MIRA
INFORM REPORT
|
Report Date : |
07.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
TEX YEAR INDUSTRIES INC. |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
30.09.2012 |
|
|
|
|
Date of Incorporation : |
28.06.1976 |
|
|
|
|
Com. Reg. No.: |
4465521 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and trading
of energy group, Laminators, paper cutter, paper shredder,
plastic machines, glue guns, glue clamping, film laminators, hot melt
adhesive strips, etc. |
|
|
|
|
No. of Employees : |
About 500 Employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
No complaints |
|
|
|
|
Litigation : |
Clear |
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 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Taiwan - ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist economy with gradually decreasing government guidance of investment and foreign trade. In keeping with this trend, some large, state-owned banks and industrial firms have been privatized. Exports, led by electronics, machinery, and petrochemicals have provided the primary impetus for economic development. This heavy dependence on exports exposes the economy to fluctuations in world demand. In 2009, Taiwan's GDP contracted 1.9%, due primarily to a 20% year-on-year decline in exports. In 2010 GDP grew 10.9%, as exports returned to the level of previous years, and in 2011, grew 5.2%. However, 2012 growth will likely be less, according to most forecasters, because of softening global demand. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, but so far Taiwan has been excluded from this greater economic integration largely because of its diplomatic status with the exception of the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010. The MA administration has said that the ECFA will serve as a stepping stone toward trade pacts with other regional partners, and negotiations on a deal with Singapore began this year. Follow-on components of ECFA, including deals on trade in goods, services, and investment, have yet to be completed. Taiwan's Total Fertility rate of just over one child per woman is among the lowest in the world, raising the prospect of future labor shortages, falling domestic demand, and declining tax revenues. Taiwan's population is aging quickly, with the number of people over 65 accounting for 10.9% of the island's total population as of 2011. The island runs a large trade surplus, and its foreign reserves are the world's fourth largest, behind China, Japan, and Russia. Since 2005 China has overtaken the US to become Taiwan's second-largest source of imports after Japan. China is also the island's number one destination for foreign direct investment. Three financial memorandums of understanding, covering banking, securities, and insurance, took effect in mid-January 2010, opening the island to greater investments from the mainland's financial firms and institutional investors, and providing new opportunities for Taiwan financial firms to operate in China. Closer economic links with the mainland bring greater opportunities for the Taiwan economy, but also poses new challenges as the island becomes more economically dependent on China while political differences remain unresolved.
Source : CIA
Contact Points
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
|
|
Supplied Address: |
|
|
Telephone Number: |
+886-2-22992121 |
|
Fax Number: |
|
|
E-mail: |
Notes: The supplied address is incomplete, and
the exact address is as above.
Company
Identification Details
History
Subject was incorporated
on
Subject was listed on Taiwan Stock Exchange on
Awards
|
Year |
Awards |
|
2009 |
Blue chip importer and exporter |
|
2010 |
Blue chip importer and exporter |
|
2011 |
Blue chip importer and exporter |
Standard of Blue chip importer and exporter
Unit: USD
|
Year |
Amount |
|
2009 |
15,000,000 |
|
2010 |
20,000,000 |
|
2011 |
22,000,000 |
Shareholders
|
Name |
Subscription Shares |
|
Qishen Lin |
1,154,683 |
|
Jincong Xiao |
|
|
12,344,064 |
|
|
Shiguang Lu |
1,578,798 |
|
Peter Sterling Melendy |
1,284,986 |
|
Zhengren Chen |
931,568 |
|
Zhengshi Lai |
465,782 |
|
Niansu Wang |
418,545 |
|
Lihong Huang |
1,371,304 |
|
Shiji Wang |
1,072,333 |
|
Zaiwei Zeng |
121,662 |
The information above is that of subject’s major shareholders.
