MIRA
INFORM REPORT
|
Report Date : |
08.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SONODYNE INTERNATIONAL PRIVATE LIMITED |
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Formerly Known As : |
SONODYNE INTERNATIONAL LIMITED |
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Registered Office : |
98 NB Block, E, New Alipore, Kolkata - 700053, 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 : |
22.01.1982 |
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Com. Reg. No.: |
21- 34473 |
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CIN No.: [Company
Identification No.] |
U32109WB1982PTC034473 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Designer of High End Audio Products and Power
electronics Equipments. |
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 124515 |
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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 small established company having satisfactory track. Trade
relations are fair. Financial position of the company is satisfactory.
Payments are usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
98 NB Block, E, New Alipore, Kolkata, West Bengal – 700053, 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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Head Office : |
Unit No.56, SDF 2, SEEPZ, Andheri (East), Mumbai – 400096,
Maharashtra, India |
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Tel. No.: |
91-22-28290257 |
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Company Name : |
Sonodyne Electronics Company Private Limited |
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Branch Office : |
#28, 1st Floor, SGN Layout, 1st Cross, Lalbagh Road, Bangalore 560027,
INDIA |
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Tel. No.: |
91-80- 41573293, 22106429 |
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Mob No.: |
91- 9343710301 |
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E-Mail : |
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Company Name : |
Sonodyne Electronics Company Private Limited |
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Branch Office : |
CUG 2, Jumbo House, Okhla Industrial Area, Phase III, Okhla, New Delhi
110020 |
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Tel. No.: |
91 11 30820233, 26932003 |
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Mob No.: |
91-9810661147 |
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Fax No.: |
91 11 26932003 |
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E-Mail : |
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Company Name : |
Sonodyne Electronics Company Private Limited |
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Branch Office : |
Prince Bhavan, Ground Floor, Rear Plot # 95, Room # 16, MIDC, Andheri
(East), Mumbai 400093, INDIA |
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Tel. No.: |
91 22 28353024 |
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Mob No.: |
91 9869140302 |
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Fax No.: |
91 22 28290295 |
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E-Mail : |
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Listening Rooms : |
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Branch Office : |
The Sonodyne Listening Room South City Mall, 3rd Floor, Prince Anwar Shah Road, Kolkata, INDIA |
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Tel. No.: |
91 33 40072296 |
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Mob No.: |
91 9830855257 |
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E-Mail : |
kol_showroom@sonodyne.com |
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Branch Office : |
The Sonodyne Listening Room Shop #208, The Forum, 21 Hosur Road, Bangalore 560029, INDIA |
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Tel. No.: |
91 80 22067684, 30962694 |
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E-Mail : |
bang_showroom@sonodyne.com |
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Branch Office : |
The Sonodyne Listening Room A103, ISCON Center, Shivranjani Cross Roads, Ahmedabad 380015 |
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Tel. No.: |
91 79 55251212 |
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Fax No.: |
91 79 26407615 |
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E-Mail : |
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Branch Office : |
The Sonodyne Listening Room Atria Millenium Mall, 3rd Floor, Worli, Mumbai, INDIA |
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Tel. No.: |
91 22 24813312 |
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Mob No.: |
91 9819372997 |
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E-Mail : |
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Factory 1: |
Sonodyne Electronics Company Limited 4 & 5 Souren Roy Road, Kolkata 700034, INDIA |
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Tel. No.: |
91 33 24781333, 24575034 |
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E-Mail : |
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Factory 1: |
Sonodyne International Limited Unit 56, SDF II, SEEPZ, Andheri (E), Mumbai 400096, INDIA |
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Tel. No.: |
91 22 28290257, 28291393, 28291398 |
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Mob No.: |
91 22 2829 0295 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ashok Kumar Mukherejee |
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Designation : |
Director and Chairman |
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Date of Birth/Age : |
08.09.1943 |
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Date of Appointment : |
01.08.2006 |
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Name : |
Mrs. Monidipa Mukherejee |
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Designation : |
Director |
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Date of Birth/Age : |
20.09.1950 |
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Date of Appointment : |
