MIRA
INFORM REPORT
|
Report Date : |
06.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SONODYNE TECHNOLOGIES PRIVATE LIMITED |
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Registered Office : |
98NB, Block E, 1st Floor, New Alipore, Kolkata 700 053,
West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.01.2006 |
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Com. Reg. No.: |
21 - 107150 |
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CIN No.: [Company
Identification No.] |
U74999WB2006PTC107150 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALS17186B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Supplier of Loud Speaker and Sound Producing,
Professional Monitor, Power Supplies. |
RATING &
COMMENTS
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MIRAs Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 25235 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a small company and subsidiary of Sonodyne International
Private Limited. Trade relations are fair. Financial position is moderate.
Profit Margin is under severe pressure. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
98NB, Block E, 1st Floor, New Alipore, Kolkata 700 053,
West Bengal, India |
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Tel. No.: |
91-33-24570418/ 24583406 |
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Fax No.: |
91-33-24787243 |
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E-Mail : |
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Website : |
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Corporate Office : |
Sector 1, SDF, E Building, Ground Floor, Falta, Special Economic
Zone, Flata 24, Parganas, Kolkata 700 053, West Bengal, India |
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Tel. No.: |
91-33-24570418 |
DIRECTORS
|
Name : |
Mr. Ashok Kumar Mukherjee |
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Designation : |
Director |
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Address : |
177, Block G, New Alpore, Kolkata 700 053, West Bengal, India |
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Date of Birth/Age : |
08.09.1943 |
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Date of Appointment : |
06.01.2006 |
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Name : |
Mr. Anindya Mukherjee |
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Designation : |
Director |
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Date of Birth/Age : |
06.07.1974 |
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Date of Appointment : |
06.01.2006 |
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Name : |
Mr. Abhijit Ghose |
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Designation : |
Director |
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Date of Birth/Age : |
28.04.1948 |
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Date of Appointment : |
06.01.2006 |
KEY EXECUTIVES
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Name : |
Mr. N R Ramchandran |
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Designation : |
Company Secretary |
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Address : |
Bentinck Chambers, 37-A, Bentinck Street, Room No. 304, 3rd
Floor, Kolkata 700 069, West Bengal, India |
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Tel. No. : |
91-33-22480561 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
Equity share breakup (Percentage of total equity)
As on 31.03.2007
|
Sr. No. |
Category |
Percentage |
|
1. |
Bodies corporate
(not mentioned above) |
68.32 |
|
2. |
Directors or
relatives of directors |
31.68 |
|
|
Total |
100.00 |
LIST OF ALLOTTEES
As on 23.10.2007
|
Names of Allottees |
No. of Shares |
|
Mr. Ashok Kumar Mukherjee |
10000 |
|
Brighton Services Private Limited |
10000 |
|
Blue Diamonds Investments Private Limited |
10000 |
|
Mrs. Monidipa Mukherjee Mr. Ashok Kumar Mukherjee |
10000 |
|
Mr. Anindya Mukherjee Mrs. Sukanya Mukherjee |
5000 |
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Total |
45000 |
LIST OF ALLOTTEES
|
Names of Allottees |
No. of Shares |
|
Mrs. Monidipa Mukherjee Mr. Ashok Kumar Mukherjee |
25000 |
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Mr. Ashok Kumar Mukherjee Mrs. Monidipa Mukherjee |
36750 |
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Mr. Anindya Mukherjee Mrs. Sukanya Mukherjee |
20000 |
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Mr. Aryesh Mukherjee |
10000 |
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Sonodyne Electronics Company Private Limited |
40000 |
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Blue Diamonds Investments Private Limited |
20000 |
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Brighton Services Private Limited |
45000 |
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Sonodyne International Private Limited |
200000 |
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Total |
396750 |
LIST OF ALLOTTEES
|
Names of Allottees |
No. of Shares |
|
Mr. Ashok Kumar Mukherjee Mrs. Monidipa Mukherjee |
10000 |
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Blue Diamonds Investments Private Limited |
10000 |
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Brighton Services Private Limited |
10000 |
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Total |
30000 |
LIST OF ALLOTTEES
As on 31.03.2008
|
Names of Allottees |
No. of Shares |
|
Sonodyne Electronics Company Private Limited |
10000 |
|
Mrs. Monidipa Mukherjee Mr. Ashok Kumar Mukherjee |
10000 |
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Mr. Ashok Kumar Mukherjee Mrs. Monidipa Mukherjee |
10000 |
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Sonodyne International Private Limited |
10000 |
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Brighton Services Private Limited |
10000 |
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Blue Diamonds Investments Private Limited |
15000 |
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Total |
65000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Supplier of Loud Speaker and Sound Producing,
Professional Monitor, Power Supplies. |
GENERAL
INFORMATION
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Bankers : |
v State Bank of
India Overseas Branch, Samriddhi Bhawan, 1, Strand Road, Kolkata 700 001,
West Bengal, India |
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Facilities : |
EPC/ PC Rs. 7.500 millions Adhoc EPC/ PCFC Rs. 2.500 millions Term Loan Rs. 19.400 millions LC Rs. 5.000 millions BG Rs. 1.000 million Total Rs.
