|
|
|
MIRA INFORM REPORT
|
Report No. : |
499286 |
|
Report Date : |
22.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
SUJA SHOEI INDUSTRIES PRIVATE LIMITED (w.e.f 26.10.2007) |
|
|
|
|
Formerly Known
As : |
SUJA RUBBER INDUSTRIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
45, Pattamangala Street, Nagai, District: Mayiladuthurai – 609001,
Tamilnadu |
|
Tel. No.: |
91-4364-253428 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
29.07.1985 |
|
|
|
|
Com. Reg. No.: |
18-012078 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 50.882 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25191TN1985PTC012078 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS4976Q |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Available |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufactures of precision rubber components mainly for the
automobile industry in a small way for food industry. (Registered Activity) |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Maximum Credit Limit : |
USD 894000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1985 and it is a manufacturer of precision
rubber components mainly for the automation industry. As per financials of March 2017, the company has registered a growth
of 18.51% in its revenue as compared to its previous year’s revenue and has
reported fair profit margin of 3.68%. Rating takes into consideration the company’s established track record
of business operations marked by sound networth base along with comfortable
debt coverage indicators and decent liquidity position. Rating also takes into account the extensive experience of its
promoter in the automotive rubber components segment, established
relationship with key customers. Further, the company has reported earnings per share of INR 7.49
against its face value of INR 10. However, rating strength is partially offset by working
capital-intensive operations and exposure to intense competition. Payments seems to be usually correct. In view of aforesaid, 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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating=BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
19.09.2017 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating=A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
19.09.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 22.03.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
LOCATIONS
|
Registered Office : |
45, Pattamangala Street, Nagai, District: Mayiladuthurai – 609001,
Tamilnadu, India |
|
Tel. No.: |
91-4364-253428 |
|
Mobile No.: |
91-9442560562 (Mr. Vijayarangam) |
|
Fax No.: |
91-4364-253488 |
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E-Mail : |
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|
Website : |
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|
|
|
Plant I: |
Old No. 4/39, New No. 5/188, Railway Feeder Road, Mangainallur,
Mayiladuthurai – 609404, Tamilnadu, India
|
|
Tel. No.: |
91-4364-253328 / 253428 |
|
|
|
|
Plant II: |
19/3, Mailam Road, Sedarapet Pondicherry – 609111, India |
|
Tel. No.: |
91-413-2677993 |
|
Fax No.: |
91-413-2677028 |
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E-Mail : |
|
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Plant III: |
2/25A, Agraharam, 52, Villiyanallur, Kuttalam, Mayiladuthurai -
609801, Tamilnadu, India |
|
Tel. No.: |
91-4364-295920/235305 |
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E-Mail : |
|
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|
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Plant IV: |
RS No. 136/4, 5, 6, 13, 14,15A, 15B, 16B, 17B, 18B, 19, 20, NH-45,
Pathiri, Konerikuppam (PO), Tindivanakam, Tamilnadu, India |
|
|
|
|
Plant V: |
5/188, Railway Feeder Road, Mangainallur, Mayiladuthurai – 609404,
Tamilnadu, India |
|
Tel. No.: |
91-4364-253428/ 253601 |
|
Fax No.: |
91-4364-253488 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Sudhakaran |
||||||||||||||||||||||||||||
|
Designation : |
Managing Director |
||||||||||||||||||||||||||||
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Address : |
M-101 The Atrium, 22 Kalakshetra Road Tiruvanmiyur, Chennai - 600041, Tamilnadu, India |
||||||||||||||||||||||||||||
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Date of Birth/Age : |
29.07.1959 |
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Date of Appointment : |
01.03.2000 |
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DIN No.: |
01672350 |
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||||||||||||||||||||||||||||
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Name : |
Mr. Vaidyanathan Panchapagesan |
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Designation : |
Director |
||||||||||||||||||||||||||||
|
Address : |
7AB, Kences Enclave, Block III, No.1, Ramakrishna Street, T Nagar, Chennai - 600017, Tamilnadu, India |
||||||||||||||||||||||||||||
|
Date of Birth/Age : |
29.101947 |
||||||||||||||||||||||||||||
|
Date of Appointment : |
09.10.2008 |
||||||||||||||||||||||||||||
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DIN No.: |
00029503 |
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Other Directorship:
|
|||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||
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Name : |
Mr. Janakiraman Ganesan |
