MIRA
INFORM REPORT
|
Report Date : |
11.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SANYO BPL PRIVATE
LIMITED |
|
|
|
|
Formerly Known as : |
BPL Multimedia Private Limited |
|
|
|
|
Registered Office : |
17th KM
Road, Old Madras Road, Avalahalli, Bangalore – 560049, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
27.05.2004 |
|
|
|
|
Com. Reg. No.: |
08-34016 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74140KA2004PTC034016 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS19604E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAJCS0332B |
|
|
|
|
Legal Form : |
Private Limited
Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and
Sale of Colour TV, Solar Cells, Heating Ventilators and AC Products,
Refrigerators and DVDS |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
USD 14000000 |
|
|
|
|
Status : |
New Company |
|
|
|
|
Payment Behaviour : |
Usually
Correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Mr. T. Ravindran, Accounts Department, denied business and financial
details. Subject is a new joint
– venture company of BPL India and Sanyo, Japan. The company had not
commenced commercial operation as of last available financials of 31.03.2005.
Trade relations are reported as fair. Payments are usually correct and as per
commitments. In view of strong
promoters the company can be considered normal for business dealings at usual
trade terms and conditions |
INFORMATION
DECLINED BY
|
Name : |
Mr. T. Ravindran |
|
Designation : |
Accounts Department |
|
Date : |
23.06.2008 |
LOCATIONS
|
Registered Office / Factory : |
17th
KM Road, Old Madras Road, Avalahalli, Bangalore – 560049, Karnataka,
India |
|
Tel. No.: |
91-80-30554625 / 30554600 / 28472300/5/6/7/8 |
|
Fax No.: |
91-80-30554692 / 28472579 / 28472577 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
“Dynamic House”,
No. 64, Church Street, Bangalore – 560001, Karnataka, India |
|
Tel No. : |
91-80-25586240 |
|
Fax No.: |
91-80-25594298 |
DIRECTORS
|
Name : |
Mr. Ajit G.
Nambiar |
|
Designation : |
Director |
|
Address : |
No. 103, Cunningham Resent Road, Cunningham Road Cross, Bangalore –
560 052, Karnataka, India |
|
Date of Birth/Age : |
11.07.1963 |
|
Date of Appointment : |
27.05.2004 |
|
|
|
|
Name : |
Mr. M Sasi |
|
Designation : |
Director |
|
Address : |
2993, 12th A Main Hal, II Stage, Indira Nagar, Bangalore –
560 038, Karnataka, India |
|
Date of Birth/Age : |
17.04.1960 |
|
Date of Appointment : |
27.05.2004 |
|
|
|
|
Name : |
Mr. Vishwanath
Nambiar |
|
Designation : |
Director |
|
Address : |
Plot No. 267, Road No. 15, Jubilee Hills, Hyderabad – 500 033, Andhra
Pradesh, India |
|
Date of Birth/Age : |
15.04.1940 |
|
Date of Appointment : |
28.08.2004 |
|
|
|
|
Name : |
Mr. Shishir
Sharma |
|
Designation : |
Director |
|
Address : |
1503-B, Beverly Park – II, DLF Qutub Enclave, Phase III, Gurgaon – 122
002, New Delhi, India |
|
Date of Birth/Age : |
17.12.1964 |
|
Date of Appointment : |
06.10.2004 |
|
|
|
|
Name : |
Mr. Yukihiro Saika |
|
Designation : |
Whole Time Director |
|
Address : |
Flat 182, 8th Floor, A Block, Shobha Ivory -1, No.7/1, St.