Subsidiaries
& Branches
Factories:
|
1 |
|
|
Name |
Taiwan Taoyuan Factory |
|
Address: |
No.46, Jingjian 2nd Rd., Guanyin Township, Taoyuan County 32853,
Taiwan (R.O.C.) |
|
Tel: |
+886-3-483-8530 |
|
Fax |
+886-3-483-9412 |
|
2 |
|
|
Name |
Taiwan Ping-Cheng Factory |
|
Address: |
NO. 1-1, Industries 1 Road, Ping-Cheng Industrial Park, Taoyuan Hsien
32461, Taiwan (R.O.C.) |
|
Tel: |
+886-3-469-4623 |
Branches:
|
1 |
|
|
Name |
Central Taiwan Branch |
|
Address: |
|
|
Tel: |
+886-4-2472-0189 |
|
Fax: |
+886-4-2473-1145 |
|
2 |
|
|
Name |
Southern Taiwan Branch |
|
Address: |
|
|
Tel: |
+886-6-282-2196~7 |
|
Fax: |
+886-6-282-2198 |
Personnel
Information
Core Management
Directors
|
1 |
|
|
Name |
Qishen Lin |
|
Position |
Chairman |
|
2 |
|
|
Name |
Jincong Xiao |
|
Position |
Director |
|
3 |
|
|
Name |
Shiguang Lu |
|
Position |
Director |
|
4 |
|
|
Name |
Peter Sterling Melendy |
|
Position |
Director |
|
5 |
|
|
Name |
Zhengren Chen |
|
Position |
Director |
|
6 |
|
|
Name |
Zhengshi Lai |
|
Position |
Director |
|
7 |
|
|
Name |
Niansu Wang |
|
Position |
Director |
|
Date of Appointment: |
|
|
8 |
|
|
Name |
Lihong Huang |
|
Position |
Supervisor |
|
9 |
|
|
Name |
Shiji Wang |
|
Position |
Supervisor |
|
10 |
|
|
Name |
Zaiwei Zeng |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
About 500 Employees |
Operation
Information
Offices &
Factories
|
|
Headquarters |
|
Add |
|
Production
Information
Subject produces energy
group, hot melt adhesive strips, etc.
Subject has its factory in Taiwan.
Purchase
Information
The registered activities of subject:
|
Business Code |
Details |
|
C801100 |
Manufacture of Synthetic resin and plastic |
|
CF01011 |
Manufacture of medical equipment |
|
E604010 |
Installment of machinery |
|
F106020 |
Wholesales of daily |
|
F107990 |
Wholesale of other chemical products |
|
F108031 |
Wholesale of medical equipment |
|
F113990 |
Wholesale of machinery |
|
F119010 |
Wholesale Electronic Materials |
|
F207990 |
Retails of other chemical products |
|
F208031 |
Retails of medical equipment |
|
F213080 |
Retails of medical equipment |
|
F219010 |
Retails of Electronic Materials |
|
F401010 |
International trade |
|
ZZ99999 |
Besides licensed business, all other
business items those are not banned or restricted |
The components and raw material for production are purchased from domestic
and abroad.
The subject is mainly engaged in
manufacturing and processing of chemical products.
Subject’s products include energy group, Laminators, paper cutter, paper shredder,
plastic machines, glue guns, glue clamping, film laminators, hot melt adhesive
strips, etc.
Subject has both domestic and foreign markets.
Subject exports to Asian countries.
The subject has a proportion of 50% for
export.