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Designation : |
Director |
||||||||||||||||||||||||||||
|
Address : |
28/A Nallamangudi Agraharam Nannilam (T), Block 1 To 3 Nannilam, Tiruvarur- 610105, Tamilnadu, India |
||||||||||||||||||||||||||||
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Date of Birth/Age : |
29.11.1945 |
||||||||||||||||||||||||||||
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Date of Appointment : |
02.02.2001 |
||||||||||||||||||||||||||||
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DIN No.: |
00891982 |
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Other Directorship:
|
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|
||||||||||||||||||||||||||||
|
Name : |
Mr. Katsuyoshi Hyodo |
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Designation : |
Director |
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|
Address : |
3-43-12,Hirohakama, Michidashi Tokyo, 1950056 , Japan |
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Date of Appointment : |
06.10.2007 |
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DIN No.: |
01889944 |
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|
||||||||||||||||||||||||||||
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Name : |
Mr. Sitaraman Srinivasan |
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Designation : |
Director |
||||||||||||||||||||||||||||
|
Address : |
45 Pattamangala St, Mayiladuthurai - 609001, Tamilnadu, India |
||||||||||||||||||||||||||||
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Date of Birth/Age : |
29.11.1945 |
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Date of Appointment : |
01.10.2002 |
||||||||||||||||||||||||||||
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DIN No.: |
02052649 |
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Other Directorship:
|
|||||||||||||||||||||||||||||
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
M.S Srinivasan |
|
978460 |
|
Srividhiya |
|
925380 |
|
M.S. Sudhakaran |
|
931600 |
|
S. Srikrishna - EQ |
|
873280 |
|
Shoei Corporation - Japan - SC |
|
304800 |
|
M.S. Sudhakaran-HUF |
|
290000 |
|
R. Jayalakshmi |
|
7200 |
|
Integrated Investment Management Service-LLP, India |
|
100000 |
|
Sriram Sridharan |
|
30000 |
|
Vaidegi Swaminathan |
|
16800 |
|
Deepa Natrajan |
|
176800 |
|
G. Mythili |
|
92000 |
|
J. Ganesan |
|
76000 |
|
S. Kamakhsi |
|
91600 |
|
G. Sridevi |
|
16000 |
|
G. Sriram HUF |
|
16000 |
|
K. Natarajan |
|
10000 |
|
K. Rajalakshmi |
|
13200 |
|
S. Kuppusamiyer |
|
8000 |
|
S. Sridharan |
|
101120 |
|
Sivaram Sridharan |
|
30000 |
|
Total |
|
5088240 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2017
|
Category |
Percentage |
|
Promoters (Individual/Hindu Undivided Family-Indian) |
92.04 |
|
Promoters (Body corporate) |
7.96 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures of precision rubber components mainly for the
automobile industry in a small way for food industry. (Registered Activity) |
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Products/ Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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||||
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Exports : |
Not Available |
||||
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|
|
||||
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Imports : |
Not Available |
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|
|
|
||||
|
Terms : |
Not Available |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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|
||||||||||||||||||||||
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Bankers : |
|
||||||||||||||||||||||
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|
||||||||||||||||||||||
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Facilities : |
|
|
Auditors : |
|
|
Name : |
S. Swaminathan and Company Chartered Accountants |
|
Address : |
I Floor, No.9, Madanagopal Street , Abhiramapuram, Chennai-600018, Tamilnadu, India |
|
Income-tax
PAN of auditor or auditor's firm : |
ACOFS6351E |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Joint Venture : |
Shoei Corporation |
CAPITAL STRUCTURE
As on 30.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7000000 |
Equity Shares |
INR 10/- each |
INR 70.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5088240 |
Equity Shares |
INR 10/- each |
INR 50.882
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
50.882 |
50.882 |
50.882 |
|
(b) Reserves and Surplus |
262.056 |
223.927 |
189.733 |
|
(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) |
312.938 |
274.809 |
240.615 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
197.328 |
283.296 |
271.302 |
|
(b) Deferred tax liabilities (Net) |
21.003 |
19.391 |
17.717 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
218.331 |
302.687 |
289.019 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
225.455 |
115.277 |
197.239 |
|
(b) Trade
payables |
141.949 |
102.813 |
89.943 |
|
(c) Other
current liabilities |
18.067 |
16.546 |
17.725 |
|
(d) Short-term
provisions |
19.580 |
16.716 |
16.200 |
|
Total Current Liabilities
(4) |
405.051 |
251.352 |
321.107 |
|
|
|
|
|
|
TOTAL |
936.320 |
828.848 |
850.741 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
470.980 |
415.402 |
366.098 |
