MIRA INFORM REPORT
|
Report Date : |
20.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
SUDALLOYS PRIVATE LIMITED |
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Registered
Office : |
218, Lighi Chittyst, Chennai - 600001, Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
02.05.1981 |
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Com. Reg. No.: |
008742 |
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Capital
Investment / Paid-up Capital : |
Rs.5.068 Millions |
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CIN No.: [Company Identification No.] |
U27104TN1981PTC008742 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Supplier of premium quality range of
Rolled Bar, Alloy Steel, etc. |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 63000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The management has failed to file its financial with Government
Department for the year 2012. As per previous year’s record, there appeared huge external borrowings
recorded by the company and it had incurred loss from its operation. However, trade relations are reported as fair. Business is active.
Payment terms are unknown. The company can be considered small to mediocre business dealings with
great caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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. Kunal Sood |
|
Designation : |
Director |
|
Contact No.: |
91-9840017675 |
|
Date : |
18.05.2013 |
LOCATIONS
|
Registered Office : |
218, Lighi Chittyst, Chennai - 600001, Tamilnadu,
India |
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Tel. No.: |
91-44-26244170 |
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Mobile No.: |
91-9840017675 (Mr. Kunal Sood) |
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Fax No.: |
Not Available |
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E-Mail : |
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Website: |
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Location: |
Owned |
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Factory : |
B-26 MIDC, Chakan
Industrial Area, Pune-410501, Maharashtra, India |
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Fax No.: |
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Branch Office 1: |
C/o P.Sood and Company, 138 B. R. B. B. Road (Canning Street), Kolkatta-700001, West Bengal, India |
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E-mail: |
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Branch Office 2: |
C/o Excel Industrial Corporation, No.410 Jolly Maker No.2 New Marine Lines Mumbai-400001, Maharashtra, India |
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E-mail: |
DIRECTORS
AS ON 26.09.2011
|
Name : |
Mr. Krishna Kumar Sood |
|
Designation : |
Director |
|
Address : |
95 Marshalls Road, Egmore, Chennai-600008, Tamilnadu,
India |
|
Date of Birth/Age : |
30.06.1945 |
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Date of Appointment : |
02.05.1981 |
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DIN No.: |
02116942 |
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Name : |
Ms. Renu Sood |
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Designation : |
Director |
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Address : |
95 Marshalls Road, Egmore, Chennai-600008, Tamilnadu, India |
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Date of Birth/Age : |
13.12.1950 |
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Date of Appointment : |
02.05.1981 |
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DIN No.: |
02116944 |
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Name : |
Mr. Kunal Sood |
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Designation : |
Director |
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Address : |
95 Marshalls Road, Egmore, Chennai-600008, Tamilnadu, India |
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Date of Birth/Age : |
07.06.1975 |
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Date of Appointment : |
26.08.2005 |
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DIN No.: |
02131753 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
K.K.Sood |
|
16300 |
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Renu Sood |
|
16100 |
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Kunal Sood |
|
1250 |
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Lalita Sood |
|
2500 |
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Kamakshi |
|
5000 |
|
Kalpana Raghavan |
|
5000 |
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Prakashchand Krishnakumar (HUF) |
|
44250 |
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Prakashchand Shivaji Sood (HF) |
|
24667 |
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Prakashchand Sood (HUF) Karta Krishna Kumar Sood |
|
11750 |
|
MPI Exports Private Liimited, India |
|
375000 |
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Total |
|
501817 |
Allottees as on 31.03.2012
|
Names of Allottees |
|
No. of Shares |
|
K.K.Sood |
|
24025 |
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Renu Sood |
|
37095 |
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Kunal Sood |
|
18045 |
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Gautami Sood |
|
43125 |
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Prakashchand Krishnakumar (HUF) Karta Mr.Krishna Kumar Sood |
|
4000 |
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Total |
|
126290 |
AS ON 26.09.2011
|
Category |
Percentage of
Holdings |
|
Bodies corporate |
74.73 |
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Directors or relatives of Directors |
25.27 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of premium quality range of Rolled
Bar, Alloy Steel, etc. |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Carbon / Alloy Steel Bars |
MT |
12000 |
202 |
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GENERAL INFORMATION
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Customers : |
Retailers and End Users |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
Union Bank of India Kasarwadi Branch, Subhadra Chambers,449/6A/5A, Mumbai Pune Road, Kasarwadi, Pune - 411034, Maharashtra, India Tel. No.: 91-20-27145776 |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Surendra Naik and Company Chartered Accountants |
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Address : |
Prathmesh Compex, 3rd Floor Above Rupee Co-Operative Bank,
Pune-411037, Maharashtra, India |
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Holding Company : |
MPI Exports Private Limited CIN NO.: U27110TN1980PTC008252 |
CAPITAL STRUCTURE
After 26.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
628107 |
Equity Shares |
Rs.10/- each |
Rs.6.281 Millions |
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As on 26.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
