MIRA INFORM REPORT

 

 

Report Date :

31.05.2007

 

IDENTIFICATION DETAILS

 

Name :

SONY POLYMERS PRIVATE LIMITED

 

 

Registered Office :

42,Utkarsha Vishakha, Bajaj Nagar, Nagpur – 440010, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

1981

 

 

 

 

IEC No.:

935029210

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

NGPS01616G

 

 

 

 

Legal Form :

Subject  is a private limited liability company.

 

 

Line of Business :

Manufacturer, Distributors, Exporters of White Correction Fluid, Correction Pen, Glue Stick, Staple Removers and Tacky Fingers.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD - 192000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and reputed company having satisfactory track. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. Financial position of the company is satisfactory. Payments are usually correct and  as per their commitments.

 

The company  can be considered normal for business dealings at usual trade terms and conditions.

 

 

 

LOCATIONS

 

Registered Office :

42,Utkarsha Vishakha, Bajaj Nagar, Nagpur – 440010, Maharashtra

Tel. No.:

91-712-2236463

Mobile No.:

91-9822225304

Fax No.:

91-712-2236463

E-Mail :

Schemp_ngp@bsnl.in

Website :

http://www.sonoofficemate.com

Area :

Owned

Location :

3500 Sq. Fts.

 

 

 

 

Factory 1 :

Unit No. 20, MIDC, Hingna Road, Nagpur – 440016

Tel. No.:

91-7104-322306

Fax No.:

91-7104-237752

Area :

Owned

Location :

50000 Sq. Fts.

 

 

 

 

DIRECTORS

 

Name :

Mr. Prakash L. Soni

Designation :

Director

Address :

74, Shri – Niketan, Ramdaspeth, Nagpur – 440 010

Date of Birth/Age :

 61 years,  

Qualification :

: B.E. M.S(U.S.A),

Experience :

Experience in Polymers & Coating for last 25 years.

 

 

Name :

Mrs  Sunita Soni                       

Address :

74, Shri – Niketan, Ramdaspeth, Nagpur – 440 010

Designation :

Director

Date of Birth / Age

56 Years

Qualification :

B.A

 

 

Name :

Mrs  Vimla Soni            

Designation :

Director

Address :

74, Shri – Niketan, Ramdaspeth, Nagpur – 440 010

Qualification :

Metric

 

 

Name :

Dr. L.N.Soni                             

Designation :

Director

Address :

74, Shri – Niketan, Ramdaspeth, Nagpur – 440 010

Qualification :

AMS

 

 

Name :

Mr. Rahul Soni

Designation :

Director

Address :

74, Shri – Niketan, Ramdaspeth, Nagpur – 440 010

Date of Birth/Age :

31 Years

Qualification :

Deploma Chemical Engineering

 

 

MAJOR SHAREHOLDERS

 

Names of Shareholders

No. of Shares

 

 

 

 

Mr. Prakash Soni

64465

 

Mrs. Sunita P. Soni

13910

 

Mrs. V. L. Soni

7800

 

Mr. Rahul Soni

4800

 

 

 

 

 

 

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Distributors, Exporters of White Correction Fluid, Correction Pen, Glue Stick, Staple Removers and Tacky Fingers.

 

 

Products :
  • White Board Markers
  • Permanent Markerss
  • Highugmters
  • OHP & CD Markers
  • Paint Markers
  • Surgical Markers
  • Skin Markers
  • Diamond Markers
  • Glue Correction Pens
  • Tapes & Eluids
  • Stick It Notes
  • Note Grip
  • Stamp Pads
  • White Board
  • Dusters Papers
  • Paper Cutt
  • Double Tip Markers

 

 

Brand Names :

Soni Office Mate

 

 

Exports :

 

Products :

All Products Mentioned Above

Countries :

USA, Thailand, Germany, China, Mauritius, Dubai,

 

 

Imports :

 

Products :

Raw Materials – PVP, Tynex,

Spare Components – NTBS, Tips, Stick – II- Jumbo Pads

Countries :

USA, Japan, China

 

 

Terms :

