeet Jain |
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41500 |
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Rohit Jain |
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55100 |
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Ram Vilas Jain |
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2400 |
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Shiv Jain |
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8400 |
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Babita Goel |
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200 |
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Sonu Garg |
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200 |
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Raj Bala |
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200 |
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Renu Singhal |
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20 |
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Mega Jain |
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3000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of electricals, electronics gadgets and home appliances. |
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Products : |
Solderig and Desolderig Station |
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Agencies held : |
As on 2009
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Imports : |
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Products : |
As on 2009 ·
Liquid/ Paste Dispensers ·
ESD Control Products |
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Countries : |
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GENERAL INFORMATION
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Customers : |
• India Private Limited,- • AT and S India (Private) Limited,- • Avalon Technologies Private Limited, -Chennai • B.S.N.L.-Thiruvananthapuram • Bharat Dynamics Limited,- • Bharat Electronics Limited,- • Bharat Heavy Electricals Limited, - • Bharti Teletech Private Limited,- • Bright Point India Limited,- • Centre for Development of Telematics (C-Dot)- • Celetron Power India Private Limited, -Mumbai • Cherokee • Danaher Motion India Private Limited, -Mumbai • Defence Avoinics Research Establishment (DARE)- • Denso Harayana Private Limited,-Manesar • Denso India Limited,-Dadri (U.P.) • • Fanuc India Limited,- • Fibcom India Limited,-Gurgaon • First Mobile • Flextronics Technologies India Limited, - • Frontline Electronics Limited,-Pune • GE Medical Systems Limited,- • GE Thermometrics India Private Limited,- • Genus Overseas Electronics Limited, -Jaipur HFCL Group- • Hindustan Aeronautics Limited,- • Indian Airlines-New • Indian Institute of Technology (IIT) –Chennai • ISRO Satellite Centre-Bangalore • ITI Limited,- • Kalyani Sharp India Limited,-Pune • Kobian ECS • Kodak India Limited,- • Komoline Electronics Private Limited, - Ahmedabad • BSNL-Chennai, • BEL-Chennai LUCAS TVS-Pondy • NOKIA-Chennai NERA-Chennai • CELETRONIX-Chennai • Kortek Electronics Private Limited, - Greater Noida • Krone Communications Limited,- • L and T Limited,- • L.G. Electronics ( • Lucas TVS Limited,-Chennai • Matrix telecom Private Limited,-Vadodare • Matsushita Television and Audio Limited,-Noida • Minda Group of Companies-New • Motherson Sumi System Limited,-Noida • Motorola India Private Limited,- • MTL Instruments (Private) Limited,-Chennai • Napine Auto and Electronics Limited,-Gurgaon • Nest Power Electronics (Private) Limited,- • Nuclear Science Centre-New • O/E/N India Limited,- • Premier Instruments and Controls Limited,- • Rangsons Electronics Private Limited,- • REI Electronics Private Limited,- • Samsung India Limited,-New Delhi/Noida • Secure Meters Limited,- • Shree International-Chennai • Solectron Centum Electronics Limited,- • Sony India Limited,- • Space Applications Centre-Ahmedabad • Sun Fibre Optics Private Limited,- • Sun Generic Cables Private Limited,- • Tata BP Solar India Limited,- • Tata Infotech Limited,- • Titan Time Products Limited,- • TVS Electronics-Chennai • Varroc Engineering Limited,- • Videocon International Limited,- • Vikram Sarabhai Space Centre-Trivandrum • Wipro GE Medical Systems Limited,- • XO Infotech Limited,-Gurgaon • Zenith Computers Limited,-Mumbai • Philips India Limited,- Kolkata • Xenitis- Kolkata |
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No. of Employees : |
58 (In Office : 25, In Branch :33)
(Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R Bhargava and Associates Chartered Accountant |
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Address : |
92-C, GH-10, Sunder Apartments, Paschim Vihar, New Delhi-110087, |
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Sister Concerns : |
Sumitron Marketing 27, Community Centre, Naraina, Phase I, New Delhi-110028 Line of Business : Agency Business |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed and Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
316650 |
Equity Shares |
Rs. 10/-
each |
Rs. 3.167
Millions |
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 |
3.167 |
3.167 |
2.563 |
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2] Share Application Money |
1.200 |
1.200 |
10.233 |
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3] Share Premium |
13.520 |
13.520 |
8.119 |
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4] Reserves & Surplus |
8.411 |
5.789 |
4.397 |
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5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
26.298 |
23.676 |
25.312 |
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LOAN FUNDS |
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1] Secured Loans |
4.631 |
5.634 |
6.886 |
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2] Unsecured Loans |
13.830 |
18.193 |
5.937 |
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TOTAL BORROWING |
18.461 |
23.827 |
12.823 |
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DEFERRED TAX LIABILITIES |
0.231 |
0.214 |
0.195 |
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TOTAL |
44.990 |
47.717 |
38.330 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14.260 |
13.797 |
13.935 |
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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 |
20.111
|
26.107
|
12.975 |
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Sundry Debtors |
59.718
|
37.720
|
35.591 |
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Cash & Bank Balances |
1.167
|
2.003
|
5.019 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
12.559
|
10.474
|
5.718 |
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Total
Current Assets |
93.555
|
76.304
|
59.303 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
58.879
|
38.493
|
31.873 |
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Other Current Liabilities |
2.229
|
