MIRA INFORM REPORT
|
Report Date : |
06.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
SUNDEK INDIA LIMITED |
|
|
|
|
Formerly Known
As : |
Sunrays Laminates Private Limited |
|
|
|
|
Registered
Office : |
204, Lalita Complex, Rasala Marg, Navrangpura, Ahmedabad – 380009,
Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
02.03.1983 |
|
|
|
|
Com. Reg. No.: |
04-005945 |
|
|
|
|
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 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of High Pressure Decorative Laminates (HPL). |
|
|
|
|
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 790000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is an established company having satisfactory track record. The profit margin of the company is low. However, general financial position
of the company is satisfactory. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. In view of established market position of 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.
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital firms
in India during 2013, registering a drop of about 18 % over the previous year.
The Information Technology and IT-Enabled Services Industry retained its
status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
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 : |
Accounts Department |
|
Contact No.: |
91-2764-278562 /3 /4 |
|
Date : |
05.03.2014 |
LOCATIONS
|
Registered / Head Office : |
204, Lalita Complex, Rasala Marg, Navrangpura, Ahmedabad – 380009,
Gujarat, India |
|
Tel. No.: |
91-79-26426840/49/26426872/26461071/30088514 |
|
Fax No.: |
91-79-26426477 |
|
E-Mail : |
|
|
Website : |
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|
Area : |
2000 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
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 |
|
E-Mail : |
|
|
Area : |
36000 Sq. Yards |
|
|
|
|
Network Areas : |
Tel No. : 91-562-2620614 Email ID: agra@sundekintl.com
Tel No. : 91-80-22122047/22223547/48 Email ID: bangalore@sundekintl.com
Tel No. : 91-674-2534592 Email ID: bhubaneswar@sundekintl.com
Tel No. : 91-484-3099957 Email ID: cochin@sundekintl.com
Tel No. : 91-832-2420038/2228130 Email ID: goa@sundekintl.com
Tel No. : 91-40-24734752/55745105/55745109 Email ID: hyderabad@sundekintl.com
Tel No. : 91-291-2637263/2546572/2637260 Email ID: jodhpur@sundekintl.com
Tel No. :
91-522-2227647/2202920/3110408 Email ID: lucknow@sundekintl.com
Tel No. : 91-22-55768010/8020/8040/8050 Email ID: mumbai@sundekintl.com:
Tel No. : 91-20-6431525/6451535 Email ID: pune@sundekintl.com
Tel No. : 91-194-2440282/2432081/2430998 Email ID: srinagar@sundekintl.com
Tel No. : 91-866-2576441/2570583 Email ID: vijaywada@sundekintl.com
Tel No. : 91-79-26442962/26440207 Email ID: ahmedabad@sundekintl.com
Tel No. : 91-755-2576644/9300621913
Tel No. : 91-44-26691691/2/3/4/26691688 Email ID: chennai@sundekintl.com
Tel No. : 91-11-55293408/30973240 Email ID: delhi@sundekintl.com
Tel No. : 91-1662-238315 Email ID: hisar@sundekintl.com
Tel No. : 91-731-5092565/66/2368267 Email ID: indore@@sundekintl.com
Tel No. : 91-33-30905193/31046348/22208733 Email ID: kolkota@sundekintl.com
Tel No. : 91-161-2444475,2448575 Email ID: udhiana@sundekintl.com
Tel No. : 91-7104-224370/0712-2765439 Email ID: nagpur@sundekintl.com
Tel No. : 91-771-2234295 Email ID: raipur@sundekintl.com
Tel No. :
91-294-2418942/2426571/3110028 Email ID: udaipur@sundekintl.com |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Shashikant Sitaram Gupta |
|
Designation : |
Managing Director |
|
Address : |
31, Indraprastha Bungalows, Opposite Management Enclave, Vastrapur,
Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
08.11.1961 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
15.10.1985 |
|
DIN No.: |
00008798 |
|
|
|
|
Name : |
Mr. Krishnakumar Bansidhar Shah |
|
Designation : |
Executive Director |
|
Address : |
C-3/23, Goyal Intercity, Drive-In-Road, Ahmedabad – 380054, Gujarat,
India |
|
Date of Birth/Age : |
08.02.1945 |
|
Qualification : |
|
|