 

Selling :

Cash & Credit 30 Days , L/C

 

 

Purchasing :

Cash & Credit 30 Days , L/C

 

PRODUCTION STATUS

 

Particulars

Actual Production

White Board Markers

8000

Permanent Markers

12000

Highlighters

6000

OHP Markers

7000

CD Markers

6000

Paint Markers

5000

Correction Pens

10000

Corrections Tapes

6000

Correction Fluid

60000

Stick It Notes

5000

Note Grip

8000

Stamp Pads

4000

 

 

GENERAL INFORMATION

 

 

 

Customers :
  • Wholesalers
  • Retailers
  • OEM’s

 

 

No. of Employees :

233 (In Office 23, In Factory 210 )

 

 

Bankers :

State Bank of India, Ramdaspeth , Nagpur – 440 010.

 

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Kothari Rathi and Associates

Chartered Accountants

 

Memberships :

Vidarbha Industries Association

MIDC Industries Association

FIEO(Federation of Export Organisation)

 

 

 

Associates :

Packaging Products India

Plastic Molding

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

100000

Equity Shares

Rs.100/- Each

Rs.10.000 Millions

 

 

 

 

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

97500

Equity Shares

Rs.100 /- Each

Rs.9.750/-Millions

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

 

31.03.2006

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

 

9.750

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

38.342

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

48.092

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

17.504

2] Unsecured Loans

 

 

0.000

TOTAL BORROWING

 

 

17.504

DEFERRED TAX LIABILITIES

 

 

0.000

 

 

 

 

TOTAL

 

 

65.596

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

41.494

Capital work-in-progress

 

 

 

 

 

 

 

INVESTMENT

 

 

 

DEFERREX TAX ASSETS

 

 

 

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

Inventories
 

 

 

 

Sundry Debtors
 

 

 

 

Cash & Bank Balances
 

 

39.847

 

Other Current Assets
 

 

 

 

Loans & Advances
 

 

 

Total Current Assets
 

 

39.847

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

 

15.745

 

Provisions
 

 

0.000

Total Current Liabilities
 

 

15.745

Net Current Assets
 

 

24.102

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.000

 

 

 

 

TOTAL

 

 

65.596

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2006

31.03.2005

Sales Turnover

 

158.102

132.549

Other Income

 

0.004

0.118

Total Income

 

158.106

132.667

 

 

 

 

Profit/(Loss) Before Tax

 

10.354

7.190

Provision for Taxation

 

3.663

2.657

Profit/(Loss) After Tax

 

6.691

4.533

 

 

 

 

 

 

 

 

Expenditures :

 

 

 

 

Manufacturing Expenses

 

3.480

2.550

 

Raw Material Consumed

 

80.628

72.284

 

Loss of Packing Products India

 

0.261

(0.568)

 

Other Expenditure

 

39.905

34.902

Total Expenditure

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

 

PAT / Total Income

(%)
 

4.23

 

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

6.54

 

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

12.72

 

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.21

 

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

0.69

 

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

BUSINESS

The Company is engaged in manufacture and sale of White Correction Fluid(Solvent Base, Water Base), Correction pen, Glue Stick, Staple Removers(Patented) and  Tacky Fingers.

 

HISTORY

SONI CHEMICALS was established in the year 1981 as a partnership concern and was taken over by Soni Polymers Private Limited in 1991. It was incorporated on 26th December, 1985  at  Nagpur having Company Registration No. 38462.

 

Trade Reference

Local: Kores (India) Limited, Mumbai.

Foreign : Super Pro International, Taiwan,  Taiwan

 

Trade Reference (Export )

  • Office max Ing, DHA Stamwala Limited
  • Manutech GmbH
  • Sunny Products Company Limited
  • Fastlink Limited
  • J & J Marketing

 

Trade Reference (Import)

  • ISP Sales (U. K. Limited)
  • Tel Bow
  • Xianen Cheunfwin Enterprises Company limited

 

 

 

 

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.40.73

UK Pound

1

Rs.80.43

Euro

1

Rs.54.74

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

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 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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions