MIRA
INFORM REPORT
|
Report Date : |
04.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
SURGE SYSTEMS INDIA PRIVATE LIMITED |
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Registered Office
: |
A-222, Ground Floor, Okhla Industrial Area, Phase-I, New Delhi –
110020 |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.06.1993 |
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Com. Reg. No.: |
054186 |
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Capital Investment
/ Paid-up Capital : |
Rs. 5.500 Millions |
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CIN No.: [Company Identification
No.] |
U74899DL1993PTC054186 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELM10169F |
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PAN No.: [Permanent Account No.] |
AAACS2034H |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer and Trader of Toro Equipment and Irrigation Systems |
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No. of Employees
: |
37 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 33728 |
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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 an 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.
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 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Jeevendra |
|
Designation : |
Accountant |
|
Contact No.: |
91-11-41435693 |
|
Date : |
24.01.2012 |
LOCATIONS
|
Registered Office : |
A-222, Ground Floor, Okhla Industrial Area, Phase-I, New Delhi –
110020, India |
|
Tel. No.: |
91-11-41435693 |
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Fax No.: |
91-11-26819992 |
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E-Mail : |
|
|
Location : |
Owned |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Vinit Kumar Mathur |
|
Designation : |
Managing Director |
|
Address : |
C-103 Kaveri Appt., Alaknanda, Delhi – 110019, India |
|
Date of Birth/Age : |
31.08.1954 |
|
Date of Appointment : |
25.06.1993 |
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|
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Name : |
Ms. Alka Mathur |
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Designation : |
Director |
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Address : |
C-103 Kaveri Appt., Alaknanda, Delhi – 110019, India |
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Date of Birth/Age : |
03.11.1950 |
|
Date of Appointment : |
15.02.1998 |
|
|
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Name : |
Mr. Prem N. Mehrotra |
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Designation : |
Director |
|
Address : |
C – 49 Panchsheel Enclave, New Delhi – 110017, India |
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Date of Birth/Age : |
18.06.1932 |
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Date of Appointment : |
15.06.1998 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Vinit Kumar Mathur |
|
33250 |
|
Abhijit Sen |
|
250 |
|
Alka Mathur |
|
18000 |
|
Deepak Mathur |
|
750 |
|
Urmila Mehrotra |
|
750 |
|
Vinod B. Mathur |
|
2000 |
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Total |
|
55000 |
As on 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Toro Equipment and Irrigation Systems |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
|
Suppliers : |
·
Standard Gulf Company |
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Customers : |
·
Wholesalers ·
Retailers ·
Royal Calcutta |
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No. of Employees : |
37 (approximately) |
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Bankers : |
·
Development Credit Bank, 4th Floor,
Hansalaya Building, 15, Barakhamba Road, Connaught Place, New Delhi – 110001,
India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Alok Bajaj and Associates Chartered Accountant |
|
Address : |
7A/75 W.E.A., Karol Bagh, New Delhi – 110005, India |
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Tel. No.: |
91-11-25733047/25729782 |
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Fax No.: |
91-11-42502742 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60,000 |
Equity Shares |
Rs. 100/- each |
Rs. 6.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55,000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.500 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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3.500 |
1.975 |
1.775 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
4.932 |
2.613 |
2.171 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
8.432 |
4.588 |
3.946 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
8.059 |
4.629 |
4.752 |
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|
2] Unsecured Loans |
5.124 |
8.594 |
8.295 |
|
|
TOTAL BORROWING |
13.183 |
13.223 |
13.047 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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|
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TOTAL |
21.615 |
17.811 |
16.993 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.068 |
2.879 |
1.807 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
15.071
|
9.807 |
9.750 |
|
|
Sundry Debtors |
18.547
|
17.539 |
10.427 |
|
|
Cash & Bank Balances |
3.339
|
2.419 |
1.906 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
0.000
|
0.860 |
0.360 |
|
Total
Current Assets |
36.957
|
30.625 |
22.443 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
12.766
|
11.820 |
5.756 |
|
|
Other Current Liabilities |
6.431
|
3.124 |
1.089 |
|
|
Provisions |
0.213
|
0.749 |
0.412 |
|
Total
Current Liabilities |
19.410
|
15.693 |
7.257 |
|
|
Net Current Assets |
17.547
