MIRA
INFORM REPORT
|
Report Date : |
25.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
SUNRISE CONTAINERS LIMITED |
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Registered
Office : |
405, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
23.06.1986 |
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Com. Reg. No.: |
11-040194 |
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Capital
Investment / Paid-up Capital : |
Rs. 89.100 Millions |
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CIN No.: [Company Identification
No.] |
U28129MH1986PLC040194 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS35824F |
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PAN No.: [Permanent Account No.] |
AABCS5997C |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer of PET Preforms, PET Jars, PET Bottles for Medical and
Other Packaging Industry. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
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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 2550000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is well established company having fine track. The company is
doing well. Trade relations are reported as fair. Business is active.
Payments are reported to be 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 : |
405, |
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Tel. No.: |
91-22-26861701 |
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Fax No.: |
91-22-26862714 |
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E-Mail : |
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Website : |
DIRECTORS
As on 28.09.2010
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Name : |
Mr. Kanhaiyalal Mundhra |
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Designation : |
Chairman cum Managing Director |
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Address : |
601, Millinium Park, Upavan Layout, Upper Govind Nagar, C-Wing, Malad-
(East), Mumbai – 400097, Maharasahtra, India |
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Date of Birth/Age : |
01.01.1944 |
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Date of Appointment : |
23.06.1986 |
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DIN No.: |
00087385 |
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Other
Directorship:
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Name : |
Mr. Devkishan Mundhra |
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Designation : |
Director |
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Address : |
401, Millinium Park, Upavan Layout, Upper Govind Nagar, C-Wing, Malad-
(East), Mumbai – 400097, Maharashtra, India |
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Date of Birth/Age : |
15.06.1950 |
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Date of Appointment : |
23.06.1986 |
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DIN No.: |
00095233 |
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Other
Directorship:
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Name : |
Mr. Dwaraka Prasad Mundhra |
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Designation : |
Director |
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Address : |
401, Millinium Park, Upavan Layout, Upper Govind Nagar, C-Wing, Malad-
(East), Mumbai – 400097, Maharashtra, India |
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Date of Birth/Age : |
20.06.1958 |
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Date of Appointment : |
12.12.1997 |
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DIN No.: |
00091662 |
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Other
Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2010
|
Names of Shareholders |
|
No. of Shares |
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Kanhaiyalal Mundhra |
|
771900 |
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Devkishan Mundhra |
|
30000 |
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D.K.Mundha Investment and Trading Private Limited, |
|
1950000 |
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Mannalal Investment and Trading Private Limited, |
|
1968000 |
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Santoshkumar Mundhra |
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135000 |
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Shreekishan Mundhra |
|
12000 |
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Dwarka Prasad Mundhra |
|
94200 |
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K.L Mundhra Investment and Trading Private Limited, |
|
1868400 |
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Shreekishan Mendhra HUF |
|
6000 |
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Chanda Devi Mundhra |
|
294600 |
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Bhagwati Devi Mundhra |
|
6000 |
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Umesh Kumar Mundhra |
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117000 |
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Devkishan Mundhra HUF |
|
6000 |
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Hitesh Kumar Mundhra |
|
562800 |
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Dinesh Kumar Mundhra |
|
117000 |
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K.L. Mundhra HUF |
|
657900 |
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Rajesh Kumar Mundhra |
|
16200 |
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Hitesh Plastics Private Limited , |
|
297000 |
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TOTAL |
|
8910000 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2010
|
Category |
Percentage |
|
Bodies corporate |
68.28 |
|
Directors or relatives of Directors |
31.72 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of PET Preforms, PET Jars, PET Bottles for Medical and
Other Packaging Industry. |
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Products : |
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Brand : |
SUNPET |
GENERAL INFORMATION
|
Customers: |
Medical Bottles ·
Alkem Laboratories Limited
·
Lupin Laboratories Limited ·
Medley Pharmaceuticals Limited ·
Novartis Consumer Health India Pvt. Limited ·
Ranbaxy Limited ·
Sanofi Symhelabo ( ·
