MIRA INFORM REPORT

Report Date :

30.07.2011

IDENTIFICATION DETAILS

Name :	SONY MONY ELECTRONICS LIMITED
Registered Office :	3-6 Shreeji Apartments, 45, J P Road, Near Rajkumar Hotel, Andheri (West), Mumbai -400058, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	09.01.1995
Com. Reg. No.:	11-084435
Capital Investment/ Paid-up Capital:	Rs.0.529 Million
CIN No.: [Company Identification No.]	U51395MH1995PTC084435
TAN No.: [Tax Deduction & Collection Account No.]	MUMS40636B
PAN No.: [Permanent Account No.]	AAACS9371H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader and dealers of Electronic Item and Home Appliances
No. of Employees:	123 Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 160000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some dip in the profitability of the company. However, trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Shakti Pillai
Designation :	Account Manager
Mobile No. :	91-9819097846
Date :	28.07.2011

LOCATIONS

Registered Office :	3-6, Shreeji Apartments, 45, J. P. Road, Near Rajkumar Hotel, Andheri (West), Mumbai – 400058, Maharashtra, India
Tel. No.:	91-22-26232894/ 6084/ 5935/2608/ 7329/ 6248840/ 26719115
Fax No.:	91-22-26237329
E-Mail :	dilipn@bom8.vsnl.net.in info@sonymony.com simplesolutions23@gmail.com sonymonyindia@yahoo.co.in
Location :	Owned
Corporate Office :	ACME Regency Ground Floor, S V Road, Vile Parle, Mumbai – 400056, Maharashtra, India
Tel No. :	91-22-26719115 / 6 / 7
Showrooms :	· Borivali · Prabhadevi · Operahouse

DIRECTORS

As on 30.09.2010

Name :	Mr. Ramesh Premji Shah
Designation :	Whole Time Director
Address :	101, Shreeji Apartments, 45, J. P. Road, Near Rajkumar Hotel, Andheri (West), Mumbai – 400058, Maharashtra
Date of Birth/Age :	19.02.1965
Date of Appointment :	09.01.1995
DIN No.:	00498196
Name :	Mr. Talakshi Premji Shah
Designation :	Whole Time Director
Address :	101, Shreeji Apartments, 45, J. P. Road, Near Rajkumar Hotel, Andheri (West), Mumbai – 400058, Maharashtra
Date of Birth/Age :	23.04.1970
Date of Appointment :	09.01.1995
DIN No.:	00545914
Name :	Mrs. Shantaben Premji Shah
Designation :	Whole Time Director
Address :	101, Shreeji Apartments, 45, J. P. Road, Near Rajkumar Hotel, Andheri (West), Mumbai – 400058, Maharashtra
Date of Birth/Age :	12.08.1943
Date of Appointment :	09.01.1995
DIN No.:	00575518
Name :	Mrs. Komal Talakshi Shah
Designation :	Director
Address :	101, Shreeji Apartments, 45, J. P. Road, Near Rajkumar Hotel, Andheri (West), Mumbai – 400058, Maharashtra
Date of Birth/Age :	04.11.1974
Date of Appointment :	03.04.2001
Date of Ceasing:	01.08.2009
DIN No.:	00504211
Name :	Mrs. Asha Ramesh Shah
Designation :	Whole Time Director
Address :	101, Shreeji Apartments, 45, J. P. Road, Near Rajkumar Hotel, Andheri (West), Mumbai – 400058, Maharashtra
Date of Birth/Age :	21.06.1968
Date of Appointment :	09.01.1995
Date of Ceasing:	01.08.2009
DIN No.:	00498358

KEY EXECUTIVES

Name :	Mr. Shakti
Designation :	H R Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(As on 30.09.2010)

Names of Shareholders	No. of Shares
Ramesh Premji Shah	6780
Talakshi Premji Shah	4160
Asha Ramesh Shah	3520
Shantaben Premji Shah	3930
Madan Premji Shah	34330
Komal Talakshi Shah	100
Ramesh Shah (HUF)	100
Total	52920

Equity Share Breakup (Percentage of Total Equity)

(As on 30.09.2010)