01.08.2006 |
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Name : |
Mr. Anindya Mukherejee |
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Designation : |
Director |
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Address : |
06.07.1974 |
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Date of Appointment : |
01.08.2006 |
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Name : |
Mr. Debidas Ganguly |
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Designation : |
Director |
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Date of Birth/Age : |
14.12.1944 |
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Date of Appointment : |
30.09.2002 |
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Name : |
Mr. Subimal Kumar Dutt |
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Designation : |
Director |
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Date of Birth/Age : |
01.03.1929 |
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Date of Appointment : |
23.09.2003 |
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Name : |
Mr. Pradip Kumar Ghosh |
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Designation : |
Director |
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Date of Birth/Age : |
09.02.1934 |
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Date of Appointment : |
23.09.2003 |
KEY EXECUTIVES
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Name : |
Mr. Pankaj Kumar |
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Designation : |
Secretary |
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Address 1 : |
Vill. Pitamberpur, P.O. Bari Prithana, Dist. Nalanda – 801303, Bihar,
India |
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Mob. No.: |
91-9334473673 |
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Email : |
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Address 2 : |
225/16A, Upen Banerjee Road, Kolkata – 700060, West Bengal, India |
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Tel. No.: |
24010530 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
List of
Allottees |
|
No. of Shares |
|
Ashok Kumar Mukherejee |
|
10000 |
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Monidipa Mukherejee |
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10000 |
|
Blue Diamond Investment Private Limited |
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10000 |
AS ON 20.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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55.63 |
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Directors or relatives of directors |
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42.36 |
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Other top fifty shareholders |
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2.01 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Designer of High End Audio Products and Power
electronics Equipments. |
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Exports : |
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Countries : |
Hong Kong, Germany, United States, Poland, Italy, australia |
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Imports : |
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Countries : |
Hong Kong, China |
GENERAL
INFORMATION
|
Suppliers : |
· Famous Aluminum · Om Metal
Industries · Shree
Enterprises · Makwana Metal
Works · Vishwakarma Engineering
Works · Maker Coats · Kunal Industries
· Packshield
Industries · R.K. Plastics · Shiv Shakti
Engineering · Elcom
International Private Limited · Glaze
Systematics · Inks India · Mehta
Engineering Enterprises · Prime Power
Devices · Rapid
Electronics 1 · Terminal
Technologies 1 · Vajra Arts · Ambica Mica
Traders · Compack · Estovir Controls
· Harve Machinen · N.N. Rubber
Manufacturing Company · Paxpert
Packaging Private Limited · Akshay Fasteners · Excel Process
Private Limited · Gayatri
Fabricators · Kwality
Photonics Private Limited · Namtech
Electronics Devise Limited · True Pack Thermo
Products |
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No. of Employees : |
75 |
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Bankers : |
· State Bank of
India 1, Standard Road, Overseas Branch, Kolkata – 700001 A/c No.11051172616 · Standard
Chartered Bank · Punjab National
Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Som Nath Basu Chartered Accountant |
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Address : |
36, Mott Lane, Kolkata – 700013, West Bengal, India |
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Associates/Subsidiaries : |
SONODYNE ELECTRONIC COMPANY PRIVATE LIMITED (SECPL) |
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CIN No.: |
U99999WB1974PTC029663 |
CAPITAL STRUCTURE
AS ON 20.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000 |
Equity Shares |
Rs. 100/- Each |
Rs.40.000 Millions
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2490300 |
Equity Shares |
Rs. 10/- Each |
Rs.24.903 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
24.903 |
24.603 |
24.603 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
72.832 |
59.766 |
46.425 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
97.735 |
84.369 |
71.028 |
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LOAN FUNDS |
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1] Secured Loans |
60.510 |
43.660 |
32.211 |
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2] Unsecured Loans |
1.606 |
2.187 |
3.734 |
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TOTAL BORROWING |
62.116 |
45.847 |
35.945 |
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DEFERRED TAX LIABILITIES |
3.162 |
2.298 |
2.057 |
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TOTAL |
163.013 |
132.514 |
109.030 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
31.622 |
22.981 |
19.761 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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0 |
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INVESTMENT |
