MIRA
INFORM REPORT
|
Report Date : |
25.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
SUMAX ENGINEERING (PRIVATE) LIMITED |
|
|
|
|
Registered
Office : |
Plot No.45, Shanti Niketan Colony, Mahindra Hills, East, Marredpally, Secunderabad
– 500026, Andhra Pradesh |
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|
Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
21.12.1994 |
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Com. Reg. No.: |
019032 |
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Capital
Investment / Paid-up Capital : |
Rs. 1.403 Millions |
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|
|
|
CIN No.: [Company Identification
No.] |
U74210AP1994PTC019032 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDS03753B |
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|
|
|
PAN No.: [Permanent Account No.] |
AAECS5500N |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Supplier and Exporter of Self adhesives tapes, masking
die cut, specialty tapes, masking paper etc. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 357804 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track.
Financially company is performing well. Trade relations are reported to be fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered for normal 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Plot No.45, Shanti Niketan Colony, Mahindra Hills, East, Marredpally,
Secunderabad – 500026, |
|
Tel. No.: |
91-40-27737001 |
|
Fax No.: |
91-40-27731075 |
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E-Mail : |
DIRECTORS
As on: 02.09.2011
|
Name : |
Mr. Sudeep Mehta |
|
Designation : |
Managing Director |
|
Address : |
45, Shantiniketan Colony, Mahendra Hills, East Marredpally, Secunderabad
– 500026, |
|
Date of Birth/Age : |
21.02.1970 |
|
Date of Appointment : |
21.12.1994 |
|
|
Name : |
Mr. Vimal Mehta |
|
Designation : |
Director |
|
Address : |
45, Shantiniketan Colony, Mahendra Hills, East Marredpally, Secunderabad
– 500026, |
|
Date of Birth/Age : |
25.08.1994 |
|
Date of Appointment : |
29.09.2000 |
|
|
Name : |
Mr. Virender Kumar Singhi |
|
Designation : |
Director |
|
Address : |
K-71, Kirti Nagar, New Delhi – 110015, India |
|
Date of Birth/Age : |
02.10.1964 |
|
Date of Appointment : |
18.01.2011 |
|
|
Name : |
Mr. Hemant Jain |
|
Designation : |
Director |
|
Address : |
6-B/9, Nea, Old Rajendranagar, |
|
Date of Birth/Age : |
08.03.1971 |
|
Date of Appointment : |
28.12.1996 |
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 02.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Sudeep Mehta |
|
6010 |
|
Vimal Mehta |
|
990 |
|
Hemant Jain |
|
7000 |
|
Summer Chand Mehta |
|
10 |
|
Lodha Corporate Private Limited, Ajmer |
|
10 |
|
Sampathmal Lodha-HUF |
|
10 |
|
|
|
|
|
TOTAL |
|
14030 |
As On 30.09.2011
|
Category |
Percentage |
|
Directors or
relatives of Directors |
99.99 |
|
Bodies corporate |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Supplier and Exporter of Self adhesives tapes, masking
die cut, specialty tapes, masking paper etc. |
GENERAL INFORMATION
|
Bankers : |
·
Bank of India, Vasavi Nagar Branch, Secunerabad, 500026,
Andhra Pradesh, India ·
Citibank N.A., Queens Plaza, S P Road, Hyderabad
– 500003, Andhra Pradesh, India ·
Citibank N.A, 163, Anna Salai, Second Floor,
Chennai – 600002, Tamilnadu, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Dagliya and Company Chartered Accountant |
|
Address : |
2nd Floor, |
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|
|
|
Associates : |
·
KTX Exim India Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21000 |
Equity Shares |
Rs.100/- each |
Rs. 2.100 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
14030 |
Equity Shares |
Rs.100/-
each |
Rs. 1.403
Millions |
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 |
1.403 |
1.403 |
1.403 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
88.048 |
67.123 |
48.375 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
89.451 |
68.526 |
49.778 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.504 |
4.275 |
6.058 |
|
|
2] Unsecured Loans |
2.000 |
4.500 |
0.000 |
|
|
TOTAL BORROWING |
2.504 |
8.775 |