Category	Percentage
Directors or Relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Trader and dealers of Electronic Item and Home Appliances
Products :	Electronic Item and Home Appliances
Agencies Held :	Sony Samsung LG Toshiba Haier
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Daewee Anchor Electronics Limited

· Baron International Limited

· Travel Corporation (India) Limited

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

123 Approximately

Bankers :

· The Greater Bombay Co-operative Bank Limited

Churchgate, Mumbai – 400020, Maharashtra, India

· HDFC Bank Limited,

HDFC Bank House, Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
From Banks	129.863	58.707
From Corporate Bodies	297.249	315.898
Total	427.112	374.605
Unsecured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
From Directors	17.441	18.180
From Others	3.237	0.000
Total	20.678	18.180

Banking Relations :	--
Financial Institute:	Good Value Financial Services Private Limited, Manek Lodge Building, 3^rd Floor, 33, Huges Road, Opposite Prem Puri Ashram, Grant Road (West) Mumbai-400007, Maharashtra, India
Auditors :
Name :	Y M Desai and Company Chartered Accountant
Address :	Office No. 93 and 94, Building 4, Nityamnand Nagar, Society No. 4, Swami Nityanand Marg, Andheri (East), Mumbai-400069, Maharashtra, India
Tel No.:	91-22-26839090/ 26842142/ 26832850
Fax No.:	91-22-26844177
Mobile No.:	91-9820133227/ 9322244770
E mail:	yangnesh@caymd.com
Website:	http://www.caymd.com

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
52920	Equity Shares	Rs.10/- each	Rs.0.529 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.529	0.529	0.529
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		38.256	59.785	51.161
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		38.785	60.314	51.690
LOAN FUNDS
1] Secured Loans		427.112	374.605	72.159
2] Unsecured Loans		20.678	18.180	19.462
TOTAL BORROWING		447.790	392.785	91.621
DEFERRED TAX LIABILITIES		5.225	5.224	5.225
TOTAL		491.800	458.323	148.536
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		176.019	186.479	199.685
Capital work-in-progress		98.303	86.671	67.753
INVESTMENT		0.067	0.067	0.067
DEFERREX TAX ASSETS		0.917	0.511	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	148.111	121.809	82.130
	Sundry Debtors	8.041	6.690	11.420
	Cash & Bank Balances	4.589	1.654	5.490
	Other Current Assets	5.555	17.966	1.083
	Loans & Advances	265.174	317.460	6.527
Total Current Assets		431.470	465.579	106.650
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	123.132	126.280	75.645
	Other Current Liabilities	91.844	154.704	144.874
	Provisions	0.000	0.000	5.100
Total Current Liabilities		214.976	280.984	225.619
Net Current Assets		216.494	184.595	[118.969]
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		491.800	458.323	148.536

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	534.475	588.115	764.300
		Other Income	94.814	108.685	70.878
		TOTAL (A)	629.289	696.800	835.178
Less	EXPENSES
		Stolen Stocks	0.000	0.902	0.000
		Cost of Goods Sold	489.750	537.126	720.027
		Selling and Distribution Expenses	12.604	14.729	22.720
		Stolen Cash	0.000	0.140	0.000
		Stolen Stock	0.000	[0.902]	0.000
		Administration Expenses	23.856	27.296	30.423
		Personnel Expenses	11.961	17.915	19.442
		TOTAL (B)	538.171	597.206	792.612
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		91.118	99.594	42.566
Less	FINANCIAL EXPENSES (D)		79.730	84.183	17.722
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		11.388	15.411	24.844
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.526	11.443	12.821
	PROFIT BEFORE TAX (E-F) (G)		0.862	3.968	12.023
Less	TAX (H)		0.267	1.344	10.343
	PROFIT AFTER TAX (G-H) (I)		0.595	2.624	1.680
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		59.785	51.161	27.910
Less	APPROPRIATIONS
		Income tax earlier years	22.124	0.000	--
		Prior period Adjustment	0.000	[6.000]	[21.571]
	BALANCE CARRIED TO THE B/S		38.256	59.785	51.161
	Earnings Per Share (Rs.)		11.24	--	--

