MIRA
INFORM REPORT
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Report Date : |
26.11.2008 |
IDENTIFICATION DETAILS
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Name : |
senco gold limited |
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Registered Office : |
7 and |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
22.08.1994 |
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Com. Reg. No.: |
21-64637 |
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CIN No.: [Company
Identification No.] |
U36911WB1994PLC064637 |
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Legal Form : |
A Closely held Public Limited Liability Company. |
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Line of Business : |
Manufacturer and Exporter of Gold and Diamond Jewelry |
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 900000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Financial position is satisfactory. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED BY
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Name : |
Mr. Suvankar Sen |
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Designation : |
Director |
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Contact No.: |
91-9874027001 |
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Date : |
21.11.2008 |
LOCATIONS
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Registered Office/ Head office : |
7 and |
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Tel. No.: |
91-33-22847811/7812/9179/65456387/ |
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Mobile No.: |
91-9874027001 |
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Fax No.: |
91-33-22416487/22849180 |
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E-Mail : |
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Website : |
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Area : |
8000 Sq.fts |
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Location : |
Leased |
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Factory : |
Manikanchan, SEZ, Kolkata, |
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Area : |
3000 Sq.fts |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Sankar Sen |
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Designation : |
Director |
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Address : |
11, |
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Date of Birth/Age : |
01.10.1957 |
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Date of Appointment : |
22.08.1994 |
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Name : |
Mr. Suvankar Sen |
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Designation : |
Director |
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Address : |
11, |
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Date of Birth/Age : |
11.10.1983 |
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Date of Appointment : |
17.02.2005 |
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Name : |
Ms. Ranjana Sen |
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Designation : |
Director |
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Address : |
11, |
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Date of Birth/Age : |
23.05.1959 |
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Date of Appointment : |
22.08.1994 |
KEY EXECUTIVES
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Name : |
Ms Sudhanya Roy Choudhury |
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Designation : |
Secretary |
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Address : |
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Date of Birth/Age : |
24.08.1974 |
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Date of Appointment : |
01.01.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Sankar Sen |
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798908 |
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Ms. Ranjana Sen |
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754256 |
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Mr. Suvankar Sen |
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344400 |
List of Allotees
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Names of Allotees (AS ON 30.08.2008) |
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No. of Shares |
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Mr. Sankar Sen |
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2948954 |
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Ms. Ranjana Sen |
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377128 |
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Mr. Suvankar Sen |
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655700 |
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Ms. Anjana Dutta |
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50 |
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Ms. Tapasi Mullick |
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50 |
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Ms. Arpita Dey |
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50 |
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Ms. Sushmita Sen |
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50 |
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Total
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3981982 |
AS ON 30.09.2007:
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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 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Gold and Diamond Jewelry |
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Products : |
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Terms : |
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Selling : |
Credit, Advance |
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Purchasing : |
Cash, Credit (30 days) |
GENERAL INFORMATION
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No. of Employees : |
250 (50 in Office, 50 in Factory and 150 in Branches) |
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Bankers : |
·
Axis
Bank Limited, ·
Allahabad
Bank, ·
The
Hong Kong Shanghai Bank Corp Limited,
Ekdalia ·
State
Bank of ·
HDFC
Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N C Mitra and Company Chartered Accountants |
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Address : |
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Associates/Subsidiaries : |
Senco Gold Impex
Private Limited CIN :
U36911WB2005PTC102778 Address : 7 and Activity : Manufacturer and
Exporter of Gold and Diamond Jewelry |
CAPITAL STRUCTURE
AS ON 31.03.2008:
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs. 10/- Each |
Rs. 120.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7963964 |
Equity Shares |
Rs. 10/- Each |
Rs. 79.640 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
79.640 |
58.976 |
17.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
99.107 |
85.940 |
10.665 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
178.747 |
144.916 |
28.165 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
40.526 |
0.000 |
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2] Unsecured Loans |
59.947 |
9.644 |
32.420 |
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TOTAL BORROWING |
59.947 |
50.170 |
32.420 |
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DEFERRED TAX LIABILITIES |
1.078 |
0.501 |
0.215 |
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TOTAL |
239.772 |
195.587 |
60.800 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
38.825 |
26.814 |
7.340 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
7.876 |
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 |
281.132
|
232.694 |
66.271 |
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Sundry Debtors |
3.630
|
32.962 |
3.614 |
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Cash & Bank Balances |
39.176
|
10.318 |
2.750 |
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Other Current Assets |
3.919
|
0.000 |
0.000 |
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Loans & Advances |
81.610
|
31.892 |
11.563 |
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Total
Current Assets |
409.467
|
307.866 |
84.198 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
147.678
|
93.191 |
23.773 |
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Provisions |
68.718
|
45.902 |
6.965 |
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Total
Current Liabilities |
216.396
|
139.093 |
30.738 |
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Net Current Assets |
193.071
|
168.773 |
53.460 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