Wyeth Limited. ·
Wockhardt Limited ·
Zandu Pharmaceuticals Limited Jars Bottles ·
Parle Products Private Limited ·
Johnson and Johnson Limited ·
Maxwell Industries Limited ·
Beiersdorf India Private Limited. ·
Cadbury's India Limited ·
Aavin ·
Nilon's Enterprises Private Limited ·
Bajaj Foods Limited ·
Maker's Laboratories Limited ·
U. S. Pharma (I) Private Limited. ·
AVT Me-cormick Ingredients Private Limited |
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No. of Employees : |
Not Available |
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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 : |
Jain Vijay and Company Chartered Accountants |
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Address : |
305, Sona Chamber, 507/509, Chira Bazar, Mumbai – 400002, |
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PAN.: |
AACPJ0536E |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8910000 |
Equity Shares (Issued Capital includes 8415000 (P.Y 8415000) Equity Shares allotted
as fully paid Bonus Shares by capitalization of General Reserve) |
Rs.10/- each |
Rs. 89.100
Millions |
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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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|
|
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1] Share Capital |
89.100 |
89.100 |
89.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
549.320 |
405.947 |
337.765 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
638.420 |
495.047 |
426.865 |
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LOAN FUNDS |
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1] Secured Loans |
138.819 |
206.566 |
247.862 |
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2] Unsecured Loans |
11.275 |
35.986 |
28.350 |
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TOTAL BORROWING |
150.094 |
242.552 |
276.212 |
|
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DEFERRED TAX LIABILITIES |
43.883 |
36.727 |
33.691 |
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TOTAL |
832.397 |
774.326 |
736.768 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
501.944 |
429.039 |
391.072 |
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Pre Operative Expenditure Pending for Allocation |
0.000 |
1.033 |
0.919 |
|
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Capital Advances |
10.923 |
7.874 |
4.648 |
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Capital work-in-progress |
18.065 |
47.197 |
27.770 |
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INVESTMENT |
0.001 |
0.001 |
0.001 |
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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 |
170.766
|
128.199 |
115.514 |
|
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Sundry Debtors |
162.997
|
157.624 |
133.325 |
|
|
Cash & Bank Balances |
28.823
|
52.505 |
64.220 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
87.167
|
88.205 |
72.451 |
|
Total
Current Assets |
449.753
|
426.533 |
385.510 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
70.378
|
63.685 |
24.411 |
|
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Other Current Liabilities |
29.397
|
29.235 |
27.562 |
|
|
Provisions |
48.514
|
44.431 |
21.109 |
|
Total
Current Liabilities |
148.289
|
137.351 |
73.082 |
|
|
Net Current Assets |
301.464
|
289.182 |
312.428 |
|
|
|
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|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
|
|
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TOTAL |
832.397 |
774.327 |
736.768 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1436.418 |
1271.846 |
972.552 |
|
|
|
Labour Charges |
8.788 |
0.771 |
6.068 |
|
|
|
Other Income |
3.512 |
1.916 |
2.191 |
|
|
|
Profit/ Loss on sale of fixed assets |
20.032 |
1.625 |
(0.201) |
|
|
|
TOTAL (A) |
1468.750 |
1276.158 |
980.610 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost and Inventory Adjustment |
812.299 |
753.365 |
600.807 |
|
|
|
Manufacturing Expenses |
235.021 |
188.801 |
146.618 |
|
|
|
Employees Emoluments |
38.105 |
29.662 |
25.580 |
|
|
|
Administration, Selling and Other Expenses |
107.104 |
86.921 |
69.944 |
|
|
|
Exchange Rate Difference |
13.726 |
28.429 |
0.000 |
|
|
|
TOTAL (B) |
1178.803 |
1087.178 |
842.949 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
289.947 |
188.980 |
137.661 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST /
FINANCIAL EXPENSES (D) |
13.146 |
19.510 |
13.122 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
276.801 |
169.470 |
124.539 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
68.008 |
54.851 |
51.597 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
208.793 |
114.619 |
72.942 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
34.343 |
33.406 |
7.791 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
174.450 |
81.213 |
65.151 |
|
|
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|
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|
|
(Less)/ Add |
Income Tax
Adjustment of Earlier Year |
(5.091) |
0.000 |
0.000 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
318.470 |
256.288 |
207.561 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
7.500 |
6.000 |
6.000 |
|
|
|
Interim Dividend |
13.365 |
0.000 |
0.000 |
|
|
|
Proposed Dividend |
8.910 |
11.138 |
8.910 |
|
|
|
Tax on Dividend |
3.711 |
1.893 |
1.514 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
342.343 |
318.470 |
256.288 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
19.58 |
9.11 |
7.31 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
11.88
|
6.36 |
6.64 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.54
|
9.01 |
7.44 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.94
|
13.40 |
9.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.23 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.47
|
0.76 |
0.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.03
|
3.11 |
5.28 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE:
The Sales and Other Income of the company has increased to Rs. 1468.750
millions as compared to last year Rs. 1276.160 millions and profit after tax
has increased to Rs. 174.450 millions as compare to previous year Rs. 81.213
millions.
