%20PRIVATE%20LIMITED%20-%20145707%2024-Jun-2011_files/image002.jpg){kind=small}
1. Summary Information
|
|
|
Country |
India |
|
Company Name |
SIGHT SOUND ELECTRONICS (INDIA) PRIVATE LIMITED |
Principal Name 1 |
Mr. Dhiraj Mittal |
|
Status |
Moderate |
Principal Name 2 |
Ms. Shashi Mittal |
|
|
|
Registration # |
55-080496 |
|
Street Address |
A-128, Wazirpur Industrial Area, New Delhi-110052, Delhi, India |
||
|
Established Date |
19.07.1996 |
SIC Code |
-- |
|
Telephone# |
91-11-27273604 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-11-27371662 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Cables |
|
|
# of employees |
-- |
Product Name 2 |
Wires |
|
Paid up capital |
Rs.
10,292,000/- |
Product Name 3 |
-- |
|
Shareholders |
Director or relatives of Directors – 100% |
Banking |
HDFC Bank |
|
Public Limited Corp. |
NO |
Business Period |
15 YEARS |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
B (31) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
-- |
-- |
-- |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
26,127,000 |
Current Liabilities |
7,988,000 |
|
Inventories |
7,578,000 |
Long-term Liabilities |
27,621,000 |
|
Fixed Assets |
17,468,000 |
Other Liabilities |
501,000 |
|
Deferred Assets |
0 |
Total Liabilities |
36,110,000 |
|
Invest& other Assets |
31,000 |
Retained Earnings |
4,802,000 |
|
|
|
Net Worth |
15,094,000 |
|
Total Assets |
51,204,000 |
Total Liab. & Equity |
51,204,000 |
|
Total Assets (Previous Year) |
59,169,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
133,630,000 |
Net Profit |
1,096,000 |
|
Sales(Previous yr) |
123,201,000 |
Net Profit(Prev.yr) |
1,127,000 |
MIRA
INFORM REPORT
|
Report Date : |
24.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
SIGHT SOUND ELECTRONICS (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
A-128, Wazirpur Industrial Area, New Delhi-110052, Delhi |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
19.07.1996 |
|
|
|
|
Com. Reg. No.: |
55-080496 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 10.292 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28999DL1996PTC080496 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELS10920A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Electrical Cables Wires. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 60000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
A-128, Wazirpur Industrial Area, New Delhi-110052, Delhi, India |
|
Tel. No.: |
91-11-27273604 / 27373432 / 42475253 |
|
Mobile No.: |
91-9310791662 (Mr. Shobit Gupta) |
|
Fax No.: |
91-11-27371662 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Dhiraj Mittal |
|
Designation : |
Director |
|
Address : |
B-1/157, 1st Floor, Phase-2, Ashok Vihar, New Delhi-110052,
Delhi, India |
|
Date of Birth/Age : |
02.10.1965 |
|
Date of Appointment : |
19.07.1996 |
|
DIN No : |
01468953 |
|
|
|
|
Name : |
Ms. Shashi Mittal |
|
Designation : |
Director |
|
Address : |
A-128, Wazirpur Industrial Area, New Delhi-110052, Delhi, India |
|
Date of Birth/Age : |
02.11.1938 |
|
Date of Appointment : |
19.07.1966 |
|
DIN No : |
01608704 |
|
|
|
|
Name : |
Mr. Sajiv Mittal |
|
Designation : |
Director |
|
Address : |
B-1/38, Ashok Vihar, Phase-II, Delhi-110052, India |
|
Date of Birth/Age : |
23.02.1959 |
|
Date of Appointment : |
19.07.1996 |
|
DIN No : |
01608650 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Aakanksha Mittal |
70010 |
|
Akshay Mittal |
52501 |
|
Dhiraj Mittal (HUF) |
125001 |
|
Rachna Mittal |
90010 |
|
Radhika Mittal |
32510 |
|
Pranav Mittal |
30010 |
|
Sajiv Mittal (HUF) |
90001 |
|
Sunita Mittal |
85010 |
|
Naresh Chand Mital (HUF) |
45001 |
|
Shashi Mittal |
69010 |
|
Dhiraj Mittal |
250078 |
|
Sajiv Mittal |
90078 |
|
Naresh Chand Mital |
10 |
|
Total |
1029230 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Electrical Cables Wires. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Cables |
Mts. |
NA |
NA |
1540960 |
|
Conductor |
Kg. |
NA |
NA |
108971 |
GENERAL INFORMATION
|
Bankers : |
·
Oriental Bank of Commerce, A-25, G. T Karnal
Road, Delhi-110033, Delhi, India ·
HDFC Bank Limited, Dawarca, New Delhi, Delhi,
India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
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Facilities : |
Notes : 1)
Cash credit loan from Bank is secured by
hypothecation of stock of raw material, semi – finished goods, finished goods,
stores and spares and receivables. 2)
Cash credit loan is further secured by equitable
mortgage of factory land and building situated at A-128, Wazirpur Industrial
Area, Delhi-110052 and hypothecation of all present and future fixed assets 3)
Term loan from bank:- Against land is secured against registered
mortgage of land financed by it. Against plant and machinery is secured by
hypothecation of machinery financed by it. Above loans are also personally guaranteed
by Directors.