John’s Road, Bangalore – 560 042, Karnataka, India |
|
Date of Birth/Age : |
29.02.1956 |
|
Date of Appointment : |
23.03.2007 |
|
|
|
|
Name : |
Mr. Katsuyoshi Takahashi |
|
Designation : |
Whole Time Director |
|
Address : |
No. 802, Prestige Exotica, Cunningham Crescent Road, Bangalore – 560
052, Karnataka, India |
|
Date of Birth/Age : |
05.09.1948 |
|
Date of Appointment : |
15.12.2005 |
|
|
|
|
Name : |
Mr. Toshiki Yabuuchi |
|
Designation : |
Whole Time Director |
|
Address : |
No. 601, Prestige Exotica, Cunningham Crescent Road, Bangalore – 560
052, Karnataka, India |
|
Date of Birth/Age : |
10.09.1968 |
|
Date of Appointment : |
15.12.2005 |
|
|
|
|
Name : |
Mr. Babugowda Sangangowda Patil |
|
Designation : |
Director |
|
Address : |
149, 5th Cross, 10th Main, Rajamahal Vilas
Extension, Bangalore – 560 080, Karnataka, India |
|
Date of Birth/Age : |
20.01.1944 |
|
Date of Appointment : |
15.12.2005 |
|
|
|
|
Name : |
Mr. Pamidighantam V. Sundaram |
|
Designation : |
Director |
|
Address : |
Flat 2A, Royal Enclave, 192, 6th Main defence Colony,
Bangalore – 560 038, Karnataka, India |
|
Date of Birth/Age : |
27.08.1957 |
|
Date of Appointment : |
23.03.2006 |
|
|
|
|
Name : |
Mr. Berry Rohit |
|
Designation : |
Director |
|
Date of Birth/Age : |
25.08.1970 |
|
Date of Appointment : |
15.12.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2007)
|
Names of Shareholders (Equity Shares) |
No. of Shares |
|
M/s BPL Limited |
45380000 |
|
M/s Sanyo Electric Company Limited, Japan |
45380000 |
|
|
|
|
Total |
90760000 |
|
Names of Shareholders (Preference Shares) |
No. of Shares |
|
M/s Sanyo Electric Company Limited, Japan |
181520000 |
|
M/s Sanyo Electric Company Limited |
5842240 |
|
|
|
|
Total |
187362240 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Foreign holdings (Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas corporate bodies or Others |
50.00 |
|
Bodies corporate |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Sale
of Colour TV, Solar Cells, Heating Ventilators and AC Products, Refrigerators
and DVDS |
|
|
|
|
Products : |
·
Slim TV ·
Flat TV ·
Plasma TV ·
LCD TV ·
Conventional |
|
|
|
|
Agencies Held : |
Sanyo Electric
Company Limited, Japan |
|
|
|
|
Imports : |
|
|
Countries : |
Japan |
GENERAL
INFORMATION
|
Suppliers : |
·
Sanyo, Japan
·
BPL Limited |
|
|
|
|
No. of Employees : |
100 |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
·
Deloitte Haskins and Sells Chartered Accountants Address : Deloitte Centre,
Anchorage II, 100/2, Richmond Road, Bangalore – 560 025, Karnataka, India ·
Goutham
& Company Chartered Accountant |
|
|
|
|
Associates/Subsidiaries : |
·
Dynamic Electronics Private Limited ·
BPL Display Devices ·
Electronic Research Limited ·
PT Sanyo Electronics, Indonesia ·
Sanyo India Private Limited ·
Sanyo Sales and Marketing, Japan ·
Sanyo Gulf FZE ·
Sanyo Spain, S. A. U. ·
BPL Telecom Limited |
|
|
|
|
Joint Venture Holding Companies |
·
BPL Limited ·
Sanyo Electric Company Limited, 5-5, Keihan-Hondori 2 – Chome, Moriguchi City, Osaka – 5708677, NA |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
90760000 |
Equity Shares |
Rs.10/- each |
Rs.907.600 millions |
|
187362240 |
Preference Shares |
Rs.10/- each |
Rs.1873.622 millions |
|
|
Total |
|
Rs.2781.222
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
90760000 |
Equity Shares |
Rs.10/- each |
Rs.907.600 millions |
|
187362240 |
Preference Shares |
Rs.10/- each |
Rs.1873.622 millions |
|
|
Total |
|
Rs.2781.222
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2722.800 |
2722.800 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(1160.784) |
(357.697) |
0.000 |
|
|
NETWORTH |
1562.016 |
2365.103 |
0.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
869.722 |
893.463 |
0.000 |
|
|
2] Unsecured Loans |
797.500 |
642.824 |
0.000 |
|
|
TOTAL BORROWING |
1667.222 |
1536.287 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3229.238 |
3901.390 |
0.100 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3211.067 |
3602.603 |
0.000 |
|
|
Capital work-in-progress |
2.979 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
545.181
|
209.172 |
0.000 |
|
|
Sundry Debtors |
342.089
|
33.226 |
0.000 |
|
|
Cash & Bank Balances |
67.568
|
231.717 |
0.087 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
154.925
|
146.664 |
0.000 |
|
Total
Current Assets |
1109.763
|
620.779 |
0.087 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
1081.888
|
319.566 |
0.006 |
|
|
Provisions |
12.683
|
2.426 |
0.000 |
|
Total
Current Liabilities |
1094.571
|
321.992 |
0.006 |
|
|
Net Current Assets |
15.192
|
298.787 |
0.081 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.019 |
|
|
|
|
|
|
|
|
TOTAL |
3229.238 |
3901.390 |
0.100 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
1812.775 |
217.215 |
|
|