|
(ii)
Intangible Assets |
2.380 |
2.025 |
0.417 |
|
(iii) Tangible assets
capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
38.065 |
50.614 |
29.553 |
|
(b) Non-current Investments |
0.116 |
0.116 |
0.116 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
511.541 |
468.157 |
396.184 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
142.178 |
116.294 |
99.643 |
|
(c) Trade
receivables |
231.088 |
207.470 |
198.779 |
|
(d) Cash and
bank balances |
18.367 |
12.986 |
128.624 |
|
(e) Short-term
loans and advances |
33.146 |
23.941 |
27.511 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
424.779 |
360.691 |
454.557 |
|
|
|
|
|
|
TOTAL |
936.320 |
828.848 |
850.741 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
1036.812 |
874.880 |
818.788 |
|
|
Other Income |
1.398 |
1.406 |
1.809 |
|
|
TOTAL |
1038.210 |
876.286 |
820.597 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
399.528 |
351.755 |
329.763 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(15.282) |
(18.450) |
(5.405) |
|
|
Employee benefit expense |
92.036 |
62.963 |
44.541 |
|
|
Other expenses |
372.872 |
325.120 |
315.429 |
|
|
Expenditure on production, transportation and other expenditure pertaining to exploration and production activities |
0.000 |
0.000 |
22.621 |
|
|
Exceptional items before tax |
18.000 |
15.000 |
0.000 |
|
|
TOTAL |
867.154 |
736.388 |
706.949 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
171.056 |
139.898 |
113.648 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
46.559 |
29.937 |
24.535 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
124.497 |
109.961 |
89.113 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
75.256 |
64.593 |
47.330 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
49.241 |
45.368 |
41.783 |
|
|
|
|
|
|
|
Less |
TAX |
11.111 |
11.174 |
11.251 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
38.130 |
34.194 |
30.532 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
125.297 |
107.434 |
101.668 |
|
|
TOTAL EARNINGS |
125.297 |
107.434 |
101.668 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
164.708 |
173.219 |
169.890 |
|
|
TOTAL IMPORTS |
164.708 |
173.219 |
169.890 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
7.49 |
6.82 |
6.00 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
121.860 |
49.782 |
117.680 |
|
Net cash flow from operating activity |
112.360 |
40.282 |
117.680 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
81.35 |
86.56 |
88.61 |
|
|
|
|
|
|
Account Receivables Turnover ( Income / Sundry Debtors) |
4.49 |
4.22 |
4.12 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
129.68 |
106.68 |
99.55 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.20 |
1.20 |
1.14 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.33 |
0.30 |
0.29 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.64 |
0.65 |
0.70 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.35 |
1.45 |
1.95 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.29 |
0.91 |
1.33 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.63 |
1.70 |
1.65 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
3.67 |
4.67 |
4.63 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
3.68 |
3.91 |
3.73 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
4.07 |
4.13 |
3.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
12.18 |
12.44 |
12.69 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.05 |
1.44 |
1.42 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.70 |
0.97 |
1.11 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.33 |
0.33 |
0.28 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
8.31 |
7.83 |
9.21 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.05 |
1.44 |
1.42 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
50.882 |
50.882 |
50.882 |
|
Reserves & Surplus |
189.732 |
223.926 |
262.056 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
240.614 |
274.808 |
312.938 |
|
|
|
|
|
|
Long-term borrowings |
271.302 |
283.296 |
197.328 |
|
Short term borrowings |
197.239 |
115.277 |
225.455 |
|
Total
borrowings |
468.541 |
398.573 |
422.783 |
|
Debt/Equity
ratio |
1.947 |
1.450 |
1.351 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
818.788 |
874.880 |
1036.812 |
|
|
|
6.851 |
18.509 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
818.788 |
874.880 |
1036.812 |
|
Profit/ (Loss) |
30.532 |
34.194 |
38.130 |
|
|
3.73% |
3.91% |
3.68% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
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) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
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 three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter involved
in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
BRIEF HISTORY
Subject was incorporated as a private limited company in 1985 with Registered Office at Mayiladuthurai, Tamilnadu. It was earlier operating as a partnership firm in the name of “Suja Rubber Products” since 1975. SSIPL manufactures precision rubber components mainly for the Automobile Industry in a small way for food industry. It has four manufacturing units, three in Tamil nadu, and one in Pondicherry, with state of art equipments, supported by an experienced team of professionals. Its end customers include almost all Auto Majors, both domestic and Multinational.