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Hari Shankar Gupta and Associates Chartered Accountant |
|
Address : |
2830/118, Beadon Pura, Karol Bagh, Delhi-110005, India |
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 |
|
|
|
|
|
|
1029230 |
Equity Shares |
Rs.10/- each |
Rs. 10.292
Millions |
|
|
|
|
|
Note : (Out of the above shares 39000 equity shares were
allotted as fully paid up pursuant to a contract without payment being received
in cash)
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 |
10.292 |
7.517 |
7.517 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4.802 |
3.827 |
2.752 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
15.094 |
11.344 |
10.269 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
22.737 |
11.336 |
12.595 |
|
|
2] Unsecured Loans |
4.884 |
9.103 |
9.318 |
|
|
TOTAL BORROWING |
27.621 |
20.439 |
21.913 |
|
|
DEFERRED TAX LIABILITIES |
0.501 |
0.432 |
0.402 |
|
|
|
|
|
|
|
|
TOTAL |
43.216 |
32.215 |
32.584 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
17.468 |
15.602 |
15.383 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
7.578
|
2.982 |
3.160 |
|
|
Sundry Debtors |
21.212
|
21.648 |
15.399 |
|
|
Cash & Bank Balances |
2.292
|
2.061 |
2.874 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.623
|
3.345 |
8.306 |
|
Total
Current Assets |
33.705
|
30.036 |
29.739 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5.517
|
11.384 |
11.129 |
|
|
Other Current Liabilities |
1.122
|
0.659 |
0.518 |
|
|
Provisions |
1.349
|
1.434 |
0.967 |
|
Total
Current Liabilities |
7.988
|
13.477 |
12.614 |
|
|
Net Current Assets |
25.717
|
16.559 |
17.125 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.031 |
0.054 |
0.076 |
|
|
|
|
|
|
|
|
TOTAL |
43.216 |
32.215 |
32.584 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
133.630 |
123.201 |
|
|
|
Other Income |
|
0.173 |
0.658 |
|
|
|
TOTAL (A) |
|
133.803 |
123.859 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material and Manufacturing |
|
123.613 |
113.579 |
|
|
|
Employee Cost |
|
2.532 |
2.021 |
|
|
|
Operational |
|
2.172 |
2.411 |
|
|
|
Preliminary Expenses |
|
0.022 |
0.022 |
|
|
|
TOTAL (B) |
|
128.339 |
118.033 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
5.464 |
5.826 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
3.341 |
3.709 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
2.123 |
2.117 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.507 |
0.393 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
1.616 |
1.724 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
|
0.520 |
0.597 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
|
1.096 |
1.127 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
3.827 |
2.752 |
|
|
|
|
|
|
|
|
|
Less |
TAX OF EARLIER
YEARS |
|
0.121 |
0.052 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
4.802 |
3.827 |
|
|
|
|
|
|
|
|
|
|
IMPORTS VALUE |
|
1.917 |
0.000 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.82
|
0.91 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.21
|
1.40 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.16
|
3.78 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.15 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.39
|
3.03 |
3.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.22
|
2.23 |
2.36 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
Corporate
identity number of the company |
U28999DL1996PTC080496 |
|
Name of the
company |
SIGHT
SOUND ELECTRONICS (INDIA) PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
A-128, Wazirpur Industrial Area, New Delhi-110052, Delhi, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) |
|
Particular of
charge holder |
Oriental Bank of Commerce, A-25, G. T Karnal Road, Delhi-110033,
Delhi, India |
|
Nature of
instrument creating charge |
Supplemental
Agreement to secure Credit/ Loan facilities dated 22.12.2009 |
|
Date of
instrument Creating the charge |
22.12.2009 |
|
Amount secured by
the charge |
Rs. 64.800 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Rate
of Interest : At BPLR with minimum of@12.5%p.a on monthly rests subject to
change from time to time with BPLR/RBI guidelines Penal
Rate of Interest: @2%over and above the normal rate of interest Terms of
repayment On demand Margin Margin
: @25% on Cash Credit, @15% on Bank Gaurantee, @28.12% on Term Loan Extent and
operation of the charge Hypothecation
of stock of Raw-Material, stock in process, finished Goods, Stores and spares
and Receivables Hypothecation
of all Present and Future fixed assets of the company (excluding land charged
as primary security in term loan for Rs. 8.000 millions) Hypothecation
of Plant and machinery of the company. Equitable
Mortgage over Factory Land and Building at A-128, Wazirpur Industrial Area,
Delhi |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation
of stock of Raw-Material, stock in process, finished Goods, Stores and spares
and Receivables Hypothecation
of all Present and Future fixed assets of the company (excluding land charged
as primary security in term loan for Rs. 8.000 millions) Hypothecation
of Plant and machinery of the company. Equitable Mortgage over Factory Land and Building at
A-128, Wazirpur Industrial Area, Delhi |
|
Charge
identification number of the charge to be modified |
90056797 |
|
Date of
instrument modifying the charge |
15.12.2009 |
|
Particulars of
the present modification |
The Present
limit has been enhanced from Rs. 44.750 millions tov Rs. 64.800 millions. Hypothecation
of stock of Raw-Material, stock in process, finished Goods, Stores and spares
and Receivables Hypothecation
of all Present and Future fixed assets of the company (excluding land charged
as primary security in term loan for Rs. 8.000 millions) Hypothecation
of Plant and machinery of the company. Equitable
Mortgage over Factory Land and Building at A-128, Wazirpur Industrial Area,
Delhi. |
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Office Equipments
·
Furniture and Fixtures
·
Electric Fittings
·
Vehicles
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.44.93 |
|
|
1 |
Rs.72.09 |
|
Euro |
1 |
Rs.64.21 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--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 |
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 |
|
31 |
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.