|
Report Date : |
02.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
Suman Agritech Private Limited (w.e.f.
12.03.2009) |
|
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|
|
Formerly Known
as: |
MIRAGE IMPEX PRIVATE LIMITED |
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Registered
Office : |
Office No.302, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
03.11.1995 |
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Com. Reg. No.: |
094158 |
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Capital
Investment / Paid-up Capital : |
Rs.38.502 Millions |
|
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|
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CIN No.: [Company Identification
No.] |
U51900MH1995PTC094158 |
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|
Legal Form : |
Private Limited liability Company |
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Line of Business
: |
Manufacturer of Edible Oil |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRAs Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 879064 |
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|
|
|
Status : |
Moderate |
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|
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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. The reserves
and profitability of the company appears to be slow but correct. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Gautam Jain |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-731-4065025 |
|
Date : |
30.06.2012 |
LOCATIONS
|
Registered Office : |
Office No.302, Dev Krupa Building, 28, Raichur Street, Mumbai 400009, Maharashtra, India
|
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E-Mail : |
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|
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Corporate Office: |
6th Floor, 610, Tulsiani Chambers, Nariman Point, Mumbai
400021, Maharashtra, India |
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Factory : |
Located at: Bihar |
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Admin Office: |
215 South Tukogan, Indore 452001, Madhya Pradesh, India |
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Tel No.: |
91-731-4065023 |
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Fax No.: |
91-731-2513885 |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Prahlad Rai Bajoria |
|
Designation : |
Director |
|
Address : |
G1/11, Gopal Bagh, Gopal Ganj, Jabalpur 482002, Madhya Pradesh,
India |
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Date of Birth/Age : |
14.10.1949 |
|
Date of Appointment : |
04.10.2002 |
|
|
|
|
Name : |
Mr. Mahendra Kothari Pal |
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Designation : |
Director |
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Address : |
Ch 50 Scheme No.74, Vijay Nagar, Indore 452001, Madhya Pradesh,
India |
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Date of Birth/Age : |
12.10.1968 |
|
Date of Appointment : |
16.08.2010 |
|
|
|
|
Name : |
Mr. Deepak Kumar Chopra |
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Designation : |
Director |
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Address : |
435 Swapnil Apartment, Goyal Nagar, Indore 452018, Madhya Pradesh,
India |
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Date of Birth/Age : |
14.01.1963 |
|
Date of Appointment : |
21.09.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Gautam Jain |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Shield Tradelinks Private Limited, Mumbai |
|
1261700 |
|
Ashok Phadnis S/o Madhav Rao Phadnis |
|
220 |
|
Neptune Tradelinks Private Limited, Bhopal |
|
1001000 |
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Vishal Victory Metal Engg. Private Limited, Indore |
|
982300 |
|
Chirayu Exports Private Limited, Mumbai |
|
605000 |
|
Total |
|
3850220 |
AS ON 30.09.2011
|
Category |
Percentage |
|
Bodies corporate |
99.99 |
|
Other top fifty shareholders |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Edible Oil |
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Imports : |
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Products : |
Edible Oil |
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Countries : |
·
Malaysia ·
Indonesia |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
IDBI Bank Limited, Specialised Corporate Branch, Upper
Ground Floor, Captain C.S. Nayudu Arcade, 10/2, Old Palasia, indore - 452001,
Madhya Pradesh, India |
||||||||||||
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||||||||||||
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Facilities : |
(Security: a.
First
Charge on fixed assets created for new Project at Area Distt Bhojpur- Patna b.