Particulars	31.03.2011
Sales Turnover (Approximately)	600.000

The above information has been parted by MR. Shakti (H R Head)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.09	0.38	0.20
Net Profit Margin (PBT/Sales)	(%)	0.16	0.67	1.57
Return on Total Assets (PBT/Total Assets}	(%)	0.14	0.61	3.92
Return on Investment (ROI) (PBT/Networth)		0.02	0.07	0.23
Debt Equity Ratio (Total Liability/Networth)		17.09	11.17	6.14
Current Ratio (Current Asset/Current Liability)		2.01	1.66	0.47

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. in Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Creditors
For Goods	117.392	116.590	70.544
For Expenses	5.740	9.690	5.101
Total	123.132	126.280	75.645

Bankers Charges Report as per Registry

Corporate identity number of the company	U51395MH1995PTC084435
Name of the company	SONY MONY ELECTRONICS LIMITED
Address of the registered office or of the principal place of business in India of the company	3-6 Shreeji Apartments, 45, J P Road, Near Rajkumar Hotel, Andheri (West), Mumbai -400058, Maharashtra, India
This form is for	Creation of Charge
Type of charge	Immovable Property
Particular of charge holder	Good Value Financial Services Private Limited, Manek Lodge Building, 3rd Floor, 33, Huges Road, Opposite Prem Puri Ashram, Grant Road (West) Mumbai-400007, Maharashtra, India
Nature of instrument creating charge	Deed of Mortgage
Date of instrument Creating the charge	17.09.2009
Amount secured by the charge	Rs. 250.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 12% p.a. Terms of Repayment To be repaid on 31^st July 2010 alongwith interest Margin Nil Extent and Operation of the charge First Legal Mortgage
Short particulars of the property charged	Land admeasuring 997 sq.yards equivalent to 843 sq.mt. along with building under construction thereon situated at Jai Prakash Road, Plot No. 45, CTS No. 174, Village Versova, Andheri, Mumbai

Corporate identity number (CIN) Foreign company registration number	U51395MH1995PTC084435
Name of the Company	SONY MONY ELECTRONICS LIMITED
Address	3-6 Shreeji Apartments, 45, J P Road, Near Rajkumar Hotel, Andheri (West), Mumbai -400058, Maharashtra, India
This form is for	Creation of Charge
Type of Charge	Immovable Property
Particulars of the charge holder	HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India mumbai@anilashok.com
Nature or description of the instrument(s) creating or modifying the charge	Memorandum Recording Creation of Equitable Mortgage by Deposit of Title Deeds.
Date of the instrument creating or modifying the charge	01.11.2006
Amount secured by the charge	Rs.90.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interests: Interests at the rate as may be communicated by the Bank from time to time. Terms of Repayment: On Demand Margin: Borrower shall all times during the continuance of this security maintain the said debts of a sufficient amount to provide the margin of security as may from time advised by the Bank. Extent and operation of the charge: The Company created an equitable mortgage by way of deposit of title deeds in respect of its immovable properties as mentioned under item No.14 as security for the due repayment of the company dues including principal’s amount of the facility. Interests, Liquidated, costs, charge, and Expenses etc.
Short particulars of the property charged (including location of the property)	Immovable Properties being and situated at Shop No.17 Ground Floor, Shree Ganesh CHS Limited Admeasuring 7880sq. ft. carpet bearing Plot No.9, Gate No.17, Sector No.1 admeasuring about A541 sq. mtrs, Vashi, Navi Mumbai.

Business:

Subject is incorporated to carry on the business of trading, wholesalers, dealers, television receivers, cassettes recorders, video games, tape duplicators and multipliers and all sorts of wireless sets, equipments, accessories, parts, tools, video, oven, T. V., home appliances and utensils and electronic gadgets appliances and units.

The company acts as dealers in Colour T.V., Refrigerators, Two in ones, mixer grinders, washing machines and home appliances, etc.

Fixed Assets:

· Air conditioners

· Office equipments,

· Furniture and fixtures

· Tempo vehicles

· Computer systems

· Electric installations

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.44.16
UK Pound	1	Rs.72.10
Euro	1	Rs.63.10

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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	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
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.