MIRA INFORM REPORT

Report No. :	491411
Report Date :	14.02.2018

IDENTIFICATION DETAILS

Name :	F. C. SONDHI AND CO. (INDIA) PRIVATE LIMITED
Registered Office :	G T Road, Suranussi, Jalandhar - 144027, Punjab,
Tel. No.:	91-181-5006700
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	03.10.1961
Com. Reg. No.:	16-002402
Capital Investment / Paid-up Capital :	INR 4.220 Million
CIN No.: [Company Identification No.]	U36939PB1961PTC002402
GST No.:	Not Divulged
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACF2771Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading of Sports Goods. [Registered Activity]
No. of Employees :	Not Divulged

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Maximum Credit Limit :	USD 1610000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated in the year 1961. For the financial year 2017, the company has reported decline in its revenue as compared to previous year but has managed to maintain fair profit margin of 17.35%. The sound financial profile of the company is marked by adequate networth base along with strong debt coverage indicators due to debt free balance sheet profile. The rating takes into consideration the subject’s long track record of business operations along with extensive experience of its promoters. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered for 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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 14.02.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DECLINED BY

Name :	Mr. Punit
Designation :	Not Divulged
Contact No.:	91-181-5006700
Date :	11.02.2018

LOCATIONS

Registered Office :	G T Road, Suranussi, Jalandhar - 144027, Punjab, India
Tel. No.:	91-181-5006700/ 01/ 02
Fax No.:	Not Available
E-Mail :	sales@fcssport.com accounts@fcssport.com
Website :	http://fcssport.com/
Factory :	Located at: · Jalandhar

DIRECTORS

AS ON 31.03.2017

Name :

Mrs. Neena Sondhi

Designation :

Director

Address :

17, Adarsh Nagar, Jalandhar 144008, Punjab, India

Date of Birth/Age :

11.10.1944

Date of Appointment :

01.05.2010

PAN No.:

AJLPS0193G

DIN No.:

00675736

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U19129PB1982PTC004949	FCS INTERNATIONAL MARKETING PVT LTD	30/04/1986	-
U19129PB1982PTC004950	AVENGER INTERNATIONAL PVT LTD	22/10/2001	-
U36939PB1961PTC002402	F. C. SONDHI & CO. (INDIA) PRIVATE LIMITED	01/05/2010	-

Name :

Mr. Rajeev Anurag Sondhi

Designation :

Managing Director

Address :

S/O Prakash Chander Sondhi, House No. 140 White Avenue, Mithapur, Jalandhar 144022, Punjab, India

Date of Birth/Age :

18.08.1975

Date of Appointment :

30.10.1993

PAN No.:

ABNPS5539A

DIN No.:

00675892

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U19129PB1982PTC004949	FCS INTERNATIONAL MARKETING PVT LTD	29/10/2001	-
U36939PB1961PTC002402	F. C. SONDHI & CO. (INDIA) PRIVATE LIMITED	01/05/2010	-

Name :

Mr. Prakash Chander Sondhi

Designation :

Director

Address :

17, Adarsh Nagar, Jalandhar 144008, Punjab, India

Date of Birth/Age :

08.12.1943

Date of Appointment :

01.02.2006

PAN No.:

AFRPS2678N

DIN No.:

00675935

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U19129PB1982PTC004949	FCS INTERNATIONAL MARKETING PVT LTD	29/10/2001	-
U19129PB1982PTC004950	AVENGER INTERNATIONAL PVT LTD	26/04/1989	-
U36939PB1961PTC002402	F. C. SONDHI & CO. (INDIA) PRIVATE LIMITED	01/05/2010	-

Name :

Mrs. Seema Sondhi

Designation :

Director

Address :

W/O Rajeev Anurag Sondhi House No. 140, White Avenue, Mithapur, Jalandhar 144022, Punjab, India

Date of Appointment :

01.04.2013

PAN No.:

AIVPK7781K

DIN No.:

06539770

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2017

Names of Shareholders	No. of Shares	Percentage of Holding
Prakash Chander Sondhi	1406120	33.32
Neena Sondhi	1406120	33.32
Rajeev Anurag Sondhi	1406120	33.32
Seema Sondhi	1000	0.02
Gitanjali Sondhi	1000	0.02
Total	4220360	100.00

AS ON 04.09.2017

Equity Share Breakup	Percentage of Holding
Category
Promoters – Individual/ Hindu Undivided Family – Indian	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of Sports Goods. [Registered Activity]

Products :

ITC Code No.	Product Descriptions
95069920	Leg Pad and Bat for Cricket

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

Not Divulged

Bankers :

· Punjab National Bank

· HDFC Bank Limited

Facilities :

--

Auditors :
Name :	S.K. Gupta and Company Chartered Accountants
Address :	EG 934, 2nd Floor, Nehru Garden Road, Jalandhar – 144001, Punjab, India
PAN No.:	AAQPG4275M
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Company :	FCS International Marketing Private Limited [U19129PB1982PTC004949]

