MIRA
INFORM REPORT
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Report Date : |
31.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
SINICON CONTROLS PRIVATE LIMITED |
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Registered Office : |
Ageind House, 1/987 Kousapara, Menonpara P O Palakkad – 678556, Kerala |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.12.1994 |
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Com. Reg. No.: |
09-008507 |
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CIN No.: [Company
Identification No.] |
U31200KL1994PTC008507 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHNS03047C |
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PAN No.: [Permanent
Account No.] |
AADCS2642C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Electronics and Electrical
Control Equipment and addresses particularly the market segment of
Home/Office Automation |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. Its
profitability is under severe pressure having huge accumulated losses.
Payments are reported as slow and delayed. The company can be considered for business dealings on safe and
secured terms in view of huge accumulated losses. |
LOCATIONS
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Registered Office : |
Ageind House, 1/987 Kousapara, Menonpara P O Palakkad – 678556,
Kerala, India |
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Tel. No.: |
91-491-272856 |
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Fax No.: |
91-491-272856 |
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E-Mail : |
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Website : |
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Factory : |
Sinicon House, V/57, Kanjikode West, Palakkad – 678013, Kerala, India |
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Tel. No.: |
91-492-4354230/2802915 |
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Fax No.: |
91-492-4354238/2569253 |
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E-Mail : |
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Website: |
DIRECTORS
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Name : |
Mr. P Velayudhan Nair |
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Designation : |
Director |
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Address : |
Panikkaveetil House, Vazhani Post, Wadakkancherry, Trichor – 680590,
Kerala |
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Date of Birth/Age : |
08.11.1934 |
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Date of Appointment : |
25.01.19995 |
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Name : |
Mr. V. Sankaranarayanan |
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Designation : |
Director |
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Address : |
Panikkaveetil House, Vazhani Post, Wadakkancherry, Trichor – 680590,
Kerala |
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Date of Birth/Age : |
26.11.1955 |
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Date of Appointment : |
25.01.1995 |
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Name : |
Mr. V. Revindran |
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Designation : |
Managing Director |
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Address : |
Panikkaveetil House, Vazhani Post, Wadakkancherry, Trichor – 680590,
Kerala |
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Date of Birth/Age : |
16.05.1965 |
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Date of Appointment : |
25.01.1995 |
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Name : |
Mr. Ramdas V. Nair |
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Designation : |
Director |
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Address : |
Panikkaveetil House, Vazhani Post, Wadakkancherry, Trichor – 680590,
Kerala |
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Date of Birth/Age : |
19.05.1968 |
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Date of Appointment : |
25.01.1995 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. P Velayudhan Nair |
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1000 |
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Mr. V. Sankaranarayanan |
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3000 |
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Mr. V. Revindran |
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2525 |
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Mr. Ramdas V. Nair |
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3390 |
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Total |
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9915 |
(As on 31.03.2007)
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Category |
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Percentage |
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Director or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Electronics and Electrical
Control Equipment and addresses particularly the market segment of
Home/Office Automation |
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Products : |
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Brand Names : |
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Imports : |
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Countries : |
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GENERAL
INFORMATION
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Bankers : |
Palakkas Branch, Lakshmy Residency, Sultanpet Palakkad – 678001,
Kerala, India |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
K V Venkitaraman Chartered Accountant |
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Address : |
Sunshine Complex, T B Rpad, Palakkad – 678014, Kerala, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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9910 |
Equity Shares |
Rs.100/- each |
Rs.0.991 Million |
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FINANCIAL DATA
[all figures are in Rupees 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 |
0.991 |
0.991 |
0.991 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(10.473) |
(10.675) |
(8.900) |
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NETWORTH |
(9.482) |
(9.684) |
(7.909) |
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LOAN FUNDS |
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1] Secured Loans |
2.978 |
2.838 |
2.893 |
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2] Unsecured Loans |
18.532 |
19.284 |
16.238 |
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TOTAL BORROWING |
21.510 |
22.122 |
19.131 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
12.028 |
12.438 |
11.222 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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Capital work-in-progress |
8.021 |
8.474 |
5.303 |
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0.000 |
0.000 |
2.612 |
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INVESTMENT |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.283 |
1.827 |
1.827 |
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Sundry Debtors |
2.861 |
2.220 |
1.299 |
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Cash & Bank Balances |
0.253 |
0.276 |
0.206 |
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Other Current Assets |
0.154 |
0.109 |
0.088 |
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Loans & Advances |
0.534 |
0.207 |
0.251 |
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Total
Current Assets |
6.085 |
4.639 |
3.671 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
2.151 |
0.523 |
0.421 |
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Provisions |
0.000 |
0.274 |
0.065 |
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Total
Current Liabilities |
2.151 |
0.797 |
0.486 |
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Net Current Assets |
3.934 |
3.842 |
3.185 |
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MISCELLANEOUS EXPENSES |