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Settlements
Purchase
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Raw material |
COD, CBD, etc. |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Raw material |
CBD, etc. |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Chemical products |
COD, CBD, etc. |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Chemical products |
CBD, etc. |
100% |
Balance
Sheet
Unit: NTD/000
|
|
|
|
|
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
76,706.00 |
70,385.00 |
|
changes in fair value are included in the profit and loss of financial
assets-current |
5,517.00 |
18,655.00 |
|
Net notes receivable |
26,997.00 |
26,422.00 |
|
net account receivable |
112,413.00 |
138,412.00 |
|
net account receivable- related parties |
102,467.00 |
114,498.00 |
|
Other account receivable–related parties |
2,567.00 |
3,065.00 |
|
Inventory |
117,608.00 |
146,238.00 |
|
Other Current Assets |
14,796.00 |
10,191.00 |
|
Current Assets |
459,071.00 |
527,866.00 |
|
Funds and investment |
|
|
|
financial assets at cost – non current |
12,586.00 |
0.00 |
|
Long-term investments at equity |
640,660.00 |
627,538.00 |
|
investment |
640,660.00 |
627,538.00 |
|
Fund and investment |
653,246.00 |
627,538.00 |
|
fixed assets |
|
|
|
cost |
|
|
|
Land |
45,717.00 |
45,717.00 |
|
Buildings and contractures |
192,763.00 |
186,042.00 |
|
machinery equipment |
139,576.00 |
206,143.00 |
|
office equipment |
13,006.00 |
31,818.00 |
|
Other equipment |
37,472.00 |
41,919.00 |
|
appraisal increment |
45,324.00 |
45,324.00 |
|
total cost and revaluation |
473,858.00 |
556,963.00 |
|
accumulated depreciation |
-189,291.00 |
-301,175.00 |
|
Accumulated impairment of fixed assets |
-4,753.00 |
0.00 |
|
construction in progress and prepayments for equipment |
954.00 |
25,963.00 |
|
Net fixed assets |
280,768.00 |
281,751.00 |
|
intangible assets |
|
|
|
Computer software cost |
7,904.00 |
7,280.00 |
|
Other intangible assets |
1,544.00 |
1,696.00 |
|
Total intangible assets |
9,448.00 |
8,976.00 |
|
other assets |
|
|
|
guarantee deposit and margin paid |
1,556.00 |
2,282.00 |
|
deferred charges |
846.00 |
4,244.00 |
|
Other assets- Other |
560.00 |
9,144.00 |
|
total Other assets |
2,962.00 |
15,670.00 |
|
Total assets |
1,405,495.00 |
1,461,801.00 |
|
Liabilities and equity |
|
|
|
liabilities |
|
|
|
Current liabilities |
|
|
|
Short term borrowing |
68,284.00 |
164,725.00 |
|
Note payable |
2,459.00 |
4,402.00 |
|
account payable |
83,420.00 |
81,991.00 |
|
Accounts payable - relationship |
45,969.00 |
52,117.00 |
|
income tax payable |
6,539.00 |
10,347.00 |
|
expense payable |
48,958.00 |
47,770.00 |
|
long-term liabilities -current portion |
41,606.00 |
35,000.00 |
|
Other Current liabilities |
36,164.00 |
26,449.00 |
|
Current liabilities |
333,399.00 |
422,801.00 |
|
Long term liabilities |
|
|
|
Long term borrowing |
68,854.00 |
90,139.00 |
|
Long term liabilities |
68,854.00 |
90,139.00 |
|
preparation |
|
|
|
Land value-added tax preparation |
9,558.00 |
9,558.00 |
|
total preparation |
9,558.00 |
9,558.00 |
|
Other liabilities |
|
|
|
Retirement preparation / accrued pension liabilities |
11,963.00 |
16,702.00 |
|
deferred income taxes |
15,817.00 |
