MIRA INFORM REPORT

 

 

Report Date :

12.03.2013

 

IDENTIFICATION DETAILS

 

Name :

SUNRISE TIMPLY COMPANY PRIVATE LIMITED

 

 

Registered Office :

67/17 Strand Road, Kolkata – 700006, West Bengal

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

30.09.2004

 

 

Com. Reg. No.:

21-091127

 

 

Capital Investment / Paid-up Capital :

Rs. 15.000 Millions

 

 

CIN No.:

[Company Identification No.]

U02001WB2004PTC091127

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader and Dealer of Timber and Plywood.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (36)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having a moderate track record. There appears dip in the profitability during the current year. The profit margin seems to be low.

 

However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for business dealings with slight caution. 

 

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 – June 30, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

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 because 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

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Cash Credit : (CRISIL) BB-

Rating Explanation

Having moderate risk of default regarding timely servicing of financial obligation.

Date

February 2012

 

 

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.

 

 

LOCATIONS

 

Registered Office :

67/17 Strand Road, Kolkata – 700006, West Bengal, India

Tel. No.:

91-33-22591968

Fax No.:

91-33-22593136

E-Mail :

sunrisetimber@gmail.com

 

 

DIRECTORS

 

AS ON 29.09.2012

 

Name :

Mr. Ramesh Kumar Bagla

Designation :

Director

Address :

CD-315, Sector-1, Salt Lake City, Kolkata – 700006, West Bengal, India

Date of Birth/Age :

06.12.1958

Date of Appointment :

04.02.2006

Voter ID No.:

WB/20/139/702815

DIN No.:

00716613

 

 

Name :

Mr. Gaurav Bagla

Designation :

Additional director

Address :

CD-315, Sector-1, Salt Lake City, Kolkata – 700006, West Bengal, India

Date of Birth/Age :

08.10.1989

Date of Appointment :

29.06.2009

Voter ID No.:

XOY1421742

DIN No.:

02680058

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 29.09.2012

 

Names of Shareholders

 

No. of Shares

 

Rajesh Kumar Bagla

 

1000

Shree Prakash Bagla

 

1000

Surya Prakash Bagla

 

1000

Anusuiya Devi Bagla

 

91000

Anju Bagla

 

1000

Ramesh Kumar Bagla

 

141000

Sangeeta Bagla

 

1000

Shree Gopal Bagla

 

10000

Gaurav Bagla

 

70000

Sushila Devi Bagla

 

10000

Pragati Bagla

 

10000

Ramesh Kumar Bagla HUF

 

160000

Sakshi Infra Developers Private Limited, India

 

625000

Sunrise Infra Projects Private Limited, India

 

500000

 

 

 

Total

 

1622000

 

 

AS ON 29.09.2012

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Bodies corporate

 

79.22

Directors or relatives of directors

 

20.78

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Trader and Dealer of Timber and Plywood.

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :

State Bank of India, SME Branch, Howrah, 9, G. T. Road (South), Howrah - 711101, West Bengal, India

 

 

Facilities :

 

Secured Loans

31.03.2012

31.03.2011

 

 

(Rs. In Millions)

Cash Credit

75.006

38.835

Total

75.006

38.835

 

 

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Naveen Singh and Associates

Chartered Accountants

Address :

51, Nalini Seth Road, Ground Floor, Kolkata – 700007, West Bengal, India

Mobile No.:

91-9007004351

Fax No.:

91-33-22743209

Income-tax PAN of auditor or auditor's firm :

AAIFN6001E

 

 

CAPITAL STRUCTURE

 

AS ON 29.09.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,700,000

Equity Shares

Rs. 10/- each

Rs. 17.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,622,000

Equity Shares

Rs. 10/- each

Rs. 16.220 Millions

 

 

 

 

 

 

AS ON 31.03.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,500,000

Equity Shares

Rs. 10/- each

Rs. 15.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,500,000

Equity Shares

Rs. 10/- each

Rs. 15.000 Millions

 

 

 

 

 

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

15.000

11.220

11.220

2] Share Application Money

2.440

0.000

0.000

3] Reserves & Surplus

97.181

90.620

85.301

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

114.621

101.840

96.521

LOAN FUNDS

 

 

 

1] Secured Loans

75.006

38.835

25.512

2] Unsecured Loans

16.273

7.317

6.169

TOTAL BORROWING

91.279

46.152

31.681

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

205.900

147.992

128.202

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

0.854

1.128

1.381

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.115

0.115

4.000

DEFERRED TAX ASSETS

0.090

0.070

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
86.024

48.627

54.999

 

Sundry Debtors
122.612

155.784

123.196

 

Cash & Bank Balances
169.501

113.852

68.799

 

Other Current Assets
21.880

15.777

0.000

 

Loans & Advances
3.987

6.626

13.318

Total Current Assets
404.004

340.666

260.312

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
194.725

191.689

130.624

 