6.058 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.162 |
0.115 |
|
|
|
|
|
|
|
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TOTAL |
91.955 |
77.463 |
55.951 |
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|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
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|
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FIXED ASSETS [Net Block] |
11.443 |
10.076 |
8.920 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.004 |
0.004 |
0.004 |
|
|
DEFERREX TAX ASSETS |
0.198 |
0.000 |
0.000 |
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|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
24.939 |
20.757 |
13.767 |
|
|
Sundry Debtors |
54.634 |
49.656 |
28.110 |
|
|
Cash & Bank Balances |
7.245 |
11.855 |
8.910 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
14.602 |
13.227 |
15.598 |
|
Total
Current Assets |
101.420
|
95.495 |
66.385 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
9.197 |
12.452 |
6.139 |
|
|
Other Current Liabilities |
9.847 |
8.382 |
6.780 |
|
|
Provisions |
2.066 |
7.278 |
6.439 |
|
Total
Current Liabilities |
21.110
|
28.112 |
19.358 |
|
|
Net Current Assets |
80.310
|
67.383 |
47.027 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
91.955 |
77.463 |
55.951 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
289.658 |
224.814 |
162.903 |
|
|
|
Other Income |
0.962 |
1.598 |
1.294 |
|
|
|
TOTAL (A) |
290.620 |
226.412 |
164.197 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases (Trading) |
110.360 |
111.090 |
91.602 |
|
|
|
Cost of raw material Consumed |
89.972 |
45.381 |
22.143 |
|
|
|
Selling & Distribution Expenses |
17.442 |
0.000 |
0.000 |
|
|
|
Salaries, wages and other benefits to Employees |
19.101 |
12.232 |
9.427 |
|
|
|
Administrative Expenses |
14.786 |
10.882 |
9.499 |
|
|
|
Advertising Expenses |
0.000 |
18.169 |
13.530 |
|
|
|
Increase / Decrease in stocks |
4.906 |
(1.498) |
(4.637) |
|
|
|
TOTAL (B) |
256.567 |
196.256 |
141.564 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
34.053 |
30.156 |
22.633 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.574 |
1.071 |
0.636 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
32.479 |
29.085 |
21.997 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
2.316 |
2.248 |
1.829 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
30.163 |
26.837 |
20.168 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
9.238 |
7.269 |
6.524 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
20.925 |
19.568 |
13.644 |
|
|
|
|
|
|
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|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
58.811 |
42.020 |
30.560 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
1.957 |
1.364 |
|
|
|
Dividend |
|
0.701 |
0.701 |
|
|
|
Tax on Dividend |
|
0.119 |
0.119 |
|
|
BALANCE CARRIED
TO THE B/S |
79.736 |
58.811 |
42.020 |
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Material Purchased |
44.056 |
58.272 |
50.450 |
|
|
TOTAL IMPORTS |
44.056 |
58.272 |
50.450 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1491.46 |
1394.78 |
972.55 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.20
|
8.64 |
8.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.41
|
11.93 |
12.28 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
26.72
|
25.42 |
26.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.39 |
0.40 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.26
|
0.53 |
0.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.80
|
3.39 |
1.41 |
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 |
|
4)
Premises details |
No |
|
5)
Type of Business |
Yes |
|
6)
Line of Business |
Yes |
|
7)
Promoter's background |
Yes |
|
8)
No. of employees |
No |
|
9)
Name of person contacted |
No |
|
10)
Designation of contact person |
No |
|
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 |
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15)
Capital in the business |
Yes |
|
16)
Details of sister concerns |
Yes |
|
17)
Major suppliers |
No |
|
18)
Major customers |
No |
|
19)
Payments terms |
No |
|
20)
Export / Import details (if applicable) |
-- |
|
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
