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|
|
MIRA
INFORM REPORT
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Report No. : |
508659 |
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Report Date : |
18.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
STI SANOH INDIA PRIVATE LIMITED (w.e.f. 05.02.2016) |
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Formerly Known
As : |
STI SANOH INDIA LIMITED |
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Registered
Office : |
303, DDA HIG Flats, Block -1, Pocket-B, Motia Khan, New Delhi - 110055 |
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Tel. No.: |
91-7272-234206-11 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
07.08.1996 |
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Com. Reg. No.: |
55-080998 |
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Capital
Investment / Paid-up Capital : |
INR 276.000 Million |
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CIN No.: [Company Identification
No.] |
U25190DL1996PTC080998 |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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TIN No: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCS0805M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing and Sale of Tubes and Tubular Products. [Registered Activity] |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 2900000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Sanoh Industrial Co. Limited” based in Japan and it was incorporated in the year 1996. It is a manufacturer of MS Tubes, Breaks Lines, MS Tube dia of 4.76mm and Weld MS Wire 1.66 mm, exporter of cooper tube. As per the financials of March 2017, the company has registered a growth of 10.27% in its revenue as compared to its previous year revenue but has reported losses. Rating takes into consideration the company established track record of business operations marked by healthy net worth along with debt free balance sheet and decent liquidity position. Rating also takes into account the strong financial and managerial support received from its holding entity and well experienced management team. Payments seems to be regular. In view of aforesaid, the company can be considered good 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 (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
|
Date |
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
31-03-2018.
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 18.05.2018
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 DENIED BY
|
Name : |
Mr. Rajesh Maheshwari |
|
Designation : |
Chief Executive Officer |
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Contact No.: |
91-124-4149102 |
|
Date : |
14.05.2018 |
LOCATIONS
|
Registered Office : |
303, DDA HIG Flats, Block -1, Pocket-B, Motia Khan, New Delhi – 110055, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory 1/ Head Office |
Steel Tube Road, Station Road, Dewas-455001, Madhya Pradesh, India |
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Tel. No.: |
91-7272-234206-11 |
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Factory 2: |
Plot No. 161, Sector -4, IMT, Manesar, Gurugram -122052, Haryana, India |
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Tel. No.: |
91-124-4149102 |
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Factory 3: |
E-93, Surajpur Industrila Area, Site-B, Surajpur, Greater Noida-201 306, Uttar Pradesh, India |
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Factory 4: |
Plot No. D-86, MIDC Supa - Parner Road, District Ahmednagar-414 301, Maharashtra, India |
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Factory 5: |
471 / D1, 13th Cross, 3rd Main, 4th Phase, Peenya Industrial Area, Bangalore-560058, Karnataka, India |
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Tel. No.: |
91-80-28360206,28360207,32967820 |
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Factory 6: |
Survey No. 534 / 1, A2, Mannur Village, Arrakkonam Road, Sriperumbudur Taluk, Kancheepuram, Chennai-602 105, Tamilnadu, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Tadayoshi Mizukami |
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Designation : |
Managing Director |
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Address : |
520-4 Nishiushi Koga, Ibaraki Koga 3060223,
Japan |
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Date of Birth |
17.07.1968 |
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Qualification |
Law Graduate |
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Date of Appointment : |
01.08.2016 |
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DIN No.: |