2.354
|
1.977 |
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Provisions |
1.780
|
1.609
|
1.139 |
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Total
Current Liabilities |
62.888
|
42.456
|
34.989 |
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Net Current Assets |
30.667
|
33.848
|
24.314 |
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MISCELLANEOUS EXPENSES |
0.063 |
0.072 |
0.081 |
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TOTAL |
44.990 |
47.717 |
38.330 |
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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 |
254.781 |
199.134 |
186.983 |
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Other Income |
3.932 |
4.435 |
3.001 |
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TOTAL |
258.713 |
203.569 |
189.984 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
252.631 |
198.753 |
185.870 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
6.082 |
4.816 |
4.114 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
2.174 |
2.225 |
1.753 |
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PROFIT BEFORE
TAX |
3.908 |
2.591 |
2.361 |
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Less |
TAX |
1.286 |
1.199 |
1.265 |
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PROFIT AFTER TAX
|
2.622 |
1.392 |
1.096 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5.789 |
4.397 |
3.301 |
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BALANCE CARRIED
TO THE B/S |
8.411 |
5.789 |
4.397 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
0.100 |
3.678 |
1.793 |
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TOTAL EARNINGS |
0.100 |
3.678 |
1.793 |
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IMPORTS |
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Import Value |
NA |
86.459 |
85.915 |
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TOTAL IMPORTS |
NA |
86.459 |
85.915 |
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Earnings Per
Share (Rs.) |
8.28 |
4.40 |
4.28 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.01
|
0.68
|
0.58 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.53
|
1.30
|
1.26 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.62
|
2.88
|
3.22 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.01
|
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.09
|
2.80
|
1.89 |
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Current Ratio (Current Asset/Current Liability) |
|
1.49
|
1.80
|
1.69 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered office of the company has been shifted from Shiv Nagar,
Behind Gandhi Mandi, Panipat-132103,
Current Year’s Progress:
The turnover during the year was Rs. 254.781
Millions against Rs. 199.134 Millions in the previous year. Barring unforeseen
circumstances the directors expects a very good coming year.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10088092 |
|
Corporate
identity number of the company |
U51909DL1990PTC129507 |
|
Name of the
company |
SUMITRON EXPORTS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
27, Community Centre, Naraina Phase I, New Delhi-110028, |
|
Type of charge |
Immovable
Property Book debts Movable property Floating charge |
|
Particular of charge
holder |
HDFC Bank Limited, HDFC Bank House, Senapati Bapart Marg, Lower Parel
(West), Mumbai-400013, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
i) Letter of
Hypothecation; ii) Memorandum
Recording Past Transaction of Creation of Mortgage by Delivery of Title
Deeds. (Collectively
Constitute of single charge of Rs.16.000 Millions) |
|
Date of
instrument Creating the charge |
21.08.2010 |
|
Amount secured by
the charge |
Rs. 16.000
Millions |
|
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 : Overall Facility limit
under MFA / Addendum shall payable on demand Term Loan
facility shall repayable in suitable instalments. Margin : As may be
stipulated by the Bank from time to time. Extent and
Operation of the charge : (a) Hypothecation
by way of First Charge on Company's Stocks, Book Debts, Plant and Machinery
etc., to secure as a continuing security (b) The Company accorded and gave
oral consent to Bank to continue to hold and retain the title deeds (by way
of Constructive delivery) in respect of its immovable properties, as security
for repayment of Rs.16.000 Millions, together with principal, interest,
liquidated damages, costs, charges and expenses. |
|
Short particulars
of the property charged |
|
|
Date of latest modification
prior to the present modification |
31.05.2008 |
|
Particulars of
the present modification |
The charge shall
now stand increased from Rs.6.500 Millions to Rs.16.000 Millions (Comprising:
Overall Facility limit under MFA/ Addendum of Rs.10.000 Millions, Term Loan
of Rs.6.000 Millions) in favour the Bank. |
FIXED ASSETS :
- Building
- Plant and Machinery
- Furniture and Fixtures
- Scooter
- Car
- Computer
- Office Equipment
AS PER WEBSITE
Profile:
Subject is a leading distributor of high quality Equipments, Tools and
Materials for the Indian Electrical, Electronics, Automobile, Pharmaceutical
and Telecom industry.
With a long list of products and never ending customer support we are able to
guarantee a very high level of satisfaction for the customers. Offices
throughout
Backed by extensively trained engineers they make sure that they provide
excellent after sales support helping them realize the motto of “EXCELLENCE IN
SERVICE”. With the blessings of GOD and the esteemed customers they have been
able to reach new heights and scale to a new one with the dawn of every new day.
At Sumitron they believe in supporting only high quality products that come
with a right price tag to help them gain the customer’s belief. Over the years
they have developed and maintain a large stock inventory so that they can meet
the customer’s requirements in the least possible time.
SUMITRON THE RELIABLE BUSINESS PARTNER
MARKETING STRENGTH
·
A well stocked warehouse that also includes
essential spare parts for all the equipment and Tools supplied to the valued
customers.
·
Most reliable, efficient and excellent after sales
support provided by well qualified and trained SUMITRON engineers.
·
Unmatched market reach and experience.
·
Strong belief that “OUR CUSTOMER’S GAIN IS OUR
GAIN”
THE PHILOSOPHY
·
To source and offer the best of products with the
latest technology at highly competitive prices
·
Be focused to achieve the best of result in
shortest possible time.
·
Think long-term since they believe that to be the
sole strength of any successful business
·
Ensuring best service so that they get the customer’s
valuable business again and again.
CMT REPORT (Corruption, Money Laundering and 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.44.91 |
|
|
1 |
Rs.73.05 |
|
Euro |
1 |
Rs.64.03 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.