CONTINGENT LIABLITIES:
( Rs. in Millions )
|
Particular |
31.03.2010 |
31.03.2009 |
|
Income Tax Demand Under Dispute |
5.879 |
4.731 |
|
Excise Duty Under Dispute |
0.122 |
0.000 |
|
Bank Guarantee (net margin) |
1.301 |
8.310 |
|
Outstanding Letter of Credit (net margin) |
21.871 |
17.758 |
|
TOTAL |
29.173 |
30.799 |
FORM 8:
|
Corporate
identity number of the company |
U28129MH1986PLC040194 |
|
Name of the
company |
SUNRISE
CONTAINERS LIMITED |
|
Address of the
registered office or of the principal place of business in |
405, |
|
This form is for |
Modification
of Charge |
|
Charge
identification (ID) number of the charge to be modified |
90240416 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
State Bank of Email: kamalax_saraf@hotmail.com |
|
Nature of
instrument creating charge |
No instrument.
memorandum of deposit for creation of further charge for term loan/overall
limit where the initial charge is created by way of mortgage by deposit of
title deeds. |
|
Date of
instrument Creating the charge |
28.07.2011 |
|
Amount secured by
the charge |
Rs. 430.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
: As per sanction
Terms Terms of
Repayment : As per sanction
Terms Margin : As per sanction
Terms Extent and
Operation of the charge: As per sanction
Terms |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of
borrower’s goods, book debts and all other movable assets. |
|
Date of instrument
modifying the charge |
21.07.2011 |
|
Particulars of
the present modification |
Now by the
present modification Dated 28.7.2011 the company created an extension
of charge by way of an equitable mortgage by deposit of title deeds over the
immovable properties earlier created on 4.1.2007 to secure the extended
credit facilities of Rs. 430.500 millions the details of the immovable
properties. |
FIXED ASSETS:
- Plant and Machinery
- Mould and Dies
- Electrical Installation
- Office Equipment
- Vehicle
- Furniture and Fixture
- Computer
- Air Conditioner
- Bycycle
- Generator
- Flat
- Office Premises
- Factory Galla
- Electrical Installation
WEBSITES DETAILS
PROFILE
In the early eighties a new horizon began taking shape. Precision,
perfection and excellence were the architects
of this horizon in the packaging industry.
The camaraderie of Mr, K. L.
Mundhra, and Subject dawned upon
the packaging industry. But it was only foresight and perseverance that turned
the sails of the company from being the leading manufacturer of PVC transparent
jars to becoming the undisputed leader in PET products, under the brand name, SUNPET.
Needless to say, Mr. L. Mundhra, teamed up with Mr. D. K. Mundhra and Mr. D. P.
Mundhra, have pioneered the growth of PET products in
Today the company is at the pinnacle of success, with a strong financial
background, headquartered in the commercial capital of India-Mumbai and networked
to its manufacturing units and distribution centers spread across the country.
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.49.87 |
|
|
1 |
Rs.79.72 |
|
Euro |
1 |
Rs.69.53. |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
53 |
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.