MIRA
INFORM REPORT
|
Report Date : |
22.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
SURYA ROSHNI LIMITED |
|
|
|
|
Registered
Office : |
Prakash Nagar, Sankhol, Bahadurgarh – 124 507, Haryana |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
17.10.1973 |
|
|
|
|
Com. Reg. No.: |
05-7543 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 614.563 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31501HR1973PLC007543 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MRTS01773C/DELS06442C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS3558C |
|
|
|
|
Legal Form : |
A public limited liability company.
The company's shares are listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Steel Tubes and Pipes, Lamps, Cold Rolled Strips/
Sheets, etc. |
|
|
|
|
No. of Employees
: |
3954 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 25261984 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
regular 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/ Works-Steel Division : |
Prakash Nagar, Sankhol, Bahadurgarh – 124 507, |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
2nd Floor, |
|
Tel. No.: |
91-11-25810093/ 94/ 95/ 96 |
|
Fax No.: |
91-11-25789560/ 41539762 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Works lighting
division 7 K. M. Stone, Kashipur - Tel. No. 91-5947-75117 / 195 / 124 / 110 Fax No. 91-5947-75185 J-7, 8 and 9, Malanpur Industrial Area, Malanpur, District Bhind,
Madhya Pradesh Tel. No. 91-7539-83554 / 82347 / 83348 Fax No. 91-7539-83483 E Mail : srlmlpr@gwr1.dot.net.in Works steel
division Prakash Nagar, Sankhol, Bahadurgarh - 124 507, E Mail : srlakash@ndf.venl.net.in |
|
|
|
|
Branch Office: |
Located at: Ahmedabad, Bangalore, Mumbai, Bhubaneshwar, Kolkata, Chandigarh,
Delhi, Ghaziabad (Branch and Centralised Godown), Goa, Gwalior, Guwahati, Hyderabad,
Himachal Pradesh, Indore, Jabalpur, Jaipur, Jammu, Kanpur, Cochin, Chennai,
Madurai, Nagpur, Patna, Pune, Parwanoo, Raipur, Rohtak, Siliguri, Varanasi,
Vijaywada and Zirakpur |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. J. P. Agarwal |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Ravinder Kumar Narang |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Urmil Agarwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K. K. Narula |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. B. B. Chadha |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. N. Bansal |
|
Designation : |
Deputy Managing Director (Finance and Corporate Management) |
|
|
|
|
Name : |
Mr. Vineet Garg |
|
Designation : |
Deputy Managing Director (Projects and Corporate Management) |
|
|
|
|
Name : |
Mr. Arvind Bansal |
|
Designation : |
Deputy Managing Director (Operations and Corporate Management) |
|
|
|
|
Name : |
Mr. Raju Bista |
|
Designation : |
Director (Corporate) |
|
|
|
|
Name : |
Ms. Tara Sankar Bhattacharya |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Utpal Kumar Mukhopadhyay |
|
Designation : |
Chairman & Managing Director |
|
|
|
|
Name : |
Mr. Aloke Sengupta |
|
Designation : |
Chairman & Managing Director |
KEY EXECUTIVES
|
Name : |
Mr. B. B. Singal |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. V. R. Majumdar |
|
Designation : |
Chief Advisor (LBG) |
|
|
|
|
Name : |
Mr. N. K. Mayson |
|
Designation : |
Executive Director (Steel Division) |
|
|
|
|
Name : |
Mr. P. K. Pandey |
|
Designation : |
Chief General Manager (Kashipur) |
|
|
|
|
Name : |
Mr. R. K. Jaggi |
|
Designation : |
Chief General Manager (Malanpur) |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Senior Vice-President (Sales and Marketing) - LBG |
|
|
|
|
Name : |
Mr. S. K. Bhasin |
|
Designation : |
Vice-President - Pipe Division |
|
|
|
|
Name : |
Mr. A. N. Banerjee |
|
Designation : |
Vice-President - CR Division |
|
|
|
|
Name : |
Mr. Sanjay Goel |
|
Designation : |
Senior Vice-President (Corporate) |
|
|
|
|
Name : |
Mr. Anil Bansal |
|
Designation : |
Vice-President (Commercial) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2011
