MIRA
INFORM REPORT
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Report Date : |
28.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
DSS SYSTEMS AND SOFTWARE TECHNOLOGIES LIMITED |
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Registered Office : |
Nalin Chambers, 173, Dhole Patil Road, Pune- 411 100, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.06.1980 |
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Com. Reg. No.: |
11 - 22745 |
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CIN No.: [Company
Identification No.] |
U72400MH1980PLC22745 |
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Legal Form : |
It is a closely held public limited liability company. |
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Line of Business : |
Provides full software development lifecycle, Customized Software
Development, Product Development and Re- Engineering, Maintenance Support and
Six Sigma Consultancy. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 194432 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track.
Company’s profitability is under severe pressure. It has huge accumulated
losses. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
with slight caution initially. |
LOCATIONS
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Registered Office : |
Nalin Chambers, 173, Dhole Patil Road, Pune-411 001, Maharashtra,
India |
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Tel. No.: |
91-20-26122501 |
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Fax No.: |
91-20-26124576 |
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E-Mail : |
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Website : |
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Overseas Office : |
The Middle East Datamas (Bahrain) Limited |
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Address : |
P.O. Box 10993, Manama, Bahrain |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ramesh Kumar Sachdeva |
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Designation : |
Director |
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Address : |
10 Narsinha society, Boat Club Road, Pune-411 001 |
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Date of Appointment : |
24.06.1980 |
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Name : |
Mr. Kapil Ramesh Sachdeva |
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Designation : |
Director |
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Address : |
10, Narsinha Society, Boat Club Road, Pune-411 001 |
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Date of Appointment : |
05.04.1993 |
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Name : |
Mrs. Medha G Stephen |
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Designation : |
Director |
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Address : |
No.4, Sriniketan, Opp. Aga Khan Palace, Off Nagar Road, Pune-411 006 |
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Date of Appointment : |
04.12.2000 |
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Name : |
Mr. Suresh G Pandya |
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Designation : |
Director |
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Address : |
Shivam B-15, Someshwarwadi, Pashan, Pune-411 028 |
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Date of Appointment : |
05.04.1993 |
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Name : |
Mr. Vipul Hirendra Mankad |
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Designation : |
Director |
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Address : |
906, SIDBI Flats, 25, Veena Desai Road, Andheri West, Mumbai-400 053 |
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Date of Appointment : |
08.02.2001 |
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Name: |
Mr. Umesh Vasant Kudalkar |
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Designation : |
Director |
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Address : |
Urmila, Plot No.8, Milan Society, Mayur Colony, Kothrud, Pune-411 029 |
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Date of Appointment : |
15.12.2000 |
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Date of Ceasing : |
15.03.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Ramesh Kumar Sachdeva |
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Name : |
Mrs. Medha Stephen |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Ramesh Kumar Sachdeva |
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3599500 |
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Mr. Kapil Ramesh Sachdeva |
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400000 |
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Mrs. Shubh Ramesh Sachdeva |
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100 |
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Mrs. Medha G. Stephen |
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100 |
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Mr. Suresh G Pandya |
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100 |
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KSR Electronics Private Limited |
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100 |
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IECcon India Limited |
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100 |
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SIDBI Trustee Company Limited. A/C National Venture Fund for Software
and Information Technology |
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981996 |
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SICOM Trustee Company Limited |
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240000 |
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Total |
5221996 |
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Equity Share Breakup (Percentage of Total Equity) |
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Venture Capital |
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19.71 |
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Directors or Relatives of directors |
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80.29 |
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Total |
100.000 |
BUSINESS DETAILS
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Line of Business : |
Provides full software development lifecycle, Customized Software
Development, Product Development and Re- Engineering, Maintenance Support and
Six Sigma Consultancy. |
GENERAL
INFORMATION
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Bankers : |
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Financial
Institution : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sadanand Shetty Chartered Accountants |
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Address : |
2nd Floor, Alankar Cinema Building, 16, Connaught Road,
Pune-411 001, Maharashtra, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs.10/- Each |
Rs.60.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
49819960 |
Equity Shares |
Rs.10/- Each |
Rs.49.819
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
49.819 |
49.819 |
49.819 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
25.522 |
10.287 |
26.132 |
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4] (Accumulated Losses) |
(26.733) |
0.000 |
0.000 |
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NETWORTH |
48.608 |
