MIRA
INFORM REPORT
|
Report Date : |
04.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
BPL SANYO PRIVATE LIMITED |
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Registered Office : |
17th K.M. Old Madras Road, Valahalli,
Bangalore-560049, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
11.03.1983 |
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Com. Reg. No.: |
08-52142 |
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CIN No.: [Company
Identification No.] |
U03220KA1983PTC005214 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRB03680F |
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Legal Form : |
Private limited
liability company |
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Line of Business : |
Manufacturers, Importers, Exporters, Distributors,
Representatives and Dealers of all kinds of VCR, VCP, re-chargeable lantern, push
button telephones, etc. |
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 325000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Unknown |
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Comments : |
Subject is a well-established
and reputed company having satisfactory track. Directors are reported as
experienced and respectable businessmen. Trade relations are fair. Business
is active. Payments are usually correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
17th K.M. Old Madras Road, Valahalli,
Bangalore-560049, Karnataka, India |
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Tel. No.: |
91-80-30619382 |
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Mobile No.: |
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Fax No.: |
91-80-28472111 |
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E-Mail : |
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Website : |
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Corporate Office : |
Dynamic House, 64, Church Street, Bangalore – 560001,
Karnataka, India |
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Tel. No.: |
91-80-5587787/5587785 |
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Fax No.: |
91-80-5587787 |
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Factory 1 : |
Plot No. 1, KIADB Industrial Area, Doddabalapur, Bangalore – 561203, Karnataka, India |
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Tel. No.: |
91-80-27624562/2345 |
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Fax No.: |
91-80-27622345 |
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Area : |
25000 sq. ft. |
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Location : |
Owned |
DIRECTORS
|
Name : |
Mr. TPG Nambiar |
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Designation : |
Chairman |
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Address : |
4, Ali Asgar Road, Cunningham Road, Crs, Bangalore – 560052, Karnataka |
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Date of Birth/Age : |
25/01/1929 |
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Date of Appointment : |
11/03/1983 |
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Name : |
Mrs. Anju Chandrasekhar |
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Designation : |
Managing Director |
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Address : |
133, Defence Colony, 4th Main, 4th Cross, Indira Nagar, Bangalore – 560038, Karnataka |
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Date of Birth/Age : |
19/05/1967 |
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Date of Appointment : |
01/08/1994 |
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Name : |
Mr. KPR Nambiar |
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Designation : |
Director |
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Address : |
2993, 12th Main, HAL, II Stage, Bangalore – 560038, Karnataka |
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Date of Birth/Age : |
15/01/1926 |
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Date of Appointment : |
01/11/1983 |
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Name : |
Mr. Jayanth K. Kumar |
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Designation : |
Director |
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Address : |
586, IV Block, Koramangala, Bangalore – 560034, Karnataka |
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Date of Birth/Age : |
19/08/1944 |
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Date of Appointment : |
23/03/1987 |
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Name : |
Mr. Hiroshi Ono |
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Designation : |
Director |
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Address : |
1-28-17, Tsdaminamihiraka, Osaka, Japan |
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Date of Birth/Age : |
06/08/1943 |
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Date of Appointment : |
11/09/1997 |
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Name : |
Mr. Chettuvetty R. Menon |
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Designation : |
Director |
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Address : |
A2, 1st Floor, Brunton Court, 5/6, Brunton Cross Road, Bangalore-580025, Karnataka |
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Date of Birth : |
17.05.1944 |
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Date of Appointment : |
20/09/2002 |
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Name : |
Tsuyoshi Shinokubo |
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Designation : |
Director |
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Address : |
1-18, Hon-Machi 1- Chome Athena-Moriguchi-703, Moriguchi City, Osaka, Japan-5700028 |
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Date of Birth : |
15.08.1945 |
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Date of Appointment : |
24-09-2003 |
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Name : |
Mr. A. C. Poovanna |
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Designation : |
Assistant Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
P. T. Nambiar |
|
10 |
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Mr. Rayarappan Nambiar |
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10 |
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Mr. KK Narayanan Nambiar |
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3 |
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Mr. Ajit Nambiar |