Date of Appointment : |
03.02.1987 |
|
DIN No.: |
00011671 |
|
|
|
|
Name : |
Mr. Nitinkumar Maneklal Patel |
|
Designation : |
Director |
|
Address : |
“Divyajyoti” Swastik Society, Navrangpura, Ahmedabad – 380009,
Gujarat, India |
|
Date of Birth/Age : |
20.09.1957 |
|
Date of Appointment : |
30.09.2010 |
|
DIN No.: |
00457516 |
|
|
|
|
Name : |
Mr. Kantibhai Hirabhai Patel |
|
Designation : |
Director |
|
Address : |
26,Mahasukhnagar, CHSL -2 ,26 Prerna, Tirth, Vibhag-1, Opposite Prerna Tirth Jain, Derasar,
Satelite, Ahmedabad-380015, Gujarat, India |
|
Date of Birth/Age : |
03.09.1946 |
|
Date of Appointment : |
30.09.2010 |
|
DIN No.: |
02325787 |
KEY EXECUTIVES
|
Name : |
Mr. Ajay |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS
AS ON 30.09.2013
|
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 30.09.2013
|
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 High Pressure Decorative Laminates (HPL). |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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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
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Suppliers : |
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Customers : |
End Users and OEM’s
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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 : |
Terms of
Borrowings:
Car loans are secured by hypothecation of vehicles |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
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 |
|
E-Mail : |
|
|
PAN No.: |
AAEFN5051G |
CAPITAL STRUCTURE
AS ON 30.09.2013
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 |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
20.001 |
20.001 |
20.001 |
|
(b) Reserves & Surplus |
178.522 |
125.782 |
124.871 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
198.523 |
145.783 |
144.872 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
31.339 |
47.891 |
48.628 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.952 |
7.898 |
8.303 |
|
(d) long-term
provisions |
3.605 |
3.063 |
2.780 |
|
Total Non-current
Liabilities (3) |
35.896 |
58.852 |
59.711 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
84.186 |
75.394 |
57.873 |
|
(b) Trade
payables |
33.917 |
34.943 |
38.452 |
|
(c) Other
current liabilities |
73.097 |
102.759 |
107.220 |
|
(d) Short-term
provisions |
1.336 |
1.187 |
1.112 |
|
Total Current
Liabilities (4) |
192.536 |
214.283 |
204.657 |
|
|
|
|
|
|
TOTAL |
426.955 |
418.918 |
409.240 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
39.170 |
46.297 |
55.539 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
102.177 |
95.047 |
82.890 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.001 |
0.001 |
0.073 |
|
(c) Deferred tax assets (net) |
6.781 |
7.063 |
7.169 |
|
(d) Long-term Loan and Advances |
9.505 |
8.874 |
9.864 |
|
(e) Other Non-current
assets |
10.167 |
10.029 |
11.866 |
|
Total Non-Current
Assets |
167.801 |
167.311 |
167.401 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
179.161 |
174.943 |
168.252 |
|
(c) Trade
receivables |
37.513 |
23.290 |
42.968 |
|
(d) Cash
and cash equivalents |
39.428 |
51.262 |
21.621 |
|
(e)
Short-term loans and advances |
2.639 |
1.712 |
0.512 |
|
(f) Other
current assets |
0.413 |
0.400 |
8.486 |
|
Total
Current Assets |
259.154 |
251.607 |
241.839 |
|
|
|
|
|
|
TOTAL |
426.955 |
418.918 |
409.240 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
371.689 |
399.545 |
375.279 |
|
|
|
Other Income |
1.949 |
1.887 |
1.998 |
|
|
|
TOTAL (A) |
373.638 |
401.432 |
377.277 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
282.946 |
295.818 |
304.806 |
|
|
|
Purchase of stock-in-trade |
0.000 |
0.000 |
0.291 |
|
|
|
Employee Benefits Expenses |
27.469 |
23.945 |
20.365 |
|
|
|
Other Expenses |
55.028 |
69.042 |
58.958 |
|
|
|
Changes in inventories of finished goods and work-in-progress |
(10.179) |
(7.190) |
(11.245) |
|
|
|
TOTAL (B) |
355.264 |
381.615 |
373.175 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
