MIRA
INFORM REPORT
|
Report Date : |
16.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
SUNDEK INDIA LIMITED |
|
|
|
|
Formerly Known
As : |
Sunrays Laminates Private Limited |
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|
|
|
Registered
Office : |
204, Lalita Complex, Rasala
Marg, Navrangpura, Ahmedabad – 380 009, |
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|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2012 |
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|
Date of
Incorporation : |
02.03.1983 |
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Com. Reg. No.: |
04-005945 |
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|
Capital Investment
/ Paid-up Capital : |
Rs. 20.001 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U20299GJ1983PLC005945 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMS00086C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCS0897A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of HPL. |
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|
No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 580000 |
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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 a satisfactory track record.
Trade relations are reported to be fair. Business is active. Payments are
reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part ecause of strong
domestic demand - and growth exceeded 8% year-on-year in real terms. However,
India's economic growth in 2011 slowed because of persistently high inflation
and interest rates and little progress on economic reforms. High international
crude prices have exacerbated the government's fuel subsidy expenditures
contributing to a higher fiscal deficit, and a worsening current account
deficit. Little economic reform took place in 2011 largely due to corruption
scandals that have slowed legislative work. India's medium-term growth outlook
is positive due to a young population and corresponding low dependency ratio,
healthy savings and investment rates, and increasing integration into the
global economy. India has many long-term challenges that it has not yet fully
addressed, including widespread poverty, inadequate physical and social
infrastructure, limited non-agricultural employment opportunities, scarce
access to quality basic and higher education, and accommodating rural-to-urban
migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Ajay |
|
Designation : |
Account Department |
|
Contact No.: |
91-2764-278562 |
|
Date : |
16.01.2013 |
LOCATIONS
|
Registered / Head Office : |
204, Lalita Complex, Rasala
Marg, Navrangpura, Ahmedabad – 380 009, |
|
Tel. No.: |
91-79-26426840 / 49 / 26426872 / 26461071 / 30088514 |
|
Fax No.: |
91-79-26426477 |
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E-Mail : |
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Website : |
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|
Area : |
2000 Sq.fts |
|
Location : |
Owned |
|
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|
Factory : |
1421, Village Rajpur, Kalol,
Mehsana Highway, Mehsana
-382740 North Gujarat, India |
|
Tel. No.: |
91-2764-278562 / 3 / 4, 278616 / 7
|
|
Fax No.: |
91-2764-278561 |
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E-Mail : |
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|
Area : |
36000 Sq.yards |
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Network Areas : |
Agra : 91-562-2620614 Bhubaneswar: 91-674-2534592 Mumbai : 91-22-55768010
/ 8020/ 8040/ 8050 Pune :91-20-6431525, 6451535 Vijaywada : 91-866-2576441, 2570583 Ahmedabad : 91-79-26442962, 26440207 Bhopal
:(91-755-2576644, 9300621913 Chennai
: 91-44-26691691/2/3/4,
26691688 Hisar : 91-1662-238315 Indore : 91-731-5092565/66,
2368267 Kolkata : 91-33-30905193,
31046348, 22208733 Nagpur : 91-7104-224370 /
0712 - 2765439 Raipur : 91-771-2234295 |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Shashikant Sitaram
Gupta |
|
Designation : |
Managing Director |
|
Address : |
31, Indraprastha Bungalows, Opposite
Management Enclave, Vastrapur, Ahmedabad
– 380 015, Gujarat, India |
|
Date of Birth/Age : |
08.11.1961 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
15.10.1985 |
|
DIN No.: |
00008798 |
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|
