MIRA
INFORM REPORT
|
Report Date : |
12.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
SIGMA BYTE COMPUTERS PRIVATE LIMITED |
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Registered Office : |
H-11/12, Paragon Condominium, Paragon Textiles, Mills Compound, Pandurang
Budhkar Marg, Worli, Mumbai-400013, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
13.05.1999 |
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Com. Reg. No.: |
11-119928 |
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CIN No.: [Company
Identification No.] |
U72100MH1999PTC119928 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS36693G |
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PAN No.: [Permanent
Account No.] |
AAECS7724A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Networking Dealers in Computer Hardware and Consultancy. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 166000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
H-11/12, Paragon Condominium, Paragon Textiles, Mills Compound, Pandurang
Budhkar Marg, Worli, Mumbai-400013, Maharashtra, India |
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Website : |
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Corporate Office : |
Unit No.2, 137, Shah & Nahar Industrial Estate, Lower Parel
(West), Mumbai-400013, Maharashtra, India |
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Tel. No.: |
91-22-24938064/ 66625691 |
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Fax No.: |
91-22-24938930 |
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Branches : |
Located At : v Mumbai v Bangalore v Hyderabad v New Delhi v Pune v UAE |
DIRECTORS
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Name : |
Mr. Anish S Gandhi |
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Designation : |
Director |
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Address : |
36, 3rd Floor, Siddhi Apartment, 10th Khetwadi
Bake Road, Mumbai-400002, Maharashtra, India |
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Date of Birth/Age : |
30.09.1967 |
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Date of Appointment : |
19.05.1999 |
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Name : |
Mr. Alkesh S Gandhi |
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Designation : |
Director |
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Address : |
Raval Pindi Wala Building, 4th Floor, 2-B, Tribhuvan Road,
Mumbai-400004, Maharashtra, India |
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Date of Birth/Age : |
05.02.1968 |
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Date of Appointment : |
19.03.1999 |
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Name : |
Mr. Ketan C Kothari |
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Designation : |
Director |
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Address : |
410, Vaishali Apartment, Parekh Street, Behind Girgaon Court,
Mumbai-400004, Maharahstra, India |
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Date of Birth/Age : |
06.04.1968 |
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Date of Appointment : |
19.05.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Mr. Anish S Gandhi |
33100 |
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Mr. Alkesh S Gandhi |
33100 |
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Mr. Ketan C Kothari |
33100 |
BUSINESS DETAILS
|
Line of Business : |
Networking Dealers in Computer Hardware and Consultancy. |
GENERAL
INFORMATION
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Customers : |
Campus
Networking v DCM - ShriRam Consolidated Limited v Dupont India v H.N. Hospital v ICI v Larsen & Toubro v Mahindra & Mahindra v Mahindra - Ford v MICO BOSCH v Nestle v Pal Peugeot v Procter & Gamble v Reliance Industries v Reliance Infocom Premises
Networking v Accenture v Cap Gemini Ernst & Young v
Chase Manhattan Bank v
Credit Agricole Indo Suez v
Eftia OSS Solutions v
e-Funds v J.P. Morgan Chase v
Jaslok Hospital v
National Securities Depository
Limited v
Patni Computer Systems v
Prudential v Reliance Industries v
Sun Microsystems v
Tata Electric Company Broadband
& Telecom v BSES Telcom v Hathways Cable & Datacomm v
Reliance Telecom Data
Centre & Call Centre v Accenture v e-Funds v Hathways Cable & Datacomm v JP Morgan Chase v Netmagic Solutions v Reliance Infocom v
Transworks |
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No. of Employees : |
About 20 |
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Bankers : |
HDFC Bank Limited, HDFC Bank House, Senapti Bapat Marg, Lower Parel Mumbai-400013 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mukesh P Shah & Company Chartered Accountants |
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Address : |
2, Damodar Niwas, 2nd Floor, C P Tank Road, Mumbai-400004,
Maharashtra, India |
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Tel. No.: |
91-22-23886293 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
99300 |
Equity Shares |
Rs.10/- each |
Rs.0.993
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.993 |
0.993 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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40.690 |
23.197 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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41.683 |
24.190 |
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LOAN FUNDS |
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1] Secured Loans |
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12.626 |
0.000 |
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2] Unsecured Loans |
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2.521 |
3.288 |
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TOTAL BORROWING |
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15.147 |
3.288 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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56.830 |
27.478 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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8.829 |
4.011 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.003 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
(0.384) |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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47.639 |
42.336 |
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Sundry Debtors |
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25.660 |
14.181 |
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Cash & Bank Balances |
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6.902 |
