MIRA
INFORM REPORT
|
Report Date : |
23.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
SUJAN IMPEX
PRIVATE LIMITED |
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Registered
Office : |
105, Bombay Samachar Marg, 1st Floor,
Road No. 10, Fort, Mumbai – 400001, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
17.07.1996 |
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Com. Reg. No.: |
11-101179 |
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Capital Investment
/ Paid-up Capital : |
Rs. 0.317 Million |
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CIN No.: [Company Identification
No.] |
U51900MH1996PTC101179 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS39058F |
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PAN No.: [Permanent Account No.] |
AACCS2106G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader and Importer of Fabrics. |
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No. of Employees
: |
10 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually 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.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Gora Singh |
|
Designation : |
Admin Executive |
|
Contact No.: |
91-22-66969381 |
|
Date : |
23.08.2012 |
LOCATIONS
|
Registered Office : |
105, Bombay Samachar Marg, 1st
Floor, Road No. 10, Fort, Mumbai – 400001, Maharashtra,
India |
|
Tel. No.: |
91-22-66969381/ 2 |
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Fax No.: |
91-22-66969384 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
C – 3, Nanddham Industrial Estate, Marol
Maroshi Road, Andheri
[East] Mumbai – 400059, Maharashtra, India |
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Tel. No.: |
91-22-66969381/ 2 |
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Fax No.: |
91-22-66969384 |
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E-Mail : |
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Warehouse : |
Shed No. L/19/5 and 6, GIDC Industrial, Area, Por,
Ramangamdi, Baroda-391243, Gujarat, India |
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Tel. No.: |
91-265-2831529 |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Ravindra Khushalchand
Mehta |
|
Designation : |
Director |
|
Address : |
B 104, Harshvardhan Society, Shkivihar
Road, Sakhinaka, Andheri
[East], Mumbai – 400072, Maharashtra, India |
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Date of Birth/Age : |
01.05.1961 |
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Date of Appointment : |
01.10.1997 |
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DIN No.: |
01742781 |
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|
|
|
Name : |
Mr. Girish Chinubhai
Parikh |
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Designation : |
Director |
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Address : |
10, Bapaji Niwas, 6th
Road, Santacruz [East], Mumbai - 400072, Maharashtra, India |
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Date of Birth/Age : |
18.01.1961 |
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Date of Appointment : |
01.10.1997 |
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DIN No.: |
00691233 |
KEY EXECUTIVES
|
Name : |
Mr. Gora Singh |
|
Designation : |
Admin Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Girish C. Parikh |
|
375 |
|
C. R. Parikh |
|
375 |
|
Manjari G. Parikh |
|
14325 |
|
C. R. Parikh, HUF |
|
375 |
|
Ravindra K Mehta |
|
3825 |
|
Meena R Mehta |
|
4500 |
|
Ravindra K Mehta HUF |
|
6750 |
|
Pushpavati K Mehta |
|
750 |
|
Kusum C. Parikh |
|
375 |
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Total |
|
31650 |
AS ON 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader and Importer of Fabrics. |
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Imports : |
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Products : |
Fabrics |
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Countries : |
France |
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Terms : |
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Selling : |
Cash and Credit 30 Days |
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Purchasing : |
L/C, Cash and Credit 30 Days |
GENERAL INFORMATION
|
Suppliers : |
·
GIDC ·
Honest Guard Force ·
Intellitentz ·
Jay Vijay Experess ·
Mahima Air Express ·
Naresh and Company ·
New Industrial Transport ·
Shreeji Paper Mart ·
FERRARI ·
Translog Express ·
AJ Enterprise ·
Business India Exhibition Private Limited ·
Fortune Cars Private Limited ·
Jivan Karamsey and
Sons ·
Radhir Singh Shekhawat ·
Techno Best Pest Control Services ·
Aspectic Projects |
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Customers : |
Wholesalers, Retailers and End Users ·
Aum Inter Art ·
Rainbow Enterprises ·
Tirth Enterprise ·
Excels Solution ·
JM Associates ·
Monarch Associates ·
Pre Eminent Structurals
and Consultants ·
Zeus Enterprise ·
Aalayam Décor ·
Alex Koshy ·
Foresight Corporation ·
IRRISE ·
Sampath Shadow
Engineering Company ·
Ancon Enterprises ·
Ekra Decor |
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No. of Employees : |
10 (Approximately) |
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Bankers : |
Citi Bank, Fort Branch, Mumbai, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Naresh and Company Chartered Accountants |
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Address : |
210-203 City Enclave, Opposite Polo Ground, Bagikhana,
Vadodara – 390001, Gujarat, India |
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Income-tax
PAN of auditor or auditor's firm : |
AACFM7595C |
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Enterprise over which Key Management Persons have
significant influence : |
·
Suman Udyog Private
Limited ·
Joy Architronic
Products Private Limited ·
Sprech Tenso-Structures Private Limited ·
Joy Awning |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 million |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
31,650 |
Equity Share |
Rs.10/- each |
Rs. 0.317
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.317 |
0.422 |
0.422 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
51.837 |
52.650 |
43.876 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
52.154 |
53.072 |
44.298 |
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LOAN FUNDS |
|
|
|
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
6.565 |
2.316 |
12.646 |
|
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TOTAL BORROWING |
6.565 |
2.316 |
12.646 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
58.719 |
55.388 |
56.944 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
6.412 |
5.482 |
6.366 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
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INVESTMENT |
7.539 |
5.306 |
3.634 |