18.374 |
19.817 |
4.102 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.510 |
5.295 |
2.968 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION (C-D) (E) |
13.864 |
14.522 |
1.134 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
10.256 |
13.104 |
16.954 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F)
(G) |
3.608 |
1.418 |
(15.820) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.166 |
0.506 |
(5.044) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
2.442 |
0.912 |
(10.776) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
118.920 |
118.008 |
128.784 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
121.362 |
118.920 |
118.008 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on F.O.B Basis |
20.594 |
23.688 |
21.262 |
|
|
TOTAL EARNINGS |
20.594 |
23.688 |
21.262 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Paper |
38.107 |
56.141 |
46.481 |
|
|
|
Phenol |
0.000 |
0.000 |
1.676 |
|
|
|
Melamine |
1.520 |
3.286 |
4.729 |
|
|
|
BOPP |
0.000 |
0.000 |
0.589 |
|
|
TOTAL IMPORTS |
39.627 |
59.427 |
53.475 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
12.21 |
4.56 |
(53.88) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.65 |
0.23 |
(2.86) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.97 |
0.35 |
(4.22) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.13 |
0.45 |
(4.96) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.01 |
(0.11) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.58 |
0.85 |
0.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.35 |
1.17 |
1.18 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
20.001 |
20.001 |
20.001 |
|
Reserves & Surplus |
124.871 |
125.782 |
178.522 |
|
Net
worth |
144.872 |
145.783 |
198.523 |
|
|
|
|
|
|
long-term borrowings |
48.628 |
47.891 |
31.339 |
|
Short term borrowings |
57.873 |
75.394 |
84.186 |
|
Total
borrowings |
106.501 |
123.285 |
115.525 |
|
Debt/Equity
ratio |
0.735 |
0.846 |
0.582 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
375.279 |
399.545 |
371.689 |
|
|
|
6.466 |
-6.972 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
375.279 |
399.545 |
371.689 |
|
Profit |
(10.776) |
0.912 |
2.442 |
|
|
(2.87%) |
0.23% |
0.66% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM DEBT
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Current Maturity of Long term Debt |
18.176 |
18.176 |
10.429 |
|
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 |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 was Rs.414.828 Millions compared to Rs.439.738 Millions
in the Previous Year. Exports have registered at Rs.20.594 Millions as compared
to Rs.23.688 Millions in the previous year. The total expenditure incurred is
Rs.370.030 Millions compared to Rs.400.014 Millions in the corresponding year
2011-12 resulting in to Gross Profit before depreciation and taxation of
Rs.13.864 Millions compared to 14.522 Millions. Net profit after depreciation
and taxation registered at Rs.2.442 Millions compared to of Rs.0.912 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.
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 LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Loans from A Director |
26.060 |
24.466 |
|
Others :A Company |
0.437 |
0.437 |
|
|
|
|
|
Total |
26.497 |
24.903 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10467514 |
07/11/2013 |
900,000.00 |
BANK
OF BARODA |
USMANPURA
BRANCH, ASHRAM ROAD, AHMEDABAD, GUJARAT |
B92497791 |
|
2 |
10140200 |
20/08/2011
* |
250,900,000.00 |
BANK
OF BARODA |
USMANPURA
BRANCH, ASHRAM ROAD, AHMEDABAD, GUJARAT |
B22643357 |
|
3 |
10105171 |
17/04/2008 |
30,000,000.00 |
BANK
OF BARODA |
USMANPURA
BRANCH, ASHRAM ROAD,, AHMEDABAD, GUJARA |
A39496369 |
|
4 |
90102992 |
15/12/1994
* |
9,000,000.00 |
BANK
OF BARODA |
USMANPURA
BRANCH, AHMEDABAD, GUJARAT - 380014, INDIA |
- |
|
5 |
90102984 |
24/09/1994
* |
2,500,000.00 |
BANK
OF BARODA |
USMANPURA
BRANCH, ASHRAM ROAD, AHMEDABAD, GUJARAT |
- |
|
6 |
90102925 |
02/12/1991 |
1,840,000.00 |
BANK
OF BARODA |