4.288 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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25.244 |
6.536 |
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Total
Current Assets |
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105.445 |
67.341 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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43.490 |
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Provisions |
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Total
Current Liabilities |
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57.447 |
43.490 |
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Net Current Assets |
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47.998 |
23.851 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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56.830 |
27.478 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Total Income |
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171.973 |
152.832 |
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Profit/(Loss) Before Tax |
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28.625 |
26.710 |
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Provision for Taxation |
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10.367 |
10.781 |
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Profit/(Loss) After Tax |
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18.258 |
15.929 |
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Earnings in Foreign Currency : |
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Commission Earnings |
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7.672 |
5.225 |
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Other Earnings |
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12.853 |
4.872 |
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Total Earnings |
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20.525 |
10.097 |
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Expenditures : |
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Interest |
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1.468 |
0.715 |
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Depreciation & Amortization |
|
1.252 |
0.792 |
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Other Expenditure |
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140.637 |
124.615 |
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Total Expenditure |
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143.357 |
126.122 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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63.78 |
10.42 |
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Net Profit Margin (PBT/Sales) |
(%) |
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16.64 |
17.48 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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25.05 |
37.43 |
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Return on Investment (ROI) (PBT/Networth) |
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0.69 |
1.10 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.74 |
1.93 |
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Current Ratio (Current Asset/Current Liability) |
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1.83 |
1.55 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Name of the company |
SIGMA BYTES
COMPUTERS PRIVATE LIMITED |
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Presented By |
ANISH S GANDHI |
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1) Date and description of instrument creating the change |
Letter of hypothecation of stocks and book debts dated 11.10.2004 to secure demand cash credit/ WCDL/LC/BG against stock and book debts. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.20.000 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of all goods both present and future consisting of stock, shares, bonds, debentures and any other securities, whatsoever being moveable properties now as at any time herein after and all the book debts outstanding monies receivabels, claims and bills, which arenow due and owing to the company, stand hypothecated to the bank by way of first charge as security. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Hypothecation of all current assets margin at 40% against book debts age not exceeding 90 days. Insurance of goods Registration of banks charge with Registrar of Companies |
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5) Name and Address and description of the person entitled to the charge. |
HDFC Bank Limited HDFC Bank House Senapti Bapat Marg Lower Parel Mumbai-400013 |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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Corporation identity number or foreign company registrations number of the company |
U72100MH1999PTC119928 |
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Name of the company |
SIGMA BYTE COMPUTERS PRIVATE LIMITED |
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Address |
H-11/12, Paragon Condominium, Paragon Textiles, Mills Compound,
Pandurang Budhkar Marg, Worli, Mumbai-400013, Maharashtra, India |
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This Form is for |
Modification of charge |
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Type of Charges |
Book debts Movable property Floating charge |
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Particular of the charge holder |
HDFC Bank Limited HDFC Bank House Senapti Bapat Marg Lower Parel Mumbai-400013 |
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Nature or description of the instrument creating charge |
As per sanctioned letter dated 11.12.2006 |
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Date of the instrument creating charge |
11.12.2006 |
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Amount Secure by the charge |
Rs.14.000 millions |
Directors Report :
During the year the company has achieved sales of Rs.171.973 millions as
compared to previous year Rs.152.832 millions. The directors are hopeful for change
in market conditions.
The company is engaged into Networking and Material Suppliers related to
laying cables and networking for information technology field and provide
services of maintenance, etc. considering the nature of activities in which the
company is engaged, quantitative details is not furnished.
Company’s fixed assets include Motor Car, Plant and Machinery, Office
Equipments, Computer System and Furniture and Fixtures.