239.772 |
195.587 |
60.800 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
1301.393 |
935.396 |
374.758 |
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Other Income |
9.864 |
7.480 |
5.324 |
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Total Income |
1311.257 |
942.876 |
380.082 |
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Profit/(Loss) Before Tax |
48.425 |
96.016 |
8.299 |
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Provision for Taxation |
16.623 |
34.325 |
2.872 |
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Profit/(Loss) After Tax |
31.802 |
61.691 |
5.427 |
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Export Value |
160.578 |
24.853 |
NA |
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Expenditures : |
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Raw Material Consumed |
933.428 |
689.700 |
224.181 |
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Purchases made for re-sale |
228.050 |
65.874 |
107.709 |
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Salaries, Wages, Bonus, etc. |
23.121 |
32.481 |
13.894 |
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Managerial Remuneration |
1.260 |
0.960 |
0.144 |
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Payment to Auditors |
0.234 |
0.180 |
0.040 |
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Interest |
10.846 |
4.339 |
1.149 |
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Insurance Expenses |
0.299 |
0.288 |
0.133 |
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Power & Fuel |
2.283 |
1.965 |
1.247 |
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Depreciation & Amortization |
3.913 |
2.512 |
0.939 |
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Other Expenditure |
59.398 |
48.561 |
22.347 |
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Total Expenditure |
1262.832 |
846.860 |
371.783 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
2.43
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6.54 |
1.42 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.72
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10.26 |
2.21 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.62
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28.68 |
9.07 |
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Return on Investment (ROI) (PBT/Networth) |
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0.27
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0.66 |
0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.55
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1.31 |
2.24 |
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Current Ratio (Current Asset/Current Liability) |
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1.89
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2.21 |
2.74 |
LOCAL AGENCY FURTHER INFORMATION
|
Additional Requirement of Indiamart for Trust-Seal |
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Service Tax No. : AADCS6985JST001 |
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TIN : 19200946010 |
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IEC Code : 0206024941 |
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CST No.: 19200946010 |
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PAN : AADCS6985J |
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Bank Name : HSBC
Bank Limited |
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Bank Address : |
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Bank A/c. No.: 023-152267-001 |
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Account Since : 5
years |
Note: Subject has no ISO certificate
TRADE REFERENCES:-
·
Baslex Jeweller,
·
Bamas Jeweller,
Form 8:
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Corporate
identity number of the company |
U36911WB1994PLC064637 |
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Name of the
company |
SENCO GOLD
LIMITED |
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Address of the registered
office or of the principal place of
business in |
7 and |
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This form is for |
Creation of
charge |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
Axis Bank
Limited, E-mail: citroad.branchhead@axisbank.com
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Nature of
instrument creating charge |
No Instrument, oral
Assent (Memorandum of entry) |
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Date of
instrument Creating the charge |
19.07.2008 |
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Amount secured by
the charge |
Rs. 9.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest will be
charged on 2.25% below BPLR (14.75% presently) i.e. 12.50% p.a. payable with
monthly rests or at such other as may be specified by Bank from time to time.
Terms of Repayment : Term Loan of Rs.
9.000 millions repayable in Rs. 0.094 million monthly for 6 months moratorium
and thereafter and thereafter 84 equated monthly installments of Rs. 0.161
million towards payment of principal. Margin: Term Loan : 30% Extent and operation of the charge: First Charge over
immovable properties of company. |
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Short particulars
of the property charged (Including location of the property) |
The entire
basement measuring super built up area about 1925 Sq.fts and the entire
ground floor measuring super built area of about 1925 Sq.fts of the building at
Mouza- Barasat, Touzi No. 146, J L No. 79, R S No. 261, Dag No. 101 under
Khatian No. 174 being holding No. 22, jessore
Road, Ward No. 9 with in Jurisdiction of the Barasat Municipality in the
Dist. Of North 24 pgs. |
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Name of the company |
SENCO GOLD PRIVATE LIMITED |
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Presented By |
Allahabad Bank, Bowbazar
Street Branch, 2 College street, Kolkata – 700 012 |
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1) Date and description of instrument creating the change |
General Letter of
hypothecation dated 05.11.2003 The original
charge was registered on 03.12.2003
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit Limit
– Rs. 14.000 millions Overall limit Rs.
14.000 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 |
The company
hereby charge and hypothecates by way of first charge in favour of the bank
all the present and future products, goods and movable property of any kind
of the company including all movable plant, engines and machinery, apparatus,
tools motor, lorries and cars, furniture goods and other materials whether
raw or finished goods or in progress of Manufacturer including the stock of
gold, platinum, Silver, etc. ornaments and jeweler and consumable stores
which now hereafter from time to time during this security shall be brought
in stored or be in or about the company’s premises, Show Room’s or godown in
the State of West Bengal or wherever else
and else and also all present and future book debts, outstanding
monies, receivables, claims, bills, cash in hand and ay bank for the purpose
and upto the terms declared in General Letter of hypothecation remain in full
force. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The said property
shall stand hypothecated and charged and mortgaged to the bank by way of
first charges as continuing security for the payment to the bank on demand of
the balance of cash credit or any other account for the company’s present and
future indebtedness. Interest @ 10.50%
p.a with monthly rests. Other usual and
incidental clauses. |
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5) Name and Address and description of the person entitled to the charge. |
Allahabad Bank, |
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6) Date and brief description of instrument modifying the charge |
General Letter of
hypothecation dated 01.10.2004. |
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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. |
By present and
second modification, the overall limit has been enhanced from Rs. 19.100
millions to Rs. 23.000 millions by way of cash credit consequent to sanction
of adhoc limit of Rs. 3.900 millions. The adhoc limit
is sanctioned till 30.11.2004 Interest and other
charges will be paid as per terms and conditions of sanction letter Others terms and
condition are as per terms and conditions of above referred documents and
sanction letter of the Bank. Other terms and
conditions save as modified above remain in full force. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.09 |
|
|
1 |
Rs.74.90 |
|
Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|