Other Current Liabilities
1.839

0.963

5.479

 

Provisions
2.599

1.335

1.422

Total Current Liabilities
199.163

193.987

137.525

Net Current Assets
204.841

146.679

122.787

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.034

 

 

 

 

TOTAL

205.900

147.992

128.202

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Revenue from operations

430.297

467.617

338.670

 

 

Other Income

7.784

11.754

14.917

 

 

TOTAL                                     (A)

438.081

479.371

353.587

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Purchase of stock-in-trade

406.601

395.333

 

 

 

Changes in inventories of finished goods 

(37.397)

6.372

 

 

 

Other Direct Expenses

40.374

57.833

 

 

 

Employee Benefit Expenses

0.357

0.247

 

 

 

Other Administrative and Selling Expenses

17.036

6.518

 

 

 

TOTAL                                     (B)

426.971

466.303

351.128

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

11.110

13.068

2.459

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

6.812

6.104

0.000

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

4.298

6.964

2.459

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

0.274

0.353

0.359

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

4.024

6.611

2.100

 

 

 

 

 

Less

TAX                                                                  (H)

1.243

1.292

0.681

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

2.781

5.319

1.419

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

10.870

5.551

4.132

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

13.651

10.870

5.551

 

 

 

 

 

 

Earnings Per Share (Rs.)

1.85

4.74

1.26

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)
0.63

1.11

0.40

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
0.94

1.41

0.62

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
0.99

1.93

0.80

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.04

0.06

0.02

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
0.80

0.45

0.33

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.03

1.76

1.89

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

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

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

15]

Capital in the business

Yes

16]

Details of sister concerns

No

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

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

Yes

34]

External Agency Rating, if available

Yes

 

 

UNSECURED LOANS

 

Unsecured Loans

31.03.2012

31.03.2011

 

 

(Rs. In Millions)

From Directors, Close Relatives and Associate Concern

16.273

7.317

Total

16.273

7.317

 

 

BANKERS CHARGES REPORT AS PER REGISTRY

 

Corporate identity number of the company

U02001WB2004PTC091127

Name of the company

SUNRISE TIMPLY COMPANY PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

67/17 Strand Road, Kolkata – 700006, West Bengal, India

Email: sunrisetimber@gmail.com

This form is for

Modification of charge

Charge identification number of the modified 

10068926

Type of charge

Book debts

Movable property (not being pledge)

Floating charge

Others [All other Current Assets.]

Particular of charge holder

State Bank of India, SME Branch, Howrah, 9, G. T. Road (South), Howrah - 711101, West Bengal, India

Email: sbi.04150@sbi.co.in

Nature of description of the instrument creating or modifying the charge

Supplemental Agreement of Hypothecation of Goods and Assets for Increase in the Overall Limit - (Form-C.2-A).

Letter regarding the grant of Individual Limits within the Overall Limit - (Form-C.5).

Date of instrument Creating the charge

11.01.2013

Amount secured by the charge

Rs. 268.100 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

Cash Credit : At 4.50% above Base Rate, present effective rate being 14.25% p.a. with monthly rests.

 

Terms of Repayment

Working Capital Limit is repayable on demand.

 

Margin

As stipulated by the Bank for the respective assets from time to time.

Finished Goods : 25%,

Letter of Credit : 30% and

Book Debts/receivables (90 days) : 40%.

 

Extent and Operation of the charge

The charge operates as first charge basis on the whole of the hypothecated current assets of the Company, both present and future to secure the maximum amount under the said charge fixed at Rs.268.100 Millions together with interests, costs and charges thereon.

 

Others

The Borrower shall not do or allow anything which may prejudice the security and shall comply with the terms and conditions of the Agreements.

All other terms and conditions continue to remain as before in full force and effect.

 

Short particulars of the property charged

Hypothecation of Company's entire current assets including Stocks and Book Debts.

Date of Modification

11.04.2012

Particulars of the present modification 

By this modification, the overall limit is enhanced from Rs.237.600 Millions to Rs.268.100 Millions as stated under and charge on hypothecated current assets of the Company extended to secure the enhanced overall limit together with interest, costs and charges thereon:

*CC (Stocks and Book Debts) : Rs.60.000 Millions

*LC : Rs.200.000 Millions

Forward Contract Sale : Rs.8.100 Millions

* one way interchangeability from CC to  LC Limit upto 50% of the Cash Credit Limit.

 

 

FIXED ASSETS:

 

Ř       Air Conditioner

Ř       Vehicles

Ř       Camera

Ř       Computer

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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 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. 54.29

UK Pound

1

Rs. 81.09

Euro

1

Rs. 70.61

 

 

INFORMATION DETAILS

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

4

--CREDIT LINES

1~10

4

--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

DEFAULTERS 

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

36

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.