MIRA INFORM REPORT

 

 

Report Date :

25.05.2011

 

Note:

The Correct name of the company is “Superking Manufacturers (Typre) Private Limited”

 

IDENTIFICATION DETAILS

 

Name :

SUPERKING MANUFACTURERS (TYRE) PRIVATE LIMITED

 

 

Registered Office :

B-14/1, Jhilmil Industrial Area, Shadra, New Delhi - 110095, Delhi

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

15.03.1982

 

 

Com. Reg. No.:

55-013287

 

 

Paid-up Capital :

Rs. 9.880 Millions

 

 

CIN No.:

[Company Identification No.]

U74899DL1982PTC013287

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELS02800A

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

The company is engaged in manufacturing of tyres, tubes and flaps

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (44)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 1700000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

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 – June 30, 2010

 

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

LOCATIONS

 

Registered Office :

B-14/1, Jhilmil Industrial Area, Shadra, New Delhi - 110095, Delhi, India

Tel. No.:

91-11-22583435/22585310/22587448/39534199

Fax No.:

91-11-22579090/22150178

E-Mail :

info@jpc.co.in

dhawan@del3.vsnl.net.in

skmt1982@gmail.com

Website :

www.superking-tyre.com

 

 

Factory  :

28/2A, Site IV Industrial Area,  Sahibabad, District Ghaziabad, Uttar Pradesh, India

Tel. No.:

91-120-2773163/2778891

 

 

DIRECTORS

 

As On 29.09.2010

 

Name :

Mr. Puneet Dhawan

Designation :

Director

Address :

D-185, Vivek Vihar, Shahdara, Delhi – 110095, India

Date of Birth/Age :

23.07.1980

Date of Appointment :

18.09.2006

DIN No.:

00374523

Other Directorship :

CIN: U74899DL1986PTC024586

Name of the company: Puneet Industrial Company Private Limited

Designation: Director

 

 

Name :

Mr. Arun Gopal Agarwal

Designation :

Director

Address :

II-B/76, Vaishal, Ghaziabad, Uttar Pradesh, India

Date of Birth/Age :

02.03.1946

Date of Appointment :

06.05.2006

DIN No.:

00374421

 

 

Name :

Mr. Madhusudan Lal Dhawan

Designation :

Managing Director

Address :

D-185, Vivek Vihar, Shahdara, Delhi – 110095, India

Date of Birth/Age :

17.04.1937

Date of Appointment :

15.03.1982

DIN No.:

00374491

 

 

Name :

Ms. Pushpa Dhawan

Designation :

Director

Address :

D-185, Vivek Vihar, Shahdara, Delhi – 110095, India

Date of Birth/Age :

10.10.1938

Date of Appointment :

15.03.1982

DIN No.:

00374507

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As On 29.09.2010

 

Names of Shareholders

 

No. of Shares

Dhawan Lal Madhusudan

 

35490

Dhawan Pushpa

 

31690

Puneet Industries Company Private Limited – India

 

1620

Sons Dhawan M. L

 

30000

Total

 

98800

 

As On 29.09.2010

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

The company is engaged in manufacturing of tyres, tubes and flaps

 

 

Products :

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :
  • Union Bank of India, Overseas Branch, New Delhi, India

 

 

Facilities :

Secured Loans

31.03.2010 (Rs. In Millions)

31.03.2009 (Rs. In Millions)

Cash Credit & Packing Credit Account

(Secured against hypothecation of finished goods, raw materials &

work in process and against the personal guarantee of Directors &

relatives) Union Bank of India

85.868

61.957

F.D.B.P./F.D.U.B.P

26.546

29.993

Term Loan Secured (Against Machinery)

0.489

5.114

Car Loan (secured by way of hypothecation of vehicles financed)

0.759

1.248

Total

113.662

98.312

 

 

Unsecured Loans

31.03.2010 (Rs. In Millions)

31.03.2009 (Rs. In Millions)

From Directors

1.163

0.855

From Banks/ Financial Institutions

11.783

10.592

Total

12.946

11.447

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

J P Chawla and Company

Chartered Accountant

Address :

43 Darya Ganj, New Delhi – 110002, Delhi, India

Pan No.:

AAAFJ2213J

 

 

CAPITAL STRUCTURE

 

As On 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

100000

Equity Shares

Rs. 100/- each

Rs. 10.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

98800

Equity Shares

Rs. 100/- each

Rs. 9.880 Millions

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

9.880

9.880

9.880

2] Share Application Money

5.000

0.000

0.000

3] Reserves & Surplus

415.716

413.742

185.643

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

430.596

423.622

195.523

LOAN FUNDS

 

 

 

1] Secured Loans

113.662

98.312

98.696

2] Unsecured Loans

12.946

11.447

2.984

TOTAL BORROWING

126.608

109.759

101.680

DEFERRED TAX LIABILITIES

1.610

1.196

1.754

 

 

 

 

TOTAL

558.814

534.577

298.957

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

436.956

436.412

213.796

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
100.705

69.960

73.413

 

Sundry Debtors
33.801

55.400

38.297

 

Cash & Bank Balances
6.936

6.178

7.969

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
45.824

34.595

32.977

Total Current Assets
187.266

166.133

152.656

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
46.453

52.947

58.295

 

Other Current Liabilities
15.188

11.232

6.739

 

Provisions
3.767

3.789

2.461

Total Current Liabilities
65.408

67.968

67.495

Net Current Assets
121.858

98.165

85.161

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

558.814

534.577

298.957

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Job Receipts

 

 

Other Income

 

 

 

 

 

TOTAL                        

454.472

365.984

328.228

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

Financial Expenses

 

 

 

 

 

TOTAL                                    

441.527

354.347

318.852

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

12.945

11.637

9.376

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION        

8.864

8.877

8.481

 

 

 

 

 

 

PROFIT BEFORE TAX

4.081

2.760

0.895

 

 

 

 

 

Less

TAX                                                     

1.703

1.636

0.222

 

 

 

 

 

 

PROFIT AFTER TAX

2.378

1.124

0.673

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

288.146

240.635

196.599

 

TOTAL EARNINGS

288.146

240.635

196.599

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Goods for purchase

11.394

12.622

13.870

 

TOTAL IMPORTS

11.394

12.622

13.870

 

 

 

 

 

 

Earnings Per Share (Rs.)

24.07

11.38

6.81

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
0.52

0.31

0.21

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
0.65

0.46

0.24

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.01

0.01

0.00

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
0.45

0.42

0.87

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.86

2.44

2.26

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

BACKGROUND:

The company is engaged in manufacturing of tyres, tubes and flaps

 

Fixed Assets

  • Land – Sahibabad
  • Building – Sahibabad
  • Plant and Machinery
  • Furniture
  • Vehicles
  • Office equipment
  • Computer
  • Moulds
  • Cycle

 

AS PER WEBSITE DETAILS

 

PROFILE

Superking is a Government of India recognized Star Export House.

Superking, Tyre and Tube manufacturing was established in 1982 as a small venture for making Implement tyres

and tubes. Adequate equipments, high quality material and latest technology have helped Superking to find a place of recognition.

 

The company has built business worldwide on the basis of honesty and customer satisfaction. During the past 25 years, the company has developed sizeable market for its products not only within the country but also in more than 30 countries like USA, Europe, Middle East, Africa and Asian continents.

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.45.25

UK Pound

1

Rs.72.82

Euro

1

Rs.63.58

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

4

--RESERVES

1~10

5

--CREDIT LINES

1~10

4

--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

 

44

 

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

-

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.