|
|
Name : |
Mr. Krishnakumar Bansidhar
Shah |
|
Designation : |
Executive Director |
|
Address : |
C-3/23, Goyal Intercity, Drive-In-Road, Ahmedabad – 380 054, |
|
Date of Birth/Age : |
08.02.1945 |
|
Qualification : |
|
|
Date of Appointment : |
03.02.1987 |
|
DIN No.: |
00011671 |
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|
|
|
Name : |
Mr. Nitinkumar Maneklal
Patel |
|
Designation : |
Director |
|
Address : |
“Divyajyoti” Swastik
Society, Navrangpura, Ahmedabad
– 380 009, Gujarat, India |
|
Date of Birth/Age : |
20.09.1957 |
|
Date of Appointment : |
07.12.2009 |
|
DIN No.: |
00457516 |
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|
|
|
Name : |
Mr. Kantibhai Hirabhai
Patel |
|
Designation : |
Director |
|
Address : |
26,Mahasukhnagar, CHSL -2 ,26 Prerna, Tirth,
Vibhag-1, Opposite Prerna Tirth
Jain, Derasar, Satelite,
Ahmedabad-380 015, Gujarat, India |
|
Date of Birth/Age : |
03.09.1946 |
|
Date of Appointment : |
01.06.2010 |
|
DIN No.: |
02325787 |
KEY EXECUTIVES
|
Name : |
Mr. Ajay |
|
Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Gupta S. Sunil |
|
5250 |
|
Gupta P.Pramila |
|
6570 |
|
Gupta S. Sangita |
|
3750 |
|
Gupta S. Prahlad |
|
450 |
|
Gupta S. Shashikant |
|
17250 |
|
Gupta S. Rupal |
|
6000 |
|
Gupta S. Alka |
|
12880 |
|
Gupta l. Prahlad |
|
450 |
|
Gupta S. Sunil |
|
750 |
|
Parlkh N. Devalben |
|
4500 |
|
Parikh N. Nlravbhal |
|
7500 |
|
Parlkh N. Payalben |
|
3000 |
|
Parlkh N.Ashaben |
|
6000 |
|
Parikh S. Hitinbhai |
|
6000 |
|
Gupta S. Rupali |
|
21450 |
|
Parlkh N. Viral |
|
3000 |
|
Gupta R. Manjudevi |
|
500 |
|
Gupta S. Meenadevi |
|
500 |
|
Agarwal Satyanarayan |
|
500 |
|
Agarwal S. Munidevi |
|
500 |
|
Agarwal Ramkrishna |
|
1500 |
|
Agarwal Bimladevi |
|
1000 |
|
Agarwal Satyanarayan |
|
500 |
|
Shah K. Vinit |
|
600 |
|
Shah k. Girish |
|
900 |
|
Gupta S. Shardadevl |
|
3000 |
|
Krishna Kumar Shah, Girish K. Shah, vinit k shah, trustees on behalf of Usha Shah family will trust |
|
4500 |
|
Shashikant Gupta |
|
40600 |
|
Alka S. Gupta |
|
19370 |
|
Shashlkant S. Gupta |
|
21240 |
|
|
Total
|
200010 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
78.77 |
|
Other top fifty shareholders |
21.23 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of HPL. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
·
USA ·
Dubai |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
Mahadev Paper Corporation |
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Customers : |
End Users and OEM’s ·
Marshade Enterprises |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
· Bank of Baroda, Usmanpura Branch, Ashram Road, Ahmedabad – 380 013, Gujarat, India |
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Facilities : |
L/C – Rs. 120.000 millions |
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Note : Term of
Borrowings
Car loans are secured by hypothecation of vehicles |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Naushir M Marfatia and
Company Chartered Accountants |
|
Address : |
1st Floor, B Jadhav Chambers,
Ashram Road, Ahmedabad – 380 009, Gujarat, India |
|
Name : |
Chartered Accountants |
|
Tel. No.: |
91-79-27546269 / 27546976 |
|
Fax No.: |
91-79-27546667 |
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E-Mail : |
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PAN No.: |
AAEFN5051G |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200010 |
Equity Shares |
Rs.100/- each |
Rs.20.001
millions |
|
|
|
|
|
Reconciliation of
the number of shares outstanding at the beginning and at the end of the
reporting period
|
Particulars |
31.03.2012 |
|
|
|
No of Shares |
Rs. In millions |
|
Outstanding at the beginning of the year |
200010 |
20.001 |
|
Add : Issued during the year |
-- |
-- |
|
Outstanding at the
end of the year |
200010 |
20.001 |
Terms/rights attached to equity shares
The Company has only one class of shares
having a par value of Rs.100/-.Each Shareholder is entitled to one vote per
Share. In the event of liquidation of the company, the holders of equity shares
will be entitled to receive share of the remaining assets of the company in
proportion of their share holding.
The dividend, if any, declared by the Board of directors is subject
to approval of
Shareholders at the ensuing Annual General Meeting.