05176668 |
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Other Directorship:
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Name : |
Mr. Takahiro Itoh |
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Designation : |
Additional Director |
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Address : |
802, 22-5 Shinsencho Shibuyaku Tokyo
1500045, Japan |
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Date of Appointment : |
06.04.2017 |
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DIN No.: |
06749007 |
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Name : |
Mr. Tetsuo Ikeda |
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Designation : |
Alternate Director |
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Address : |
B-304, Shalimar Township, A.B. Road, Indore
– 452010, Madhya Pradesh, India |
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Date of Appointment : |
06.04.2017 |
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DIN No.: |
06911790 |
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Name : |
Mr. Masatoshi Koyano |
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Designation : |
Additional Director |
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Address : |
Apartment No B, Townhouse, Tower F Sweta
Estae, Sohna Road, Sector 48, Gurugram – 122001, Haryana, India |
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Date of Appointment : |
06.06.2017 |
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DIN No.: |
07836153 |
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KEY EXECUTIVES
|
Name : |
Mr. Mukesh Kumar Garg |
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Designation : |
Company Secretary |
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Address : |
8 Tulsi Villa, 3/1, Old Palasia, Behind
Apna Sweets / Navneet Tower, Indore – 452001, Madhya Pradesh, India |
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Date of Birth/Age : |
30.09.1963 |
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Date of Appointment : |
16.08.2010 |
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PAN No.: |
ABOPG8833G |
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Name : |
Mr. Rajesh Maheshwari |
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Designation : |
Chief Executive Officer |
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Name : |
D.K. Jain and Company |
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Designation : |
Secretarial Auditor |
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Address : |
401-402, 4th Floor, Silver Ark Plaza, Janjirwala Choraha, Near Curewell Hospital, Indore-452001, Madhya Pradesh, India |
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PAN No: |
ABTPJ1074D |
MAJOR SHAREHOLDERS
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Sanoh Industrial Co. Limited, Japan |
|
27599400 |
|
Seiichiro Yasukawa |
|
100 |
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Takashi Ono |
|
50 |
|
Toshihiro Takemura |
|
100 |
|
Tadayoshi Mizukami |
|
100 |
|
Takahiro Itoh |
|
100 |
|
Kazuyuki Takeda |
|
100 |
|
Kazunari Funabashi |
|
50 |
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Total |
|
27600000 |
Equity Share Break up (Percentage of Total Equity)
As on: 07.11.2017
|
Category |
Percentage |
|
Promoters [Foreign national (other than NRI)] |
0.00217391 |
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Promoters [Bodies
corporate] |
99.99782609 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Sale of Tubes and Tubular Products. [Registered Activity] |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers (Indirect Sources): |
· Maruti · Honda · Nissan · Toyota
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
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Financial Institutions: |
Sumitomo Mitsui banking Corporation, New Delhi, India |
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Auditors : |
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|
Name : |
Price Waterhouse Chartered Accountants |
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Address : |
Building 8, 7th and 8th Floor, Tower-B, DLF Cyber City, Gurugram-122002, Haryana, India |
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Tel. No.: |
91-124-462 0465 |
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Income-tax
PAN of auditor or auditor's firm : |
AAFFP3698A |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company: |
Sanoh Industrial Co. Limited |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
INR 10/- each |
INR 350.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27600000 |
