|
Report Date : |
03.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
SOUNDARYA DECORATORS PRIVATE LIMITED (w.e.f 21.06.2001) |
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|
Formerly Known
As : |
SOUNDARYA DECORATORS LIMITED |
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Registered
Office : |
Plot No. 26, Survey No 2 and 3, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
27.09.2001 |
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Com. Reg. No.: |
18-047814 |
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Capital
Investment/ Paid-up Capital: |
Rs. 32.400 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74994TN2001PTC047814 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
CHES06673C |
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PAN No.: [Permanent Account No.] |
AAFCS8646C |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject
is Interior Contracting and Custom Furniture Manufacturing Company. |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 440000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some dip in the turnover of the company. The company has incurred huge losses
in the current year. i.e. 2010-11. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Plot No. 26, Survey No 2 and 3, |
|
Tel. No.: |
91-44-27479469/79/89/99 /
24419477 |
|
Fax No.: |
91-44-27479459 |
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E-Mail : |
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Website : |
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Branch Office 1: |
No. 884, 6th Cross, 6th Block, Koramangala, Bangalore –
560095, Karnataka, India |
|
Tel. No.: |
91-80-41474336 |
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Fax No.: |
91-80-41105739 |
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|
|
|
Branch Office 2: |
H.No. 8-2-334/34 and |
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|
|
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Branch Office 3: |
No. 7/369, Maria Mahal, Mavelipuram Colony, Kakkanad,
Kochi 682030, Kerala, India |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Rajaraman Balaji |
|
Designation : |
Whole-time Director |
|
Address : |
No. 82, 4th Street, Abhiramapuram, Chennai - 600018, |
|
Date of Birth/Age : |
14.06.1965 |
|
Date of Appointment : |
27.09.2001 |
|
DIN NO: |
00355163 |
|
Name : |
Mr. Durai Sathyamurthy |
|
Designation : |
Whole-time Director |
|
Address : |
No. 37, |
|
Date of Birth/Age : |
12.01.1969 |
|
Date of Appointment : |
27.09.2001 |
|
DIN NO: |
00355020 |
|
Name : |
Mr. Rajaraman Shantha |
|
Designation : |
Whole-time Director |
|
Address : |
No. 82, 4th Street, Abhiramapuram, Chennai - 600018, |
|
Date of Birth/Age : |
30.12.1938 |
|
Date of Appointment : |
27.09.2001 |
|
DIN NO: |
00355709 |
|
Name : |
Ms. Sheela Sathyamurthy |
|
Designation : |
Whole-time Director |
|
Address : |
No. 37, |
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Date of Birth/Age : |
03.08.1976 |
|
Date of Appointment : |
27.09.2001 |
|
DIN NO: |
00355130 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Rajaraman Balaji |
|
162000 |
|
Durai Sathyamurthy |
|
162000 |
|
Rajaraman Shantha |
|
1456200 |
|
Sheela Sathyamurthy |
|
1458000 |
|
L. V. Venkat |
|
900 |
|
Chitra Venkat |
|
900 |
|
Total |
|
3240000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is Interior Contracting and Custom Furniture Manufacturing Company. |
GENERAL INFORMATION
|
Bankers : |
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Facilities : |
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Financial Institutions |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
S. Sankaran and Associates Chartered Accountants |
|
Address : |
New No. 6, Old No. 21, Third Main Road, Seethamma Colony, Alwarpet, Chennai
– 600018, Tamilnadu, India |
|
Tel. No.: |
91-44-24322893 |
|
Fax No.:: |
91-22-24323326 |
|
PAN No.: |
AAKFS0380B |
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|
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Related Parties
: |
Onspec Lifestyle Solutions Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3500000 |
Equity Shares |
Rs. 10/- each |
Rs. 35.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3240000 |
Equity Shares |
Rs. 10/-
each |
Rs. 32.400
Millions |
Note:
[Of the above 2880000 shares were issued as Bonus shares out of free
reserves ]
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
32.400 |
32.400 |
32.400 |
|
|
2] Share Application Money |
40.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
37.156 |
230.161 |
207.649 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
109.556 |
262.561 |
240.049 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
372.914 |
327.439 |
266.689 |
|
|
2] Unsecured Loans |
9.811 |
18.120 |
71.039 |
|
|
TOTAL BORROWING |
382.725 |
345.559 |
337.728 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
16.941 |
14.241 |
|
|
|
|
|
|
|
|
TOTAL |
492.281 |
625.061 |
592.018 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
185.423 |
198.084 |
163.630 |
|
|
Capital work-in-progress |
3.786 |
3.785 |
31.153 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
216.663
|
223.872
|
161.985
|
|
|
Sundry Debtors |
439.499
|
346.381
|
358.159
|
|
|
Cash & Bank Balances |
40.537
|
28.061
|
50.468
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
293.853
|
247.941
|
250.800
|
|
Total
Current Assets |
990.552
|
846.255
|
821.412 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
232.315
|
139.416
|
136.775
|
|
|
Other Current Liabilities |
296.796
|
125.980
|
140.133
|
|
|
Provisions |
158.369
|
157.667
|
147.269
|
|
Total
Current Liabilities |
687.480
|
423.063
|
424.177 |
|
|
Net Current Assets |
303.072
|
423.192
|
397.235
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
492.281 |
625.061 |
592.018 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Operating Income |
655.645 |
780.756 |
845.176 |
|
|
|