Personal
Guarantee of Shri Suresh chandra Shahra c. Corporate Guarantee of Anik Industries Limited till Commercial Production of the Project Installment of Term Loan due within next 12MonthsRs. Nil Prev. Year Rs. Nil) |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Ashok Khasgiwala and Company Chartered Accountant |
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Address : |
317, Chetak Centre Annex, R. N. T. Marg, Indore 452001, Madhya
Pradesh, India |
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|
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Associates/Subsidiaries : |
Anik Industries Limited Address: Nariman Point, Mumbai Line of
Business: Manufacturer of Edible Oil |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3850220 |
Equity Shares |
Rs.10/- each |
Rs.38.502
Millions |
|
|
|
|
|
(Out of the above 3500200
equity share issued as bonus share by capitalising profits)
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 |
38.502 |
38.502 |
3.500 |
|
|
2] Share Application Money |
170.550 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
10.714 |
8.680 |
40.940 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
219.766 |
47.182 |
44.440 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
160.180 |
34.568 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
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TOTAL BORROWING |
160.180 |
34.568 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.262 |
0.267 |
0.270 |
|
|
|
|
|
|
|
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TOTAL |
380.208 |
82.017 |
44.710 |
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|
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|
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APPLICATION OF FUNDS |
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|
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|
|
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|
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FIXED ASSETS [Net Block] |
10.854 |
10.916 |
1.769 |
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Capital work-in-progress |
279.349 |
1.182 |
0.000 |
|
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|
|
|
|
|
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INVESTMENT |
21.876 |
21.876 |
21.876 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
185.225
|
30.216 |
161.108 |
|
|
Cash & Bank Balances |
13.519
|
19.237 |
2.119 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
81.659
|
97.281 |
28.014 |
|
Total
Current Assets |
280.403
|
146.734 |
191.241 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
209.361
|
1687.255 |
166.627 |
|
|
Other Current Liabilities |
1.611
|
9.326 |
0.534 |
|
|
Provisions |
1.302
|
2.425 |
3.015 |
|
Total
Current Liabilities |
212.274
|
99.006 |
170.176 |
|
|
Net Current Assets |
68.129
|
47.728 |
21.065 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.315 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
380.208 |
82.017 |
64.709 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
326.716 |
276.325 |
253.693 |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
323.647 |
271.161 |
NA |
|
|
|
|
|
|
|
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PROFIT BEFORE
TAX |
3.069 |
5.164 |
10.945 |
|
|
|
|
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|
|
|
|
Less |
TAX |
1.035 |
2.422 |
3.139 |
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|
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|
|
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PROFIT AFTER TAX
|
2.034 |
2.742 |
7.806 |
|
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|
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|
|
|
|
Earnings Per
Share (Rs.) |
0.61 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.62
|
0.99 |
3.08 |
|
|
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|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
NA |
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|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.05
|
3.27 |
5.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.11 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.69
|
0.11 |
0.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32
|
1.48 |
3.83 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
Due to Micro Small and
Medium Enterprises Other |
209.361
|
1687.255 |
166.627 |
|
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 |
No |
|
15)
Capital in the business |
Yes |
|
16)
Details of sister concerns |
Yes |
|
17)
Major suppliers |
No |
|
18)
Major customers |
No |
|
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 |
Yes |
|
27)
Financials, if provided |
Yes |
|
28)
Incorporation details, if applicable |
Yes |
|
29)
Last accounts filed at ROC |
Yes |
|
30)
Major Shareholders, if available |
Yes |
NOTE:
The registered office address of the company
has been shifted from 610, Tulsiani Chambers, Nariman Point
Mumbai 400021, Maharashtra, India to present
office w.e.f. 21.09.2009
OBSERVATION POINTS:
Name: Suman Agritech Private Limited
Address: Office No.302, Dev Krupa Building, 28, Raichur Street, Mumbai 400009, Maharashtra, India
Tel No.: 91-9833890103
Name Board: Sighted
Visibility of Name Board: High
Location: Difficult
Landmark (If any): 3rd Floor
Locality: Office
Approx. Market Value of Premises: 2500sq.fts
Area: Down Market
Visibility of Items: Tel, Computers
No. of Employees seen at business premises: 01
NOTE:
Our executive visited the given address only
one person was found at the registered office address and main operations is
done from corporate office which is in Nariman Point and from admin office
which is in Indore.
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 Intl
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 companys 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.56.31 |
|
|
1 |
Rs.88.06 |
|
Euro |
1 |
Rs.70.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
This score serves as a reference to assess SCs 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.