MIRA INFORM REPORT
|
Report No. : |
346431 |
|
Report Date : |
24.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
SURAJ INDUSTRIES |
|
|
|
|
Registered
Office : |
S. No. 118/1-2, Dadra, Near Dadra, Check Post, Silvassa – 396230, Dadra
and Nagar Haveli (U.T) |
|
Tel. No.: |
91-260-2668571 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Year of
Establishment : |
2004 |
|
|
|
|
Capital
Investment : |
Rs. 207.216 Million |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
|
|
|
|
Line of Business
: |
Manufacturer of Textured Yarn. |
|
|
|
|
No. of Employees
: |
13 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was established in the year 2004 as partnership concern and it
is a manufacturer of textured yarn. For the financial year ended 2015 firm has reported marginal dip of 2.78%
in its revenue profile whereas profitability margins remain low at 0.54%
during the under a review. Rating takes into consideration firm’s established track record of
business operations supported by its above average financial base along with
modest debt protection indicators and sound liquidity position of the firm. Rating also takes into consideration partner’s extensive industry
experience in yarn manufacturing segment. Trade relations are reported as fair. Payment terms are reported to be
usually correct. The concern can be considered for 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.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Dharmendra |
|
Designation : |
Accountant |
|
Contact No.: |
91-22-26135042 |
|
Date : |
21.10.2015 |
LOCATIONS
|
Registered Office/ Factory : |
S. No. 118/1-2, Dadra, Near Dadra, Check Post, Silvassa – 396230, Dadra
and Nagar Haveli (U.T) |
|
Tel. No.: |
91-260-266857 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Location: |
Owned |
|
Locality: |
Industrial |
|
|
|
|
Head Office: |
Located at : Vile Parle (East), Mumbai, Maharashtra, India |
|
Tel. No.: |
91-2226160769/ 26135042/ 3 |
PARTNERS
|
Name : |
Mr. Sudhir Shah |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Jinendra Shah |
|
Designation : |
Partner |
KEY EXECUTIVES
|
Name : |
Mr. Dharmendra |
|
Designation : |
Accountant |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Textured Yarn. |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
Thailand |
|
|
|
|
Imports : |
-- |
|
|
|
|
Terms : |
|
|
Selling : |
Cheque |
|
|
|
|
Purchasing : |
Cheque |
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
End Users
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
13 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
Auditors : |
|
|
Name : |
S.T. Baldia and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 31.03.2015
|
Capital Investment : |
|
|
Owned : |
Rs. 207.216 Million |
|
Borrowed : |
-- |
|
Total : |
Rs. 207.216 Million
|
FINANCIAL DATA
[all figures are
in Rupees Million]
Expected Sales (2015-2016) : Rs. 3000.000 Million
The above information has been parted by Mr. Dharmendra (Accountant).
Note : Sole Proprietary and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Partner’s Capital |
207.216 |
278.835 |
334.659 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
207.216 |
278.835 |
334.659 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
116.251 |
116.904 |
79.707 |
|
|
2] Unsecured Loans |
12.415 |
14.789 |
8.253 |
|
|
TOTAL BORROWING |
128.666 |
131.693 |
87.96 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
335.882 |
410.528 |
422.619 |
|
|
|
|
|
|
|
|
APPLICATION OF
FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
87.316 |
88.770 |
84.437 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
94.887
|
116.920 |
78.081 |
|
|
Sundry Debtors |
92.443
|
155.229 |
178.979 |
|
|
Cash & Bank Balances |
1.639
|
5.650 |
11.738 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
150.348
|
132.612 |
93.933 |
|
Total
Current Assets |
339.317
|
410.411 |
362.731 |
|
|
Less :
CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000 |
0.000 |
0.000 |
|
|
Other Current Liabilities |
90.751
|
88.653 |
24.549 |
|
|
Provisions |
0.000 |
0.000 |
0.000 |
|
Total
Current Liabilities |
90.751
|
88.653 |
24.549 |
|
|
Net Current Assets |
248.566
|
181.758 |
338.182 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
335.882 |
410.528 |
422.619 |
|
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover |
2784.039 |
2859.041 |
1952.910 |
|
|
|
Other Income |
8.381 |
3.659 |
8.800 |
|
|
|
TOTAL (A) |
2792.420 |
2862.700 |
1961.710 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Variation in Stock |
(1.615) |
(13.788) |
2.509 |
|
|
|
Raw material Consumed |
2411.887 |
2525.040 |
1692.634 |
|
|
|
Manufacturing Expenses |
299.781 |
282.817 |
214.520 |
|
|
|
Administrative and Other Expenses |
39.046 |
25.437 |
19.799 |
|
|
|
TOTAL (B) |
2749.099 |
2819.506 |
1929.462 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
43.321 |
43.194 |
32.248 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
12.157 |
14.154 |
11.243 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
31.164 |
29.040 |
21.005 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.629 |
8.648 |
8.832 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
22.535 |
20.392 |
12.173 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
7.299 |
3.436 |
5.725 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
15.236 |
16.956 |
6.448 |
|
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.55 |
0.59 |
0.33 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
1.56 |
1.51 |
1.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.28 |
4.09 |
2.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.07 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.62 |
0.47 |
0.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.29 |
3.97 |
11.06 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Capital |
334.659 |
278.835 |
207.216 |
|
Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
334.659 |
278.835 |
207.216 |
|
|
|
|
|
|
Secured Loans |
79.707 |
116.904 |
116.251 |
|
Unsecured Loans |
8.253 |
14.789 |
12.415 |
|
Total
borrowings |
87.960 |
131.693 |
128.666 |
|
Debt/Equity
ratio |
0.263 |
0.472 |
0.621 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Turnover |
1952.910 |
2859.041 |
2784.039 |
|
|
|
46.399 |
(2.623) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Turnover |
1952.910 |
2859.041 |
2784.039 |
|
Net Profit |
6.448 |
16.956 |
15.236 |
|
|
0.33% |
0.59% |
0.55% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
No |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the
property or assets of the subject are derived from criminal conduct or a
prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No
record exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government official.
9] Compensation Package :
Our
market survey revealed that the amount of compensation sought by the subject is
fair and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.88 |
|
|
1 |
Rs.99.89 |
|
Euro |
1 |
Rs.72.06 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
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 |
NO |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.