679.00 |
|
Other liabilities-other |
6,398.00 |
9,284.00 |
|
Total Other liabilities |
34,178.00 |
26,665.00 |
|
Total liabilities |
445,989.00 |
549,163.00 |
|
shareholders’ equity |
|
|
|
capital stock |
|
|
|
common equity |
731,865.00 |
697,014.00 |
|
capital reserve |
|
|
|
Capital surplus – premium |
19,470.00 |
19,470.00 |
|
Capital surplus – treasury stock transactions |
2,350.00 |
0.00 |
|
Capital surplus – long-term investment |
669.00 |
674.00 |
|
Total capital surplus |
22,489.00 |
20,144.00 |
|
reserved surplus |
|
|
|
Statutory surplus reserve |
76,655.00 |
71,018.00 |
|
Special reserve |
0.00 |
3,361.00 |
|
No appropriation of retained earnings |
104,496.00 |
80,261.00 |
|
Total retained earnings |
181,151.00 |
154,640.00 |
|
Total other equity adjustments |
|
|
|
Cumulative translation adjustment |
-2,497.00 |
14,342.00 |
|
Unrealized revaluation |
26,498.00 |
26,498.00 |
|
Total other equity adjustments |
24,001.00 |
40,840.00 |
|
Total shareholders’ equity |
959,506.00 |
912,638.00 |
|
New Issued (under stockholders' equity section) shares Equivalents
(Unit: Shares) |
0.00 |
0.00 |
|
Treasury Stock of held by parent company also as held by subsidiaries
(Unit: Shares) |
0.00 |
0.00 |
Profit
and Loss Accounts
Unit: NTD/000
|
|
To |
To |
|
Sales revenue |
1,164,775.00 |
1,161,219.00 |
|
sales return |
9,381.00 |
5,747.00 |
|
Net sales |
1,155,394.00 |
1,155,472.00 |
|
Total operating income |
1,155,394.00 |
1,155,472.00 |
|
cost of goods sold |
939,078.00 |
961,614.00 |
|
Total operating cost |
939,078.00 |
961,614.00 |
|
Gross profit (loss) |
216,316.00 |
193,858.00 |
|
unrealized gain from inter-affiliate accounts |
0.00 |
2,578.00 |
|
Realized gain from inter-affiliate accounts |
2,384.00 |
0.00 |
|
distribution expense |
90,840.00 |
79,739.00 |
|
Administrative and general expenses |
43,266.00 |
42,686.00 |
|
research and development expenses |
47,817.00 |
42,818.00 |
|
Operating expenses |
181,923.00 |
165,243.00 |
|
Net operating income (net loss) |
36,777.00 |
26,037.00 |
|
Operating income and profit |
|
|
|
interest income |
58.00 |
48.00 |
|
Investment income |
38,759.00 |
16,980.00 |
|
investment income recognized under equity method |
38,759.00 |
16,980.00 |
|
Disposal of fixed assets |
9.00 |
0.00 |
|
profit on exchange |
0.00 |
8,300.00 |
|
Evaluation of financial assets |
129.00 |
179.00 |
|
miscellaneous income |
11,766.00 |
13,820.00 |
|
Operating income and profit |
50,721.00 |
39,327.00 |
|
non-operating cost and expenses |
|
|
|
interest charge |
2,127.00 |
2,872.00 |
|
Disposal of fixed assets loss |
305.00 |
1.00 |
|
exchange loss |
3,240.00 |
0.00 |
|
impairment loss |
4,753.00 |
0.00 |
|
Miscellaneous cost |
392.00 |
319.00 |
|
Operating expenses and losses |
10,817.00 |
3,192.00 |
|
76,681.00 |
62,172.00 |
|
|
16,279.00 |
24,187.00 |
|
|
Continuing Operations' Unit net income (loss) |
60,402.00 |
37,985.00 |
|
Net income (loss) |
60,402.00 |
37,985.00 |
|
Basic earnings per share |
0.83 |
0.52 |
|
Dilute earning per share |
0.82 |
0.52 |
Public
Record
Mortgage
No chattel mortgage record of subject has been found within the recent 3
months.
Lawsuit
Up to date of reporting, no existing or latent
litigation of the subject has been found.
