MIRA
INFORM REPORT
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Report Date : |
31.10.2011 |
IDENTIFICATION DETAILS
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Name : |
SUTLEJ COACH PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
6th KM Stone, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.08.1993 |
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Com. Reg. No.: |
16 - 013639 |
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Capital
Investment / Paid-up Capital : |
Rs. 1.000 Millions |
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CIN No.: [Company Identification
No.] |
U27310PB1993PTC013639 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Railway Coaches Seats, Delux Buses Seats
etc. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 83000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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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 but correct. The company can be considered for small to mediocre 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
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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 |
INFORMATION PARTED BY (General Details)
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Name : |
Ms. Neena |
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Designation : |
Head Accountants |
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Contact No.: |
91-181-2650886 |
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Date : |
25.10.2011 |
LOCATIONS
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Registered Office/ Factory : |
6th KM Stone, |
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Tel. No.: |
91-181-2650886/2650589/3090629 |
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Mobile No.: |
91-9876060881 (Mr. Tejinder S Wikhu - Manager) |
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Fax No.: |
91-181-2650887 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Kulwant Singh Wilkhu |
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Designation : |
Director |
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Address : |
567, Bagh Bharian, |
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Date of Appointment : |
24.08.1993 |
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DIN No.: |
00847731 |
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Other
Directorship:
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Name : |
Mr. Daljt Singh |
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Designation : |
Director |
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Address : |
567, Bagh Bharian, |
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Date of Appointment : |
27.12.1993 |
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DIN No.: |
00847779 |
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Other
Directorship:
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Name : |
Mr. Narinder Singh |
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Designation : |
Director |
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Address : |
567, Bagh Bharian, |
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Date of Appointment : |
01.01.1996 |
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DIN No.: |
00847829 |
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Other
Directorship:
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Name : |
Mr. Jatinder Singh |
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Designation : |
Director |
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Address : |
567, Bagh Bharian, |
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Date of Appointment : |
01.02.1997 |
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DIN No.: |
00848069 |
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Other
Directorship:
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Name : |
Mr. Paramjit Singh |
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Designation : |
Managing Director |
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Address : |
567, Bagh Bharian, |
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Date of Appointment : |
27.12.1993 |
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DIN No.: |
00848095 |
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Other
Directorship:
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Name : |
Mr. Tejinder Singh Wilkhu |
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Designation : |
Director |
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Address : |
567, Bagh Bharian, |
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Date of Appointment : |
24.08.1993 |
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DIN No.: |
00848126 |
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Other
Directorship:
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KEY EXECUTIVES
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Name : |
Ms. Neena |
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Designation : |
Head Accountant |
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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Kulwant Singh Wilkhu |
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110 |
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Daljit Singh |
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310 |
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Narinder Singh |
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1025 |
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Jatinder Singh |
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875 |
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Tejinder Singh Wilkhu |
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3005 |
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Paramjit Singh |
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10 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
100 (Approximately) |
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Products : |
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Exports : |
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Products : |
Seats |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers and Retailer |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial
Institution |
TML Financial Services |
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Auditors : |
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Name : |
S.S Kalra and Company Chartered Accountant |
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Address : |
4th Floor, K.K Towder, Civil Lines, Jalandhar – 144001, |
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PAN.: |
AERPK7553H |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.100/- each |
Rs. 1.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares (out of the above 3500 shares have been issued for consideration other
than cash) |
Rs.100/- each |
Rs. 1.000 Millions |
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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 |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
19.974 |
19.664 |
19.633 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
20.974 |
20.664 |
20.633 |
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LOAN FUNDS |
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1] Secured Loans |
18.522 |
14.045 |
22.440 |
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2] Unsecured Loans |
7.221 |
7.471 |
8.575 |
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TOTAL BORROWING |
25.743 |
21.516 |
31.015 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
46.717 |
42.180 |
51.648 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
21.933 |
24.738 |
26.127 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.300 |
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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 |
16.317
|
12.432 |
11.247 |
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Sundry Debtors |
0.000
|
0.000 |
4.905 |
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Cash & Bank Balances |
0.098
|
0.000 |
15.434 |
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Other Current Assets |
18.685
|
10.592 |
1.391 |
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Loans & Advances |
1.839
|
1.880 |
1.830 |
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Total
Current Assets |
36.939
|
24.904 |
34.807 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
8.357
|
3.015 |
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Other Current Liabilities |
3.798
|
4.447 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
12.155
|
7.462 |
9.586 |
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Net Current Assets |
24.784
|
17.442 |
25.221 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
46.717 |
42.180 |
51.648 |
