%20PRIVATE%20LIMITED%20-%20155933%2014-Oct-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
14.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
SUNRISE CORRUGATED (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No. 10/11 Yadav Complex, B.M. Galli A.M. Lane Cross, Bangalore –
560053, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
06.04.1998 |
|
|
|
|
Com. Reg. No.: |
023592 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 10.868 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27201KA1998PTC023592 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS24474C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECS8591H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Corrugated Flexible Hose Pipes and Double
Weld Corrugated Pipe |
|
|
|
|
No. of Employees
: |
25 (in office + in factory) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 90812 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate 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. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. L. S. Rajpurohit |
|
Designation : |
Director |
|
Contact No.: |
91-9448481327 |
|
Date : |
05.10.2011 |
LOCATIONS
|
Registered Office : |
No. 10/11 Yadav Complex, B.M. Galli A.M. Lane Cross, Bangalore – 560053,
Karnataka, India |
|
Tel. No.: |
91-80-27826190 |
|
Mobile No.: |
91-9448481327 (Mr. L. S. Rajpurohit) |
|
Fax No.: |
91-80-27826930 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
No. 17, 2nd Phase, Jigni Industrial Area, Anekal Taluk,
Bangalore – 562106, Karnataka, India |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Laxmansingh Rajpurohit |
|
Designation : |
Director |
|
Address : |
149 Royal, Hermitage, Bannerghatta Road, Bangalore – 560083,
Karnataka, India |
|
Date of Birth/Age : |
10.11.1967 |
|
Date of Appointment : |
06.04.1998 |
|
|
|
|
Name : |
Ms. Ritu Purohit |
|
Designation : |
Director |
|
Address : |
149 Royal, Hermitage, Bannerghatta Road, Bangalore – 560083,
Karnataka, India |
|
Date of Birth/Age : |
12.10.1971 |
|
Date of Appointment : |
06.04.1998 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of
Shareholders |
No.
of Shares |
|
Lakshman Singh |
192,950 |
|
Ratan Devi |
57,450 |
|
Laxmi Devi |
10,000 |
|
Narayan Singh |
114,100 |
|
Lakshman Singh (HUF) |
50,450 |
|
Jogaji Bhopal |
2,000 |
|
Bhagwan Singh |
26,650 |
|
Devi Singh |
21,000 |
|
Mangilal |
26,500 |
|
Pukhraj |
16,500 |
|
Jog Singh |
19,500 |
|
Manjula Devi |
24,500 |
|
Santhosh Kumar |
18,500 |
|
Rajesh Kumar |
2,000 |
|
Basanti Devi |
23,000 |
|
Jitendra Singh |
26,000 |
|
Shanti Devi |
6,700 |
|
Chengappa |
25,000 |
|
Banuprakash |
22,500 |
|
Bhanshilal |
25,000 |
|
Manju Devi |
25,500 |
|
Angshuman Munshi |
12,500 |
|
Balwant Kumar |
25,000 |
|
Haripyari |
22,500 |
|
Sajjan Devi |
25,000 |
|
Jasoda Dave |
20,000 |
|
Veer Singh |
25,000 |
|
Surjeet Singh |
7,500 |
|
R.Manjula |
12,500 |
|
Sandhi Poly Plast |
37,225 |
|
Dinesh Singh Raj Purohit |
8,825 |
|
Jetha Ram |
25,000 |
|
Joga Ram |
10,000 |
|
Sunrise Corrugated Rep. By Dildeep Singh |
120,000 |
|
TOTAL |
1,086,850 |
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
81.00 |
|
Other top fifty shareholders |
19.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Corrugated Flexible Hose Pipes and Double
Weld Corrugated Pipe |
|
|
|
|
Exports : |
|
|
Products : |
·
Corrugated Flexible Hose Pipes |
|
Countries : |
·
Italy ·
Sri Lanka |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Credit (30 days, 60 days) |
|
|
|
|
Purchasing : |
Cash, Credit (30 days, 60 days) |
GENERAL INFORMATION
|
Suppliers : |
·
Reliance Industries |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Customers : |
·
Ashok
Leyland |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
25 (in office + in factory) |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
·
Karnataka Bank, Chicket Branch, Bangalore –
560052, Karnataka, India ·
Ing
Vysya Bank, 233,9th Main Road, III Block,Jayanagar, Bangalore – 560011,
Karnataka, India |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Meena Bhandari and Co. Chartered Accountant |
|
Address : |
Mahaveer Enclave, Flat No. S-1, III Floor, #157, 15th
Cross, Cubbonpet Main Road, Bangalore – 560002, Karnataka, India |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12,50,000 |
Equity Shares |
Rs. 10/- each |
Rs. 12.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,12,300 |
Equity Shares @ par |
Rs. 10/- each |
Rs. 5.123 Millions |
|
5,74,550 |
Equity Shares @ premium |
Rs. 10/- each |
Rs. 5.745
Millions |
|
|
Total |
|
Rs. 10.868 Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
80.000 |
Expected Sales (2011-2012) : Rs. 100.000 Millions
The above information has been parted by (Mr. L. S. Rajpurohit -
Director )
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10.869 |
9.669 |
9.669 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
11.834 |
6.810 |
7.284 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
22.703 |
16.479 |
16.953 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
