MIRA
INFORM REPORT
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Report Date : |
17.10.2007 |
IDENTIFICATION DETAILS
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Name : |
SONY DADC MANUFACTURING INDIA PRIVATE LIMITED |
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Formerly Known As : |
SONY MUSIC ENTERTAINMENT INDIA PRIVATE LIMITED |
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Registered Office : |
A – 445, Defence Colony, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
14.06.1996 |
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Com. Reg. No.: |
55-79657 |
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CIN No.: [Company
Identification No.] |
U74899DL1996PTC079657 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS21727G |
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PAN No.: [Permanent
Account No.] |
AACCS1614B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in music, games, software and film
industries |
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. |
Small |
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Maximum Credit Limit : |
-- |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Sony Group, Worldwide, a well reputed name in the
world electronics industry. Subject is passing through difficult times. Its profitability
is under severe pressure. It has huge accumulated losses, which might take
some time to be wiped-off, payment are reported as slow but correct. In view of the strong promoters, the company can be considered normal
for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
A – 445, Defence Colony, |
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E-Mail : |
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Website : |
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Plant A-3, Godrej
Industrial Complex, Phirojshah Nagar, Eastern Express Highway, Vikhroli East,
Mumbai – 400 079, Maharashtra, India. |
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Tel. No.: |
91-22-2518 8541 to 44 |
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Fax No.: |
91-22-2518 8545 |
DIRECTORS
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Name : |
Mr. Shridhar Subramanian |
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Designation : |
Managing Director |
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Address : |
1102, Shrusthi Apartments, |
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Date of Birth/Age : |
02.04.1963 |
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Date of Appointment : |
25.02.2002 |
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Date of Ceasing : |
30.11.2004 |
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Name : |
Mr. Suresh Srinivasan |
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Designation : |
Director |
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Address : |
Flat No. 48, C Block, |
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Date of Birth/Age : |
02.06.1958 |
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Date of Appointment : |
01.04.2002 |
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Date of Ceasing : |
30.11.2004 |
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Name : |
Mr. Kevin Jim Kelleher |
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Designation : |
Director |
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Address : |
159 Beach 141 St. Belle Harbour, NY, |
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Date of Appointment : |
18.06.1996 |
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Date of Ceasing : |
20.04.2005 |
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Name : |
Mr. Richard Denekemp Gerrit |
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Designation : |
Director |
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Address : |
10 B, |
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Date of Appointment : |
20.09.1997 |
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Date of Ceasing : |
25.03.2005 |
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Name : |
Ms. Lisa Weiss Ann |
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Designation : |
Director |
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Address : |
123 Devoe Road, |
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Date of Birth/Age : |
12.06.1958 |
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Date of Appointment : |
08.08.2002 |
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Date of Ceasing : |
20.04.2005 |
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Name : |
Mr. Chirayath Kochappu Sunny |
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Designation : |
Managing Director |
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Address : |
Row House No. 5, Shekinah Lokpuram, |
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Date of Birth/Age : |
03.04.1954 |
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Date of Appointment : |
22.11.2004 |
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Name : |
Mr. Sivaraman Venkitaraman |
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Designation : |
Director |
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Address : |
26/101 |
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Date of Birth/Age : |
24.03.1965 |
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Date of Appointment : |
01.12.2004 |
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Name : |
Mr. Thomas Carroll Tyrrell |
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Designation : |
Additional Director |
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Address : |
145, |
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Date of Appointment : |
14.04.1999 |
KEY EXECUTIVES
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Name : |
Mr. Orion Pinto Brendan |
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Designation : |
Company Secretary |
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Address : |
Ev-Lil Apartments, 202, 2nd Floor, Malad (West), Mumbai –
400 064, |
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Date of Birth/Age : |
14.12.1968 |
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Date of Appointment : |
15.06.2001 |
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Date of Ceasing : |
30.11.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Sony Music Entertainment Inc., |
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39759135 |
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Columbia Recording Corporation |
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10 |
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Names of Shareholders |
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Percentage of
Holding |
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Foreign Holding (Foreign Institutional Investors, Foreign Companies,
Foreign Financial Institution, Non Resident Indian or Overseas Corporate
Bodies or Others) |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in music, games, software and film
industries |
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Products : |
* Music Systems * Games * Software * Film
Industries related products |
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Brand Names : |
“SONY” |
GENERAL INFORMATION
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Bankers : |
Not Available |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
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Address : |
Price Water House, 252 Veer Savarkar Marg, |
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Associates : |
* Sony Music
Entertainment Inc., |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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40,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 400.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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39,759,145 |
Equity Shares |
Rs. 10/- each |
Rs. 397.591 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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397.591 |
397.591 |
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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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0.000 |
0.000 |
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4] (Accumulated Losses) |
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(1056.796) |
(1090.074) |
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NETWORTH |
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(659.205) |
(692.483) |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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795.189 |
835.955 |
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TOTAL BORROWING |
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795.189 |
835.955 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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135.984 |
143.472 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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44.431 |
52.169 |
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Capital work-in-progress |
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15.239 |
3.767 |
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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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14.262 |
23.798 |
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Sundry Debtors |
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78.989 |
71.986 |
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Cash & Bank Balances |
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3.005 |
8.825 |
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Other Current Assets |
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0.024 |
0.000 |
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Loans & Advances |
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6.393 |
2.898 |
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Total
Current Assets |
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102.673 |
107.507 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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24.450 |
18.534 |
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Provisions |
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1.909 |
1.437 |
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Total
Current Liabilities |
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26.359 |
19.971 |
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Net Current Assets |
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76.314 |
87.536 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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135.984 |
143.472 |
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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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Debt Equity Ratio (Total Liability/Networth) |
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(0.24) |
(0.23) |
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Current Ratio (Current Asset/Current Liability) |
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3.89 |
5.38 |
LOCAL AGENCY FURTHER INFORMATION
The Company registered office has been changed from F-6, Kailash Colony,
As Per Web
Sony Music Entertainment India (SMEI) is a 100% subsidiary
of Sony Music International New York, USA. Both the marketing division (in
Products offer
*
12 cm Audio CD
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12 cm Video CD
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CD ROM
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CD Extra
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Fancy CDs
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Sniffle CDs
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Gold finish CDs
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Playstation Discs
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Pre-recorded Audio Cassettes
Services offer
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Customised products
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Audio premastering
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Dolby encoded Cassette recording
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SecuROM™ disc (copy protection)
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key2audioXS™ disc (copy protection)
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CDs with Water Marks
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Inlay design & printing
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Special Package Designing, printing & finishing
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Logistical Support
Global
Sony DADC's mission is to be the best global supply chain service provider to the content industry.
Whether delivered physically or electronically, our commitment is to excel in quality, reliability and innovation - and to do whatever it takes to help our customers deliver their content to market as quickly, cost-effectively, and securely as possible.
This is how we create value for our customers and shareholders, while providing in invigorating and opportunity-rich environment for our employees.
Global Offering
Sony DADC is a full-service technology and solution provider for optical media, offering services from the traditional replication business to advanced solutions.
Our services are: web-based business solutions, audio and video postproduction, DVD authoring, copy control, graphic design, mastering, replication, label printing, packaging, distribution and fulfillment. Therefore, Sony DADC is the partner for complete solutions for the music, video, games, software and information industries. Through the worldwide network of production facilities, Sony DADC has the capability of providing solutions on a global scale.
Customers at Sony DADC are offered complete solutions and the convenience of one-stop-shopping. Our mastering and replication quality is leading, up-to-date and in-time logistics underline our competence as a global full-service provider. One contract, one contact: There is no need for our customers to co-ordinate different parties in a disc creation process. At Sony DADC they rely on only one competent partner - covering the entire value chain in optical media.
Global Capabilities
The Sony DADC Global Network consists of 13 facilities, providing unmatched capabilities and flexibility in providing leading solutions and technology for optical media.
Looking at Sony DADC's locations shows the worldwide competence. Offering best global coverage, the global network produces 1.8 billion discs per year. Sony DADC is the perfect partner to the music, video, games, software and information industries for world-wide product releases.
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 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.39.47 |
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|
1 |
Rs.80.59 |
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Euro |
1 |
Rs.56.18 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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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 |
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 |
|
40 |
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. |
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 |
|
<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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