MIRA
INFORM REPORT
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Report Date : |
27.06.2007 |
IDENTIFICATION DETAILS
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Name : |
SUNSOKO – DIVISION OF BAJAJ INTERNATIONAL PRIVATE LIMITED |
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Registered Office : |
Bajaj Bhavan, 2nd Floor, 226, Nariman Point, Mumbai – 400
021, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.03.1941 |
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Com. Reg. No.: |
011145 |
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CIN No.: [Company
Identification No.] |
U99999MH1941PTC011145 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB11246E |
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PAN No.: [Permanent
Account No.] |
AAACB0478J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is a Renewable Energy based Division is into manufacturing and
marketing of solar products based on both solar Thermal and Solar
Photovoltaic Technology. Single Source
company for Design Supply, Installation, commissioning and Testing of solar
Thermal and Photovoltaic products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 270000 |
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Status : |
Satisfactory |
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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 company having satisfactory
track. Directors are reported as
experienced and respectable businessmen.
Trade relations are reported as 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
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Registered Office : |
Bajaj Bhavan, 2nd Floor, 226, Nariman Point, Mumbai – 400
021, |
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Tel. No.: |
91-80-22213617 |
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Mobile No.: |
91-9986586885 |
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Fax No.: |
91-80-22214878 |
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E-Mail : |
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Website : |
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Area : |
2000 Sq. fts. |
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Location : |
Leased |
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Head Office : |
Bajaj Bhavan, # 16, II Floor, Residency Road, |
DIRECTORS
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Name : |
Mr. Shekhar Ramkrishna Bajaj |
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Designation : |
Chairman |
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Address : |
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Date of Birth/Age : |
08.06.1948 |
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Date of Appointment : |
07.07.1981 |
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Name : |
Mr. Anant Shekhar Bajaj |
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Designation : |
Executive Director |
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Address : |
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Date of Birth/Age : |
18.05.1977 |
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Date of Appointment : |
29.08.2005 |
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Name : |
Mr. Vijaysingh Patwardhan |
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Designation : |
Director |
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Address : |
4, Dakshinamoorthy Society, 10th Road, Sangli Villa, JVPD Scheme,
Mumbai – 400 049, |
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Date of Birth/Age : |
24.08.1942 |
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Date of Appointment : |
28.06.1986 |
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Name : |
Mrs. Minakshi Shishir Bajaj |
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Designation : |
Director |
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Address : |
Mount Unique, |
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Date of Birth/Age : |
20.01.1950 |
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Date of Appointment : |
21.09.1984 |
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Name : |
Mrs. Kiran Shekhar Bajaj |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
18.05.1952 |
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Date of Appointment : |
06.05.1992 |
KEY EXECUTIVES
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Name : |
Mr. Pradeep Shrikant |
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Designation : |
Marketing Head |
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Mobile No.: |
91-9986586885 |
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E-Mail: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Niraj Bajaj |
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450 |
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Mr. Rahul Bajaj |
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500 |
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Mr. Shekhar Bajaj |
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2350 |
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Mrs. Ruparani Bajaj |
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4200 |
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Mr. Shishir Bajaj |
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3100 |
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Baroda Industries Private Limited |
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3130 |
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Mr. Madhur Bajaj |
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4840 |
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Mr. Hemantkumar Bajaj |
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320 |
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Mr. Srikrishna Nevatia |
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400 |
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Mr. Kesavdeo Nevatia |
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40 |
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Oceanview and Trading Company Limited |
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10 |
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Mr. Madhusudanlal Pittie |
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10 |
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Mr. Madavlal Pittie |
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10 |
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Mr. Dhirajlal S. Mehta |
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380 |
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Court Receiver High Court |
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10 |
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Mrs. Damanti Pittie |
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10 |
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Mr. Gangabuishan Bajaj |
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40 |
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Mrs. Kamladevi Nevatia |
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200 |
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Total |
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20000 |
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Category |
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Percentage of
Holding |
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Bodies Corporate |
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15.70 |
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Directors or relatives of directors |
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79.10 |
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Other top fifty (50) shareholders (other than listed above) |
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5.20 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is a Renewable Energy based Division is into manufacturing and
marketing of solar products based on both solar Thermal and Solar
Photovoltaic Technology. Single Source company for Design Supply,
Installation, commissioning and Testing of solar Thermal and Photovoltaic
products. |
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Terms : |
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Selling : |
Credit (15 days – 30 days) |
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Purchasing : |
Credit (6 days) |
GENERAL INFORMATION
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Suppliers : |
v
A and P Solutions ( v
Gautham Polymers ( |