11.197 |
13.497 |
13.728 |
|
|
2] Unsecured Loans |
1.096 |
4.135 |
1.813 |
|
|
TOTAL BORROWING |
12.293 |
17.632 |
15.541 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
34.996 |
34.111 |
32.494 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
12.439 |
13.887 |
12.535 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.751 |
0.457 |
0.236 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.050
|
0.000 |
0.000 |
|
|
Sundry Debtors |
24.123
|
18.971 |
26.323 |
|
|
Cash & Bank Balances |
0.496
|
0.093 |
0.682 |
|
|
Other Current Assets |
27.392
|
22.127 |
16.115 |
|
|
Loans & Advances |
0.000
|
0.000 |
0.000 |
|
Total
Current Assets |
52.061
|
41.191 |
43.120 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
10.957
|
16.692 |
19.304 |
|
|
Other Current Liabilities |
15.933
|
1.616 |
3.187 |
|
|
Provisions |
3.365
|
3.116 |
0.906 |
|
Total
Current Liabilities |
30.255
|
21.424 |
23.397 |
|
|
Net Current Assets |
21.806
|
19.767 |
19.723 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
34.996 |
34.111 |
32.494 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover |
63.742 |
44.215 |
53.363 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
65.838 |
45.426 |
53.647 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
0.378 |
(0.481) |
(0.283) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.155 |
(0.007) |
-- |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.223 |
(0.474) |
-- |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.21 |
-- |
--- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
0.59
|
(1.08) |
(0.53) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.58
|
(0.87) |
(0.50) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
(0.02) |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.87
|
2.37 |
2.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.72
|
1.92 |
1.84 |
LOCAL AGENCY FURTHER INFORMATION
Trade References
·
Reliance Industries
·
Ashok Leyland
Form 8
|
Corporate
identity number of the company |
U27201KA1998PTC023592 |
||||||
|
Name of the
company |
SUNRISE CORRUGATED (INDIA) PRIVATE LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
No. 10/11 Yadav Complex, B.M. Galli A.M.. Lane Cross, Bangalore –
560053, Karnataka, India |
||||||
|
This form is for |
Modification of
charge |
||||||
|
Type of charge |
Book debts Floating charge |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
Supplemental Deed
of Hypothecation |
||||||
|
Date of instrument
Creating the charge |
21.05.2011 |
||||||
|
Amount secured by
the charge |
Rs. 20.000
Millions |
||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest ODSIT/BD :
IVBR+4.00% LC(Interchangeable
LC limit) : commission As per FEDAI & Bank Norms which is 1.25% Terms of
Repayment ODSIT/BD : On
Demand LC
(Interchangeable LC limit) : DP/DA with Usance period up to 90 days. Margin ODSIT/BD : 25% on
stocks and 30% on book debts. LC(Interchangeable
LC limit) : Cash Margin 15% Extent and
Operation of the charge First charge on
Stock of PVC Corrugated Pipes and other raw materials of the company. First charge on
Goods purchased / imported under the LC. First charge on
Book Debts of the company. Others Nil |
||||||
|
Particulars of
the property charged |
All the Stocks of
PVC Corrugated Pipes and other raw materials and goods of the company stored
at No.17, 2nd Phase Jigani Industrial Area, Jigani, Anekal Taluk, Bangalore-
562106. All the Book
Debts of the company both present and future. |
||||||
|
Particulars of
the present modification |
The total limit
has been enhanced from Rs.15.000 Millions to Rs.20.000 Millions as follows: Limit Existing Modified (Amount
in Millions) ODSIT/BD 15.000 20.000 LC(Interchangeable
LC limit) (2.500) (2.500) (ILC/FLC limit
merged with ODSIT/BD Limit) All other terms
and conditions are remaining same. |
Fixed Assets
·
Machinery
·
Furniture
·
Building
·
Electrical Fitting
·
Land (KIADB)
·
Mobiles
·
Printer
·
Computer
·
Vehicle-Tata Safari
·
Vehicle – Skoda
·
Scorpio
·
Hero Honda
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter's background |
---------------------- |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
No |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
Yes |
|
18) Major customers |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
---------------------- |
|
22) Litigations that the firm / promoter involved in |
---------------------- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
---------------------- |
|
26) Buyer visit details |
---------------------- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
---------------------- |
|
29) Last accounts filed at ROC |
---------------------- |
|
30) Major Shareholders, if available |
---------------------- |
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.49.02 |
|
|
1 |
Rs.77.12 |
|
Euro |
1 |
Rs.67.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
4 |
|
--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 |
|
29 |
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.