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2517839 |
5.74 |
|
|
24793804 |
56.57 |
|
|
27311643 |
62.31 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
27311643 |
62.31 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
1381 |
- |
|
|
2330 |
0.01 |
|
|
3000 |
0.01 |
|
|
250 |
- |
|
|
6961 |
0.02 |
|
|
|
|
|
|
10774323 |
24.58 |
|
|
|
|
|
|
5125541 |
11.69 |
|
|
354522 |
0.81 |
|
|
258260 |
0.59 |
|
|
167823 |
0.38 |
|
|
88237 |
0.20 |
|
Trusts |
2200 |
0.01 |
|
|
16512646 |
37.67 |
|
Total Public
shareholding (B) |
16519607 |
37.69 |
|
Total (A)+(B) |
43831250 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
Total
(A)+(B)+(C) |
43831250 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Steel Tubes and Pipes, Lamps, Cold Rolled Strips/
Sheets, etc. |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Products : |
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Exports : |
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Countries : |
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Steel division |
|
|
|
|
Pipes / Tubes |
MT |
Not yet assessed |
231803 |
|
Cold Rolled Strips / Sheets |
MT |
Not yet assessed |
78867 |
|
Lighting division |
|
|
|
|
GLS Lamps |
Million Nos. |
187.000 |
179.319 |
|
Fluorescent Tube Lamps |
Million Nos. |
62.800 |
50.471 |
|
Tubular Glass Shells |
Million Nos. |
90.000 |
76.782 |
|
Glass Shells for GLS Lamps |
Million Nos. |
576.900 |
417.704 |
|
Filament |
Million Nos. |
303.000 |
291.361 |
|
Cap-GLS Lamps |
Million Nos. |
325.000 |
277.225 |
|
Lead Glass Tubings |
MT |
3400.000 |
2962.171 |
|
HPSV / HPMV
Lamps |
Nos. |
1800000 |
691475 |
|
CFL |
Million Nos. |
66.000 |
37.445 |
|
Tuber |
Million Nos. |
66.000 |
39.497 |
|
PCB |
Million Nos. |
51.600 |
19.594 |
|
CFL Shell |
M.T. |
5000.000 |
3636.833 |
|
PVC Products |
|
|
|
|
PVC Fitting |
M.T. |
2000.000 |
79.467 |
|
PVC Pipe |
M.T. |
17500.000 |
1260.483 |
GENERAL INFORMATION
|
No. of Employees : |
3954 (approximately) |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
v
State Bank of India v
IDBI Bank Ltd. v
Punjab National Bank v
Bank of Baroda v
Standard Chartered v
Punjab National Bank v
ICICI Bank v
State Bank of Patiala |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
Notes: 1) Term Loans
from Banks and financial Institutions secured by deposit of title deeds relating
to immovable assets of the company and further secured by hypothecation of
all company's movable assets. 2) Working
Capital Loans from Banks are secured against hypothecation of present and
future stock of raw material, stock in process, finished goods, spare and
stores, book debts etc., guaranteed by Managing Director of the company and
further secured by way of second charge on the company's Fixed Assets.
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
Statutory
Auditors Sastry K. Anandam and Company Chartered Accountants Cost Auditors R. J. Goel and Company (Lighting Division) H. R. Singal (Steel Division) |
|
|
|
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Associates : |
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4,98,00,000 |
Equity shares |
Rs.10/- each |
Rs.498.000 millions |
|
6,20,000 |
Preference shares |
Rs.100/- each |
Rs.62.000 millions |
|
|
Total |
|
Rs.560.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4,38,31,250 |
Equity shares |
Rs.10/- each |
Rs.438.312 millions |
|
|
|
|
|
|
|
Forfeiture Reserve |
|
|
|
38,00,000 |
Forfeiture of Optionally Convertible Equity Warrants |
Rs. 64/- each |
Rs. 24.320 Millions |
|
|
|
|
|
|
54,75,000 |
Optionally Convertible Equity Warrants |
Rs. 27.75/- each |
Rs. 151.931 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 614.563
Millions |
Note - (Of the above shares 3,00,000 Equity shares of Rs.10/- each allotted as fully paid up Bonus shares by capitalisation of General Reserve during 1980-81, 86,47,500 Equity shares of Rs.10/- each during 1994-95 and 22,38,750 Equity shares of Rs. 10/- each during 1995-96 by capitalisation of securities premium account.)