Interview
Details
|
Name |
Mr. Li |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.08 |
|
|
1 |
Rs.83.11 |
|
Euro |
1 |
Rs.72.01 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 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%)
1. Summary Information
|
Reference
# |
135-277756-02-020(20130206857) |
Country |
India |
|
Company Name |
Sonkamal Enterprises
Private Limited |
Principal Name 1 |
Mr. Janak Pranlal Ladhani |
|
Status |
Moderate |
Principal Name 2 |
Mrs. Meena Janak Ladhani |
|
Our Reference # |
209995 |
Registration # |
|
|
Street Address |
Unit
No. 602, Sunil Enclave, Pereira Hill Road, Andheri (East), Mumbai – 400 099,
Maharashtra |
||
|
Established Date |
|
SIC Code |
-- |
|
Telephone# |
91-22-28316876 / 28316877 /
28316878 /28316880 |
Business Style 1 |
Importer |
|
Fax # |
91-22-28316879 |
Business Style 2 |
Trader |
|
Homepage |
Product Name 1 |
Phenol-Tanker /
Drums |
|
|
# of employees |
38
[Approximately] |
Product Name 2 |
Acetone-Tanker
Drums-Intact/Refill |
|
Paid up capital |
Rs. 42,413,000 /- |
Product Name 3 |
Acrylic Acid
|
|
Shareholders |
Directors or relatives of directors (100.00%) |
Banking |
State Bank of India |
|
Public Limited Corp. |
NO |
Business Period |
14 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
B (30) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
- |
- |
- |
- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
765,323,000 |
Current Liabilities |
387,070,000 |
|
Inventories |
84,957,000 |
Long-term Liabilities |
254,669,000 |
|
Fixed Assets |
6,065,000 |
Other Liabilities |
23,906,000 |
|
Deferred Assets |
00,000 |
Total Liabilities |
665,645,000 |
|
Invest& other Assets |
131,000 |
Retained Earnings |
148.418.000 |
|
|
|
Net Worth |
190,831,000 |
|
Total Assets |
856,476,000 |
Total Liab. & Equity |
856,476,000 |
|
Total Assets (Previous Year) |
707,749,000 |
|
|
|
P/L Statement as of |
31.03.2007 |
(Unit: Indian Rs.) |
|
|
Sales |
2760,000,000 |
Net Profit |
44,120,000 |
|
Sales(Previous yr) |
1948,222,000 |
Net Profit(Prev.yr) |
42,770,000 |
MIRA
INFORM REPORT
|
Report Date : |
07.02.2013 |
|
|
|
|
Tel. No.: |
022-28316876 |
|
Fax. No.: |
022-28316879 |
IDENTIFICATION DETAILS
|
Name : |
SONKAMAL ENTERPRISES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Unit No. 602, Sunil Enclave, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
06.10.1999 |
|
|
|
|
Com. Reg. No.: |
11-122093 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 42.413
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51410MH1999PTC122093 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM21156C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECS2623Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Importers and Traders of Chemicals and Pharmaceuticals Products. |
|
|
|
|
No. of Employees
: |
38 [Approximately] |
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 760000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. Latest
financials i.e. 2011-12 are missing from the government department from the available
financials of 2011. It seems that there appears huge external borrowings and
its increasing. 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 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A4+ (Short Term Bank Facilities) |
|
Rating Explanation |
Minimal degree of safety. It carry very high credit risk. |
|
Date |
31.12.2012 |
|
Rating Agency Name |
CARE |
|
Rating |
BB (Long Term Bank Facilities) |
|
Rating Explanation |
Moderate risk of default |
|
Date |
31.12.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered
Office / Head Office : |
Unit No. 602, Sunil Enclave, Pereira Hill Road, Andheri
(East), Mumbai-400099, Maharashtra, India |
|
Tel. No.: |
91-22-28316876 / 28316877 /
28316878 /28316880 |
|
Fax No.: |
91-22-28316879 |
|
E-Mail : |
sonkamal@sonkamal.com janak@sonkamal.com purchase@sonkamal.com sales@sonkamal.com accounts@sonkamal.com info@sonkamal.com |
|
Website : |
|
|
Area : |
1500 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Ahmadabad Office
: |
B-31, Goyal
Tower, University road, opposite Gulbai Tekra Police Station,
Near Jahanvee Restaurant, Ahmedabad-380015, Gujarat, India |
|
|
|
|
Warehouse : |
PANVEL SITE: Plot No.42/2 , Survey No.1, Next to L and T Godown Old Bombay Pune Road, Bhokarpada, Panvel, Dist: Raigad-410207, Maharashtra, India |