|
14.932 |
15.186 |
|
|
|
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|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
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|
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|
|
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TOTAL |
21.615 |
17.811 |
16.993 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
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Net Profit |
|
3.396 |
1.368 |
|
Particulars |
|
31.03.2011 |
31.03.2010 |
|
Sales Turnover (Approximately) |
|
110.000 (Due to more
orders) |
63.000 |
Expected Sales (2011-2012) : Rs. 73.000 Millions (Due to Financial
Problems)
The above information has been parted by (Mr. Jeevendra – Accountant)
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.86
|
6.30 |
5.14 |
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Current Ratio (Current Asset/Current Liability) |
|
1.90
|
1.95 |
3.09 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
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4) Premises details |
Yes |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter's background |
---------------------- |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact
person |
Yes |
|
11) Turnover of firm for last
three years |
Yes
(2 years) |
|
12) Profitability for last three
years |
No |
|
13) Reasons for variation
<> 20% |
Yes |
|
14) Estimation for coming
financial year |
Yes |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
No |
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17) Major suppliers |
Yes |
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18) Major customers |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details
(if applicable) |
No |
|
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 |
---------------------- |
Note – the registered office address of the company has
been shifted from M-177 LGF Greater Kailash Part-II, New Delhi – 110048, India,
to present address w.e.f. 18.11.2010
Form 8
|
Corporate
identity number of the company |
U74899DL1993PTC054186 |
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|
Name of the
company |
SURGE SYSTEMS INDIA PRIVATE LIMITED |
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|
Address of the
registered office or of the principal place of business in |
A-222, Ground Floor, Okhla Industrial Area, Phase-I, New Delhi –
110020, India |
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|
This form is for |
Modification of charge |
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|
Type of charge |
Book debts Movable property |
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Particular of
charge holder |
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Nature of
instrument creating charge |
i) Working
Capital Agreement ii) Deed of
Hypothecation |
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Date of
instrument Creating the charge |
27.01.2011 |
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|
Amount secured by
the charge |
Rs. 47.900
Millions |
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|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit - at
4.75% above BR, minimum 13.25% p.a.,
Commission on Inland/Foreign Letter of Credit/Bank Guarantee - 1.50%
p.a. for the usance period only, subject to change from time to time. Terms of
Repayment Payable on
demand. Margin Margin : Stocks -
25%, Book - debts (below 90 days) - 40%, Inland / Foreign Letter of Credit
(Max. usance 120 days) /Bank Guarantee - 15% Cash Margin in the form of TDRs under
bank's lien. Extent and
Operation of the charge The charge
operates till the repayment of all the dues together with interest and all
other charges in respect of credit facilities availed/to be availed by the
company from the bank. Others i) The above is
to secure the working capital facilities provided by the bank as under : CC# - Rs. 10.000
millions, ILC/FLC (120 days)# - Rs. 32.000 millions, BG* - (Rs. 32.000
millions), Forex-Forward Contract Limit - Rs. 2.400 millions, CMS Lines - Rs.
3.500 millions, totalling Rs. 47.900
millions. * Fully
interchangeable with BG limits as sub-limit. # Additional CC limit of Rs.
2.000 millions shall be fully interchangeable with LC limit. ii) Other terms
and conditions as per Sanction Letter No. CAD/SAN/DEL/140/2010-11 dated
21.01.2011. |
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|
Particulars of
the property charged |
First charge on
moveable properties of the company including its moveable plant &
machinery, machinery spares, tools &
accessories, furniture & fixtures, stock-in-trade, finished goods,
goods-in-progress, raw materials, book-debts and other moveables, both
present and future. |
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|
Date of
instrument modifying the charge |
15.12.2009 |
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|
Particulars of
the present modification |
i) The extent and
operation of the first charge on moveable properties of the company including
its moveable plant & machinery, machinery spares, tools &
accessories, furniture & fixtures, stock-in-trade, finished goods,
goods-in-progress, raw materials, book-debts and other moveables, both
present and future, stands enhanced due to increase in working capital
facilities from Rs. 34.400 millions to Rs. 47.900 millions ii) All other
terms and conditions remain unchanged. |
Trade References
·
Royal Calcutta
·
Standard Gulf Company
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.48.96 |
|
|
1 |
Rs.77.46 |
|
Euro |
1 |
Rs.64.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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.