MIRA
INFORM REPORT
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Report Date : |
29.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
SUMAX ENTERPRISES PRIVATE LIMITED |
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Registered
Office : |
Sub Plot 1 and 2, Final Plot 111, T.P. Scheme No. II, Ramtekdi Industrial Estate, Hadapsar,
Pune – 411028, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
27.04.2005 |
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Com. Reg. No.: |
11-020631 |
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Capital
Investment / Paid-up Capital : |
Rs.15.000 Millions |
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CIN No.: [Company Identification
No.] |
U29299PN2005PTC020631 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNES14473E |
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PAN No.: [Permanent Account No.] |
AAJCS0017K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Automobile Parts. |
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No. of Employees
: |
60 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 330000 |
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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.
INFORMATION PARTED BY
|
Name : |
Mr. Hampiholi H. H. |
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Designation : |
H. R. Manager |
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Contact No.: |
91-9225649137 |
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Date : |
28.03.2012 |
LOCATIONS
|
Registered Office : |
Sub Plot 1 and 2, Final Plot 111, T.P. Scheme No. II, Ramtekdi Industrial Estate, Hadapsar,
Pune – 411028, Maharashtra,
India |
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Tel. No.: |
91-20-64008815 |
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Mobile No.: |
91-9225649137 (Mr. Hampiholi H. H.) |
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Fax No.: |
91-20-64016680 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
As on 28.09.2011
|
Name : |
Mr. Channabasav Gurappa
Suttatti |
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Designation : |
Director |
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Address : |
E-1, Konark Estates, Opposite Boat Club
Road, Pune – 411001, Maharashtra,
India |
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Date of Appointment : |
28.09.2005 |
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DIN No.: |
00636156 |
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Name : |
Mr. Rajesh Channabasav Suttatti |
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Designation : |
Managing director |
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Address : |
E-1, Konark Estates, Opposite Boat Club
Road, Pune – 411001, Maharashtra,
India |
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Date of Appointment : |
27.04.2005 |
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DIN No.: |
00636022 |
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Name : |
Mr. Vijay Channabasav Suttatti |
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Designation : |
Director |
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Address : |
E-1, Konark Estates, Opposite Boat Club
Road, Pune – 411001, Maharashtra,
India |
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Date of Appointment : |
27.04.2005 |
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DIN No.: |
00636143 |
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Name : |
Mr. Deepak Pandit Suttatti |
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Designation : |
Director |
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Address : |
Y 114, Sacred Heart Society, Pune – 411040, Maharashtra, India |
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Date of Appointment : |
27.04.2005 |
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DIN No.: |
01422347 |
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Name : |
Mr. Mahesh Pandit Suttatti |
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Designation : |
Director |
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Address : |
Y 114, Sacred Heart Society, Pune – 411040, Maharashtra, India |
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Date of Appointment : |
27.04.2005 |
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DIN No.: |
01497000 |
KEY EXECUTIVES
|
Name : |
Mr. Hampiholi H. H. |
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Designation : |
H. R. Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Rajesh C. Suttatti |
|
2500 |
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Vijay C. Suttatti |
|
2500 |
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Deepak P. Suttatti |
|
2500 |
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Mahesh P. Suttatti |
|
2500 |
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Rajesh C. Suttatti Jointly with Vimala R. Suttatti |
|
447500 |
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Vijay C. Suttatti Jointly with Roopa V. Suttatti |
|
447500 |
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Deepak P. Suttatti Jointly with Rajni D. Suttatti |
|
197500 |
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Channabasav G. Suttatti
Jointly with Annapurna C. Suttatti
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50000 |
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Geeta S. Bondada
Jointly with Annapurna C. Suttatti |
|
25000 |
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Pushpa J. Bormani
Jointly with Akshya J. Boarmani
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|
25000 |
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Annapuran C. Suttatti
Jointly with Channabasav G. Suttatti
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|