USMANPURA
BRANCH, AHMEDABAD, GUJARAT - 380013, INDIA |
- |
|
7 |
90102778 |
02/12/1991 |
76,986,000.00 |
BANK
OF BARODA |
USMANPURA
BRANCH, AHMEDABAD, GUJARAT - 380013, INDIA |
- |
|
8 |
90102921 |
15/12/1994
* |
8,300,000.00 |
BANK
OF BARODA |
USMANPURA
BRANCH, AHMEDABAD, GUJARAT - 380014, INDIA |
- |
|
9 |
90102917 |
15/12/1994
* |
1,840,000.00 |
BANK
OF BARODA |
USMANPURA
BRANCH, AHMEDABAD, GUJARAT, INDIA |
- |
|
10 |
90102777 |
08/07/1991
* |
44,686,000.00 |
BANK
OF BARODA |
USMANPURA
BRANCH, AHMEDABAD, GUJARAT - 380013, INDIA |
- |
|
11 |
90102912 |
15/12/1994
* |
1,875,000.00 |
BANK
OF BARODA |
USMANPURA
BRANCH, AHMEDABAD, GUJARAT - 380013, INDIA |
- |
|
12 |
90102905 |
10/06/1989
* |
1,400,000.00 |
BANK
OF BARODA |
USMANPURA
BRANCH, AHMEDABAD, GUJARAT, INDIA |
- |
|
13 |
90102900 |
08/07/1991
* |
2,258,000.00 |
BANK
OF BARODA |
USMANPURA
BRANCH, AHMEDABAD, GUJARAT - 380013, INDIA |
- |
|
14 |
90102772 |
07/09/2007
* |
90,000,000.00 |
BANK
OF BARODA |
USMANPURA
BRANCH, ASHRAM ROAD,, AHMEDABAD, GUJARAT - 380013, INDIA |
A39496831 |
|
15 |
90102888 |
07/09/2007
* |
90,000,000.00 |
BANK
OF BARODA |
USMANPURA
BRANCH, ASHRAM ROAD,, AHMEDABAD, GUJARAT - 380013, INDIA |
A39497250 |
|
16 |
90102880 |
16/09/1986 |
500,000.00 |
NUTAN
NAGRIK SAHAKARI BANK |
DHANALAXMI
CHAMBERS, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380014, INDIA |
- |
* Date of charge modification
LITIGATION
DETAILS:
|
HIGH COURT OF GUJARAT |
|
TAX
APPEAL No. 715 of2010 |
|
Status : PENDING |
( Converted
from : ST/748/2010 ) |
CCIN
No : 001092201000715 |
|
|
|||||
|
|||||
|
|||||
|
S.NO. |
Name of the Petitioner |
Advocate On Record |
|
1 |
COMMISSIONER OF INCOME TAX - IV |
MS PAURAMIB SHETH for: Appellant(s) |
|
S.NO. |
Name of the Respondant |
Advocate On Record |
|
1 |
SUNDEK INDIA LTD |
RULE SERVED for :Opponent(s) |
|
|
|||
|
Presented On |
: 04/03/2010 |
Registered On |
: 04/03/2010 |
|
Bench Category |
: DIVISION BENCH |
District |
: AHMEDABAD |
|
Case Originated From |
: THROUGH ADVOCATE |
Listed |
: 208 times |
|
StageName |
: FOR FINAL HEARING |
||
|
Act |
|
|
Office Details |
|
S.
No. |
Filing
Date |
Document
Name |
Advocate
Name |
Court
Fee on Document |
Document
Details |
|
1 |
15/08/2010 |
VAKALATNAMA |
MS PAURAMIB SHETH ADVOCATE |
- |
MS
PAURAMI B SHETH:1 |
|
2 |
15/08/2010 |
DOCUMENT |
RULE SERVED |
- |
RULE
SERVED:1 |
|
3 |
09/05/2012 |
APPEARANCE NOTE |
MS PAURAMIB SHETH ADVOCATE |
- |
MS
PAURAMI B SHETH:1 |
|
4 |
11/06/2012 |
APPEARANCE NOTE |
MS PAURAMIB SHETH ADVOCATE |
- |
MS
PAURAMI B SHETH:1 |
|
Court Proceedings |
|
S.
No. |
Notified
Date |
CourtCode |
Board
Sr. No. |
Stage |
Action |
Coram |
|
1 |
18/07/2011 |
10 |
- |
FOR REGULAR ADMISSION (SPL.) |
FIXED RULE / ADMIT |
·
HONOURABLE MR.JUSTICE AKIL KURESHI ·
HONOURABLE MS JUSTICE SONIA GOKANI |
|
2 |
30/11/2013 |
5 |
- |
FOR FINAL HEARING |
NEXT DATE |
·
HONOURABLE MR.JUSTICE M.R. SHAH ·
HONOURABLE MR.JUSTICE R.P.DHOLARIA |
|
3 |
03/12/2013 |
5 |
- |
FOR FINAL HEARING |
DISMISSED @ F.H |
·
HONOURABLE MR.JUSTICE M.R. SHAH ·
HONOURABLE MR.JUSTICE R.P.DHOLARIA |
|
Available Orders |
||||||
|
S.
No. |
Case
Details |
Judge
Name |
Order
Date |
CAV |
Judgement |
Questions |
Transferred |
Download |
|
|
1 |
TAX APPEAL/715/2010 |
·
HONOURABLE MR.JUSTICE AKIL KURESHI ·
HONOURABLE MS JUSTICE SONIA GOKANI |
18/07/2011 |
N |
ORDER |
- |
Y |
Download |
|
|
Certified Copy |
|
S.
No. |
ApplicantName |
ApplicationType |
Application
Date |
UOL
Number |
Order
Date |
Notify
Date |
Delivery
Date |
Status |
Nature
Of Document |
|
1 |
MRS MAUNA M BHATT |
ORDINARY |
19/07/2011 |
O/25200/2011 |
18/07/2011 |
21/07/2011 |
22/07/2011 |
Delivered |
ORDER |
FIXED 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 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.61.86 |
|
|
1 |
Rs.103.06 |
|
Euro |
1 |
Rs.84.92 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NKT |
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 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
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.