Equity Shares |
INR 10/- each |
INR 276.000 Million |
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|
|
|
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 |
276.000 |
276.000 |
276.000 |
|
(b) Reserves and Surplus |
739.314 |
764.378 |
720.980 |
|
(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) |
1015.314 |
1040.378 |
996.980 |
|
|
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.056 |
0.238 |
|
(b) Deferred tax liabilities (Net) |
16.777 |
23.276 |
23.533 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
15.216 |
|
Total Non-current
Liabilities (3) |
16.777 |
23.332 |
38.987 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
216.451 |
286.341 |
192.878 |
|
(c) Other
current liabilities |
422.705 |
50.024 |
28.080 |
|
(d) Short-term
provisions |
20.661 |
23.618 |
13.326 |
|
Total Current
Liabilities (4) |
659.817 |
359.983 |
234.284 |
|
|
|
|
|
|
TOTAL |
1691.908 |
1423.693 |
1270.251 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
363.193 |
299.621 |
295.727 |
|
(ii)
Intangible Assets |
5.324 |
4.938 |
4.796 |
|
(iii) Tangible assets
capital work-in-progress |
13.185 |
2.221 |
3.388 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
71.877 |
26.692 |
28.841 |
|
(e) Other
Non-current assets |
1.860 |
0.060 |
0.000 |
|
Total Non-Current
Assets |
455.439 |
333.532 |
332.752 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
436.888 |
6 |
401.493 |
|
(c) Trade
receivables |
494.448 |
456.292 |
433.699 |
|
(d) Cash and
bank balances |
69.646 |
36.858 |
58.404 |
|
(e)
Short-term loans and advances |
108.558 |
57.508 |
43.802 |
|
(f) Other
current assets |
126.929 |
0.357 |
0.101 |
|
Total
Current Assets |
1236.469 |
1090.161 |
937.499 |
|
|
|
|
|
|
TOTAL |
1691.908 |
1423.693 |
1270.251 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
2932.737 |
2659.986 |
2655.987 |
|
|
Other Income |
36.859 |
11.487 |
22.726 |
|
|
TOTAL |
2969.596 |
2671.473 |
2678.713 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1726.273 |
1503.485 |
1594.273 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(0.483) |
(20.344) |
20.142 |
|
|
Employee benefit expense |
302.281 |
250.611 |
217.560 |
|
|
CSR expenditure |
7.200 |
2.857 |
0.330 |
|
|
Other expenses |
715.697 |
693.738 |
506.650 |
|
|
Exceptional items |
202.298 |
0.000 |
(6.987) |
|
|
TOTAL |
2953.266 |
2430.347 |
2331.968 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
16.330 |
241.126 |
346.745 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.194 |
0.256 |
7.465 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
16.136 |
240.870 |
339.280 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
47.667 |
44.064 |
54.726 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(31.531) |
196.806 |
284.554 |
|
|
|
|
|
|
|
Less |
TAX |
(6.468) |
70.361 |
99.351 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(25.063) |
126.444 |
185.203 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
23.549 |
31.652 |
0.000 |
|
|
TOTAL EARNINGS |
23.549 |
31.652 |
0.000 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(0.91) |
4.58 |
6.71 |
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 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
30.073 |
172.897 |
257.349 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
172.851 |
102.279 |
152.550 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average
Collection Days [Sundry Debtors
/ Income * 365] |
|
61.54 |
62.61 |
59.60 |
|
|
|
|
|
|
|
Account Receivables Turnover [Income / Sunday Debtors] |
|
5.93 |
5.83 |
6.12 |
|
|
|
|
|
|
|
Average Payment Days [Sundry Creditors /
Purchases * 365] |
|
45.77 |
69.51 |
44.16 |
|
|
|
|
|
|
|
Inventory Turnover [Operating Income /
Inventories] |
|
0.04 |
0.45 |
0.86 |
|
|
|
|
|
|
|
Asset Turnover [Operating Income / Net Fixed
Assets] |
|
0.04 |
0.79 |
1.14 |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio
[(Borrowing + Current Liabilities) / Total Assets] |
|
0.39 |
0.25 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Borrowings / NetWorth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / NetWorth) |
|
0.65 |
0.35 |
0.23 |
|
|
|
|
|
|
|
Fixed Assets to NetWorth (Net Fixed Assets /
NetWorth) |
|
0.38 |
0.29 |
0.30 |
|
|
|
|
|
|
|
Interest Coverage Ratio [PBIT / Financial
Charges] |
|
84.18 |
941.90 |
46.45 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales) * 100] |
(%) |
(0.85) |
4.75 |
6.97 |
|
|
|
|
|
|
|
Return on Total Assets [(PAT / Total Assets)
* 100] |
(%) |
(1.48) |
8.88 |
14.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) [(PAT / NetWorth)
* 100] |
(%) |
(2.47) |
12.15 |
18.58 |
SOLVENCY RATIO
