MIRA INFORM REPORT
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Report Date : |
28TH June 2006 |
IDENTIFICATION DETAILS
|
Name : |
SONY
MONY ELECTRONICS LIMITED |
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Registered Office : |
3-6,
Shreeji Apartments, 45, J. P. Road, Near Rajkumar Hotel, Andheri (West),
Mumbai – 400058, Maharashtra, India |
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Country : |
India
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
09.01.1995 |
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Com. Reg. No.: |
11-84435 |
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CIN No.: [Company Identification No.] |
U51395MH1995PTC084435 |
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TAN No.: [Tax Deduction & Collection Account No.] |
MUMS40636B |
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PAN No.: [Permanent Account No.] |
AAACS9371H |
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Legal Form : |
Closely
Held Public Limited Liability Company |
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Line of Business : |
Trading,
wholesalers, dealers, television receivers, cassettes recorders, video games,
tape duplicators and multipliers and all sorts of wireless sets, equipments, accessories,
parts, tools, video, oven, T. V., home appliances and utensils and electronic
gadgets appliances and units. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 30000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established and reputed showroom for electronic products. Directors are
reported as experienced, respectable and resourceful businessmen. Their trade
relations are fair. Payments are correct and as per commitments. The company can be considered
good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
3-6,
Shreeji Apartments, 45, J. P. Road, Near Rajkumar Hotel, Andheri (West),
Mumbai – 400058, Maharashtra, India |
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Tel. No.: |
91-22-26232894/6084/5935/7329 |
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Area : |
Rented |
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Showrooms : |
Ř
Borivali, Mumbai,
Maharashtra |
DIRECTORS
|
Name : |
Mr. Ramesh P. Shah |
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Designation : |
Chairman |
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Address : |
101,
Shreeji Apartments, 45, J. P. Road, Near Rajkumar Hotel, Andheri (West),
Mumbai – 400058, Maharashtra |
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Date of Birth/Age : |
19/12/1965 |
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Date of Appointment : |
09/01/1995 |
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Name : |
Mr.
Talakshi P. Shah |
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Designation : |
Whole
Time Director |
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Address : |
101,
Shreeji Apartments, 45, J. P. Road, Near Rajkumar Hotel, Andheri (West),
Mumbai – 400058, Maharashtra |
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Date of Birth/Age : |
23/04/1970 |
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Date of Appointment : |
09/01/1995 |
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Name : |
Mrs.
Asha R. Shah |
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Designation : |
Whole
Time Director |
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Address : |
101,
Shreeji Apartments, 45, J. P. Road, Near Rajkumar Hotel, Andheri (West),
Mumbai – 400058, Maharashtra |
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Date of Birth/Age : |
21/06/1968 |
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Date of Appointment : |
09/01/1993 |
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Name : |
Mrs.
Shanta P. Shah |
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Designation : |
Whole
Time Director |
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Address : |
101,
Shreeji Apartments, 45, J. P. Road, Near Rajkumar Hotel, Andheri (West),
Mumbai – 400058, Maharashtra |
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Date of Birth/Age : |
12/08/1943 |
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Date of Appointment : |
09/01/1995 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No of Shares |
|
Mr. Premji M. Shah |
34,430 |
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Mr. Talakshi P. Shah |
4,160 |
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Mrs. Asha R. Shah |
3,520 |
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Mrs. Shanta P. Shah |
3,930 |
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Mr. Ramesh P. Shah |
6,880 |
BUSINESS DETAILS
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Line of Business : |
Trading,
wholesalers, dealers, television receivers, cassettes recorders, video games,
tape duplicators and multipliers and all sorts of wireless sets, equipments,
accessories, parts, tools, video, oven, T. V., home appliances and utensils
and electronic gadgets appliances and units. |
GENERAL INFORMATION
|
Suppliers : |
Ř
Daewee Anchor
Electronics Limited Ř
Baron International
Limited Ř
Travel Corporation
(India) Limited |
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|
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No. of Employees : |
30 |
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Bankers : |
Ř
The Greater Bombay
Co-operative Bank Limited Churchgate,
Mumbai – 400020, Maharashtra Ř
Dena Bank Ř
Development
Co-operative Bank Limited |
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Facilities : |
Facility
– Rs. 30.00 millions dated 18/05/2001 hypothecation against stock and book |
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Banking Relations : |
Satisfactory |
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Auditors : |
Mukesh & Associates Chartered Accountants |
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Address : |
110-B, Balaji Arcade, S. V.