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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 |
58.653 |
31.284 |
41.100 |
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Other Income |
4.919 |
4.227 |
NA |
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TOTAL (A) |
63.572 |
35.511 |
NA |
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Less |
EXPENSES |
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Generator Expenses |
0.491 |
0.230 |
NA |
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Incentives to Workers |
0.104 |
0.004 |
NA |
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Excise Duty Paid |
4.863 |
3.995 |
NA |
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Car Expenses |
0.073 |
0.060 |
NA |
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Fees and Taxes |
0.887 |
0.521 |
NA |
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Bank Interest |
2.497 |
1.284 |
NA |
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Scooter Repair |
0.009 |
0.002 |
NA |
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Service Tax |
0.010 |
0.006 |
NA |
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Entertainment |
0.017 |
0.052 |
NA |
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Raw Material Consumed |
39.936 |
20.143 |
NA |
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Other Expenditure |
12.461 |
6.871 |
NA |
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TOTAL (B) |
61.348 |
33.168 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2.224 |
2.343 |
2.998 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.853 |
1.895 |
1.829 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.372 |
0.448 |
1.169 |
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Less |
TAX (I) |
0.511 |
0.419 |
0.407 |
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PROFIT AFTER TAX
(G-I) (J) |
(0.139) |
0.290 |
0.762 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
8.864 |
8.833 |
7.932 |
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Deferred Tax Liabilities |
0.448 |
0.002 |
0.179 |
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BALANCE CARRIED
TO THE B/S |
9.174 |
8.863 |
8.873 |
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Earnings Per
Share (Rs.) |
13.90 |
29.00 |
76.20 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
0.63
|
1.43 |
2.84 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.63
|
0.93 |
1.92 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.02 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.81
|
1.40 |
1.46 |
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Current Ratio (Current Asset/Current Liability) |
|
3.04
|
3.34 |
3.03 |
LOCAL AGENCY FURTHER INFORMATION
|
Check list by Info Agents |
Available in Reports ( Yes/No) |
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Yes |
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Yes |
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Yes |
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Yes |
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Yes |
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Yes |
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-- |
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Yes |
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Yes |
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Yes |
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No |
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No |
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No |
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No |
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No |
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No |
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No |
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No |
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Yes |
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Yes |
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-- |
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-- |
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Yes |
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No |
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-- |
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-- |
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No |
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-- |
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-- |
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-- |
Performance Review:
The company has registered sales of Rs. 58.653
Millions during the year ending March 31, 2010 as compared to Rs. 31.284 in the
previous year ending March 31, 2009. The company has earned gross profit of Rs.
12.177 millions as on March 31, 2010 as compared to Rs. 7.409 millions as on
March 31, 2009 showing an increase of Rs. 6.435 millions. Net Profit has
decreased to Rs. 0.371 millions as on March 31, 2010 as compared to Net Profit
of Rs. 0.448 millions during the previous year. This decrease in net profit is
because of the increase in the expenditure incurred by the company and the
company is expecting that this expenditure would turn out to be fruitful to the
company in the coming years.
Form 8:
|
Corporate
identity number of the company |
U27310PB1993PTC013639 |
|
Name of the
company |
SUTLEJ COACH PRODUCTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
6th KM Stone, |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
90180897 |
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Type of charge |
|
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Particular of
charge holder |
State Bank of Email : agmjal@sbp.co.in |
|
Nature of
instrument creating charge |
Agreement dated 2nd
December 2006 for Hypothecation of goods and assets. |
|
Date of
instrument Creating the charge |
02.12.2006 |
|
Amount secured by
the charge |
Rs. 22.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest:
10.75% per annum Terms of
Repayment : Cash Credit
against Hypothecation of goods and against orders repayable on demand. Margin: 25% Extent and
operation of the charge: 100% Others: Cash Credit Limit
Being enhanced from Rs. 12.500 Millions to Rs. 22.500 Millions, other
conditions remain the same. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All present and
future goods, book debts and all other movable assets of the company. |
|
Date of
instrument modifying the charge |
28.12.2005 |
|
Particulars of
the present modification |
Cash Credit Limit
Being enhanced from Rs. 12.500 Millions to Rs. 22.500 Millions i.e Rs. 10.000
Millions (Hypothecation) and CC (Against orders) Rs. 12.500 Millions |
Fixed Assets:
- Building
- Computer
- Furniture and Fixture and Fittings
- Land
- Machinery
- Tools and Dies
- Car
- Fire Extinguisher
- Fax
- Air Conditioner
- Weighing Machine
- Office Equipment
- Fans and Exhaust Fan
- Machinery
- Scooter
- Water Cooler
- Photostate Machine
- Refrigerator
- Vehicle
Websites Details
Profile
The journey of Subject started in 1993. The promoters of the company were already running a successful coach and bus building business the subject. Put together the promoters had nearly 150 years of combined experience in the bus and coach industry.
The overlying aim was to build up an institution which could produce and
develop seats and related parts confirming to prevalent market demands and be
fairly flexible in incorporating changes required by the customers.
From a humble beginning, Sutlej Coach today employs hardworking shop floor
workers supported by experienced technical and managerial staff. The works is
situated in an area of approximately 100,000 sq.ft. with almost the same amount
of area available for further development.
Sutlej Coach today has full fledged facilities to produce and develop seats for
buses and coaches, Seats and berths for railway coaches and heavy fabrication
parts for Indian railways.
To accomplish the jobs the in-house facilities include Moulding of flexible,
semi rigid and rigid Polyurethene parts on latest high pressure European
machines. The sheet metal cutting id done using CNC profile cutting plasma
machine and other equipment is used for further processes. Welding based on
carbon di-oxide is standard. Liquid or powder coating is done as per
requirement. Facilities are present for moulding of glass fiber using RTM
equipment or with handlayup depending on the situation. Various other
facilities are also present for the manufacture of seats.
The design part is undertaken using appropriate softwares and a fully equipped
test lab is on site. Tests for fully built up seats or its individual
components like PU cushions etc. are conducted as per requirement.
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. 48.82 |
|
|
1 |
Rs. 78.57 |
|
Euro |
1 |
Rs. 69.29 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
30 |
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.