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio
[Current Assets / Current Liabilities] |
|
1.87 |
3.03 |
4.00 |
|
|
|
|
|
|
|
Quick Ratio [(Current Assets - Inventories)
/ Current Liabilities] |
|
1.21 |
1.53 |
2.29 |
|
|
|
|
|
|
|
G-Score Ratio Financial [NetWorth / Total
Assets] |
|
0.60 |
0.73 |
0.78 |
|
|
|
|
|
|
|
G-Score Ratio Debt [Debts / Equity Capital] |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
G-Score Ratio Liquidity [Total Current
Assets / Total Current Liabilities] |
|
1.87 |
3.03 |
4.00 |
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
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
276.000 |
276.000 |
276.000 |
|
Reserves & Surplus |
720.980 |
764.378 |
739.314 |
|
Net
worth |
996.980 |
1040.378 |
1015.314 |
|
|
|
|
|
|
Long-term borrowings |
0.238 |
0.056 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.238 |
0.056 |
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 |
2655.987 |
2659.986 |
2932.737 |
|
|
|
0.151 |
10.254 |
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 |
2655.987 |
2659.986 |
2932.737 |
|
Profit/ (Loss) |
185.203 |
126.444 |
(25.063) |
|
|
6.97
% |
4.75
% |
(0.85
%) |
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 |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
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 |
Yes |
|
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 |
INDIAN ECONOMY DURING
THE YEAR
Despite continued global volatility across different markets, Indian Economy grew at the rate of 7%-7.5% for the last three years. Indian economy is perceived to be fastest growing economies word-wide. The Government of India was largely successful in keeping the inflation and interest rate lower side and keep the pace of macroeconomic policy and structural reforms throughout the year. Higher government spending on infra-structure kept the hope of picking up private investment. Normal mansoon and implementation of 7th pay commission was considered as demand booster.
However, market disruption on demonetization and GST implementation delayed the much expected fast recovery in market. The Government however continued to create a positive business atmosphere for private investment and most of the govt. published data indicate that the market is recovering to normalcy.
AUTOMOTIVE INDUSTRY
The Indian Automobile Industry (except 2 wheeler) grew by 6.7% during the year (7.1% previous year). With the passenger vehicle industry growth of 9.2% and record sales crossing the 3 million mark. The commercial vehicle industry grew 4.2% with the LCV (2 to 3.5T PU segment) posting the highest ever sales of 0.2 million and taking 29% share of the total commercial vehicle industry. However the medium and heavy commercial vehicle segment remain flat at a volume of 0.3 million. The 2 wheeler industry grew by 6.9% with sales crossing a record 17 million during the year.
This growth was broad based with almost half the manufacturers showing improved sales over the previous year. New models were the primary growth drivers. The reduction in lending rates, coupled with banks renewed focus on retail loans, easy credit and finance facility, favorable duties and tax structure, change in regulatory guidance on diesel engine vehicles and disposable income in the hands of consumers also supported growth in different segment. The gap between prices of diesel and petrol continue to reduce and it shifted the favor of customer towards petrol vehicles during the year, which is also reflected in 4% lower sales of diesel vehicle this year in comparison to last year share of 44.1% in total automobile sales.
WHITE GOODS INDUSTRY
The consumable durable Industry which witnessed its revival in 2015 has further expanded in 2016. As per an estimate the total sales of consumer durable goods in 2016 was at $12.5bn, which is around 29% higher in comparison to $9.7bn in 2015. By the year 2018 this market is likely to grow up to $17.5bn, resulting an expected growth of 18-20% per year in 2017 and 2018. Another estimate is about 2/3rd of this sales in from urban and semi-urban market and rural market account for 1/3rd. This sector is also witnessing the emergence of modern durable retail chain and e-retailers like TATA Croma, Reliance Digital, E Zone etc. This on-line retail marketing is expected to grow at a CAGR of 40-45 % during 2014-18. Therefore, refrigeration companies are partnering with E-retailers to promote sales and increased penetration deep in the Indian market. Most of the companies are adopting strategy to constantly introduce higher star rated, energy efficientACs, Invertors and Refrigerators to achieve growth target.