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Customers : |
v
Hotel Chandrika Residency v
Perfecti Van Melly (Chennai) |
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No. of Employees : |
10 |
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Bankers : |
HDFC Bank Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Dalal and Shah Chartered Accountants |
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Address : |
The Regency, Office No. 11, 1st Floor, |
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Memberships : |
Parent to Membership E E P C , IREDA |
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Collaborators : |
Looking for Technical Collaborations in the above field from |
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Associates/Subsidiaries : |
Bajaj Group |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs. 50.00 each |
Rs. 1.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs. 50.00 each |
Rs. 1.000 million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.000 |
1.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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67.484 |
74.113 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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68.484 |
75.113 |
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LOAN FUNDS |
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1] Secured Loans |
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9.157 |
4.549 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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9.157 |
4.549 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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77.641 |
79.662 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.834 |
3.112 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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5.737 |
5.737 |
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DEFERREX TAX ASSETS |
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2.395 |
2.228 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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10.816 |
2.037 |
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Sundry Debtors |
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58.015 |
54.233 |
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Cash & Bank Balances |
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6.490 |
6.801 |
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Other Current Assets |
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7.764 |
10.810 |
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Loans & Advances |
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24.451 |
36.559 |
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Total
Current Assets |
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107.536 |
110.440 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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38.323 |
28.394 |
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Provisions |
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4.538 |
13.460 |
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Total
Current Liabilities |
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42.861 |
41.854 |
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Net Current Assets |
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64.675 |
68.585 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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77.641 |
79.662 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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5.000 |
3.000 |
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Profit for the year |
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Around 10 % |
NA |
Expected Sales (2007-08): Rs. 50.000 millions
Average value of Inventories at any given time: Rs. 2.500 millions
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.76 |
0.62 |
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Current Ratio (Current Asset/Current Liability) |
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2.51 |
2.64 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
BAJAJ
INTERNATIONAL PRIVATE LIMITED (hereinafter referred
to as “the Company”) |
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Presented By |
Central bank of |
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1) Date and description of instrument creating the change |
25.01.2002 a) Agreement of Hypothecation
to secure Demand Cash Credit against Goods and b) Agreement to be signed by parties whose
bills are discounted (collectively constitute a single charge for Rs. 15.000
millions) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 15.000
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 |
a) All tangible movable
property such as products stock in trade and goods of the Borrowers which now
or hereafter from time to time during the security shall brought in stored or
be in or about the premises warehouses or any where else or godowns of the
Borrowers in various processing houses and locations or anywhere else in
India b) All stocks
shares marketable securities and other goods of the borrower. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
i) Compound
interest charged at such rate as may from time to time be fixed by the Bank
and present rates of interest are detailed hereunder: |
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5) Name and Address and description of the person entitled to the charge. |
Central bank of Nariman Point
Branch, Chander Mukhi, Ground Floor, Nariman Point, Mumbai – 400 021, |
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6) Date and brief description of instrument modifying the charge |
Dated: 02.03.2005 a)
Agreement
of Hypothecation to secure Demand Packing against Goods for Rs. 35.000
millions b)
Agreement
to be signed by parties whose bills are discounted for Rs. 50.000 millions c)
Agreement
of Hypothecation to secure DA L/C against goods for Rs. 10.000 millions d)
General
Counter guarantee and Indemnity for Rs. 10.000 millions |
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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. |
The Bank has
sanctioned enhanced facilities as follows against the security of
hypothecation of stocks, raw materials, export bills, book debts, and Counter
guarantee by the Borrower.
By this
modification the total facilities have increased to Rs. 105.000 millions from
the existing Rs. 35.000 millions Rate of Interest is as follows:
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Website details attached
Solar Photovoltaic Lantern is
a lighting systems consisting of lamp, battery and high efficient electronics
all placed in a suitable compact enclosure made of ABS plastic along with an
external Solar Photo Voltaic module. The battery is charged by electricity
generated by the module. The lantern is a portable lighting device suitable for
either indoor or outdoor lighting, remote lighting needs covering a full range
of 3600.
SUNSOKO lantern provides
light for minimum 3 to 5 hours depending on models, under an average daily
solar radiation of 5.5 hours per day or 5KWh/Sq m on a horizontal surface. The
SUNSOKO lanterns are designed to suit all location of
The SUNSOKO Lantern series has 3 models. The models 2 and 3 have dual
charging capability, and can be charged by solar panel as well as conventional
AC during rainy season. The models 3 has DC socket for external use like mobile
charging or radio operating & also LED bed lamp for late night use. The
fully integrated system combines the latest and most innovative technologies
available providing convenient, trouble-free lighting.
The Lantern’s salient features are: High efficient solar module; Field
adjustable solar module mount (0-360°); Strong ABS plastic lamp housing; High
efficient electronics-Sine wave inverter, PMW charge controller; SMF Battery
with deep-discharge protection; Centrally elevated chrome plated reflector.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 40.66 |
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1 |
Rs. 81.70 |
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Euro |
1 |
Rs. 55.05 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
9 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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51 |
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 |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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