|
FORM: 8
Bankers Charges
Report as per Registry
|
Name of the company |
M/S SUNMAX
ENGINEERING PRIVATE LIMITED |
|
Presented By |
BANK OF |
|
1) Date and description of instrument creating the change |
11.06.1996 Deed of hypothecation
of tangible movable property |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.300 million |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
stock of PCB Blushes, various conditioning products, different types of steel
tubes, wires etc. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Working capital interest
@ 16% Margin 30% |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of India, Vasavi Nagar Branch 203, Vasavi Nagar Colony,
Secunerabad, 500026, Andhra Pradesh, India |
|
6) Date and brief description of instrument modifying the charge |
10.10.2003
Agreement of hypothecation of book debts and stocks |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The cash credit
facilities has been enhanced from Rs. 1.000 million to Rs. 2.500 million and
bank guarantee Rs. 0.200 million interest 3.80% over BOI PLR with monthly
rests. Commission
charges 3% p.a. (minimum of 1.5%) on bank guarantee. Margin: Cash credit – 40% Bank Guarantee :
25% |
|
Corporate
identity number of the company |
U74210AP1994PTC019032 |
|
Name of the
company |
SUMAX ENGINEERING
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Plot No.45, Shantiniketan Colony, Mahindra Hills, East, Marredpally,
Secunderabad – 500026, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book debts Others |
|
Particular of
charge holder |
Bank of |
|
Nature of
instrument creating charge |
Hypothecation Cum
Loan Agreement |
|
Date of
instrument Creating the charge |
19.02.2010 |
|
Amount secured by
the charge |
Rs. 5.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : 0.75% Below BPLR.
Presently at 11.25% p.a. Terms of repayment : On demand Margin : Raw material and
finished goods – 25% Stores – 25% Goods in Process
– 25% Book Debts
outstanding 2 or 3 months – 40% Book debts
outstanding more than 3 months to less than 6 months – 100% Extent and operation of the charge : The charge extends
to the outstanding amount of the limits and covers hypothecation of stocks
and book debts. Others : NIL |
|
Short Particulars
of the property charged |
Hypothecation of
stocks and book debts of the company situated at various offices located in |
|
Corporate identity number of the company |
U74210AP1994PTC019032 |
|
Name of the company |
SUMAX
ENGINEERING (PRIVATE) LIMITED |
|
Address of the registered office or of the
principal place of business in |
Plot No.45,
Shanti Niketan Colony, Mahindra Hills, East, Marredpally, Secunderabad –
500026, Andhra Pradesh |
|
This form is for |
Modification of charge |
|
Type of charge |
Book Debts |
|
Particular of charge holder |
Citibank N.A,
163, Anna Salai, Second Floor, Chennai – 600002, Tamilnadu, India Email : karthikeyan1.j@citi.com |
|
Nature of instrument creating charge |
Deed of Modification |
|
Date of instrument Creating the charge |
26.11.2011 |
|
Amount secured by the charge |
Rs. 40.000 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest As may be stipulated by the bank from time
to time. Terms of Repayment All facilities are repayable on demand. Margin As agreed from time to time. Extent and Operation of the charge First exclusive charge on the current
assets(including stocks and Book debts) of the Borrower present & future. Others Nil |
|
Short particulars of the property charged |
First exclusive charge on the current
assets(including stocks and Book debts) of the Borrower present & future. |
|
Particulars of the present modification |
Enhanced the Credit limit from Rs.20.000 millions
to Rs.40.000 millions which is an increase of Rs.20.000 millions |
FIXED ASSETS:
- Generator
- Office
Equipment
- Plastic Dies
- Furniture and
Fixtures
- Car
- Computer
- Tool Design
- Air
Conditioner
- Plant and
Machinery
- Two Wheeler
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.56.99 |
|
|
1 |
Rs.88.97 |
|
Euro |
1 |
Rs.71.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
-- |
|
|
|
|
Report Prepared
by : |
NLM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.