60.106 |
75.951 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
11.446 |
16.549 |
19.405 |
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TOTAL BORROWING |
11.446 |
16.549 |
19.405 |
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DEFERRED TAX LIABILITIES |
6.765 |
0.000 |
9.024 |
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TOTAL |
66.819 |
76.655 |
95.356 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
24.992 |
29.868 |
37.075 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
8.922 |
8.922 |
8.922 |
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DEFERREX TAX ASSETS |
7.499 |
0.000 |
(9.024) |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
20.998
|
14.959 |
14.403 |
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Cash & Bank Balances |
9.688
|
20.603 |
27.830 |
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Other Current Assets |
0.889
|
0.997 |
8.259 |
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Loans & Advances |
6.170
|
8.596 |
2.545 |
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Total
Current Assets |
37.745
|
45.155 |
53.037 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2.102
|
0.781 |
0.368 |
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Provisions |
10.237
|
6.509 |
3.310 |
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Total
Current Liabilities |
12.339
|
7.290 |
3.678 |
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Net Current Assets |
25.406
|
37.865 |
49.359 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
66.819 |
76.655 |
95.356 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
36.105 |
36.630 |
35.123 |
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Other Income |
4.993 |
4.338 |
0.000 |
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Total Income |
41.098 |
40.968 |
35.123 |
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Profit/(Loss) Before Tax |
(11.370) |
(11.932) |
(11.035) |
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Provision for Taxation |
-- |
-- |
-- |
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Profit/(Loss) After Tax |
(11.370) |
(11.932) |
(11.035) |
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Earnings in Foreign Currency : |
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Total Earnings |
26.550 |
22.568 |
NA |
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Expenditures : |
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Salaries, Wages, Bonus, etc. |
22.197 |
22.520 |
0.000 |
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Managerial Remuneration |
2.447 |
2.169 |
0.000 |
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Payment to Auditors |
0.040 |
0.040 |
0.000 |
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Interest |
0.080 |
0.098 |
0.112 |
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Insurance Expenses |
0.582 |
0.839 |
0.000 |
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Depreciation & Amortization |
8.872 |
9.390 |
10.550 |
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Operating Other Expenses |
0.000 |
0.000 |
35.496 |
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Other Expenditure |
18.250 |
17.844 |
0.000 |
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Total Expenditure |
52.468 |
52.900 |
46.158 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
(27.66)
|
(29.12) |
(31.41) |
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Net Profit Margin (PBT/Sales) |
(%) |
(31.49)
|
(32.57) |
(31.41) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(30.12)
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(26.42) |
(20.80) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.23)
|
(0.19) |
(0.14) |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.25
|
0.12 |
0.04 |
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Current Ratio (Current Asset/Current Liability) |
|
12.08
|
48.48 |
134.12 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
Bankers Charges
Report as per Registry
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Name of the company |
DATA SYSTEM
SERVICES PRIVATE LIMITED |
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Presented
By |
The Company |
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1) Date and description of instrument creating the change |
Instrument of
Hypothecation of Goods dated 13.08.1995 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.5.200 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
stock of Raw materials, semi-finished and finished goods in respect of gist
cards, etc. , stock of stationery, equipments, etc. including present and
future , now being or lying or brought into upon the premises of the company
during the continuance of the credit facility. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
First charge by
way of hypothecation of goods described here in above and also in favour of
Bank of Baroda to secure an aggregate limits of Rs.5.200 Millions together
with interest thereon. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda Ness Wadia
College Branch Pune-411 050 |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
Fixed Assets:
- Plant and Machinery
- Air Conditioners
- Furniture and Fixtures
- Office Equipments
- Vehicle
- Electrical Installations
- Software Products Intangible
As per Web Details:
Corporate Management
Mr. R. K. Sachdeva - Chairman & Managing Director
The Founder of subject’s, Mr. R. K. Sachdeva, has a degree in Mechanical Engineering
and over 35 years of industry experience, including his tenure with IBM in the
early 70's. He is an award winning technocrat, who is considered as one of the
founders of the IT industry in Western India.
Having led several export delegations abroad for the government of India, Mr.
Sachdeva is also the recipient of the 'Outstanding Contribution to Software
Export' award by the Computer Society of India for the year 1998.
Apart from his passion for Quality Management Systems, which he propagates
though subject's products, Mr Sachdeva is also a Black Belt in Six Sigma.
Mrs. Medha Stephen - Director & CTO
A postgraduate in Computer Science from IIT, Bombay, Mrs. Stephen has
over 25 years of experience in the IT industry. She has been responsible for
successfully implementing some of the most complex systems for the overseas
clients of subject.
An experienced trainer for OOAD using UML and IBM Rational Rose 2000, and a
recognized post graduate teacher for the University of Pune, Mrs. Stephen has
made a significant contribution to
subject's development service capabilities over the years, and has been
primarily responsible for evolving the institutionalized software development
methodology at subject.
Mrs. Stephen is also the recipient of the 'Outstanding Contribution to the IT
Industry' award by the Computer Society of India for the year 1997.
Mr. Ashok V. Dongre – Advisor
After an honours degree in Electronics & Telecommunications
from IIT, Kharagpur, Mr.Dongre has completed over 40 years, including 11 years
with IBM, in industries ranging from Electrical, Electronics, Telecommunication
and IT.
Mr. Dongre has served on the Boards of several companies,
including as Managing Director of two of them. Apart from tying up foreign
collaborations with multinationals to set up Joint Ventures and technology
transfers, he has had hands-on experience in operations, marketing, finance, HR
and government liaison.
Milestones
1976 Data Systems Services
(DSS) founded.
