MIRA
INFORM REPORT
|
Report Date : |
01.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
SETRON INDIA PRIVATE LIMITED |
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Registered
Office : |
O-14 (B), Lajpat Nagar – 2, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
01.02.1994 |
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Com. Reg. No.: |
55-57178 |
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Capital
Investment / Paid-up Capital : |
Rs.2.470 Millions |
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CIN No.: [Company Identification
No.] |
U72200DL1994PTC057178 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELS13481G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Importers and Distributors of Broadcast and Pro-Audio Equipments. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 74000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
O-14 (B), Lajpat Nagar – 2, |
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Tel. No. : |
91-11-29841761 / 1762 / 46540317 |
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Fax No. : |
91-11-46529100 |
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E-Mail : |
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Website : |
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Regional Office : |
102/28-A, |
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Tel. No. |
91-22-26371638 |
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Fax No. : |
91-22-26367421 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Naresh Dhawan |
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Designation : |
Managing Director |
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Address : |
E-282, 2nd Floor, Greater Kailash – 1, |
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Date of Appointment : |
01.02.1994 |
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DIN No. : |
00427212 |
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Name : |
Mr. Arjun Suri |
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Designation : |
Director |
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Address : |
C-4/47B, Keshav Puram, |
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Date of Appointment : |
30.03.2007 |
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DIN No. : |
00728329 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Naresh Dhawan |
|
19310 |
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Mamta Dhawan |
|
5380 |
|
Arjun Dhawan |
|
10 |
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Total |
|
24700 |
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
99.92 |
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Other top fifty shareholders |
0.08 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importers and Distributors of Broadcast and Pro-Audio Equipments. |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
A.K. Khurana and Associates Chartered Accountant |
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Address : |
A-217, Defence Colony, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24700 |
Equity Shares |
Rs.100/-each |
Rs.2.470
Millions |
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 |
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|
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1] Share Capital |
2.470 |
2.470 |
2.470 |
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2] Share Application Money |
0..000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
16.016 |
15.211 |
12.912 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
18.486 |
17.681 |
15.382 |
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LOAN FUNDS |
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1] Secured Loans |
2.380 |
0.795 |
1.184 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
2.380 |
0.795 |
1.184 |
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DEFERRED TAX LIABILITIES |
0.268 |
0.235 |
0.187 |
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TOTAL |
21.134 |
18.711 |
16.753 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.366 |
1.517 |
1.836 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
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 |
10.136
|
9.323 |
8.382 |
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Sundry Debtors |
6.151
|
6.945 |
3.638 |
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Cash & Bank Balances |
4.939
|
4.758 |
4.961 |
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Other Current Assets |
2.614
|
1.738 |
3.760 |
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Loans & Advances |
0.069
|
0.405 |
0.503 |
|
Total
Current Assets |
23.909
|
23.169 |
21.244 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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|
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|
Sundry Creditors |
|
3.677 |
3.652 |
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Other Current Liabilities |
2.487
|
0.983 |
(0.539) |
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Provisions |
1.654
|
1.315 |
3.214 |
|
Total
Current Liabilities |
4.141
|
5.975 |
6.327 |
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Net Current Assets |
19.768
|
17.194 |
14.917 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
21.134 |
18.711 |
16.753 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
30.881 |
43.439 |
45.457 |
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Less |
EXPENSES |
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Cost of Sales |
20.329 |
29.332 |
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Other Expenses (Including Depreciation) |
9.271 |
10.495 |
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TOTAL (B) |
29.600 |
39.827 |
38.637 |
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PROFIT BEFORE
TAX (E-F) (G) |
1.281 |
3.612 |
6.820 |
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Less |
TAX (I) |
0.476 |
1.313 |
2.183 |
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PROFIT AFTER TAX
(G-I) (J) |
0.805 |
2.299 |
4.637 |
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EARNINGS IN
FOREIGN CURRENCY |
2.527 |
1.675 |
NA |
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TOTAL IMPORTS |
10.896 |
23.159 |
NA |
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Earnings Per
Share (Rs.) |
32.59 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.61
|
5.29 |
10.20 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.07
|
14.63 |
29.55 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.20 |
0.44 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.35
|
0.38 |
0.49 |
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Current Ratio (Current Asset/Current Liability) |
|
5.77
|
3.88 |
3.36 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS AND PROSPECTS
The turnover declined
during the year as compared to previous year. The decline in turnover and
recessionary conditions in the industry adversely affected the margin and
profitability for the year. The directors are hopeful that the recovery in the
economy would improve the situation during the current financial year.
FORM 8 :
|
Corporate
identity number of the company |
U72200DL1994PTC057178 |
|
Name of the
company |
SETRON INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
O-14 (B), Lajpat Nagar – 2, |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10190387 |
|
Type of charge |
Book Debts Movable property |
|
Particular of
charge holder |
Axis Bank Limited, 4/10, OPG House, |
|
Nature of
instrument creating charge |
Link document for
Earmarking of limit. Amendment cum
link agreement. |
|
Date of
instrument Creating the charge |
02.11.2010 |
|
Amount secured by
the charge |
Rs.6.400 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Extent and
operation of the charge : 100% Others : The above is to
secure the following credit facilities :- Cash Credit =
Rs.5.000 Millions Bank Guarantee =
Rs.1.400 Millions One way
interchangeability allowed from CC to BG limit of Rs.2.500 Millions. Overall
exposure not to exceed Rs.6.400 Millions at any given point of time. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation by
way of first and exclusive charge over all present and future current assets and
entire movable fixed assets of the company (Excluding Vehicles) both present
and future. |
|
Particulars of
the present modification |
There being no
change in the overall credit facilities of Rs. 6.400 millions already regd.
However the company is permitted to avail BG limit upto Rs. 3.900 millions
out of total credit facilities of Rs.6.400 millions by earmarking Rs. 2.500
millions out of CC limit. Further rate of interest has been revised from BPLR
less 225 BPS p.a. To 5.00% above bank's base rate and shall continued to be
secured by 1st and excl. Charge over all p/f current assets and entire mov.
Fixed assets of the company (excluding vehicles). |
CHANGE OF ADDRESS :
Registered office of the company has been shifted
from E-282, Gratter Kailash,
FIXED ASSETS
- Furniture and Fixture
- Plant and Machinery
- Car
- Air Conditioner / Cooler
- Office Equipment
- Computer / Printer / Laptop
- Temprorary Erection
- Telephone Instrument
- Electric Fitting
- Demo. Equipment
- Water Purifier
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.45.03 |
|
|
1 |
Rs.74.43 |
|
Euro |
1 |
Rs.64.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
|
45 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.