Other Income |
|
67.652 |
6.469 |
|
|
Total Income |
|
1880.427 |
223.684 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
(799.098) |
(355.659) |
|
|
Provision for Taxation |
|
3.989 |
2.038 |
|
|
Profit/(Loss) After Tax |
|
(803.087) |
(357.697) |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Financial Charges |
|
132.142 |
22.508 |
|
|
Depreciation & Amortization |
|
370.332 |
140.747 |
|
|
Other Expenditure |
|
2177.051 |
416.088 |
|
Total Expenditure |
|
2679.525 |
579.343 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
(42.70)
|
(159.91) |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(44.08)
|
(163.74) |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(18.49)
|
(8.42) |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.51)
|
(0.15) |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.77
|
0.79 |
0.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.01
|
1.93 |
14.50` |
LOCAL AGENCY
FURTHER INFORMATION
The Registered Office of the company has been shifted from B Wing, 4th
Floor, Maruthi Infotech Centre, Amarjyothi Layout, Intermediate Ring Road, Bangalore
– 560 071, Karnataka, India to the present office with effect from 18.07.2007.
Form No. 8
|
Corporate
identity number of the company |
U74140KA2004PTC034016 |
|
Name of the
company |
SANYO BPL PRIVATE
LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
17th
KM Road, Old Madras Road, Avalahalli, Bangalore – 560049, Karnataka,
India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Immovable
property ·
Movable
property (not being pledge) |
|
Particular of
charge holder |
Sanyo Electric
Company Limited 5-5,
Keihan-Hondori 2 – Chome, Moriguchi City, Osaka – 5708677, NA |
|
Nature of
instrument creating charge |
Equitable
mortgage by deposit of title deeds of immovable property and hypothecation of
movable plant and machinery at the company’s factory at Old Madras Road,
Bangalore and the Trade Mark ‘BPL’ in relation to colour television business. |
|
Date of
instrument Creating the charge |
03.09.2007 |
|
Amount secured by
the charge |
Rs.894.638
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest Rate of Interest is 2.0819% p.a. (200 basis points over 6 months
Japanese Yen LIBOR) calculated on and payable at half yearly stops. ·
Terms of
repayment The term of the Loan, which is a Japanese Yen denominated External
Commercial Borrowing is for a period of 5 years from the draw down date. The
Loan is repayable as a single bullet payment at the end of the Term or may be
prepaid without any prepayment fee. ·
Margin ·
NA ·
Extent and
operation of the charge The Loan is secured by a creation of a charge over the fixed assets of
the Company. |
|
Particulars of
the property charged |
Industrial land admeasuring
approximately 299338 square feet along with all buildings and structures
thereon at Survey Nos. 23/1, 23/2, 24, 25/2 and 26/2, Bandapura Village
Bidarahally Hobli, Hoskote Taluk, Bangalore and Trademark ‘BPL’ in relation
to colour television business; plant and machinery, present and future. |
|
Particulars of
the present modification |
Pursuant to
conversion of part of the external commercial borrowing into the share
capital of the Company, the outstanding external commercial borrowing has
reduced from Rs.894.638 millions (JPY 2350600000) to Rs.206.970 (JPY
587650000). Hence the original amount secured by the charge Rs.894.638
millions (JPY 2350600000) stands reduced to Rs.206.970 millions (JPY
587650000). |
History
Subject is a Joint Venture between SANYO Electric Company Limited, Japan and BPL Limited, started with the strategic intent to create one of India’s leading and most technologically advanced consumer electronics company. The JV came into existence in December 2005. The company has implemented a dual brand strategy, and has entered the market with both BPL and SANYO branded products. Whilst SANYO will cater to the high-end technology connoisseur, BPL brand will address the color TV segment, which has been BPL’s forte for years.
The Product portfolio of Subject includes CTVs, Refrigerators, Washing Machines, Audio and Microwaves. Subject products are currently available in 2500 retail and Multi Brand outlets across the country and targets to have a reach of 16000 counters for BPL CTV and 10000 outlets for SANYO CTV in 2 years and a target of 6000 outlets for appliances. With this, Subject is confident of achieving a 17% market share over the next 5 years in the highly competitive CTV category.
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 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.43.16 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.67.95 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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. |
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 |
|