1. Summary Information
|
|
|
Country |
|
|
Company Name |
SONEX TV APPLIANCES PRIVATE LIMITED |
Principal Name 1 |
Mr. Arun Kumar Poddar |
|
Status |
Moderate |
Principal Name 2 |
Mr. Chandralal Chowdhury |
|
|
|
Registration # |
21-92121 |
|
Street Address |
3C, |
||
|
Established Date |
10.07.2000 |
SIC Code |
-- |
|
Telephone# |
91-33-22520880 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-33-22520884 |
Business Style 2 |
-- |
|
Homepage |
-- |
Product Name 1 |
B/W |
|
# of employees |
-- |
Product Name 2 |
Colour TV |
|
Paid up capital |
Rs.4,000,000/-
|
Product Name 3 |
-- |
|
Shareholders |
Directors or relatives of directors 89.88%, Other 10.12% |
Banking |
Allahabad Bank |
|
Public Limited Corp. |
No |
Business Period |
11 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
B (29) |
|
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 |
76,661,000 |
Current Liabilities |
35,255,000 |
|
Inventories |
31,625,000 |
Long-term Liabilities |
66,472,000 |
|
Fixed Assets |
3,963,000 |
Other Liabilities |
476,000 |
|
Deferred Assets |
0000 |
Total Liabilities |
102,203,000 |
|
Invest& other Assets |
509,000 |
Retained Earnings |
4,555,000 |
|
|
|
Net Worth |
10,555,000 |
|
Total Assets |
112,758,000 |
Total Liab. & Equity |
112,758,000 |
|
Total Assets (Previous Year) |
128,146,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
309,249,000 |
Net Profit |
491,000 |
|
Sales(Previous yr) |
-- |
Net Profit(Prev.yr) |
-- |
MIRA
INFORM REPORT
|
Report Date : |
12.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
SONEX TV APPLIANCES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
3C, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
10.07.2000 |
|
|
|
|
Com. Reg. No.: |
21-92121 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.4.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U92132WB2000PTC092121 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALS12154C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCS7583Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and Marketing of Electronics and Home
Appliances. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 42000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
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 but correct. The company can be considered for small 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) |
|
|
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/ Factory : |
3C, |
|
Tel. No.: |
91-33-22520880/ 30289495/ 30289494 |
|
Fax No.: |
91-33-22520884 |
|
E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Arun Kumar Poddar |
|
Designation : |
Director |
|
Address : |
20, |
|
Date of Birth/Age : |
15.08.1950 |
|
Date of Appointment : |
10.07.2000 |
|
Election Commission Identity Card No.: |
AEKPP3642P |
|
|
|
|
Name : |
Mr. Chandralal Chowdhury |
|
Designation : |
Director |
|
Address : |
9, |
|
Date of Birth/Age : |
26.12.1946 |
|
Date of Appointment : |
10.07.2000 |
|
Election Commission Identity Card No.: |
AEJPC4579H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Arun Kumar Poddar |
|
153905 |
|
Chandralal Chowdhury |
|
205623 |
|
Binoy Kar |
|
12593 |
|
Molay Ghatak |
|
12593 |
|
Manas Kumar Dey |
|
12593 |
|
Subir Ghosh |
|
2693 |
|
|
|
|
|
Total |
|
400000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
89.88 |
|
Other
top fifty shareholders |
|
10.12 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Electronics and Home
Appliances. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
Bankers : |
Allahabad Bank, |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Agarwal Vishwanath and Associates Chartered Accountants |
|
Address : |
7B, |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000 |
Equity Shares |
Rs.10/- each |
Rs.4.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000 |
Equity Shares |
Rs.10/- each |
Rs.4.000 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 |
|
|
|
|
|
1] Share Capital |
4.000 |
4.000 |
4.000 |
|
|
2] Share Application Money |
2.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4.555 |
4.065 |
3.430 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10.555 |
8.065 |
7.430 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
53.240 |
67.348 |
29.684 |
|
|
2] Unsecured Loans |
13.232 |
8.600 |
8.600 |
|
|
TOTAL BORROWING |
66.472 |
75.948 |
38.284 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
77.027 |
84.013 |
45.714 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3.963 |
2.046 |
1.062 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.509 |
0.509 |