50000 |
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Kalavati P. Suttatti
Jointly with Deepak P. Suttatti and Mahesh P. Suttatti |
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50000 |
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Mahesh P. Suttatti Jointly with Shraddha M. Suttatti |
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197500 |
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Total |
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1500000 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2011
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Automobile Parts. |
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Terms : |
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Selling : |
Cash/ Credit (30 – 60 days) |
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Purchasing : |
Cash/ Credit (30 – 60 days) |
GENERAL INFORMATION
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Customers : |
·
Wholesalers ·
Retailers ·
End Users |
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No. of Employees : |
60 (Approximately) |
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Bankers : |
Bank of India, 7A/1, Hadapsar Industrial
Estate, Hadapsar, Pune –
411013, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R. V. Kirloskar and Company Chartered Accountants |
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Address : |
32/2, Erandawane, Shramasphalya
Society, Nandadeep Bunglow,
Pune – 411004, Maharashtra,
India |
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PAN.: |
ACDPK4987B |
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 |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
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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 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
15.000 |
15.000 |
15.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
67.169 |
40.671 |
27.128 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
82.169 |
55.671 |
42.128 |
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LOAN FUNDS |
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1] Secured Loans |
44.402 |
54.917 |
56.477 |
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2] Unsecured Loans |
39.130 |
44.163 |
51.880 |
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TOTAL BORROWING |
83.532 |
99.080 |
108.357 |
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DEFERRED TAX LIABILITIES |
2.473 |
1.575 |
4.509 |
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TOTAL |
168.174 |
156.326 |
154.994 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
142.725 |
133.321 |
131.962 |
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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 |
4.203 |
3.649 |
3.759 |
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Sundry Debtors |
23.393
|
19.415 |
16.126 |
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Cash & Bank Balances |
0.045
|
0.135 |
0.141 |
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Other Current Assets |
2.488
|
2.166 |
2.166 |
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Loans & Advances |
12.306
|
9.395 |
9.424 |
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Total
Current Assets |
42.435
|
34.760 |
31.616 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
4.924
|
8.791 |
3.852 |
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Other Current Liabilities |
10.444
|
2.340 |
1.941 |
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Provisions |
1.618
|
0.760 |
3.062 |
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Total
Current Liabilities |
16.986
|
11.891 |
8.855 |
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Net Current Assets |
25.449
|
22.869 |
22.761 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.136 |
0.271 |
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TOTAL |
168.174 |
156.326 |
154.994 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
113.311 |
78.344 |
68.383 |
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EXPENSES |
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Operating Expenses |
58.713 |
47.594 |
37.771 |
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TOTAL (B) |
58.713 |
47.594 |
37.771 |
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PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
54.598 |
30.750 |
30.612 |
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FINANCIAL
EXPENSES (D) |
10.463 |
10.694 |
12.061 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
44.136 |
20.057 |
18.551 |
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DEPRECIATION/
AMORTISATION (F) |
7.168 |
6.537 |
6.081 |
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PROFIT BEFORE
TAX (E-F) (G) |
36.968 |
13.520 |
12.440 |
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TAX (H) |
9.572 |
1.773 |
1.406 |
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PROFIT AFTER TAX
(G-H)
(I) |
27.396 |
11.747 |
11.034 |
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Deferred Tax |
0.898 |
(1.796) |
1.690 |
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PROFIT
TRANSFERRED TO GENERAL RESERVE |
26.498 |
13.543 |
9.344 |
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IMPORTS |
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Capital Goods |
10.927 |
4.080 |
18.811 |
|
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Others |
0.111 |
0.180 |
0.000 |
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TOTAL IMPORTS |
11.038 |
4.260 |
18.811 |
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Earnings Per Share
(Rs.) |
182.64 |
NA |
NA |
|
Expected Sales (2011-12) : Rs.120.000 Millions
The above information has been parted by Mr. Hampiholi