Website Details :
Corporate Profile
Subject is India's largest Network
Cabling Integrators. They specialize in the field of optical fiber installation
& maintenance services for large campus wide & Outside Plant networks.
BCCI
Corporate Member
They
are a BICSI Corporate member and have the best workforce in the country. They
have some of the largest installations in the country and all their projects
are executed as per International quality standards. They have the largest pool
of termination & testing equipments and some of the best design,
installation & testing procedures.
They even partner with large integrators in international
markets to work on large projects in their geographies.
Their People
Their employees are required to undergo extensive background
checks as well as undergo ongoing trainings in constantly hone their skills.
They employee highly trained professionals with the following expertise:
v
Highly Skilled Installation Technicians
v
Trained Telecommunication System Technicians
v
Experienced Project Managers
v
CAD Operators
v
Consultants
Their Services
Seamless integration of data, voice, video and sound systems
is a must in today's technology-driven world. Subject's total network solution blends
proven technology with engineering expertise that enables you to successfully
manage the project resources.
Their commitments includes:
v
Network and Telecommunications Engineering and Design
v
Cabling and Certification
v
Corporate and Data Center Design and Installation
v
24/7 National Customer Support Center
v
Hardware and Software Installation
v
Complete Documentation of All Projects
v
Hazard Planning
v
Future Growth Planning
They even partner with large integrators in international
markets to work on large projects in their geographies.
Their
Partners
They've forged business partnerships with the world's
leading manufacturers and suppliers of Telecommunications technology. With their
proven track record in providing high quality service and installation, major
manufacturers are proud to be associated with Subject.
Systimax
Solutions
SYSTIMAX Solutions Connectivity
Solutions group, through its high performance cabling systems, delivers the
capability that allows network managers to spend more time with users and meet
their needs on an ongoing basis by eliminating the cabling infrastructure as a
point of concern.
SYSTIMAX Solutions' efforts in the cabling arena focus on
delivering industry standards-based technologies that support the transition to
higher-bandwidth networking. SYSTIMAX Solution's strategy recognizes the need
for solutions that address a number of key areas, including performance,
manageability, productivity, speed, security, reliability, flexibility, lower
costs and ease of use. SYSTIMAX Solutions further recognizes that solutions
must take into account the "whole network infrastructure" and span
connectivity across enterprise and service provider networks.
Panduit
Panduit is a leading manufacturer
of high-quality products for wiring and communications applications. Panduit is
committed to innovation and excellence, and have continually lived up to that
commitment with the help of exceptional people, the latest equipment and
future-orientated management.
Panduit manufacture innovative products (network cabling
systems, cable ties, wiring accessories, power connectors, installation
tooling, identification products, communication connectors, etc) that offer maximum
reliability at the lowest installed cost.
Tyco
Tyco Electronics develops, manufactures, and supplies a
comprehensive range of communications infrastructure products and systems for
customers in government, education, healthcare, finance, manufacturing and
technology markets. Having established itself as the preeminent provider of
commercial premises structured cabling systems for optical fiber and
twisted-pair copper technologies, Tyco Electronics has broadened its product
portfolio to include a complete line of residential cabling solutions. Coupling
this spectrum of industry-standard offerings with its superior customer
service, the tyco group is well positioned as a single-source system provider
to meet the disparate communications infrastructure needs of commercial and
residential customers.
Molex
Molex is the world's second-largest manufacturer of
electronic, electrical and fiber optic interconnection products and systems.
They also make a variety of switches and application tooling.
Molex is both a leading-edge developer and worldwide
manufacturer of structured cabling system technology. Through Molex Premise
Networks, Molex provide end-to-end cabling solutions that safeguard the
integrity of their customers' data. Molex do this through innovative
connectivity systems that transport voice, data, video and local area network
applications.
From integrated copper cabling and fiber optics to office
outlets, patch panels and racks, Molex ensure outstanding electrical
performance, durability and solutions that meet or exceed all applicable
industry standards.
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 |
Rs.42.74 |
|
UK Pound |
1 |
Rs.84.90 |
|
Euro |
1 |
Rs.57.79 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|