|
Tel. No.: |
95 –2192-255508 /255214 |
|
Fax No.: |
95 –2192-255515 |
|
E-Mail : |
sonkamal@panvel.com |
|
Location : |
Owned |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Janak Pranlal Ladhani |
|
Designation : |
Chairman |
|
Address : |
501, Siddhi Vinayak Apartments, M.V. Road, Andheri (East),
Mumbai – 400 069, Maharashtra, India |
|
Date of Birth/Age : |
13.07.1957 |
|
Qualification: |
B.Com |
|
Date of Appointment : |
06.10.1999 |
|
Din No.: |
00045356 |
|
|
|
|
Name : |
Mrs. Meena Janak Ladhani |
|
Designation : |
Director |
|
Address : |
501, Siddhi Vinayak Apartments, M.V. Road, Andheri (East),
Mumbai – 400 069, Maharashtra, India |
|
Date of Birth/Age : |
10.09.1964 |
|
Qualification: |
S. S. C. |
|
Date of Appointment : |
06.10.1999 |
|
Din No.: |
00045261 |
|
|
|
|
Name : |
Mr. Virag Janak Ladhani |
|
Designation : |
Director |
|
Address : |
501, Siddhi Vinayak Apartments, M.V. Road, Andheri (East),
Mumbai – 400 069, Maharashtra, India |
|
Date of Birth/Age : |
23.11.1988 |
|
Date of Appointment : |
14.06.2007 |
|
Din No.: |
01590678 |
|
|
|
|
Name : |
Mr. Vinodrai Bhupatrai Shah |
|
Designation : |
Director |
|
Address : |
403, Monica (1), Near Natraj Studio, |
|
Date of Birth/Age : |
13.07.1966 |
|
Date of Appointment : |
14.06.2007 |
|
Din No.: |
01590610 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Janak Pranlal Ladhani |
278125 |
|
Meena Janak Ladhani |
97500 |
|
Taraben Pranlal Ladhani |
20000 |
|
Janak Pranlal Ladhani (HUF) |
5000 |
|
Vinodrai Bhupatrai Shah |
1 |
|
Hitesh Pushkarlal Tambadia |
1 |
|
Virag Janak Ladhani |
23500 |
|
TOTAL
|
424127 |
AS ON 30.09.2011
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Directors
or relatives of directors |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importers and Traders of Chemicals and Pharmaceuticals Products. |
|
|
|
|
Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Actual
Production |
|
|
|
|
|
Chemicals |
KGS. |
2718040 |
GENERAL INFORMATION
|
No. of Employees : |
38 [Approximately] |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
N. D.
Mehta Associates Chartered
Accountants |
|
Address : |
Balakrishna
Chambers, Office No. 18, 2nd Floor, 1/4 Issaji Street Vadgadi,
Mumbai – 400 003, Maharashtra, India |
|
Tel. No.: |
91-22-23441661
/ 23441635 |
|
Mobile No.: |
91-9819190230 |
|
Fax No.: |
91-22-23441661
/ 23441635 |
|
E-Mail : |
|
|
Pan No.: |
AAAPM6842Q |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
450000 |
Equity Shares |
Rs.100/- each |
Rs. 45.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
424127 |
Equity Shares |
Rs.100/-
each |
Rs. 42.413
Millions |
|
|
|
|
|
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 |
42.413 |
39.000 |
39.000 |
|
|
2] Share Application Money |
0.000 |
13.650 |
0.000 |
|
|
3] Reserves & Surplus |
148.418 |
94.060 |
51.290 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
190.831 |
146.710 |
90.290 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
214.052 |
112.305 |
52.611 |
|
|
2] Unsecured Loans |
40.617 |
23.503 |
23.029 |
|
|
TOTAL BORROWING |
254.669 |
135.808 |
75.640 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
445.500 |
282.518 |
165.930 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6.065 |
5.202 |
5.983 |
|
|
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 |
84.957
|
54.082 |
38.403
|
|
|
Sundry Debtors |
618.257
|
542.920 |
248.567
|
|
|
Cash & Bank Balances |
105.823
|
70.662 |
55.785
|
|
|
Other Current Assets |
6.136
|
0.000 |
0.000
|
|
|
Loans & Advances |
35.107
|
34.757 |
20.814
|
|
Total
Current Assets |
850.280
|
702.421 |
363.569 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
387.070
|
412.392 |
202.593 |
|
|
Other Current Liabilities |
0.825
|
0.099 |
0.766
|
|
|
Provisions |
23.081
|
12.739 |
0.411
|
|
Total
Current Liabilities |
410.976
|
425.230 |
203.770 |
|
|
Net Current Assets |
439.304
|
277.191 |
159.799
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.131 |
0.125 |
0.148 |
|
|
|
|
|
|
|
|
TOTAL |
445.500 |
282.518 |
165.930 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
1941.357 |
1521.606 |
|
|
|
Other Income |
|
6.865 |
6.569 |
|
|
|
TOTAL
(A) |
2760.000 [Approximately] |
1948.222 |