H. H.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
24.18
|
14.99 |
16.14 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.97
|
8.04 |
7.60 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.44
|
0.24 |
0.30 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.22
|
1.99 |
2.78 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.49
|
2.92 |
3.57 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs. in Millions)
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
4.924
|
8.791 |
3.852 |
|
Total |
4.924
|
8.791 |
3.852 |
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
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 |
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11) Turnover of firm for last two years |
Yes |
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12) Profitability for last three years |
No |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
Yes |
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15) Capital in the business |
No |
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16) Details of sister concerns |
No |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
No |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
No |
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28) Incorporation details, if applicable |
-- |
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29) Last accounts filed at ROC |
-- |
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30) Major Shareholders, if available |
-- |
OPERATING RESULTS
AND BUSINESS:
The Company’s sale
for the current year was Rs.111.774 Millions as compared to Rs.78.081 Millions
in the previous year. The sales increased by 30%. The profit after tax was
Rs.27.396 Millions as compared to Rs.11.747 Millions showing an increase of
57%. The overall results are satisfactory. The Company being in the automobile
sector has taken a hit due to increase in the price of raw materials. However
the order position of the company in the coming years is good and the Directors
are confident to post better results in the coming years.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U29299PN2005PTC020631 |
|
Name of the
company |
SUMAX ENTERPRISES
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Sub Plot 1 and 2, Final Plot 111, T.P. Scheme No. II, Ramtekdi Industrial Estate, Hadapsar,
Pune – 411028, Maharashtra,
India Email : rcs@suttatti.com
|
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
10006662 |
|
Type of charge |
Immovable
property Book Debts Movable Property |
|
Particular of
charge holder |
Bank of India, 7A/1, Hadapsar Industrial
Estate, Hadapsar, Pune –
411013, Maharashtra, India Email : boihadapsar@vsnl.net |
|
Nature of
instrument creating charge |
1.Hypothecation
cum loan agreement (plant and machinery, stocks and book debts) 2.Continuing oral
assent both documents for same modification |
|
Date of
instrument Creating the charge |
03.02.2010 |
|
Amount secured by
the charge |
Rs.72.545
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest At BPLR 12% p.a.
with monthly rests or as notified by the bank from time to time Terms of
Repayment Repayment on
Demand Margin 25% Extent and
Operation of the charge First Charge over
hypothecated and mortgaged property. Total amount for
which the company has extended its immovable property stands at Rs.72.545
Millions ( fund based limits Rs.70.071 Millions and Rs.2.474/- Millions for
non fund based limits) |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of all types of tangible movable machineries and plant, raw material for making Components, semi finished goods, finished goods, tooling etc. Hadapsar, Pune and book debts. All that piece and parcel of a plot of land situated at Hadapsar within the registration sub-district of Haveli No.3, Dist Pune and within the limits of Pune Municipal Corporation and bearing Plot no.1 of Final Plot No.111 (and also as per City Survey Records) out of sanctioned layout of Hadpasar Industrial Town planning, Scheme No. II (final) developed by Poona Estate Development Private Limited admg about 1569 sq. mtrs. within S. Nos. 99, 100, 101, 102, 107/3B, 104/4A, 313/1, 2, 3, 91/39, 103/8, 103/13, 103/21, 105/A, 105/24, 10/25D, 91/37, 91/38A, 91/41, 93A/9, 90/18B, 90/22, 23, 24, 17, 105, 103, 91 at Hadapsar, Taluka :Haveli, District:Pune-411013, Maharashtra, India All that piece and parcel of a plot of land situated at Hadapsar within the registration sub-district of Haveli No.3, Dist. Pune and within the limits of Pune Municipal Corporation and bearing Plot No. 2 of final plot no.111,(and also as per City Survey Records) out of sanctioned layout of Hadapsar Industrial Town planning Scheme No.II (final) developed by Poona Estate Development Private Limited admg. about 2730 sq. mtrs, within S.No. 99, 100, 101, 102, 107/3B, 104/4A, 313/1, 2, 3, 91/39, 103/8, 103/13, 103/21, 105/A, 105/24,105/25D, 91/37, 91/38A, 91/41, 93A/9, 90/18B, 90/22,23, 24, 107,105,103, 91 at Hadapsar, Taluka :Haveli, District Pune 411013, Maharashtra, India |
|
Particulars of
the present modification |
By this
modification the bank has granted an additional cash credit limit of Rs.10.000/-
Millions to the company. Total cash credit limit becomes Rs.15.000/-
Millions. Total amount for which the company has extended its immovable
property stands at Rs.72.545 Millions ( fund based limits Rs.70.071 Millions
and Rs. 2.474/- Millions for non fund based limits) |
FIXED ASSETS
·
Computers
·
Office Furniture
·
Plant and Machinery
·
Factory Equipments
·
Electrical Installations
·
Land and Building
·
Tools and Tackels
·
Vehicles
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.50.92 |
|
|
1 |
Rs.81.21 |
|
Euro |
1 |
Rs.67.85 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
45 |
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.