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DEFERREX TAX ASSETS |
0.267 |
0.272 |
0.129 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
48.163
|
21.448 |
30.938 |
|
|
Sundry Debtors |
28.216
|
33.290 |
29.379 |
|
|
Cash & Bank Balances |
1.704
|
3.698 |
8.999 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
7.017
|
6.712 |
6.754 |
|
Total
Current Assets |
85.100
|
65.148 |
76.070 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
33.223
|
14.972 |
23.602 |
|
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Other Current Liabilities |
6.165
|
0.756 |
0.082 |
|
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Provisions |
1.211
|
5.092
|
5.571 |
|
Total
Current Liabilities |
40.599
|
20.820 |
29.255 |
|
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Net Current Assets |
44.501
|
44.328 |
46.815 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
|
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TOTAL |
58.719 |
55.388 |
56.944 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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|
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|
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Income |
124.374 |
98.463 |
115.475 |
|
|
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Other Income |
N.A. |
N.A. |
N.A. |
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TOTAL |
N.A. |
N.A. |
N.A. |
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|
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|
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|
Less |
EXPENSES |
N.A. |
N.A. |
N.A. |
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PROFIT BEFORE
TAX |
18.544 |
14.710 |
15.448 |
|
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|
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|
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Less |
TAX |
6.170 |
4.949 |
5.429 |
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PROFIT AFTER TAX |
12.374 |
9.761 |
10.019 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
0.272 |
4.053 |
Nil |
|
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CIF VALUE OF
IMPORTS |
110.263 |
44.507 |
62.696 |
|
|
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|
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|
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|
Earnings Per Share
(Rs.) |
305.97 |
231.31 |
237.44 |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
150.000 |
|
|
|
|
|
Expected Sales (2012-2013) : Rs. 200.000
Millions
The above information has been parted by Mr. Gora
Singh (Admin Executive)
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
14.91 |
14.94
|
13.38 |
|
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.26 |
20.83
|
18.74 |
|
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|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36 |
0.28
|
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.90 |
0.44
|
0.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.10 |
3.13
|
2.60 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditors |
33.223
|
14.972
|
23.602 |
|
|
|
|
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Sr. No. |
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
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% |
-- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
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 |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
FINANCIAL RESULTS:
During the year,
Company has achieved a turnover of Rs. 124.374
Millions (PY Rs. 98.463 Millions ) which shows that
the Company is back on its growth path and is on an upward trend as compared to
the downtrend in the immediate previous year with a rise of more than 25% in
turnover. The turnover achieved as well as the growth rate is the highest in our
history. It is quite a sweet success specially in the overall recessionary
times with slowdown in infrastructure sector. The margins also continued to
remain good. Further we also got reimbursements from our principals i.e.
Ferrari from France towards various Business Promotion and Commission expenses.
On account of these, the Company was able to achieve a healthy pre-tax
profitability of Rs. 18.544 Millions as compare to Rs. 14.710 Millions preceding year. Despite the heavy
spends on marketing and also an exceptional forex
loss of Rs. 1.096 Millions on imports due to
exceptional appreciation of EURO against the Indian Rupee, the Company has
still registered a healthy growth of more than 26.77% in the Net Profit.
The Recessionary
times are likely to hit our company sooner or later since slowdown in
infrastructure growth will indirectly impact our Company also. Yet with
continued focus and thrust on development and growth of business while also
looking at other avenues of business, though the percentage growth may reduce,
we still expect higher volumes and profitability in pure terms in the coming
year.
BUY-BACK:
Over
the years we had been providing piece-meal dividends to our shareholders. But
considering the swelling cash surpluses, in order to reward our shareholders
for their patience, we decided to introduce a scheme of buy back of equity
shares of the Company. We therefore proposed a scheme to buyback 25% of the
shares held by each shareholder at the book value of the shares of the Company
as at 31st March, 2010. Since there are no major immoveable properties with the
Company, the book value was considered as the best measure of fair value.
Accordingly, the buy-back price was fixed at Rs.
1260/- per share, a premium of Rs. 1250 per equity
share of Rs. 10 each. The Scheme of buy-back as
proposed was duly approved by the Shareholders on 29th January,
2011.
Accordingly,
the company has bought back 10,500 number of equity shares of Rs. 10/- each at a price of Rs.
1260/- per share on proportionate basis in the ratio of 4:1 aggregating to Rs. 13.293 Millions. The Company utilized its entire
General Reserve of Rs. 8.000 Millions and Balance
from the Profit and Loss account. An amount equal to nominal value of shares
bought back i.e. Rs. 0.106 Million is transferred to
Capital Redemption Reserve.
The scheme of buy-back resulted in an outflow of Rs. 13.293 Millions from the cash surpluses of the Company.
FIXED
ASSETS
·
Air
conditioner
·
Building at Baroda
·
Computer
Systems
·
Fax
Machines
·
Furniture
and Fixtures
·
Land at
Baroda
·
Mobile
phone
·
Motor
Cars
·
Office
Equipment
·
Security
System
·
Scooter
·
Telephone
System
·
Software
·
Motor
Bike
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. 55.51 |
|
|
1 |
Rs. 87.60 |
|
Euro |
1 |
Rs. 69.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
BVA |
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 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.