42.275 |
40.275 |
40.275 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
63.256 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
72.097
|
51.092 |
46.452 |
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Sundry Debtors |
27.578
|
27.263 |
15.677 |
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Cash & Bank Balances |
11.900
|
13.726 |
14.614 |
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Other Current Assets |
0.095
|
0.095 |
0.095 |
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Loans & Advances |
10.071
|
11.386 |
8.189 |
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Total
Current Assets |
121.741
|
103.562 |
85.027 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
27.769
|
29.028 |
31.120 |
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Provisions |
4.856
|
5.276 |
4.998 |
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Total
Current Liabilities |
32.625
|
34.304 |
36.118 |
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Net Current Assets |
89.116
|
69.258 |
48.909 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.085 |
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TOTAL |
163.013 |
132.514 |
109.030 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2006 |
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Total Income |
|
|
209.238 |
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Profit/(Loss) Before Tax |
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|
26.097 |
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Provision for Taxation |
|
|
9.450 |
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Profit/(Loss) After Tax |
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|
16.647 |
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Total Export |
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89.849 |
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Total Import |
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199.316 |
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Expenditures : |
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Administrative Expenses |
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2.213 |
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Depreciation & Amortization |
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|
1.769 |
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Other Expenditure |
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|
179.159 |
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Total Expenditure |
|
|
183.141 |
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Note : 2007 Profit and Loss
Account is not available.
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
NA
|
07.95 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
12.47 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
15.64 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
30.93 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.96
|
0.95 |
1.01 |
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Current Ratio (Current Asset/Current Liability) |
|
3.73
|
3.01 |
2.35 |
LOCAL AGENCY
FURTHER INFORMATION
Form No.8
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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80025807 |
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Corporate
identity number of the company |
U32109WB1982PTC034473 |
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Name of the
company |
ERSTWHILE SONODYNE INTERNATIONAL LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
89 NB Block, E, New Alipore, Kolkata, West Bengal – 700053, India |
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Type of charge |
Book Debt Movable Property Floating Charge |
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Particular of
charge holder |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
Agreement of hypothecation of goods and Assets for increase in the overall limit.
(Read with letter regarding the grant of individual limit within the overall
limit) |
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Date of
instrument Creating the charge |
28.02.2007 |
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Amount secured by
the charge |
Rs.90.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For pre- Shipment
Credit (EPC)- up to 180 days @2.90% below SBAR*, i.e. 8.60% p.a. at present. Beyond 180 days
up to 365 days @2.35% below SBAR*, i.e.9.15% p.a. at present. Pre- shipment
credit not otherwise specified rate applicable for CC, i.e. 1.50% above
SBAR*, i.e. 13.00% p.a. at present. *SBAR is 11.50%
with effect from 27.12.2006 For pre- Shipment
credit (PCFC), Post- Shipment Credit and Post Shipment Credit (EBR) : As
detailed in from C5 dated 28.02.2007
Terms of
Repayment As may be
stipulated by the bank from time to time. Margin 10% of EPC / SLC 15% (Cover max.
120 Days) of letter of credit, and 15% of Bank
Guarantee Extent and Operation
of the charge First charge on
the hole of hypothecated assets |
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Short particulars
of the property charged |
All present and
future goods book debts and all other movable assts of the borrower including
documents of title to the goods, outstanding moneys, receivable, claims,
bills, invoices, contacts, investments, plant and machinery both present and
future and all other assets by way of first charge. |
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Date of latest
modification prior to the present modification |
22.08.2005 |
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|
Particulars of
the present modification |
By this
modification, the overall limit is enhanced from Rs.73.000 Millions to
Rs.90.000 Millions (Rupees ninety millions only). All other terms and
conditions continue to remain as before in full force and effect. |
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.44.37 |
|
UK Pound |
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.63.41 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
|