Details of Share holders holding more than
5% Shares
|
Particulars |
31.03.2012 |
|
|
|
No of Shares |
Percentage |
|
Shashikant Gupta |
79090 |
39.54 |
|
Alka Gupta |
32250 |
39.54 |
|
Rupali Gupta |
21450 |
10.72 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
20.001 |
20.001 |
20.001 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
125.783 |
124.871 |
135.647 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
145.784 |
144.872 |
155.648 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
98.380 |
78.995 |
65.798 |
|
|
2] Unsecured Loans |
24.903 |
27.507 |
0.437 |
|
|
TOTAL BORROWING |
123.283 |
106.502 |
66.235 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
269.067 |
251.374 |
221.883 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
46.297 |
55.539 |
138.432 |
|
|
Capital work-in-progress |
95.047 |
82.890 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.001 |
0.073 |
0.073 |
|
|
DEFERRED TAX ASSETS |
7.063 |
7.169 |
1.987 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
174.943
|
168.252 |
142.975 |
|
|
Sundry Debtors |
23.290
|
42.968 |
78.582 |
|
|
Cash & Bank Balances |
51.262
|
21.621 |
11.235 |
|
|
Other Current Assets |
10.429
|
20.352 |
0.000 |
|
|
Loans & Advances |
10.586
|
10.376 |
20.581 |
|
Total
Current Assets |
270.510
|
263.569 |
253.373 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
34.943
|
38.452 |
34.843 |
|
|
Other Current Liabilities |
110.657
|
115.522 |
123.085 |
|
|
Provisions |
4.250
|
3.892 |
14.683 |
|
Total
Current Liabilities |
149.850
|
157.866 |
172.611 |
|
|
Net Current Assets |
120.660
|
105.703 |
80.762 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.629 |
|
|
|
|
|
|
|
|
TOTAL |
269.067 |
251.374 |
221.883 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
399.545 |
375.279 |
393.029 |
|
|
|
Other Income |
1.887 |
1.998 |
7.893 |
|
|
|
TOTAL (A) |
401.432 |
377.277 |
400.922 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
295.818 |
304.806 |
|
|
|
|
Purchase of stock-in-trade |
0.000 |
0.291 |
|
|
|
|
Employee Benefits Expenses |
23.945 |
20.365 |
|
|
|
|
Other Expenses |
69.042 |
58.958 |
|
|
|
|
Changes in inventories of finished goods and work-in-progress |
(7.190) |
(11.245) |
|
|
|
|
TOTAL (B) |
381.615 |
373.175 |
369.172 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
19.817 |
4.102 |
31.750 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.295 |
2.968 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION (C-D) (E) |
14.522 |
1.134 |
31.750 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.104 |
16.954 |
14.724 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F)
(G) |
1.418 |
(15.820) |
17.026 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.506 |
(5.044) |
5.037 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
0.912 |
(10.776) |
11.989 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
118.008 |
128.784 |
116.795 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
118.920 |
118.008 |
128.784 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on F.O.B Basis |
23.688 |
21.262 |
NA |
|
|
TOTAL EARNINGS |
23.688 |
21.262 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Paper |
56.141 |
46.481 |
NA |
|
|
|
Phenol |
0.000 |
1.676 |
NA |
|
|
|
Melamine |
3.286 |
4.729 |
NA |
|
|
|
BOPP |
0.000 |
0.589 |
NA |
|
|
TOTAL IMPORTS |
59.427 |
53.475 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
4.56 |
(53.88) |
59.94 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.23
|
(2.86) |
2.99 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.35
|
(4.22) |
4.33 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.45
|
(4.96) |
4.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.001
|
(0.11) |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.87
|
1.82 |
1.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.81
|
1.67 |
1.47 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Total outstanding dues of enterprises other than micro and small
enterprises |
34.943
|
38.452 |
34.843 |
|
|
|
|
|
|
Total |
34.943
|
38.452 |
34.843 |
|
Sr. No. |
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 |
Yes |
|
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 |
No |
|
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 |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
PERFORMANCE
During the year the
Turnover and other Income was Rs 439.738 Millions
compared to Rs.411.216 Millions in the Previous Year. Exports have registered
at Rs. 23.688 Millions as compared to Rs. 21.262 Millions in the previous year. The total
expenditure incurred is Rs.400.014 Millions compared to Rs.
424.864 Millions in the corresponding year 2010-11 resulting in to Gross Profit
before depreciation and taxation of Rs. 14.522 Millions
compared to Rs.1.254 Millions .Net profit after depreciation and taxation
registered at Rs.0.912 Millions compared to Net loss of Rs.10.776 millions
during the previous financial year.