1528.175 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Materials |
|
194.338 |
155.097 |
|
|
|
Trading Purchase Cost |
|
1635.329 |
1304.888 |
|
|
|
Personnel Cost |
|
25.738 |
15.901 |
|
|
|
Administrative Expenses |
|
8.035 |
5.544 |
|
|
|
Selling and Distribution Expenses |
|
21.827 |
14.752 |
|
|
|
Miscellaneous Expenditure Written Off |
|
0.023 |
0.023 |
|
|
|
Manufacturing Expenses |
|
(12.156) |
28.594 |
|
|
|
TOTAL (B) |
NA |
1873.134 |
1524.799 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
75.088 |
42.082 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
18.841 |
22.689 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
56.247 |
19.313 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.980 |
1.189 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
66.803 |
55.267 |
(20.502) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
22.683 |
12.497 |
0.797 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
44.120 |
42.770 |
(21.299) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
39.290 |
60.589 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
82.060 |
39.290 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
112.05 |
109.67 |
(54.61) |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover [Approximately] |
|
|
3090.000 |
Expected Sales (2012-13) : Rs.3750.000 Millions.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
2.20
|
(1.39)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
2.85
|
(1.35)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.80
|
7.81
|
(5.55)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.38
|
(0.23)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.33
|
0.92
|
0.83
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.07
|
1.65
|
1.78
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
FINANCIAL RESULTS
The Company has made a Profit to the tune of Rs. 66.803 Millions as
against Loss of Rs. 55.267 Millions during the previous year.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U51410MH1999PTC122093 |
|
Name of the
company |
SONKAMAL
ENTERPRISES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Unit No. 602, Sunil Enclave, Pereira Hill Road, Andheri (East),
Mumbai-400099, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property
[not being pledge] Floating Charge |
|
Particular of
charge holder |
Email: sme.form8@sc.com |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation
Agreement |
|
Date of
instrument Creating the charge |
31.10.2011 |
|
Amount secured by
the charge |
Rs.330.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As agreed by and
with the Bank from time to time. Terms of Repayment As agreed by and
with the Bank from time to time. Margin As applicable, if
any. Extent and Operation of the charge The Bank is
having pari passu charge with State Bank of India on the security given by
the Company. |
|
Short particulars
of the property charged |
Hypothecation by
way of pari passu charge with State Bank of India on: a) All the stock in
trade both present and future consisting of raw materials, finished goods,
goods in process of Manufacturing and
other merchandise. b) All the present and future book debts, outstanding
moneys receivable, claims and bills. |
CONTINGENT LIABILITIES NOT PROVIDED IN ACCOUNTS
i)
Sales tax demand of Rs.9.668 Millions for the F.Y.2005-6
for which company is in appeal with Appellate authority.
ii)
Company has given the Bank Guarantee of Rs.100.000
Millions to SI Group India Limited towards outstanding amount payable to them
for supply of material. The company has also loged with the bank 15% of the
aggregate value of bank guarantee by way of fixed deposit.
iii)
Outstanding letter of credit Rs.153.830 Millions
(USD $ 3401074)
FIXED
ASSETS:
·
Godown at Bhiwandi
·
Furniture and Fixtures
·
Air Conditioner
·
Office Equipments
·
Computer
·
Motor Car
·
Plant and Machinery
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 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 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 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.53.09 |
|
|
1 |
Rs.83.12 |
|
Euro |
1 |
Rs.72.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
NID |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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.