35.400 millions |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
Maheshware and Associates Chartered Accountants |
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Address : |
Getanjali Apartment, Flat 6A, 8B, Middleton Street, Kolkata 700
071, West Bengal, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity shares |
Rs. 10/- each |
Rs. 7.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
505000 |
Equity shares |
Rs. 10/- each |
Rs. 5.050
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
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|
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.050 |
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2] Share Application Money |
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|
0.300 |
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3] Reserves & Surplus |
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|
0.000 |
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4] (Accumulated Losses) |
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(0.303) |
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NETWORTH |
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|
5.047 |
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LOAN FUNDS |
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1] Secured Loans |
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16.099 |
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2] Unsecured Loans |
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|
1.843 |
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TOTAL BORROWING |
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17.942 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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22.989 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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7.477 |
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Capital work-in-progress |
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13.107 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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3.307 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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1.068 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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|
0.450 |
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Total
Current Assets |
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4.825 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.439 |
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Provisions |
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|
0.007 |
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Total
Current Liabilities |
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2.446 |
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Net Current Assets |
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2.379 |
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MISCELLANEOUS EXPENSES |
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|
0.026 |
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TOTAL |
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22.989 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
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Sales Turnover |
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|
2.331 |
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Other Income |
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|
0.112 |
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Total Income |
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2.443 |
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Profit/(Loss) Before Tax |
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(0.295) |
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Provision for Taxation |
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(0.008) |
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Profit/(Loss) After Tax |
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(0.303) |
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Earnings in Foreign Currency : |
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Export Earnings |
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0.757 |
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Total Earnings |
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0.757 |
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Imports : |
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Raw Materials |
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1.432 |
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Capital Goods |
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4.536 |
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Total Imports |
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5.968 |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
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(1.518) |
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Financial Charges |
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|
0.900 |
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Depreciation & Amortization |
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|
0.187 |
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Other Expenditure |
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2.307 |
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Total Expenditure |
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|
2.738 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
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PAT / Total Income |
(%) |
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(12.40) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(12.66) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(12.07) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.06) |
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Debt Equity Ratio (Total Liability/Networth) |
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0.48 |
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Current Ratio (Current Asset/Current Liability) |
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1.97 |
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 |
80025801 |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U74999WB2006PTC107150 |
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Name of the company |
SONODYNE TECHNOLOGIES PRIVATE LIMITED |
|
Address |
98NB, Block E, 1st Floor, New Alipore, Kolkata 700 053,
West Bengal, India |
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Type of Charges |
v Immovable property |
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Particular of the charge holder |
Name : State Bank of India Address: Overseas Branch, Samriddhi Bhawan,1, Strand Road City : Kolkata State : West Bengal ISO country code : IN e-mail ID : sbiobcal@cal3.vsnl.net.in |
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Nature or description of the instrument creating or modifying the charge |