- Starts Information Systems Consulting
1978 Software Development
begins
- Customized Applications
-Products
-
Re-engineering, Implementation & Migration
-
Maintenance & Support
1980 Software Exports
undertaken to the Arabian Gulf
1981 Data Management Services Ltd.
[DATAMAS], set up in Bahrain.
- The oldest Joint Venture promoted by an
Indian software house.
1983 Data Systems Research
Foundation set up for Management and IT Education.
- Affiliated to University of Pune, it
offers post-graduate degrees and diplomas.
1988 IECcon India Ltd. set up
for manufacturing power conditioning equipment..
1989 Software Exports to the
USA begin.
1993 Software Exports to the UK
begin.
1996 "Outstanding Export Performance"
award by Electronics & Computer Software Export Promotion Council of the Government of India.
1997 "Outstanding
Contribution to the IT Industry" award by the Computer Society of India.
1998 "Outstanding
Contribution to Software Exports” award by the Computer Society of India.
1999 DSS accepted as Member, British Quality
Foundation UK Subsidiary, DSS Infotech International Ltd., established.
2000 ISO 9001 Certification for
DSS.
The company name changes to DSS Infotech
Ltd.
2001 USA Subsidiary, DSS
Infotech International Inc. established
2003 ISO 9001:2000
Certification for DSS
SEI CMM Level 4 Assessment for DSS.
2004 Company name changes to
DSS Systems & Software Technologies Ltd.
2005 Alliance formed with Six
Sigma Advantage Inc. of USA for Six Sigma Training & Consultancy.
Awards & Accreditions
- Accreditions
2000: ISO 9001
Certification - by RWTUV
2003:
ISO 9001:2000 Certification - by RWTUV
2003:SEI CMM Level 4 Assessment - by KPMG
2005: DSS's product Pro-QMS successfully completed the
Microsoft Platform Test for ISV Solutions at VeriTest.
2006: ISO 9001:2000 Certification - by DNV
- Awards
1996: Special Award for Outstanding Software
Exports - by Electronics & Computer Software Export Promotion Council [ESC], Ministry of Commerce,
Government of India.
1997: Outstanding Contribution
to the IT Industry - awarded by Computer
Society of India [CSI], to Mrs. Medha Stephen
[Director & CTO].
1998: Outstanding Contribution
to Software Exports - awarded by Computer Society of India. [CSI], to Mr. R.
K. Sachdeva [Chairman & Managing Director].
Alliance Partners
- Microsoft
- ISV/Software Solutions Custom Development Solutions
- IBM(Software Business Partner)
- Oracle
- Six Sigma Advantage
Products:
- Pro-QMS
A feature rich and rugged software product for implementation of online
Statistical Process Control (SPC) on the shop floor. Pro-QMS is a perfect
solution for conformance to Quality Standards, which also includes a
comprehensive Measurement System Analysis (MSA) and Tool Life Monitoring. The
net result is reduced cost of rejection & rework, improved margins and
increased customer satisfaction.
Solutions Genie
A unique, comprehensive, user- friendly software product addressing the common
challenges of "corporate brainstorming and idea filtering" - like
time management, comprehensive handling of all generated ideas, planning and
monitoring implementation - leading to innovation and creativity. Solutions
Genie can be deployed for problem solving, process re-engineering, cost
reduction, product development, R&D and quality improvement.
- Solutions Process
Provides structured TQM processes integrated with built in commonly used
management and QC tools for effective implementation of Six Sigma projects by
Green/Black belts. The management can plan, monitor and track progress of each
project on a web based Projects Dash Board. It combines Brainstorming,
Prioritization, Cause and Effect Diagramming, Process Mapping and Analysis
tools in an integrated manner, leading to unprecedented ease of use.
- Migration 2000
A versatile conversion tool that automates conversion of Oracle Forms 3.0
(character based) and 4.5 to Forms 9i or 6i (GUI / Web based), as also Reports
1.1 to 9i or 6i .The whole process works in a batch mode without altering the
input source code. The migrated application is fully documented and is
deployment ready, thereby resulting in substantial time and cost savings.
Services - Service
Offerings
.........
Subject service
dossier includes the following:
v
Full
Software Development Lifecycle
From requirements
analysis, through application design, to coding, testing and QA - including
development and maintenance.
v
Customized
Software Development
Projects ranging in
duration from a few weeks to several months, and offering four distinct
customer engagement models.
v
Product
Development and Re-engineering
Stemming from a
clear understanding of the special requirements involved, DSS offers cost
effective solutions for developing products as also re-engineering of your
winning products.
v
Maintenance
of Products and Application Systems
Well defined
process for maintenance of your applications as well as products, including
implementation and integration at your client sites.
v
Six
Sigma Services
Complete range from concept introduction, through training, to projects identification and implementation - including tollgate reviews and final project evaluation.
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.39.44 |
|
UK Pound |
1 |
Rs.78.73 |
|
Euro |
1 |
Rs.57.69 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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. |
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 |
|