FUTURE OF COMPANY AND
REVIEW ON OPERATIONS:
The Company has successfully consolidated the operations at the new plant – 4 near Thindivanam in NH 45, which is poised to increase further during the current financial year. The Company has achieved a growth in turnover despite a major downturn in the Automobile industry. Due to continued efforts on cost reduction and monitoring, the profitability has also increased this year. The Company was able to achieve an improved profitability by continuous improvement in productivity and cost reduction in various areas.
During the year, the company has successfully developed various new parts and added prestigious companies to the customer list apart from increasing the range of products from the existing customers. This is a reflection of the evidence the Customers have reposed on the Company.
The Company continues its thrust on Resarch and Development as well as on high quality, zero reflection, efficiency and cost reduction. The Resarch and Development focuses on new products as well as improvement in existing product lines to enhance efficiency and productivity.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Fully convertible debentures intercorporate |
100.000 |
100.000 |
|
Loans and advances from related parties |
0.560 |
0.560 |
|
Term loans from others |
0.000 |
39.800 |
|
Short-term
borrowings |
|
|
|
Term loans from others |
40.751 |
0.000 |
|
Total |
141.311 |
140.360 |
INDEX
OF CHARGES
|
Charges Registered |
||||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
Y10415515 |
90292588 |
STATE BANK OF INDIA |
11/03/1998 |
22/06/2004 |
- |
22600000.0 |
MAYILDAUTHURIAIMAYILDAUTHURIA TAMILNADU INDIA |
|
2 |
G74241092 |
90290170 |
State Bank of India |
11/03/1998 |
03/01/2018 |
- |
775100000.0 |
SME Branch No.27, Kamaraj Salai Pondicherry 605011 INDIA |
|
3 |
B39243530 |
90292946 |
SBI FACTORS AND COMMERCIAL SERVICES PVT LTD |
31/03/2001 |
24/11/2009 |
17/04/2012 |
100000000.0 |
CHAMBER TOWERS III FLOOR AVANASHI ROAD COIMBATORE TAMILNADU 641018 INDIA |
|
4 |
B28103265 |
90292868 |
CANARA BANK |
22/05/2000 |
- |
14/12/2011 |
180000.0 |
MAYILADUTHURAI COIMBATORE TAMILNADU INDIA |
|
5 |
B28105393 |
90291997 |
CANARA BANK |
03/07/1989 |
06/12/1991 |
14/12/2011 |
10000000.0 |
MAYILADUTHURAI COIMBATORE TAMILNADU INDIA |
|
6 |
B27489871 |
90292144 |
LAXMI VILAS BANK LTD |
11/03/1993 |
21/12/1996 |
01/12/2011 |
7600000.0 |
MAYILADUTHURAI COIMBATORE TAMILNADU INDIA |
FIXED ASSETS
- Land
- Building
- Factory Building
- Plant and equipment
- Factory equipment
- Furniture and
Fixture
- Computer equipments
- Vehicles
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 records 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
|
INR |
|
US Dollar |
1 |
INR 65.21 |
|
|
1 |
INR 91.32 |
|
Euro |
1 |
INR 79.96 |
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.