0.073 |
0.122 |
0.122 |
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TOTAL |
12.028 |
12.438 |
11.222 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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11.556 |
5.602 |
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Other Income |
|
0.294 |
0.137 |
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Total Income |
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11.850 |
5.739 |
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Profit/(Loss) Before Tax |
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0.252 |
(1.699) |
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Provision for Taxation |
|
0.050 |
0.076 |
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Profit/(Loss) After Tax |
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0.202 |
(1.775) |
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Export Value |
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4.865 |
0.898 |
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Expenditures : |
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Cost of Material |
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5.840 |
2.977 |
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Personnel Expenses |
|
1.005 |
0.800 |
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Direct Expenses |
|
0.440 |
0.741 |
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Selling Administrative Expenses |
|
2.595 |
1.796 |
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Preliminary Expenses W-Off |
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0.049 |
0.000 |
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Depreciation & Amortization |
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0.000 |
0.000 |
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Other Expenditure |
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1.669 |
1.124 |
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Total Expenditure |
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11.598 |
7.438 |
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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 |
(%) |
1.70
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(30.93) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
2.18
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(30.33) |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.79
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(12.96) |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.03
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0.17 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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(2.49)
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(2.37) |
(2.48) |
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Current Ratio (Current Asset/Current Liability) |
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2.83
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5.82 |
7.55 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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This form is for |
Modification of charge |
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Charge Identification (ID) number of the charge to be modified |
90021062 |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U31200KL1994PTC008507 |
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Name of the company |
SINICON CONTROLS PRIVATE LIMITED |
|
Address |
Ageind House, 1/987 Kousapara, Menonpara P O Palakkad – 678556,
Kerala, India |
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Type of Charges |
Immovable Property |
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Particular of the charge holder |
Union Bank of India Palakkad Branch, Lakshmy Residency, Sultanpet, Palakkad – 678001, Kerala, India |
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Nature or description of the instrument creating or modifying the charge |
Memorandum of Entry Dated 07.03.2007 |
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Date of the instrument creating charge |
07.03.2007 |
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Amount Secure by the charge |
Rs.15.000 Millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interests: NA Term of Repayment: NA Margin: NA Extent and operation of the charge: The charge operates as security for the loan availed by the company. |
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Short particulars of the Property charged |
Extension of mortgage by deposit of title deeds of 85 cents of land with building bearing document No.V/57 and V/58 in Re. Sy No.133/6 (Old Sy No. 468/1A, 469/1 in Block 35 of Pudusery Central Village, PaLAKKAD Taluk and District, (more particularly specified in the memoramdum of entry) owned by the company as security for the additional facility of Rs.5.000 Millions sanctiomned to AGE Industries Private Limited. |
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Particulars of the present modification |
By the present extension of mortgage by deposit of title deeds, the loan amount has been enhanced from Rs.10.000 Millions to Rs.15.000 Millions |
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Name of the company |
SINICON CONTROLS PRIVATE LIMITED |
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Presented By |
Mr. V Revindran, Director |
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1) Date and description of instrument creating the change |
No Instrument executed declaration of deposit of title deeds on 22.09.2005 as evidenced by letter dated 23.09.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.10.000 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Creating of Equitable Mortgage by deposit of tile deeds relating to 85 cents of landed property situated in Sy. No.133/6 at Pudusseri Village, Palakkad Taluk |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As security fot the credit facilities extended Rs.3.000 Millions to Sinicon Controls Private Limited Rs.2.000 Millions to Age Industries Private Limited and Rs.5.000 Millions to Age Chemicals Private Limited Repayment on Demand |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of India Palakad Branch, Palakkad, Kerala, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
Profile:
Subject established in 1994 is a company believes in
“Engineering Comfort” and concentrates its activities in the field of
Electronics and Electrical Control Equipment and addresses particularly the
market segment of Home/Office Automation. Subject aims to meet the challenges
in the Home Automation today and that will emerge in the coming years at the
most advanced technical level, to be the best provider of the state of the art
products and services needed to improve the comfort level, productivity and
living quality of the masses.
Subject is a fully integrated company with dedicated QA/QC,
Research and Development, Production and Manufacturing activities and
consolidates its strength as a market leader through superior innovation,
engineering, manufacturing, quality control, service support etc.
Subject increasing product portfolio is presently covering
products that will automate the water management, security management and power
back-up requirements. Subject is the sole owners of trading brand names
WaterSwitch, BlueCat and EPS. Subject would like to be a trend setter and hence
all the products offered by the company are developed in house using technology
imported from Germany and USA and have been processed for patent registration
and design registration with patent offices at various locations.
CMT REPORT (Corruption,
Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with Government
:
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.10 |
|
UK Pound |
1 |
Rs.80.40 |
|
Euro |
1 |
Rs.63.31 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
1 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
19 |
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 |
|