MIRA INFORM REPORT

 

 

Report No. :

338931

Report Date :

02.09.2015

 

IDENTIFICATION DETAILS

 

Name :

SUKHI INDIA PRIVATE LIMITED

 

 

Registered Office :

620, Ring Road Mall, 6th Floor, Mangalam Palace, Sector – 3, Rohini, New Delhi - 110085

Tel. No.:

91-11-47082939

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

01.05.1995

 

 

Com. Reg. No.:

55-068050

 

 

Capital Investment / Paid-up Capital :

Rs.4.022 Million

 

 

CIN No.:

[Company Identification No.]

U74899DL1995PTC068050

 

 

IEC No.:

4001000067

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AABCS2653K 

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Reprocessed Plastic, Agglomerates and Granules.

 

 

No. of Employees :

10 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (41)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct 

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated during the year 1995. It is the exporter and manufacturer of reprocessed plastic agglomerates and granules. It has satisfactory track record.

 

For the financial year 2014, the company has good operational activity and it profit earrings are increasing.

 

Further, the company possesses healthy financial risk profile marked by fine net worth position.

 

Trade relations are fair. Business is active. Payment terms are reported as slow but correct.

 

In view of long business track record, the company can be considered 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.

 

 

 

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 31-03-2013.

 

 

INFORMATION PARTED BY (GENERAL DETAILS)

 

Name :

Mr. Vishnu

Designation :

Accounts Department

Contact No.:

91-8820256150

Date :

28.08.2015

 

LOCATIONS

 

Registered Office :

620, Ring Road Mall, 6th Floor, Mangalam Palace, Sector – 3, Rohini, New Delhi – 110085, India

Tel. No.:

91-11-47082939

Mobile No.:

91-8820256150 (Mr. Vishnu)

Fax No.:

Not Available

E-Mail :

sukhiinindia@sify.com

rakhechaca@gmail.com

Location :

Owned

Locality :

Commercial

 

 

Corporate Office :

401, GDITL, North Externtion, A-9, Netaji Subhash Place, Pitampura, Delhi -110034, India

 

 

Factory :

Falta Special Economic Zone, Sector – 1, Plot No. 38 and 39, Bishira – 743604, West Bengal, India

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Dinesh Karnany

Designation :

Director

Address :

Engineers Enclave, Pitam Pura, New Delhi – 110034, India

Date of Birth/Age :

05.08.1980

Date of Appointment :

06.01.2005

DIN No.:

01497322

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Company/ LLP Status

Defaulting status

1

U74899DL1995PTC068050

SUKHI INDIA PRIVATE LIMITED

Director

06/01/2005

06/01/2005

Active

NO

2

U65593DL1992PLC047465

QUICK INFIN LIMITED

Director

30/09/2013

22/07/2013

Active

NO

3

U51211DL1998PTC094971

NARA EXIM PRIVATE LIMITED

Additional director

04/03/2015

25/02/2015

Active

NO

 

 

Name :

Sunita Karnani

Designation :

Additional Director

Address :

103, Engineers Enclave, Pitampura, Delhi - 110034, India

Date of Birth/Age :

10.07.1984

Date of Appointment :

05.03.2015

DIN No.:

05155983

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Company/ LLP Status

Defaulting status

1

U65593DL1992PLC047465

QUICK INFIN LIMITED

Additional director

25/02/2015

15/01/2012

Active

NO

2

U74899DL1995PTC068050

SUKHI INDIA PRIVATE LIMITED

Additional director

05/03/2015

28/02/2015

Active

NO

 

Name :

Mr. Shyam Sunder Karnani

Designation :

Director

Address :

House No. 103, Engineers Enclave, New Delhi – 110088, India

Date of Birth/Age :

25.11.1956

Date of Appointment :

15.04.1996

DIN No.:

00615183

 

 

KEY EXECUTIVES

 

Name :

Mr. Vishnu

Designation :

Accounts Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

No. of Shares

 

Shyam Sunder Karnani

71510

Ashok Kumar Karnani

24010

Jyana Devi Karnani

12500

Kanchan Devi Karnani

1000

Laxmi Naravan Karnani

15300

Laxmi Narayan Karnani (HUF)

5000

Mahaveer Pd. Jhawar

15000

Maina Devi Bagri

14000

Maina Devi Karnani

36000

Manoj Kumar Jhanwar

11000

Sandeep Tanwar

12000

Santosh Devi Karnani

17000

Sohan Lal Karnani

10000

Sunil Jhanwar

9500

Suresh Kumar Karnani

28500

Veena Devi Karnani

1000

Sohan Lal Karnani (HUF)

5000

Mahabir Bagri

2500

Sanjay Bang

2000

Sunita Karnany

10000

Indra Devi Karnany

            42000

Deepak Karnani

            10000

Quick Infin Limited, India

22400

Dinesh Kumar Karnani

25000

Total

 

402220

 

 

AS ON 30.09.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Bodies corporate