Road, Opp. Jain Upasray, Kandivali (West), Mumbai – 400067, Maharashtra |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,000,000 |
Equity
Shares |
Rs. 10/- each |
Rs. 20.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
52,920 |
Equity
Shares |
Rs. 10/- each |
Rs. 0.529 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
0.529 |
0.529 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
7.006 |
3.465 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH
|
|
7.535 |
3.994 |
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LOAN FUNDS |
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|
1] Secured Loans |
|
77.260 |
0.000 |
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2] Unsecured Loans |
|
27.585 |
30.375 |
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TOTAL
BORROWING
|
|
104.845 |
30.375 |
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DEFERRED TAX LIABILITIES |
|
1.976 |
0.530 |
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TOTAL
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114.356 |
34.899 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
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98.738 |
13.520 |
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Capital work-in-progress
|
|
0.000 |
0.000 |
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INVESTMENT
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|
0.542 |
9.541 |
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DEFERREX TAX ASSETS
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|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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16.855 |
11.365 |
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Sundry Debtors
|
|
4.813 |
4.363 |
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Cash & Bank Balances
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|
0.498 |
(2.547) |
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Other Current Assets
|
|
0.000 |
0.000 |
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Loans & Advances
|
|
18.298 |
12.437 |
Total Current Assets
|
|
40.464 |
25.618 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
|
24.824 |
13.268 |
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Provisions
|
|
0.564 |
0.514 |
Total Current Liabilities
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25.388 |
13.782 |
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Net Current
Assets
|
|
15.076 |
11.836 |
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MISCELLANEOUS EXPENSES
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|
0.000 |
0.002 |
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TOTAL
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114.356 |
34.899 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
|
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
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307.707 |
317.395 |
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Profit/(Loss) Before Tax
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|
5.602 |
1.834 |
Provision for Taxation
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|
2.010 |
0.670 |
Profit/(Loss) After Tax
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|
3.592 |
1.164 |
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Total Expenditure
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|
17.956 |
12.142 |
KEY RATIOS
|
PARTICULARS |
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|
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
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1.16 |
0.36 |
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Net Profit Margin
(PBT/Sales) |
(%) |
|
1.82 |
0.57 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
|
4.02 |
4.68 |
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Return on Investment (ROI)
(PBT/Networth) |
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|
0.74 |
0.45 |
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Debt Equity Ratio
(Total Liability/Networth) |
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17.28 |
11.05 |
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Current Ratio
(Current Asset/Current
Liability) |
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1.59 |
1.85 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS:
Subject is incorporated to
carry on the business of trading, wholesalers, dealers, television receivers, cassettes
recorders, video games, tape duplicators and multipliers and all sorts of
wireless sets, equipments, accessories, parts, tools, video, oven, T. V., home
appliances and utensils and electronic gadgets appliances and units.
The company acts as dealers
in Colour T.V., Refrigerators, Two in ones, mixer grinders, washing machines
and home appliances, etc.
The company’s fixed assets of
important value includes Air conditioners, office equipments, furniture and
fixtures, tempo vehicles, computer systems and electric installations.
OPERATIONS:
The
Company has done a commendable job during the year 2003-2004. There is a keen
competition in this area. Even though company is able to achieve good customer
response at their showroom General economic condition is also very unfavorable.
Inspite of, the company has achieved a
turnover of Rs. 331.200 millions. This reflects the hard perseverance on the
part of the employees and Directors. However, the company has to work at very
low margin to meet the competition.
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 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] 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. 46.34 |
|
UK
Pound |
1 |
Rs. 84.21 |
|
Euro |
1 |
Rs. 58.14 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
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
|
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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |