MIRA
INFORM REPORT
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Report Date : |
05.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
SOFCON SYSTEM INDIA PRIVATE LIMITED |
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Registered Office : |
E – 107, Vishwakarma Colony, M B Road, New Delhi – 110044 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.09.1995 |
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Com. Reg. No.: |
072132 |
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CIN No.: [Company
Identification No.] |
U74899DL1995PTC072132 |
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IEC No.: |
0508001544 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS22575A |
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PAN No.: [Permanent
Account No.] |
AABCS1534K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of Automatic Control System and Unit, Control
Pannel. |
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 15000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a well- established and reputed company having satisfactory
track. Trade relations are fair. Business is active. No complaints have been
heard from market sources. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Bhagwan Singh |
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Designation : |
Director of Sofcon India Private Limited |
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Contact No.: |
91- 9910063164 |
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Date : |
01.12.2008 |
LOCATIONS
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Registered Office : |
E – 107, Vishwakarma Colony, M B Road, New Delhi – 110044, India |
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Tel No.: |
91- 11- 23273738 |
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Email : |
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Head Office : |
E- 39, Sector No. 6, Noida – 201301, Uttar Pradesh, India |
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Tel. No.: |
91- 120- 4056702/ 03 |
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Mobile No.: |
91- 9910063164 (Mr. Bagvan Sing) |
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Fax No.: |
91- 120- 4056702 |
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E-Mail : |
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Website : |
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Area : |
300 sq ft |
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Location : |
Rented |
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Factory : |
G 76, Sector – 63, Noida, Gautam Budh Nagar, Uttar Pradesh, India |
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Tel. No.: |
91- 120- 4227473 |
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Area : |
400 sq meter |
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Location : |
Rented |
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Branches : |
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Sales Office : |
Located at Jaipur |
DIRECTORS
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Name : |
Mr. Anshu Singhal |
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Designation : |
Director |
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Address : |
225- 2nd Floor, Sant Nagar, East of Kailash, New Delhi –
110065, India |
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Date of Birth/Age : |
19.12.1966 |
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Qualification : |
BE – Electricals |
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Experience : |
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Date of Appointment : |
01.04.2003 |
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Name : |
Mr. Neeraj Sharma |
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Designation : |
Director |
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Address : |
B – 90, Ashoka Enclave – 2, Sector 37, Faridabad, Haryana, India |
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Date of Birth/Age : |
03.08.1968 |
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Qualification : |
BE – Electricals |
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Experience : |
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Date of Appointment : |
04.09.1995 |
KEY EXECUTIVES
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Name : |
Mr. Bhagwan Singh |
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Designation : |
Director of Sofcon India Private Limited |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 28.08.2007
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Names of Shareholders |
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No. of Shares |
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Mr. Neeraj Sharma |
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5010 |
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Mr. Anshu Singhal |
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5010 |
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Total |
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10020 |
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AS ON 28.08.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Automatic Control System and Unit, Control
Pannel. |
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Terms : |
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Selling : |
Credit (30 Days) |
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Purchasing : |
Credit (45 Days) |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
110 (Office 50, Branches 60) |
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Bankers : |
Oriental Bank of Commerce, Rajgarh Colony, Delhi |
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Facilities : |
CC Rs.5.000 Millions |
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Banking
Relations : |
-- |
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Auditors : |
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Name 1 : |
K M Aggarwal and Company Chartered Accountant |
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Address : |
Located at Delhi |
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Name 2 : |
Mrs. Minakshi Gupta Chartered Accountant |
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Address : |
36, Netaji Subash Marg, Darya Ganj, New Delhi – 110002, India |
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Group Companies : |
· Sofcon System India Private Limited, Noida, Uttar Pradesh Activity :- Automation Project · Sofcon India Private Limited, Noida, Uttar Pradesh Activity :- Training · Sofcon Control India Private Limited, Noida, Uttar
Pradesh Activity :- Pannel Manufacturing · Sofcon Solution, Noida, Uttar Pradesh Activity :- Outsourcing |
CAPITAL STRUCTURE
AS ON 28.08.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- Each |
Rs.0.500 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10020 |
Equity Shares |
Rs. 10/- Each |
Rs.0.100 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover |
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150.000 |
Expected Sales (2008-09) : Rs.200.000 Millions
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.969 |
2.461 |
1.880 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.069 |
2.561 |
1.980 |
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LOAN FUNDS |
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1] Secured Loans |
2.521 |
4.092 |
0.290 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
2.521 |
4.092 |
0.290 |
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DEFERRED TAX LIABILITIES |
0.012 |
0.066 |
0.022 |
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TOTAL |
5.602 |
6.719 |
2.292 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.532 |
3.475 |
1.289 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
8.752
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6.225 |
3.370 |
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Sundry Debtors |
26.593
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17.356 |
10.140 |
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Cash & Bank Balances |
1.132
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0.875 |
1.028 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1.889
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0.572 |
0.094 |
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Total
Current Assets |
38.366
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25.028 |
14.632 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
35.017
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21.701 |
13.629 |
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Provisions |
0.279
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0.083 |
0.000 |
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Total
Current Liabilities |
35.296
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21.784 |
13.629 |
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Net Current Assets |
3.070
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3.244 |
1.003 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5.602 |
6.719 |
2.292 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
84.881 |
75.847 |
55.601 |
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Other Income |
2.823 |
2.531 |
1.934 |
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Total Income |
87.704 |
78.378 |
57.535 |
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Profit/(Loss) Before Tax |
1.017 |
1.003 |
0.639 |
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Provision for Taxation |
0.510 |
0.523 |
0.276 |
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Profit/(Loss) After Tax |
0.507 |
0.580 |
0.363 |
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Expenditures : |
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Purchase |
80.571 |
73.494 |
53.509 |
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(Increase)/ Decrease in Stock |
(2.523) |
(2.852) |
0 |
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Excise Duty Paid |
2.554 |
1.820 |
1.380 |
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Administrative Expenses |
2.374 |
1.857 |
1.241 |
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Salaries, Wages, Bonus, etc. |
2.097 |
1.966 |
1.567 |
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Director Remuneration |
0.600 |
0.600 |
0.376 |
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Payment to Auditors |
0.071 |
0.029 |
0.040 |
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Depreciation & Amortization |
0.943 |
0.461 |
0.343 |
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89.21 |
80.227 |
(1.560) |
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Total Expenditure |
86.687 |
77.375 |
56.896 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
00.57
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00.74 |
00.63 |
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Net Profit Margin (PBT/Sales) |
(%) |
01.19
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01.32 |
01.14 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
02.48
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03.97 |
04.28 |
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Return on Investment (ROI) (PBT/Networth) |
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0.33
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0.39 |
0.32 |
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Debt Equity Ratio (Total Liability/Networth) |
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12.32
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10.10 |
7.02 |
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Current Ratio (Current Asset/Current Liability) |
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1.08
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1.00 |
1.00 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference
- Ultra Tech
Cement, Gujarat
- Sudhir
Gensets, Gurgaon
Operation Result
The Director are pleased to inform you that in
the 12th year of its operation company was able to Achieve turnover
of Rs.84.881 Millions after defraying all expenses and making provision for
taxation for Rs.0.509 Millions net profit of Rs.0.507 along with brought
forward profit of Rs.2.460 millions making total of Rs.2.968 Millions has been
carried forward to next year. The directors are hopeful to better results for
ensuring year.
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Additional
Requirement of Indiamart for Trust-Seal |
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Excise Registration No.: AABCS1534KXM001/ XM003 |
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TIN : 07370185199 |
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IEC Code : 0508001544 |
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PAN / TAN : AABCS1534K
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Bank Name : Oriental
Bank of Commerce |
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Bank Address : Rajgarh
Colony, Delhi |
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Bank A/c. No.: 042440/
0000120 |
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Account Since : |
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In case of any affiliations / memberships / certifications
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Name : ISO |
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Type : 2001: 2000 |
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Expiry Date : 2010 |
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Form 8
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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90034571 |
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Corporate
identity number of the company |
U74899DL1995PTC072132 |
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Name of the
company |
SOFCON SYSTEM INDIA PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
E – 107, Vishwakarma Colony, M B Road, New Delhi – 110044 |
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Type of charge |
Book Debts Others |
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Particular of
charge holder |
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Nature of
description of the instrument creating or modifying the charge |
Supplementary agreement to secure credit/ loan facilities |
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Date of
instrument Creating the charge |
08.12.2007 |
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Amount secured by
the charge |
Rs.13.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per Bank rules
change from time to time Terms of
Repayment On demand Margin As per Bank rules Extent and
Operation of the charge Operation of
charge extended up to Rs.13.000 Millions |
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Short particulars
of the property charged |
Hyp. Of stock of
raw materials, work in progress and finished goods used for manufacturing/
assembling of controls panels and automatic controls system for industrials
automations and receivable. Hypo. Of entire existing/ future fixed assets of
the company. |
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Date of latest
modification prior to the present modification |
27.07.2007 |
Fixed Assets
- Scooter
- Cycles
- Fax Machine
- VCR
- Furniture and Fixture
- Electric Equipment
- Computer
- Refrigerator
- Water Filter
- Accent Car
- Honda City Car
- Ford Endeavour
- Santro Euro
- Car Corolla
- Inverter
- UPS
- Tea/ Coffee Dispenser
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
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.79 |
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UK Pound |
1 |
Rs.73.37 |
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Euro |
1 |
Rs.63.08 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
5 |
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--LEVERAGE |
1~10 |
5 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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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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45 |
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 |
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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 |
|
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. |
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 |
|