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 |
614.564 |
370.400 |
260.013 |
|
|
2] Equity Warrants |
0.000 |
0.000 |
24.320 |
|
|
3] Reserves & Surplus |
5700.932 |
2200.431 |
1724.446 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6315.496 |
2570.471 |
2008.779 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6373.547 |
5739.663 |
3830.529 |
|
|
2] Unsecured Loans |
1231.408 |
896.276 |
573.393 |
|
|
TOTAL BORROWING |
7604.955 |
6635.939 |
4403.922 |
|
|
DEFERRED TAX LIABILITIES |
537.943 |
558.116 |
506.466 |
|
|
|
|
|
|
|
|
TOTAL |
14458.394 |
9764.526 |
6919.167 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7745.456 |
4600.879 |
3386.711 |
|
|
Capital work-in-progress |
322.207 |
482.813 |
104.042 |
|
|
|
|
|
|
|
|
INVESTMENT |
502.245 |
501.700 |
160.750 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3578.926
|
2813.771 |
1966.753 |
|
|
Sundry Debtors |
2699.248
|
1790.680 |
1447.620 |
|
|
Cash & Bank Balances |
202.234
|
100.300 |
94.629 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
479.125
|
279.130 |
260.567 |
|
Total
Current Assets |
6959.533
|
4983.881 |
3769.569 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
460.594
|
370.474 |
165.180 |
|
|
Other Current Liabilities |
407.572
|
261.004 |
215.641 |
|
|
Provisions |
202.881
|
173.269 |
121.084 |
|
Total
Current Liabilities |
1071.047
|
804.747 |
501.905 |
|
|
Net Current Assets |
5888.486
|
4179.134 |
3267.664 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
14458.394 |
9764.526 |
6919.167 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
22203.817 |
17953.094 |
14890.798 |
|
|
|
Other Income |
14.342 |
8.649 |
5.808 |
|
|
|
TOTAL (A) |
22218.159 |
17961.743 |
14896.606 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
15716.408 |
13061.099 |
11292.676 |
|
|
|
Purchase for Resale |
1094.358 |
677.810 |
304.843 |
|
|
|
Packing Material Consumed |
346.584 |
272.783 |
222.098 |
|
|
|
Manufacturing Expenses |
988.206 |
813.340 |
607.563 |
|
|
|
Employees Remuneration & Benefits |
1159.112 |
890.883 |
651.671 |
|
|
|
Selling Expenses |
1503.434 |
1181.112 |
746.624 |
|
|
|
Other Expenses |
308.094 |
263.983 |
213.935 |
|
|
|
Accretion/ (Decretion) to Stock |
(717.321) |
(494.915) |
(123.064) |
|
|
|
TOTAL (B) |
20398.875 |
16666.095 |
13916.346 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1819.284 |
1295.648 |
980.260 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
605.396 |
487.143 |
464.415 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1213.888 |
808.505 |
515.845 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
512.362 |
270.928 |
236.667 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
701.526 |
537.577 |
279.178 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
34.171 |
85.848 |
63.780 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
667.355 |
451.729 |
215.398 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1544.417 |
1217.600 |
1053.707 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Equity Dividend |
65.747 |
55.662 |
31.202 |
|
|
|
Tax on Dividend |
10.665 |
9.244 |
5.303 |
|
|
|
Deferred tax Revision |
0.000 |
0.000 |
-- |
|
|
|
Transfer to General Reserve |
70.000 |
60.000 |
15.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2065.360 |
1544.423 |
1217.600 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2541.318 |
2193.137 |
3406.975 |
|
|
TOTAL EARNINGS |
2541.318 |
2193.137 |
3406.975 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials and purchases for trading |
1415.622 |
496.692 |
207.398 |
|
|
|
Stores & Spares |
38.056 |
17.695 |
31.237 |
|
|
|
Capital Goods |
126.194 |
449.402 |
64.389 |
|
|
TOTAL IMPORTS |
1579.872 |
963.789 |
303.024 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
19.13 |
16.23 |
8.28 |
|
QUARTERLY RESULTS
(UNAUDITED)
|
PARTICULARS |
30.06.2011 (Rs. In
Millions) |
30.09.2011 (Rs. In
Millions) |
31.12.2011 (Rs. In
Millions) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
5876.900 |
6311.000 |
6337.600 |
|
Total Expenditure |
5512.300 |
5889.600 |
5901.200 |
|
PBIDT (Excl OI) |
364.600 |
421.400 |
436.400 |
|
Other Income |
1.800 |
3.000 |
0.100 |
|
Operating Profit |
366.400 |
424.400 |
436.500 |
|
Interest |
147.800 |
197.300 |
192.500 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
218.600 |
227.100 |
244.000 |
|
Depreciation |
106.600 |
127.300 |
98.000 |
|
Profit Before Tax |
112.000 |
99.800 |
146.000 |
|
Tax |
14.300 |
28.100 |
13.700 |
|
Provisions and Contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
97.700 |
71.700 |
132.300 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustment |
0.000 |
0.000 |
0.000 |
|
Net Profit |
97.700 |
71.700 |
132.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.00
|
2.51 |
1.45 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.15
|
2.99 |
1.87 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.77
|
5.60 |
3.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.20 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.37
|
2.89 |
2.44 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.49
|
6.19 |
7.51 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
Formerly known as Prakash Tubes, Surya Roshni has two
divisions -- the steel division and the lighting division. The steel division,
which commenced operations in 1974, manufactures electrical resistance welded (ERW)
steel pipes and tubes, and cold-rolled formed sections and profiles, and
cold-rolled (CR) strips. The lighting division, operating since 1983,
manufactures flourescent tube lamps (FTL), general lighting systems (GLS),
glass shells for GLS lamps, tubular glass shells, FTL filaments, GLS filaments,
and sodium and mercury vapour lamps. The lamps are sold under the Surya brand.
