MIRA
INFORM REPORT
|
Report Date : |
21.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
SUMOTO ELASTOMERS PRIVATE LIMITED |
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Registered
Office : |
E-345 (A), Road No.16, V.K.I. Area, Jaipur – 302012, Rajasthan |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
23.04.1999 |
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Com. Reg. No.: |
17-015560 |
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CIN No.: |
U19201RJ1999PTC015560 |
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Capital
Investment / Paid-up Capital : |
Rs.4.500 Millions |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JPRS02128A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Trader of Footwear. |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 14000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appear
some accumulated losses being recorded by the company. However, trade relations
are fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office/Factory : |
E-345 (A), Road No.16, V.K.I. Area, Jaipur – 302012, |
|
Telephone No. |
91-141-2460955/ 2460903 |
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Fax No: |
91-141-2460612 |
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E-Mail : |
DIRECTORS
AS ON 28.08.2010
|
Name : |
Mr. Parveen Chugh |
|
Designation : |
Director |
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Address : |
E-161, Ambawadi, Jaipur-302012, |
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Date of Birth/Age : |
27.07.1973 |
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Date of Appointment : |
23.04.1999 |
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DIN No : |
00268279 |
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Name : |
Mr. Jitender Paul Chugh |
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Designation : |
Director |
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Address : |
E-161, Ambawadi, Jaipur-302012, |
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Date of Birth/Age : |
27.05.1972 |
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Date of Appointment : |
23.04.1999 |
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DIN No : |
00268317 |
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Name : |
Mrs. Koushi Rani |
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Designation : |
Director |
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Address : |
E-161, Ambawadi, Jaipur-302012, |
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Date of Birth/Age : |
26.06.1955 |
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Date of Appointment : |
23.04.1999 |
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DIN No: |
00274548 |
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Name : |
Mr. Sunil Pal Chugh |
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Designation : |
Director |
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Address : |
E-161, Ambawadi, Jaipur-302012, |
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Date of Birth/Age : |
28.11.1974 |
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Date of Appointment : |
23.04.1999 |
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Date of Ceasing : |
16.10.2008 |
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DIN No.: |
00274682 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Parveen Chugh |
124950 |
|
Jitender Paul Chugh |
97500 |
|
Koushi Rani |
92500 |
|
Nisha Chugh |
72550 |
|
Lakshya Chugh |
62500 |
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Total |
450000 |
Equity Share Breakup (Percentage of Total Equity)
AS ON 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Footwear. |
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Products : |
·
Hawai Chappal ·
Loose Bag ·
Footwear |
PRODUCTION STATUS : As on 31.03.2010
|
Particular |
Unit |
Production |
|
Hawai Chappal |
Pair |
796946 |
|
Loose Bag |
Pair |
10877 |
|
Footwear |
Pair |
202390 |
GENERAL INFORMATION
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-
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Auditors : |
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Name : |
Goverdhan Agarwal and Company Chartered Accountant |
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Address : |
16, Krishna Nagar Colony, Teen Dukan, Dher Ka Balaji, Sikar Road,
Jaipur-302013, Rajasthan, India |
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PAN No.: |
AABFG9400D |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
450000 |
Equity Shares |
Rs.10/- each |
Rs.4.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
450000 |
Equity Shares |
Rs.10/- each |
Rs.4.500
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 |
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|
|
|
|
1] Share Capital |
4.500 |
3.500 |
3.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(1.012) |
(0.696) |
(0.781) |
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|
NETWORTH |
3.488 |
2.804 |
2.719 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4.709 |
2.603 |
3.527 |
|
|
2] Unsecured Loans |
2.956 |
4.674 |
5.187 |
|
|
TOTAL BORROWING |
7.665 |
7.277 |
8.714 |
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DEFERRED TAX LIABILITIES |
0.448 |
0.000 |
0.000 |
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TOTAL |
11.601 |
10.081 |
11.433 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.500 |
7.056 |
6.139 |
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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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|
|
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Inventories |
5.431
|
3.653 |