No Instrument was executed however mortgage was extended by way of constructive delivery of title deeds for creation of further charge for overall limit where the initial charge is created by way of mortgage by deposit of original title deeds at the office of State Bank of India, Overseas Branch, Kolkata |
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Date of the instrument creating charge |
25.02.2008 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 125.400 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest The Bank reserves the right to charge interest, commission, discount, cost and charges at such rates as may be determined by the Bank from time to time according to Banking Norms and RBI Guidelines, the present rate of interest being: EPC/PCFC up to 180 days 2.50% below SBAR i.e. 10.20% p.a. Term Loan 2.50% over SBAR applicable to SB TL 4 credit rating effective rate will be 15.25% p.a. at monthly rests. Terms of repayment Working capital facilities are repayable on demand and repayment schedule of Term Loan installments remains unchanged i.e. as per arrangement letter (SME -1) no. OBK/ SME/ CM/ 325 dated 26.02.2007 Margin 10% of EPC Extent and operation of the charge The charge operates as first charge basis on the whole of mortgaged properties to secure the maximum amount under the said charge fixed at Rs. 125.400 millions together with interests, costs, and charges thereon. Others The Borrower shall not do or allow anything which may prejudice the security and shall comply with the terms and conditions of the agreements. The overall limit is also secured by corporate guarantee of M/s Sonodyne International Private Limited. |
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Short particulars of the Property charged |
A commercial space on Ground Floor, standard design Factrory, E Building, Space area 600 Sq. mt. Land in sector I, Plot No. 41C, within Vill. Simulberia, Mouza Bisra, Land area 845 Sq. mt. Sector I, Plot No. 41C, Vill. Simulberia, Mouza Bisra and Building constructed thereupon land area 2860 Sq. mt. Building Area 870 Sq. mt. All are situated in Sec. I, Falta SEZ, PS Falta, Dist., 24 Pages more particularly described in the SME-7.. |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
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Date of latest modification prior to the present modification |
28.02.2007 |
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Particulars of the present modification |
By present modification the company (M/s. Sonodyne Technologies Private Limited Borrower) is the Mortgagor enhanced its limit from Rs. 32.900 millions to Rs. 35.400 millions and provides security/ guarantee for the limit of Rs. 90.000 millions granted or to be granted by the bank to Sonodyne International Private Limited. Thus the overall secured by the said charge has been enhanced from Rs. 122.900 millions to Rs. 125.400 millions. All other terms and conditions continue to remain as before in full force and effect. |
Form 8
|
This form is for |
Creation of charge |
|
Corporation identity number (CIN) or foreign company registrations number of the company |
U74999WB2006PTC107150 |
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Name of the company |
SONODYNE TECHNOLOGIES PRIVATE LIMITED |
|
Address |
98NB, Block E, 1st Floor, New Alipore, Kolkata 700 053,
West Bengal, India |
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Type of Charges |
v Hypothecation |
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Particular of the charge holder |
Name : State Bank of India Address: Overseas Branch, Samriddhi Bhawan,1, Strand Road City : Kolkata State : West Bengal ISO country code : IN e-mail ID : sbiobcal@cal3.vsnl.net.in |
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Nature or description of the instrument creating or modifying the charge |
Agreement of loan cum hypothecation |
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Date of the instrument creating charge |
02.05.2006 |
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Whether charge created or modified outside India |
No |
|
Amount Secure by the charge |
EPC/ PC Rs. 7.500 millions FBD/ EBR Rs. (7.500) millions Term Loan Rs. 19.400 millions Letter of Credit Rs. 5.000 millions Bank Guarantee Rs. 1.000 million Total Rs.
32.900 millions |
|
Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest The Bank reserves the right to charge interest, commission, discount, cost and charges at such rates as may be determined by the Bank from time to time according to Banking Norms and RBI Guidelines, the present rate of interest being: EPC/PCFC up to 180 days 2.50% below SBAR i.e. 7.75% p.a. with monthly rests. B) Beyond 180 days and upto 270 days 1.25% below state bank advance Rate SBAR i.e. 9.00% p.a. with monthly rests for FBD/ EBR (i) Demand Bills 2.50% below SBAR i.e. 7.75% p.a. (ii) Usance Bills: (a) Upto 90 days: 2.50 % below SBAR i.e. 7.75% p.a. (b) Beyond 90 days and upto 6 months 0.25% below SBAR i.e. 9.00% p.a. for the period beyond 90 days. Term Loan 2.50% over SBAR applicable to SB TL 4 credit rating effective rate will be 15.25% p.a. at monthly rests. Margin 10% of EPC 15% of letter of credit (cover max 90 days) LC for capital goods: As per the margin fixed in the project 25% of Bank Guarantee. First charge on the whole of the hypothecated assets. |
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Description of the property charged |
v Plant and Machinery v Stock in trade v Book debts v Vehicles v Others |
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Short particulars of the Property charged |
Hypothecation of stock of raw materials, stock in process, finished goods, spares and stores, receivables and all other current assets of the company. All present and future stocks, raw materials, goods, book debts and vehicles and all other movables assets of the borrowers including receivables, documents of title to goods, outstanding monies, bills, invoices, documents, contracts insurance policies, Guarantees, engagements, securities, investments and rights and the present machinery and the borrowers or of the bank or of the third party whether in possession of assets as may be in the course of shipment, transit or delivery and all the machinery, vehicles, and other equipments items of what so ever acquired by the borrowers pursuant or subsequent to these presents hereby agreed to be furnished in form SME -2, A, to the agreement shall stand hypothecated to the bank by way of 1st charge. |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
Yes |
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 Intl
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 companys 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. 44.37 |
|
UK Pound |
1 |
Rs. 78.09 |
|
Euro |
1 |
Rs. 63.41 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--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 |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
This score serves as a reference to assess SCs 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 |
|