MIRA
INFORM REPORT
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Report Date : |
22.06.2011 |
IDENTIFICATION DETAILS
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Name : |
SANSUI ELECTRONICS PRIVATE LIMITED |
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Registered
Office : |
Plot No. E – 59, Behind Krishi Panan Mandal, Market Yard, Gultekdi,
Pune – 411 037, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
09.10.1990 |
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Com. Reg. No.: |
11-58474 |
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Capital
Investment / Paid-up Capital : |
Rs.0.600
Million |
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CIN No.: [Company Identification
No.] |
U29196MH1990PTC058474 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Supplier and Exporter of various kinds of Weighing
Scales and Weighing Systems. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 310000 |
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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 an established company having moderate track. The
management of the company has not filed its latest financial to the government
department. However, trade relations are reported as fair. Business is
active. Payments are unknown. The company can be considered for business with some caution. |
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
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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 |
INFORMATION PARTED BY
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Name : |
Mr. Sanjay Mohanlal Bafna |
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Designation : |
Director |
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Contact No.: |
919822029191 |
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Date : |
21.06.2011 |
LOCATIONS
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Registered Office/ Factory 1: |
Plot No. E – 59, Behind Krishi Panan Mandal, Market Yard, Gultekdi,
Pune-411037, |
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Tel. No.: |
91-20-24206000 |
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Mobile No.: |
919822029191 (Mr. Sanjay Mohanlal Bafna) |
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Fax No.: |
91-20-24206060 |
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E-Mail : |
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Factory 2: |
Located at Karad, Pune, |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Sunil Bankatlal Desadla |
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Designation : |
Whole Time Director |
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Address : |
44, Guruprasad, |
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Date of Birth/Age : |
19.11.1966 |
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Date of Appointment : |
09.10.1990 |
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Name : |
Mr. Sanjay Mohanlal Bafna |
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Designation : |
Whole Time Director |
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Address : |
106, |
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Date of Birth/Age : |
26.09.1965 |
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Date of Appointment : |
01.04.2005 |
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Name : |
Mr. Mohanlal Raichand Bafna |
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Designation : |
Whole Time Director |
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Address : |
63, Padmohan Bunglow, Vidyasagar Colony, Market Yard Pune – 411 037, |
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Date of Birth/Age : |
02.07.1931 |
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Date of Appointment : |
04.12.1990 |
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Date of Ceasing : |
20.02.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Sanjay Mohanlal Bafna |
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2700 |
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Sunil Bankatlal Desadla |
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2340 |
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Bankatlal Rajmal Desadla |
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330 |
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Kavita Sunil Desadla |
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330 |
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Sandeepa Sanjay Bafna |
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300 |
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Total |
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6000 |
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Supplier and Exporter of various kinds of Weighing
Scales and Weighing Systems. |
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Products : |
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Exports : |
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Products : |
Weighing Scales |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C / Cash / Credit (30 days) |
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Purchasing : |
L/C / Cash / Credit (30 days) |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers, End Users and OEM’s |
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No. of Employees : |
100 (Approximately) |
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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 : |
Vakharia S. K. and Associates Chartered Accountant |
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Address : |
28, 2nd Floor, Santosh Heights, Opposite Apsara Cinema,
Near Hotel Seven Loves Chowk, Pune-411037, Maharashtra, India |
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Tel. No.: |
91-20-26459655 |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9500 |
Equity Shares |
Rs.100/- each |
Rs.0.950 Million |
|
500 |
Preferences Shares |
Rs.100/- each |
Rs.0.050 Million |
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Total |
|
Rs.1.000 Million
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000 |
Equity Shares |
Rs.100/- each |
Rs.0.600
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.600 |
0.600 |
0.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
77.490 |
76.249 |