Other Income |
15.031 |
3.181 |
16.739 |
|
|
|
TOTAL (A) |
670.676 |
783.937 |
861.915 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
701.734 |
554.321 |
581.537 |
|
|
|
Administrative Expenses |
105.883 |
135.718 |
129.463 |
|
|
|
Selling Expenses |
8.018 |
2.763 |
6.807 |
|
|
|
TOTAL (B) |
815.635 |
692.802 |
717.807 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(144.959) |
91.135 |
144.108 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
55.712 |
46.746 |
47.946 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION (C-D) (E) |
(200.671) |
44.389 |
96.162 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.273 |
8.678 |
8.146 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX (E-F) (G) |
(209.944) |
35.711 |
88.016 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(16.940) |
13.200 |
32.815 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) AFTER TAX (G-H) (I) |
(193.004) |
22.511 |
55.201 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
205.301 |
182.790 |
144.845 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
5.520 |
|
|
|
Interim Dividend |
0.000 |
0.000 |
10.000 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
1.700 |
|
|
|
Income Tax/ FBT of earlier years |
0.000 |
0.000 |
0.036 |
|
|
BALANCE CARRIED
TO THE B/S |
12.297 |
205.301 |
182.790 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
12.417 |
11.178 |
21.760 |
|
|
|
Capital Goods |
0.000 |
1.901 |
0.270 |
|
|
TOTAL IMPORTS |
12.417 |
13.079 |
22.030 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share (Rs.) |
(59.57) |
6.95 |
17.04 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(28.78)
|
2.87
|
6.40
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(32.02)
|
4.57
|
10.41
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(17.85)
|
3.41
|
8.94
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.92)
|
0.13
|
0.37
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
9.77
|
2.92
|
3.17
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.44
|
2.00
|
1.94
|
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Registered Office of the company has been shifted from No. 6, South
Phase Developed Plot, Industrial Estate, Guindy, Chennai – 600032,
PERFORMANCE
The company
experienced a dip in turnover
during the year,
to the extent
of approximately 14%.
This was primarily
due to certain
long gestation projects
undertaken during the course of
the year.
FUTURE OUTLOOK
The Company has
entered the new financial year with a strong order position of approximately
Rs.900.000 Millions. This, along with
additional orders to be finalized during the course of the new fiscal year
would not only lead to an impressive increase in Top-line but also leave a
healthy carry forward order position for the fiscal 2012–13.
CONTINGENT LIABILITY
(Rs. in Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
Capital commitments not provided (net of advances) |
11.736 |
12.101 |
|
Bank Guarantees |
300.583 |
160.753 |
|
Unexpired letters of credit |
64.339 |
24.072 |
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U74994TN2001PTC047814 |
|
Name of the
company |
SOUNDARYA DECORATORS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. 26, Survey
No 2 and 3, Email: sspro@vsnl.net |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
80023341 |
|
Type of charge |
|
|
Particular of
charge holder |
Canara Bank, St. Mary’s Road Branch, No. 13 and 14, Sundararajan
Street, Abhiramapuram, Chennai – 600018, Tamilnadu, India Email: cb1287@canarabank.com |
|
Nature of
instrument creating charge |
Supplementary
common hypothecation agreement |
|
Date of
instrument Creating the charge |
03.03.2011 |
|
Amount secured by
the charge |
Rs. 600.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest To continue as
per original terms of sanction Terms of repayment As per original
terms of sanction Margin As per original
terms of sanction Extent and operation of the charge First pari passu
charge favouring Canara Bank with
Barclays Bank PLC way of hypothecation on current assets. Exclusive
charge on EM of immovable properties ( Others: All provision
contained in the principal agreement dated 19.07.2005 and supplemental
agreement dated 10.02.2006, 06.02.2007, 29.09.2007, 23.01.2008, 12.03.2008,
21.07.2008, 06.11.2008, 08.02.2010, 10.06.2010, 25.06.2010 and 20.12.2010
shall apply for the purpose of security conferred by this supplemental common
hypothecation agreement dated 03.03.2011. additional collateral: EMT of land
and residential building of Director: Mr. Balaji and other owner personal
guarantee of all 4 director |
|
Short particulars
of the property or assets charged (including complete address and location of
the property) |
First pari passu
charge on current assets in favour of Canara Bank with Barclays Bank PLC.
Exclusive first charge on fixed assets of the company in favour of Canara
Bank First pari passu
charge in favour of Canara Bank with Barclays bank PLC by ay of hypothecation
on current assets of the borrower, exclusive charge on Equitable mortgage of the
immovable properties (Factory land and building) belonging to the company as
provided in the agreement Term loans are
secured primarily by hypothecation of the machineries acquired out of the
projects/ assets financed out of the loan (s) |
|
Date of modification
prior to the present modification |
02.03.2011 |
|
Particulars of
the present modification |
The overall limit
is increased from Rs. 570.000 Millions to Rs. 600.000 Millions with breakup
as follows: Cash Credit Rs.
230.000 Millions BG/ ILC/ FLC Rs.
300.000 Millions TL I Rs. 50.000
Millions TL II Rs. 20.000
Millions |
FIXED ASSETS
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.49.35 |
|
|
1 |
Rs.78.68 |
|
Euro |
1 |
Rs.65.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--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 |
|
30 |
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.