3.266 |
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|
Sundry Debtors |
5.080
|
5.271 |
3.675 |
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|
Cash & Bank Balances |
0.129
|
0.092 |
0.027 |
|
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Other Current Assets |
0.012
|
0.000 |
0.000 |
|
|
Loans & Advances |
1.768
|
0.341 |
0.284 |
|
Total
Current Assets |
12.420
|
9.356 |
7.252 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
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|
Provisions |
0.025
|
0.011 |
0.267 |
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Total
Current Liabilities |
8.319
|
6.331 |
1.958 |
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|
Net Current Assets |
4.101
|
3.025 |
5.294 |
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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|
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TOTAL |
11.601 |
10.081 |
11.433 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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|
Income |
42.639 |
36.545 |
25.816 |
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|
Other Income |
(Turnover) |
(Turnover) |
0.065 |
|
|
|
TOTAL (A) |
NA |
NA |
25.881 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase /Decrease in Stock |
|
|
0.154 |
|
|
|
Raw Material |
|
|
18.305 |
|
|
|
Manufacturing Expenses |
|
|
2.882 |
|
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|
Administrative, Selling and other Expenses |
|
|
2.677 |
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|
|
Prior Period Expenditures |
|
|
0.004 |
|
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|
TOTAL (B) |
NA |
NA |
24.022 |
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
1.859 |
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Less |
FINANCIAL
EXPENSES (D) |
|
|
1.044 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
0.815 |
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|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
0.745 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.157 |
0.096 |
0.070 |
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Less |
TAX (I) |
0.473 |
0.181 |
0.009 |
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PROFIT AFTER TAX |
(0.316) |
0.085 |
0.061 |
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|
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|
Less |
Balance forwarded to Profit and Loss Account |
NA |
NA |
(0.843) |
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
(0.782) |
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|
|
|
Earnings Per
Share (Rs.) |
(0.90) |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
NA |
0.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
0.27 |
|
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|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.78
|
0.58 |
0.52 |
|
|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.03 |
0.02 |
|
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|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.58
|
4.85 |
3.92 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.49
|
1.47 |
3.70 |
LOCAL AGENCY FURTHER INFORMATION
Working Results:
The director have pleasure to report that the company is at progress has
made a total turnover of Rs 42.640 Millions and earn a cash profit of Rs 0.952
Million.
Form 8:
|
Corporate Identity
number (CIN) |
U19201RJ1999PTC015560 |
|
Name of the
company |
SUMOTO
ELASTOMERTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
E-345(A), Road
No.16, V.K.I. Area, Jaipur-302012, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
property Movable property
(not being pledge) |
|
Particular of
charge holder |
State Bank of Email Id: sbbj10365@sbbj.co.in |
|
Nature of
instrument creating charge |
1) Supplemental
Agreement of Loan-cum-Hypothecation. 2) Letter of
Arrangement 3) Link Letter 4) SME-8 5) Board
Resolution |
|
Date of
instrument Creating the charge |
21.10.2010 |
|
Amount secured by
the charge |
Rs.5.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 2.75% above BR
i.e. 10.5%p.a. for the 1st year there after normal rates as
applicable from time to time. Terms of repayment 84 Monthly
installments including moratorium period of 6 months. The first 77 monthly
installments will be for Rs.0.064 Millions each and 78th
installment will be for Rs.0.064 Millions to be commenced after moratorium
period of six months from the date of disbursement or six months from date of
commercial production whichever is earlier. The interest will be serviced as
and when applied during moratorium period also. Margin 25.37% Extent and operation of the charge The charge will
operate as first charge on all the existing and new fixed assets of the unit to
the extent of Rs.5.000 Millions to cover the Term Loan facility granted to
the company. |
|
Short particulars
of the property charged (Including location of the property) |
i) All
existing/new fixed assets of the unit. ii) First charge
by way of hypothecation over the entire fixed assets of the company (present
and future). iii) EM of
Factory land and building at Plot No.E-345(A), Road No.16, VKIA Jaipur
area:2050 Sq Mts. Standing in the name of the company iv) Personal
guarantee of all the directors of the company. |
Fixed Assets:
·
Building
·
Computer and its Software
·
Four Wheeler
·
Building Work In Progress
·
Plant and Machinery
·
Furniture and Fixture
·
Electric Fitting
·
Cycle
·
Dies and Tools
·
Scooter
·
Tools
·
Weight and Measures
·
Submersible Pump
·
D.G. Set
·
Land
·
Testing Equipment
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.44.93 |
|
|
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.