68.415 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
78.090 |
76.849 |
69.015 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
12.585 |
12.841 |
13.075 |
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TOTAL BORROWING |
12.585 |
12.841 |
13.075 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
90.675 |
89.690 |
82.090 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
27.250 |
28.560 |
26.740 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
27.967 |
34.461 |
24.744 |
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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 |
16.792
|
24.150 |
22.492 |
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Sundry Debtors |
16.580
|
8.169 |
10.497 |
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Cash & Bank Balances |
3.715
|
11.929 |
14.807 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
21.063
|
3.247 |
2.788 |
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Total
Current Assets |
58.150
|
47.495 |
50.584 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
5.992
|
3.984 |
3.849 |
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Other Current Liabilities |
15.213
|
16.108 |
15.359 |
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Provisions |
1.487
|
0.734 |
0.770 |
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Total
Current Liabilities |
22.692
|
20.826 |
19.978 |
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Net Current Assets |
35.458
|
26.669 |
30.606 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
90.675 |
89.690 |
82.090 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income |
|
92.477 |
94.899 |
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Other Income |
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TOTAL |
94.873 |
92.477 |
94.899 |
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Less |
EXPENSES |
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Office Expenses |
|
81.222 |
82.583 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
92.315 |
81.222 |
82.583 |
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PROFIT BEFORE
TAX |
2.558 |
11.255 |
12.316 |
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Less |
TAX |
1.317 |
3.421 |
3.262 |
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PROFIT AFTER TAX
|
1.241 |
7.834 |
9.054 |
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IMPORT VALUE |
11.926 |
5.189 |
NA |
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Earnings Per
Share (Rs.) |
207 |
1305 |
NA |
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Particulars |
|
31.03.2011 |
31.03.2010 |
|
Sales Turnover |
|
150.000 |
102.000 |
The above information has been parted by Mr. Sanjay Mohanlal Bafna.
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
1.31
|
8.47 |
9.54 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.00
|
14.80 |
15.93 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.15 |
0.18 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.45
|
0.44 |
0.48 |
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Current Ratio (Current Asset/Current Liability) |
|
2.56
|
2.28 |
2.53 |
LOCAL AGENCY FURTHER INFORMATION
Note: The registered
office of the company has been shifted from Pune-411002,
FINANCIAL RESULTS:
During the year the turnover increased by about 2% and net profit stood at
1.30% as against 8.47% in the previous year. Decline in net profit is due to
increase in material cost, administration cost and selling and distribution
cost matched by the selling prices. However, the directors are hopeful that the
profitability of the company will be maintained in the coming years despite the
economic downturn.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U29196MH1990PTC058474 |
|
Name of the
company |
SANSUI
ELECTRONICS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Plot No. E – 59, Behind Krishi Panan Mandal, Market Yard, Gultekdi,
Pune – 411 037, |
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Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge |
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Particular of
charge holder |
Citi Bank N. A., Kumar Capital, 2413 East Street, 2413 East Street,
Camp, Pune-411001, Maharashtra, India |
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Email |
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Nature of
description of the instrument creating or modifying the charge |
a) Business Loan
Agreement; b) Deed of
Hypothecation. (Collectively
constitute a single charge for Rs.9.000 Millions ) |
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Date of instrument
Creating the charge |
09.04.2010 |
|
Amount secured by
the charge |
Rs.9.000 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Letter of Credit
and Bank Guarantee facility of Rs.9.000 Millions: As Per Trade Norms. Terms of
Repayment Letter of Credit
and Bank Guarantee facility of Rs.9.000 Millions shall be repayable in 12
months. Margin As may be
stipulated by Bank from time to time. Extent and Operation
of the charge Hypothecation by
way of first exclusive charge on Stocks and Book Debts of the Company as
described under Item No.15 below as security for repayment of Rs.9.000
Millions by the Company, together with interest, liquidated damages, costs,
charges and expenses and all other moneys due and payable by the Company to
the Bank. Others Immovable
properties bearing Plot No.1 (New 16), Out of S.No.104/108/1, CTS No.1443,
Bhuvaneshwar Colony, Off Abhimanshree Society, |
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Short particulars
of the property charged |
Hypothecation by
way of first exclusive charge over the whole of the movable assets of the Company,
including any and all stocks, book debts and receivables |
FIXED ASSETS:
- Plots and Land
- Building
- Furniture and Fixtures
- Computers
- Plant and Machinery
- Office Equipments
- Vehicles
- Wind Mill
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.44.91 |
|
|
1 |
Rs.72.90 |
|
Euro |
1 |
Rs.64.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
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|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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|
--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 |
|
29 |
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.