5.57

Directors or relatives of directors

94.43

 

 

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Reprocessed Plastic, Agglomerates and Granules.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

Granules

Countries :

Nepal

 

 

Imports :

 

Products :

Scrap

Countries :

USA

 

 

Terms :

 

Selling :

Cash, L/C and Credit (30/ 60/ 90 Days)

 

 

Purchasing :

Cash, L/C and Credit (30/ 60/ 90 Days)

 

 

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

Retailers and End Users

 

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

10 (Approximately)

 

 

Bankers :

Bank Name:

Not Divulged

Branch:

Not Divulged

Person Name (with Designation):

Not Divulged

Contact Number:

Not Divulged

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

·         Allahabad Bank

·         CITI Bank

·         Corporation Bank

·         HDFC Bank Limited

·         ICICI Bank Limited

·         Punjab National Bank

·         State Bank of India

·         Vijaya Bank

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Term Loan Bank

0.469

0.934

 

 

 

Total

 

0.469

0.934

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Rakhecha and Company

Chartered Accountants

Address :

4866/1, 2nd Floor, Behind Sanjeevan Hospital 24, Ansari Road, Daryaganj, New Delhi – 110002, India

Tel. No.:

91-11-2328854/ 43503994

E-Mail :

rakhecha@yahoo.co.in

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

AAKFR2643E

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

·         Nara Exim Private Limited, India

·         Quick Infin Limited, India

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,000,000

Equity Shares

Rs. 10/- each

Rs. 10.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

402,220

Equity Shares

Rs. 10/- each

Rs. 4.022 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

4.022

4.022

4.022

(b) Reserves & Surplus

27.903

26.402

25.594

(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)

31.925

30.424

29.616

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

9.569

13.074

0.261

(b) Deferred tax liabilities (Net)

0.330

0.189

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

2.004

2.004

1.378

Total Non-current Liabilities (3)

11.903

15.267

1.639

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

21.319

42.226

37.450

(c) Other current liabilities

49.890

64.990

10.842

(d) Short-term provisions

0.756

0.000

0.255

Total Current Liabilities (4)

71.965

107.216

48.547

 

 

 

 

TOTAL

115.793

152.907

79.802

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

9.677

7.930

5.510

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.088

(d)  Long-term Loan and Advances

5.145

17.142

15.623

(e) Other Non-current assets

 0.000

0.000

0.000 

Total Non-Current Assets

14.822

25.072

21.221

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 0.000

0.000

0.000 

(b) Inventories

74.874

115.418

32.366

(c) Trade receivables

0.513

0.760

20.042

(d) Cash and cash equivalents

24.070

11.181

2.028

(e) Short-term loans and advances

1.184

0.476

3.799

(f) Other current assets

0.330

0.000

0.346

Total Current Assets

100.971

127.835

58.581

 

 

 

 

TOTAL

115.793

152.907

79.802

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

NA

NA

237.266

 

 

Other Income

NA

NA

NA

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

NA

                   NA

0.956

 

 

 

 

 

Less

TAX                                                                 

                              NA

NA

0.152

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

1.501

0.807

0.804

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

177.502

84.524

182.430

 

 

 

 

 

 

Earnings Per Share (Rs.)

3.73

2.01

2.00

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

 

 

 

 

Cash Generated from Operations

NA

NA

NA

 

 

 

 

Net Cash Flow from used in Operations

NA

NA

NA

 

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

NA

NA

1.20

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

NA

NA

0.03

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

0.30

0.43

0.01

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.40

1.19

1.21

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

4.022

4.022

4.022

Reserves & Surplus

25.594

26.402

27.903

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

29.616

30.424

31.925

 

 

 

 

Long-term borrowings

0.261

13.074

9.569

Short term borrowings

0.000

0.000

0.000

Total borrowings

0.261

13.074

9.569

Debt/Equity ratio

0.009

0.430

0.300

 

 

 

 

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

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

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

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

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

No

29

Profitability for last one year

Yes

30

Major shareholders, if available

Yes

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

 

 

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Loan from Directors

0.000

1.500

Loan from Share Holder

0.000

6.640

Loan from Other

9.100

4.000

 

 

 

Total

 

9.100

12.140

 

 

GENERNAL INFORMATION:

 

The Company was incorporated on 01.05.1995 under the companies, Act, 1995. The company is primarily engaged in Manufacturing of Reprocessed Plastic Agglomerates and Granules. Company has Manufacturing unit in Falta SE2, Bishlra, West Bengal, India.

 

FIXED ASSETS:

 

·         Factory Building

·         Plant and Machinery

·         Furniture and fixture

·         Vehicles

·         Office Equipment’s

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.66.26

UK Pound

1

Rs.101.99

Euro

1

Rs.74.79

 

 

INFORMATION DETAILS

 

Information Gathered by :

MAN

 

 

Analysis Done by :

TRI

 

 

Report Prepared by :

ARC

 

 

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

4

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

5

--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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

41

 

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.