AMALGAMATION OF SANOH
INDIA INTO STI SANOH INDIA
The parent company Sanoh Japan has prepared a restructuring plan, comprising all Indian operation in to one unit with a view to give a major thrust to growth. It believes that India would be among the top performing countries in the world in next five years as it expect India to be one of the fastest growing economy in the world. In view this to cater to the increasing needs of our customers, the company has prepared an expansion plan to double the operational revenue and margin in next five years. In furtherance to this objective, the Company has filed an application before the Hon'ble National Company Law Tribunal (NCLT) New Delhi bench on 4th September, 2017 for amalgamation of Sanoh India Private Limited (SIPL) into STI Sanoh India Private Limited (SSIPL). The amalgamation of two companies is likely to bring synergy into business operation, reduce the operating cost and improve operational efficiencies. The amalgamation will further support in satisfying customers with better and broader range of products. As per the order of Hon'ble NCLT New Delhi bench, a meeting of the unsecured creditors of SIPL and SSIPL is called and scheduled to be held on 8th November, 2017 at Hotel Holiday Inn, near IGI Airport at Aero city, New Delhi.
INDEX OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G15772817 |
90036404 |
THE SANWA BANK LIMITED |
03/03/2001 |
- |
14/10/2016 |
35000000.0 |
NEW DELHI BRANCH UPPER GROUND FLOORMERCANTILE HOUSE 15 KASTURBA GANDHI MARGNEW DELHIDL110001IN |
|
2 |
G15771512 |
90034329 |
THE SANWA BANK LIMITED |
15/10/1997 |
- |
14/10/2016 |
200000000.0 |
NEW DELHI BRANCH UPPER GROUND FLOOR15 KASTURBA GANDHI MARGNEW DELHIDL110001IN |
|
3 |
G15766686 |
10022920 |
THE BANK OF TOKYO MITSUBISHI UFJ LIMITED |
14/09/2006 |
- |
14/10/2016 |
65000000.0 |
JEEVAN VIHAR BUILDING3, PARLIAMENT STREETNEW DELHIDL110001IN |
|
4 |
G15767874 |
90034311 |
THE SANWA BANK LIMITED |
30/09/1997 |
25/05/2001 |
14/10/2016 |
200000000.0 |
NEW DELHI BRANCH UPPER GROUND FLOOR15 KASTURBA GANDHI MARGNEW DELHIDL110001IN |
|
5 |
C19130822 |
90035981 |
IDBI Bank Limited |
07/07/2000 |
- |
02/09/2014 |
337980.0 |
ALANKAR CHAMBERSRATLAM KOTHI A.B. ROADINDOREMP400005IN |
|
6 |
C19129212 |
90036057 |
IDBI Bank Limited |
24/08/2000 |
- |
02/09/2014 |
610540.0 |
ALANKAR CHAMBERSRATLAM KOTHI; AB ROADINDOREMP452001IN |
|
7 |
A41023615 |
90034287 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
15/09/1997 |
23/10/1997 |
28/06/2008 |
90000000.0 |
IDBI TOWERSCOLOBAMUMBAIMP400005IN |
|
8 |
A41024381 |
90034873 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
30/09/1998 |
23/09/1999 |
28/06/2008 |
30000000.0 |
IDBI TOWERSCOLOBAMUMBAIMP400005IN |
|
9 |
Y10114405 |
90034310 |
THE IDBI BANK LIMITED |
29/09/1997 |
22/08/2000 |
17/01/2004 |
77500000.0 |
ALANKAR CHAMBERSRATLAM KOTHI A.B. ROADINDOREMP455001IN |
|
1 |
G15772817 |
90036404 |
THE SANWA BANK LIMITED |
03/03/2001 |
- |
14/10/2016 |
35000000.0 |
NEW DELHI BRANCH UPPER GROUND FLOORMERCANTILE HOUSE 15 KASTURBA GANDHI MARGNEW DELHIDL110001IN |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Computer
·
Vehicles
· Computer software
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
|
INR |
|
US Dollar |
1 |
INR 67.16 |
|
|
1 |
INR 91.65 |
|
Euro |
1 |
INR 79.89 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHY |
|
|
|
|
Analysis Done by
: |
VVK |
|
|
|
|
Report Prepared
by : |
MTN |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.