The performance of
the Company compared to previous year is quite satisfactory when viewed against
the backdrop of the challenging business context in which this was achieved
namely, the steep increase in cost of various raw materials and stiff
competition.
Exports recorded a growth as compared to previous year. The overall
performance of the Company as compared to previous year amid adverse economic
scenario vindicates the effectiveness of the abilities and prudency
of Company's management in better exploitation of business opportunities and
streamlining the operation.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2012 (Rs. in Millions) |
31.03.2011 (Rs. in Millions) |
|
Loans from a director |
24.466 |
27.070 |
|
Others |
0.437 |
0.437 |
|
Total |
24.903
|
27.507
|
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U20299GJ1983PLC005945 |
|
Name of the
company |
SUNDEK INDIA
LIMITED |
|
Address of the
registered office or of the principal place of business in |
204, Lalita Complex, Rasala
Marg, Navrangpura, Ahmedabad – 380 009, Gujarat, India Email: sundekad1@sancharnet.in
|
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10140200 |
|
Type of charge |
·
Immovable property ·
Book debts ·
Movable property (not being pledge) ·
Others |
|
Particular of
charge holder |
Bank of Baroda, Usmanpura Branch, Ashram Road, Ahmedabad – 380 013, Gujarat, India Email: usmanp@bankofbaroda.com
|
|
Nature of
instrument creating charge |
Supplemental
Composite Instrument of Hypothecation of Goods, Book-Debts, Movable
Machinery, Vehicles. Instrument of extension relating to deposit of title
deeds dtd. 20/08/2011. |
|
Date of
instrument Creating the charge |
20.08.2011 |
|
Amount secured by
the charge |
Rs. 250.900 millions |
|
Date of
instrument modifying the charge |
02.12.2008 |
|
Particulars of
the present modification |
By executing
Supplemental Deed of Hypothecation and Instrument of Extension relating to
Deposit of Title Deeds. The amount of credit facilities of Rs.215.000
millions has been enhanced to Rs.250.900 millions by restructuring the limits
as mentioned in the instrument. |
CONTINGENT LIABILITIES AS ON
31.03.2012
Contingent liabilities not provided for:
Counter guarantees executed against
guarantees issued by bank for Rs. NIL
Letters of Credit outstanding Rs. 10.749 millions
Income tax, Sales tax and Excise Duty
liability that may arise on final assessment of pending assessments.
Capital Commitments not provided for
Rs.1.957 millions against which advances of Rs.5, 90,000/- have been given.
A suppliers claim of Rs.0.206 million
against the Company before the City Civil Court as the Company is
contesting/defending the same. The Company has deposited adhoc
Rs.0.030 million as per the order of the Court.
Jt. Director General
of Foreign Trade has, vide order No. 08/91/AM01/ECA dated 23.06.2011 imposed
penalty as under:
Penalty of Rs
0.050 million for non submission of the prescribed documents in time for export
obligation.
Penalty of Rs.
16.155 millions for non-fulfillment of 100% export obligation against an EPCG Licence for import of capital goods within 8 years from the
date of issue of Licence, which wgs
issued on 25.02.2002
The Company has however, filed an appeal
against the said order before the Additional Director General of Foreign Trade,
New Delhi.
The Additional Director General of Foreign
Trade, New Delhi has, by its order F. No. 11/277/2011-12/ECA.1/3729 dated
21.02.2012 set-aside the Order in Original No. 08/91/AMO1/ECA dated 23.06.11
and remanded back the case to Adjudicating Authority for de novo proceedings
which was pending as on 31.03.2012.
The matter is in progress with the Director General of Foreign Trade, Ahmedabad for finalization ofthe
proceedings.
FIXED ASSETS
v
Tangible Assets
·
Land- Freehold
·
Buildings
·
Factory Temple
·
Factory Temple House
·
Office Building
·
Plant and Machinery
·
Electric Installation
·
S S
Press Moulds
·
Computer
·
Furniture and Fittings
·
Furniture Temple House
·
Laboratory Equipments
·
Loose Tools
·
Office Premises
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 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 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 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.54.54 |
|
|
1 |
Rs.87.69 |
|
Euro |
1 |
Rs.72.85 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
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 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.