MIRA
INFORM REPORT
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Report Date : |
15.05.2007 |
IDENTIFICATION DETAILS
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Name : |
SOGO RETAIL MANAGEMENT PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as
on) : |
31.03.2006 |
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Date of Incorporation : |
24.12.2004 |
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Com. Reg. No.: |
08-35315 |
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CIN No.: [Company
Identification No.] |
U52190KA2004PTC035315 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
BLRS18187B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Retailing of Infotech & Consumer Electronic Products. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
-- |
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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 relatively new company promoted by experienced, respectable and resourceful businessmen. Their trade relations are fair. 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 : |
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Tel. No.: |
91-80-22273981/ 22270891/ 22276829/ 22120639/ 22120640 |
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Fax No.: |
91-80-22120638/ 222120641 |
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E-mail : |
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Website : |
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Branches : |
Located at : v
v Hubli v
v Mangalore v
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DIRECTORS
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Name : |
Mr. G. Jayamuni Rao |
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Designation : |
Director |
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Address : |
Villa 7, Prestige Cedar, |
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Date of Birth/Age : |
21.07.1959 |
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Date of Appointment : |
24.12.2004 |
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Name : |
Mr. J. Mary Rao |
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Designation : |
Director |
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Address : |
Villa 7, Prestige Cedar, |
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Date of Birth/Age : |
11.11.1962 |
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Date of Appointment : |
24.12.2004 |
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Name : |
Mr. Anish B. Srikrishna |
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Designation : |
Managing Director |
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Address : |
C 116, II Floor, Inderpuri, |
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Date of Birth : |
25.09.1971 |
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Date of Appointment : |
01.04.2005 |
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Date of Ceasing : |
30.09.2005 |
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Name : |
Mr. Sanjay R Ohdedar |
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Designation : |
Director |
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Address : |
No.11, |
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Date of Birth : |
07.06.1970 |
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Date of Appointment : |
15.01.2005 |
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Date of Ceasing : |
28.04.2005 |
KEY EXECUTIVES
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Name : |
Mr. Dev Kumar |
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Designation : |
Executive – Accounts |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No of Shared held |
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Mr. Jayamuni G Rao |
5000 |
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Mr. Marry Rao |
5000 |
All the shares are held by directors or their relatives.
BUSINESS DETAILS
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Line of Business : |
Retailing of Infotech & Consumer Electronic Products. |
GENERAL INFORMATION
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Suppliers : |
L.G. – Samsung – |
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Customers : |
General Public |
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No. of
Employees : |
50 |
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Bankers : |
Union Bank of |
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Banking Relations
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Satisfactory |
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Auditors : |
Mukesh Shet Chartered Accountant, 679/1, 11th B Main, Rajaji Nagar II Block, |
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Associates : |
> Sogo Computers
Private Limited, Turnover : Rs. 265.000 millions during 2001-02 > Sogo Computer A proprietory concern of Mr. Jayamuni Rao, with Rs. 481.400 millions turnover during 2001-02. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 millions |
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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5.000 |
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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3.000 |
0.000 |
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4] (Accumulated
Losses) |
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(21.236) |
[2.880] |
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NETWORTH |
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(13.236) |
[1.880] |
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LOAN FUNDS |
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1] Secured Loans |
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39.881 |
8.464 |
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2] Unsecured
Loans |
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0.038 |
0.219 |
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TOTAL BORROWING |
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39.919 |
8.683 |
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DEFERRED TAX
LIABILITIES |
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0.000 |
0.347 |
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TOTAL |
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26.683 |
7.150 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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12.091 |
4.326 |
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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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0.000 |
0.000 |
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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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28.090 |
2.601 |
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Sundry Debtors |
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8.413 |
1.005 |
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Cash & Bank Balances |
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0.537 |
0.139 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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10.078 |
10.495 |
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Total Current Assets |
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47.118 |
14.240 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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30.527 |
10.629 |
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Provisions |
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2.025 |
0.815 |
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Total Current Liabilities |
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32.552 |
11.444 |
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Net Current Assets |
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14.566 |
2.796 |
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MISCELLANEOUS EXPENSES |
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0.026 |
0.028 |
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TOTAL |
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26.683 |
7.150 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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177.377 |
3.606 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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177.377 |
3.606 |
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Profit/(Loss) Before Tax |
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(18.535) |
(2.533) |
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Provision for Taxation |
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(0.347) |
0.347 |
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Profit/(Loss) After Tax |
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(18.356) |
(2.880) |
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Expenditures : |
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Financial Charges |
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3.563 |
0.001 |
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Depreciation & Amortization |
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2.436 |
0.114 |
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Other Expenditure |
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183.914 |
5.909 |
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Total Expenditure |
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189.913 |
6.024 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
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(10.34) |
(43.59) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(10.44) |
(70.24) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(31.30) |
(13.64) |
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Return on Investment (ROI) (PBT/Networth) |
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(1.40) |
(1.34) |
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Debt Equity Ratio (Total Liability/Networth) |
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(5.47) |
(10.70) |
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Current Ratio (Current Asset/Current Liability) |
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1.45 |
1.24 |
LOCAL AGENCY FURTHER INFORMATION
Website Details :
Sogo Computers – Since 1993
Sogo Computers is a decade old company head-quartered at
Apart from marketing personal Computers from world-renowned brands such as Compaq,
Hewlett Packard and IBM, Sogo offers its own Sogo brand of PCs, which offers
the highest value for money for every Rupee invested.
Apart from personal computers, Sogo sells and supports a very wide range of
peripherals and accessories through a reseller network across the country.
In July 2001, Sogo Computers was rated as the # 1 GID, by leading IT
publication The ITIQ.
The company is lead by its dynamic CEO, Jayamuni Rao, and employs over 50
professionals and has six offices in the State of
News
Sogo opens nine outlets
New Sogo PC brands launched
August 18, Bangalore— Sogo Computers Private Limited has announced the
revamp of its existing PC brand models, and announced the names of its fresh
branding strategy. The existing NX
series have been revamped and will be replaced by the brands Force and Home.
The existing CX series will be replaced by the brands Champ and Home. The
mobile computer and Server branding will be announced later.
CRN recognizes Sogo as a top distributor (2004)
Sogo PC launch
Sogo's Manufacturing News (2002)
Wipro appoints Sogo as distributor
Solely in Print
20,000 PCs during 2003 under Sogo brand
Soon Sogo Computers will be launching a sales, advertising, marketing plan
across the State of
The #1 IT Company
Sogo Computers is regarded as the undisputed leader in the regularized IT
products market in the state of Karnataka in
#1 Genuine Intel Dealer in
Sogo Computers was reported as the # 1 Genuine Intel Dealer in processor sales
for the year 2001 and 2002 by magazine The ITIQ. The company is expected to
retain their position during the year 2003, with stronger partnership with
Intel. (TheITIQ July 2002)
Leader in Printer Sales
With great relationships with market leaders HP and Epson, Sogo is currently
one of the largest Printer resellers in the country. (The ITIQ August 2001)
Leader in Monitor Sales
Strong relationships with Samsung and Preview have meant that their monitor sales is high. They also resell monitors from LG (quote CRN
2001)
Leader in other peripheral sales
Whether it is Asus, Acer, Mercury, Seagate, IBM, D-Link or Krypton, Sogo has a
leadership position in
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.40.93 |
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1 |
Rs.81.20 |
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Euro |
1 |
Rs.55.42 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
NO |
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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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28 |
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
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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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 |
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<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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