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11 |
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Mr. Rajeev Chandrasekhar |
|
1000 |
|
Sanyo Electric Company Limited |
|
1420000 |
|
Sanyo Sales and Marketing Corporation |
|
1420000 |
|
Dynamic Electronics Private Limited |
|
788994 |
|
Mr. Sanjeev Sethi |
|
3500000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, Importers, Exporters, Distributors,
Representatives and Dealers of all kinds of VCR, VCP, re-chargeable lantern,
push button telephones, etc. |
GENERAL
INFORMATION
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No. of Employees : |
200 |
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Bankers : |
Ř Canara Bank Ř State Bank of Mysore Ř Citi Bank NA |
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Facilities : |
-- |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
Varma and Varma Chartered Accountants |
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Address : |
No.565, 17th Cross, 2nd Stage, Indranagar,
Bangalore-560038, Karnataka, India |
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Associates/Subsidiaries : |
v BPL Group, India v Sanyo
Group, Japan |
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Collaborations : |
Ř Sanyo, Japan |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7110080 |
Equity Shares |
Rs. 10/- each |
Rs. 71.101 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2006 |
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SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
|
|
71.101 |
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2] Share Application Money |
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|
0.000 |
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3] Reserves & Surplus |
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|
13.988 |
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4] (Accumulated Losses) |
|
|
0.000 |
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NETWORTH |
|
|
85.089 |
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|
LOAN FUNDS |
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|
|
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1] Secured Loans |
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|
25.543 |
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2] Unsecured Loans |
|
|
0.000 |
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TOTAL BORROWING |
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25.543 |
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DEFERRED TAX LIABILITIES |
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|
0.000 |
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|
|
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TOTAL |
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110.632 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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20.574 |
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Capital work-in-progress |
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|
0.000 |
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INVESTMENT |
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|
0.000 |
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DEFERREX TAX ASSETS |
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|
2.077 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
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99.535 |
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Sundry Debtors |
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|
24.550 |
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Cash & Bank Balances |
|
|
27.874 |
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Other Current Assets |
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|
1.053 |
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Loans & Advances |
|
|
29.573 |
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Total
Current Assets |
|
|
182.585 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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Current Liabilities |
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|
77.488 |
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Provisions |
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|
17.116 |
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Total
Current Liabilities |
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|
94.604 |
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Net Current Assets |
|
|
87.981 |
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|
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MISCELLANEOUS EXPENSES |
|
|
0.000 |
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|
|
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|
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TOTAL |
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110.632 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2006 |
|
|
Sales Turnover |
|
|
655.804 |
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Total Income |
|
|
655.804 |
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|
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Profit/(Loss) After Tax |
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|
69.386 |
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|
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Earnings in Foreign Currency : |
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Total Earnings |
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26.358 |
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Expenditures : |
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Interest |
|
|
1.886 |
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Depreciation & Amortization |
|
|
1.249 |
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Other Expenditure |
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|
583.283 |
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Total Expenditure |
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586.418 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2006 |
|
PAT / Total Income |
(%) |
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10.58 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
1.11 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.92 |
LOCAL AGENCY FURTHER
INFORMATION
Form 8 Particular for creation or
modification of charges
|
Name of the
company |
BPL Sanyo
Limited |
|
Presented By |
Brig. S. C.