501817 |
Equity Shares |
Rs.10/- each |
Rs.5.018 Millions |
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Add: Share Application Money |
|
Rs.0.050 Million |
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Total |
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Rs. 5.068 Millions |
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 |
|
|
|
|
|
1] Share Capital |
5.068 |
5.068 |
5.018 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
10.669 |
20.216 |
24.576 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(1.369) |
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NETWORTH |
15.737 |
25.284 |
28.225 |
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|
LOAN FUNDS |
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1] Secured Loans |
24.989 |
21.046 |
4.786 |
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2] Unsecured Loans |
50.719 |
38.209 |
30.454 |
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TOTAL BORROWING |
75.708 |
59.255 |
35.240 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
91.445 |
84.539 |
64.465 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
63.104 |
60.056 |
53.974 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.250 |
0.250 |
0.250 |
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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 |
5.973
|
7.777 |
2.309 |
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Sundry Debtors |
6.265
|
15.410 |
0.000 |
|
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Cash & Bank Balances |
0.702
|
0.131 |
0.075 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
18.348
|
2.624 |
3.832 |
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Total
Current Assets |
31.288
|
25.942 |
6.216 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
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Sundry Creditors |
2.935
|
1.614 |
1.460 |
|
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Other Current Liabilities |
0.700
|
0.588 |
0.000 |
|
|
Provisions |
0.000
|
0.000 |
0.007 |
|
Total
Current Liabilities |
3.635
|
2.202 |
1.467 |
|
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Net Current Assets |
27.653
|
23.740 |
4.749 |
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MISCELLANEOUS EXPENSES |
0.438 |
0.000 |
4.492 |
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TOTAL |
91.445 |
84.539 |
63.465 |
|
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) |
14.277 |
23.594 |
0.028 |
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|
|
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Less |
EXPENSES |
|
|
|
|
|
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|
Office Expenses |
|
|
1.346 (Including
Depreciation and Financial Expenses) |
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|
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
15.404 |
20.699 |
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||
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PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
(1.127) |
2.895 |
||
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||
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Less |
FINANCIAL
EXPENSES (D) |
2.344 |
1.894 |
||
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||
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|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(3.471) |
1.001 |
||
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||
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.076 |
3.923 |
||
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|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(9.547) |
(2.922) |
(1.318) |
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Less |
TAX (H) |
(0.001) |
0.068 |
0.000 |
|
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|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(9.546) |
(2.990) |
(1.318) |
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|
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|
Earnings /
(Loss) Per Share (Rs.) |
(18.91) |
6.16 |
2.63 |
|
|
Particulars |
|
31.03.2013 |
31.03.2012 |
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|
|
|
|
|
Sales Turnover (Approximately) |
|
100.000 |
70.000 |
|
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|
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|
The above information has been parted by Mr. Kunal Sood (Director)
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total
Income |
(%) |
(66.87)
|
(12.67) |
(4707.14) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(10.11)
|
(3.40) |
(2.19) |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.61)
|
(0.12) |
(0.05) |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.81
|
2.34 |
1.25 |
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|
|
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Current Ratio (Current Asset/Current Liability) |
|
8.61
|
11.78 |
4.24 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
|
|
|
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|
Sundry Creditor for Goods |
2.935
|
1.614 |
1.460 |
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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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
Five 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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
No |
|
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 |
OPERATIIONS
Turnover
The sales turnover of the company has declined from Rs. 23.594 millions in the previous year 31.03.2010 to Rs 14.270 millions in year ended on 31.03.2011 owing slow recovery from debtors and the company had deliberately stopped sales with material to avoid blockage of funds in debtors.
FUTURE OUTLOOK
The company has identified customers having satisfactory past track record of honouring commitments on due date by extending normal credit and in case of other customers, delivery would be effected only on payment basis thereby resulting in lower risk and lesser blockage of funds in receivables.
UNSECURED LOAN
|
Particulars |
Rs.
In Millions 31.03.2011 |
Rs.
In Millions 31.03.2010 |
|
Associate Company |
|
|
|
MPI Export Private Limited |
50.719 |
38.209 |
|
TOTAL |
50.719 |
38.209 |
FIXED ASSETS
·
Industrial Land Chakan MIDC
·
Industrial Land supra parner MIDC
·
Factory Building
·
Cranes
·
Plant and Machinery
·
Office Equipment
·
Furniture and Fitting
·
Air Conditioners
·
Computers
·
Electrical Installation
·
Effilument Treatment Plant
·
Vehicle
·
Lab. Equipments
·
Centreless Grinding Machine
·
Electric Control Panel
·
Tank Mounted
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 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.54.89 |
|
|
1 |
Rs.83.66 |
|
Euro |
1 |
Rs.70.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.