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	INR 1/- each	INR 5.000 Million
500000	Preference Shares	INR 1/- each	INR 0.500 Million
	Total		INR 5.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4220360	Equity Shares	INR 1/- each	INR 4.220 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4.220	4.220	4.220
(b) Reserves & Surplus	559.596	507.536	460.964
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	563.816	511.756	465.184
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	7.470	7.761	8.646
(c) Other current liabilities	11.009	10.162	6.079
(d) Short-term provisions	32.925	38.536	28.573
Total Current Liabilities (4)	51.404	56.459	43.298
TOTAL	615.220	568.215	508.482
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	120.662	114.150	60.801
(ii) Intangible Assets	0.196	0.063	0.073
(iii) Capital work-in-progress	0.619	2.759	34.731
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	157.500	152.500	145.000
(c) Deferred tax assets (net)	1.651	3.628	4.699
(d) Long-term Loan and Advances	0.516	0.528	0.419
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	281.144	273.628	245.723
(2) Current assets
(a) Current investments	154.891	104.978	84.558
(b) Inventories	76.679	77.524	78.494
(c) Trade receivables	47.918	60.692	58.983
(d) Cash and cash equivalents	8.862	4.835	3.668
(e) Short-term loans and advances	45.726	46.558	37.056
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	334.076	294.587	262.759
TOTAL	615.220	568.215	508.482

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016	31.03.2015
	SALES
		Revenue from Operations	322.012	338.539	299.754
		Other Income	36.416	39.145	40.769
		TOTAL (A)	358.428	377.684	340.523
Less	EXPENSES
		Cost of Materials Consumed	176.745	184.898	169.761
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(4.550)	3.539	6.321
		Employees benefits expense	64.787	58.952	49.374
		Exceptional Items	(2.760)	(1.327)	(1.914)
		Other expenses	37.261	28.087	26.221
		TOTAL (B)	271.483	274.149	249.763
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		86.945	103.535	90.760
Less	FINANCIAL EXPENSES (D)		0.000	0.002	0.008
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		86.945	103.533	90.752
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.394	9.800	6.250
	PROFIT BEFORE TAX (E-F) (G)		76.551	93.733	84.502
Less	TAX (H)		20.657	26.236	22.235
	PROFIT AFTER TAX (G-H) (I)		55.894	67.497	62.267
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings [FOB Value]	222.046	230.699	221.766
	IMPORTS
		Raw Materials	73.937	67.144	65.469
	Earnings Per Share (INR)		13.24	15.99	147.54

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	88.990	86.007	68.111
Net Cash flow from Operating Activities	63.298	57.809	44.880

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	54.31	65.44	71.82
Account Receivables Turnover (Income / Sundry Debtors)	6.72	5.58	5.08
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	15.43	15.32	18.59
Inventory Turnover (Operating Income / Inventories)	1.13	1.34	1.16
Asset Turnover (Operating Income / Net Fixed Assets)	0.72	0.89	0.95

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.08	0.10	0.09
Debt Equity Ratio (Total Liability / Networth)	0.00	0.00	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.09	0.11	0.09
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.22	0.23	0.21
Interest Coverage Ratio (PBIT / Financial Charges)	0.00	51767.50	11345.00

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	17.36	19.94	20.77
Return on Total Assets ((PAT / Total Assets) * 100)	%	9.09	11.88	12.25
Return on Investment (ROI) ((PAT / Networth) * 100)	%	9.91	13.19	13.39

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	6.50	5.22	6.07
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	5.01	3.84	4.26
G-Score Ratio Financial (Networth / Total Assets)	0.92	0.90	0.91
G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.00	0.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	6.50	5.22	6.07

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particulars	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	4.220	4.220	4.220
Reserves & Surplus	460.964	507.536	559.596
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	465.184	511.756	563.816
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	299.754	338.539	322.012
		12.939	-4.882

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	299.754	338.539	322.012
Profit	62.267	67.497	55.894
	20.77%	19.94%	17.36%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

CHARGES REGISTERED
SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G63330013	100134918	HDFC BANK LIMITED	27/10/2017	-	-	9900000.0	24, VIJAY NAGARNEAR FOOTBALL CHOWKJALANDHARPB144001IN
2	G70792239	90170884	PUNJAB NATIONAL BANK	29/04/1998	-	06/12/2017	25000000.0	CIVIL LINESJALANDHARPBIN
3	G70792627	90172677	PUNJAB NATIONAL BANK	15/02/2001	-	06/12/2017	25000000.0	CIVIL LINESJALANDHARPBIN
4	G70791710	90171161	PUNJAB NATIONAL BANK	22/10/2001	-	06/12/2017	10000000.0	CIVIL LINESJALANDHARPBIN
5	G70791181	90171109	PUNJAB NATIONAL BANK	06/12/2000	-	06/12/2017	25000000.0	CIVIL LINESJALANDHARPBIN
6	G70792106	90167470	PUNJAB NATIONAL BANK	22/10/2001	-	06/12/2017	10000000.0	CIVIL LINESJALANDHARPBIN
7	G70791918	90167468	PUNJAB NATIONAL BANK	22/10/2001	-	06/12/2017	10000000.0	CIVIL LINESJALANDHARPBIN

BRIEF DESCRIPTION OF THE COMPANY’S WORKING DURING THE YEAR/ STATE OF COMPANY’S AFFAIRS:

During the year company’s annual turnover is INR 322.012 Million and Net Profit after tax is INR 55.894 Million. While during the previous year Company’s annual turnover is INR 338.539 Million and Net Profit after tax is INR 67.497 Million and company is planning for the further expansion.

FIXED ASSETS:

· Land

· Building

· Furniture and Fixture

· Computers and Printers

· Generators

· Water Treatment Plant

· Machinery

· Air Conditioner

· Electric Fans

· Fire Extinguishers

· Office Equipment

· Vehicles

· Computer Software, etc.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

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	INR 64.28
UK Pound	1	INR 89.02
Euro	1	INR 78.93

INFORMATION DETAILS

Information Gathered by :	PUJ
Analysis Done by :	VAR
Report Prepared by :	BVA

SCORE FACTORS

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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.