Sethi, VSM (Retired), Director |
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1) Date and
description of instrument creating the change |
13.04.1987. Deed
of hypothecation executed by the company in favour of Industrial Finance Corporation of India (hereinafter
referred to as the lenders). A certified copy of the said deed of
hypothecation ids enclosed. |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
The bridging loan
of Rs.8.190 millions agreed to be lend and advanced by IFCI to the company
together with interest, additional interest, liquidated damages, commitment
charges, premia on prepayment or on redemption, costs, charges, expenses and
all other moneys payable by the company to IFCI in terms of the bridging loan
agreement dared 13.04.1987 between the lenders of the other part. |
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3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
The whole of the
movable of the properties of the company including its movable plant and
machinery spares, tools and accessories and other movables, both present and
future whether installed or not and whether now lying loose or in cases or
which are now lying or stored or about or shall hereafter from time to time
during the continuance of the security be brought into or upon or be stored
or to be in or about the company’s factories, premises and godowns or
wherever else the same may be or be held by any party to the order or
disposition of the company or in the course of transit or on high seas or on
order, or delivery howsoever and where soever in the possession of the
company and either by way of substitution of addition. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
The charge
operates as security, liquidated damages, premia on prepayment of costs,
charges, expenses and moneys payable by the company in terms of said loan
agreement The charge in
favour of IFCI under the said deed of hypothecation is subject to the charges
created and or to be created by the company in faovur of its bankers on the
company’s stocks finished goods and consumable stores and book eddebts and
such other movable as may be specifically permitted to secure its working
capital requirements in the ordinary course of business. The company has
undertake to keep the goods hypothecated in marketable and good condition at its
own costs and to insure the same in the joint names of the company and the
lender. All the goods
hypothecated and all the realizations and insurance proceeds thereof and all
document sin respect of the said security are to be kept distinguishable and held
as the exclusive property of the lenders. The security
created under the said deed of hypothecation is to be a continuing security. |
|
5) Name and
Address and description of the person entitled to the charge. |
Industrial Finance Corporation of India Bank of Baroda
Building, 16, Sand Marg,
Post Box No.363, New Delhi-110001 and IFC Bhavan, No.3,
Cubbonpet Main Road, N R Square, Bangalore-560002 |
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6) Date and brief description of instrument
modifying the charge |
Not Applicable |
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7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
Not Applicable |
|
Name of the
company |
BPL Sanyo
Limited |
|
Presented By |
Mr. TPG
Nambiar |
|
1) Date and
description of instrument creating the change |
07.02.1987 –
Agreement open cash credit |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.20.000
millions |
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3) Short particular
of the property charged. If the property acquired is subject to charge, date
of the acquired of the property should be given |
Against
hypothecation of raw materials, stock in process, finished goods, spares and
components and such other goods acceptable to the bank belonging to the
company and located at the factory No.17th KM, Old Madras Road,
Bangalore-49 and hypothecation genuine bill s drawn on Government / Semi
Government Departments and first rate joint stock companies of not older than
45 days |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Rate of Interest
at 7.50% per annum above the RBI rate with a minimum of 17.5% p.a. |
|
5) Name and
Address and description of the person entitled to the charge. |
Canara Bank,
Cantonment Branch, No.88, M. G. Road, Bangalore-560001 |
|
6) Date and brief description of instrument
modifying the charge |
F.900 dated
28.07.1987, Agreement for discounting of supply bills. F.928 dated
28.07.1987, Agreement of hypothecation of book debts (both the agreements
relate to single charge) . |
|
7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
Supply Bills and
book debts to an extent of Rs.5.000 millions are taken as security to amount
mentioned at Item 2 above. Hence we are filling this charge. |
Generic names of the principal products of the company are:
· Closed Circuit Television System
· Push Button Telephones
· Re-chargeable Lantern
· Video Cassette Player
It is in trade terms with:
v Giri Packaging
v Innova Printing and Packaging Private Limited
v Sanyo, Japan
v Priti Industries
v Power Electronics
The company’s fixed assets of important value include land, building, plant & machinery, furniture & fixtures and development expenses.
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] 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.43.13 |
|
UK Pound |
1 |
Rs.85.36 |
|
Euro |
1 |
Rs.57.64 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
TOTAL |
|
49 |
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 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|