0.509 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
31.625
|
40.597 |
24.330 |
|
|
Sundry Debtors |
62.162
|
71.027 |
27.146 |
|
|
Cash & Bank Balances |
4.727
|
7.600 |
3.015 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
9.772
|
6.367 |
7.356 |
|
Total
Current Assets |
108.286
|
125.591 |
61.847 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
34.759
|
30.441 |
|
|
|
Other Current Liabilities |
0.496
|
13.224 |
17.153 |
|
|
Provisions |
0.476
|
0.468 |
0.551 |
|
Total
Current Liabilities |
35.731
|
44.133 |
17.704 |
|
|
Net Current Assets |
72.555
|
81.458 |
44.143 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
77.027 |
84.013 |
45.714 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
|
|
309.249 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
308.534 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
|
308.534 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
|
0.715 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.224 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
|
0.491 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
1.22 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.16
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.64
|
NA |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
NA |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
9.68
|
14.89 |
7.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.03
|
2.85 |
3.49 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90245643 |
|
Corporate
identity number of the company |
U92132WB2000PTC092121 |
|
Name of the
company |
SONEX TV
APPLIANCES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
3C, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Immovable
Property Others |
|
Particular of
charge holder |
Allahabad Bank, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
1. Supplemental
Letter of Mortgagor Confirming Deposit of Title Deeds through constructive
Delivery 2. General Letter
of Hypothecation applicable in the case of limited liability companies. |
|
Date of
instrument Creating the charge |
26.02.2010 |
|
Amount secured by
the charge |
Rs.80.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1. Nature of
Funded Credit Facility: Cash Credit - PLR + 2.25% p.a. W.M.R. 2. Nature of Non - Funded Credit Facility:
Letter of Credit: As per circular; Bank Guarantee- N.A. Terms of
Repayment Cash Credit : On
Demand LC : As per terms Margin Nature of Funded
Credit Facility : Cash Credit : 25% on stocks and book debts Nature of Non -
Funded Credit Facility : Letter of Credit : 10% cash Extent and
Operation of the charge Charge creates security
for credit facility of Rs. 80.000 millions together with interest and charges
payable by the borrower to the charge holder. |
|
Short particulars
of the property charged |
I)
Primary
: Cash Credit : Exclusive hypothecation charge over the entire stocks,
book-debts, and all other current assets of the company, both present and
future (valued Rs. 47.311 Millions as
on Dec'09) II)
Letter
of Credit: goods purchased against LC and cover under GLH. III)
Collateral:
1) Mortgage of residential property at 20, Aurobinda road, Salkia, IV)
2)
Mortgage of flat owned by M/s. Sonex Electronics at 181, V)
3)
Mortgage of residential building owned by Smt. Rita Chowdhury at 70/1/2, VI)
4)
Mortgage of residential leasehold 2 adjacent flats owned by Sri Chandralal
Chowdhury and Smt. Bani Chowdhury at 200/2C, VII)
5)
Pledge of FD/RDs valued Rs. 2.396 millions. VIII)
6)
Exclusive charges over entire fixed assets of the company, both present and
future. (Net Block as on 31.03.2009 Rs. 12.87 Millions. Gross Collaterals:
total Rs. 26.951 millions. |
|
Particulars of
the present modification |
by this
modification the fund based limit (cash credit) of Rs 47.000 millions and Letter of credit of Rs 20.000
millions and bank guarantee of Rs
2.000 millions aggregating Rs 69.000
millions has been enhanced to Rs
80.000 millions as follows: fund based fund
based limit (cash credit) of Rs 60.000 millions and Letter of credit of Rs 20.000 millions |
Fixed Assets:
- Plant and
Machinery
- Electrical
Installation
- Office
Equipments
- Electrical
Equipments
- Motor Cycle
- Motor Car
- Motor Van
- Computer
- Tools and
Truckles
- Trade Mark
- Air
Conditioner
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.44.69 |
|
|
1 |
Rs.73.12 |
|
Euro |
1 |
Rs.64.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--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 |
|
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.