A backward intergration to manufacture lead glass tubings and an expansion of
capacities of the lighting division were undertaken in 1993. The company
recently completed a project to manufacture halogen lamps and decorative lamps.
Its backward integration project to manufacture ribbon glass shells, FTL tube
drawing lines, GLS filaments, FTL filaments, GLS caps and GLS chains, is under
implementation, out of which two GLS lamp groups, GLS lamp filament and
automatic FTL packing machine were completed in 1995-96. The technologies for
the above projects are from GB Glass,
MANAGEMENT
DISCUSSION AND ANALYSIS
PROFILE
Subject is a 37 years old Conglomerate with diverse businesses
with units in different states.The range of business cover a wide spectrum of
Lighting, Steel tubes and pipes,Cold Rolled Strips, High masts and PVC tubes.
These are linked by a common philosophy
of commitment to people, transparency in dealings and high quality
standards.The company's core business comprises of lighting and steel tube
products. It is the only lighting company of India with 100% backward
integration resulting in timely availability of best quality raw materials at
effective low cost. Thanks to his integration SURYA competitively positioned
today over its rivals and has become prominent brand in the consumer market.
The company's manufacturing facilities are as follows –
·
Largest ERW pipe and Cold Rolled Strips
Mills at Bahadurgarh, Haryana
·
High Mast and ERW pipe manufacturing
Unit at, Malanpur, MP
·
Lighting Units at Kashipur
(Uttarakhand) and Malanur, MP producing Fluorescent Tube lights, GLS Lamps, CFL
·
Lamps, PCB, HPSV Lamps, HPMV Lamps and
Metal Halide Lamps.
·
Asia's Largest Ribbon glass plant from
Dema Glass UK (Formerly known as GB Glass) at Malanpur , MP
·
PVC tube Unit at Kashipur, Uttarakhand.
Quality is the index of a company's success in today's
global economy. The company's success at both domestic and global front can be
attributed to its unswerving focus on quality. Quality has always been the
driving force in every process from the raw material stage to the finished
product at Surya. By being cost
effective without compromising on quality, the company has become a leader in
Steel pipes industry and the second
largest lighting company in India .The company's processes are certified under
ISO 9001:2008 Quality Management Systems Standard, ISO 14001:2004 Environmental
Management Systems Standards and OHSAS 18001:2007 Occupational Health and
Safety Management System Standard. Surya has also obtained 5 star rating for
fluorescent tube lamps from Bureau of Energy Efficiency, India
FINANCIAL
PERFORMANCE
In the fiscal year, the turnover of the Company increased to Rs.24418.200
millions from Rs.19389.300 millions
last year, registering an increase of 25.94%. The Profit After Tax is increased to Rs.
667.300 millions as compared to Rs. 451.700 millions last year registering a
growth of 47.73% during this period. The export turnover during the year is
Rs.2753.600 millions as compared to Rs. 2454.500 millions in previous year
FIXED
ASSETS:
v Land and Site
Development
v Building
v Plant and
Machinery
v Furniture and
Fixtures
v Vehicles
v Office Equipments
v Air conditioners
and Coolers
v Miscellaneous
Assets
v Temporary
Erections
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.50.90 |
|
|
1 |
Rs.80.77 |
|
Euro |
1 |
Rs.67.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--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 |
|
- |
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.