MIRA INFORM REPORT
|
Report
Date : |
14.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ARGUS
INTEGRATED SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
11th
Floor, Dr. Gopal Das Towers, 28 Bakarakhamba Road, New Delhi-110001 |
|
|
|
|
Country
: |
India |
|
|
|
|
Financials
(as on) : |
31.03.2006 |
|
|
|
|
Date
of Incorporation : |
28.01.2000 |
|
|
|
|
Com.
Reg. No.: |
55-103472 |
|
|
|
|
CIN
No.: [Company
Identification No.] |
U74999DL2000PTC103472 |
|
|
|
|
TAN
No.: [Tax
Deduction & Collection Account No.] |
DELA08707G |
|
|
|
|
Legal
Form : |
Private limited liability company |
|
|
|
|
Line
of Business : |
Manufacturers and exporter of software telecom (Aerospace
/ aviation consultancy services) |
RATING & COMMENTS
|
MIRA’s
Rating : |
B |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
Maximum
Credit Limit : |
USD |
|
|
|
|
Status
: |
Moderate |
|
|
|
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Payment
Behaviour : |
Usually
Correct |
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|
Litigation
: |
Clear |
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|
Comments
: |
Subject is a well-established company having moderate
track. Profit margin is under severe pressure. The company has yet to wipe
out previous losses. Payments are reported as correct and as per commitments. The company can be considered normal for business dealings
at usual trade terms and conditions |
LOCATIONS
|
Registered
Office : |
11th
Floor, Dr. Gopal Das Towers, 28 Bakarakhamba Road, New Delhi-110001, India |
|
Tel.
No.: |
91-11-23319892
/ 23704222 |
|
Mobile
: |
91-9810032623 |
|
Fax
No.: |
91-11-23712344 |
|
E-Mail
: |
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|
Website
: |
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|
Area : |
Rented – 2550 sq. ft. |
|
Location : |
Commercial |
DIRECTORS
|
Name : |
Mr. Sunder Mulchandani |
|
Designation
: |
Director |
|
Address
: |
No-8, Friends Colony (West), New Delhi |
|
Date
of Birth/Age : |
29.01.1955 |
|
Qualification
: |
MBA |
|
Date
of Appointment: |
28/01/2000 |
|
|
|
|
Name : |
Mr. Ashok Varma |
|
Designation
: |
Director |
|
Address
: |
A-9, Greater kailash, Part-I, New Delhi, India |
|
Date
of Birth/Age : |
04.11.1947 |
|
Date
of Appointment: |
28.01.2000 |
|
Date
of Ceasing : |
04.03.2001 |
|
|
|
|
Name : |
Ms. Sandhya Mulchandani |
|
Designation
: |
Director |
|
Address
: |
No-8, Friends Colony (West), New Delhi |
|
Date
of Birth/Age : |
17.03.1954 |
|
Date
of Appointment: |
12.09.2000 |
|
|
|
|
Name : |
Mr. S. K. Agrawal |
|
Designation
: |
Director |
|
Address
: |
108, new Rajdhani Enclane, New Delhi |
|
Date
of Birth/Age : |
26.03.1962 |
|
Qualification
: |
Advocate |
|
Date
of Appointment: |
21.02.2000 |
|
|
|
|
Name : |
Mr. Alan R. Monro |
|
Designation
: |
Director |
|
Address
: |
PO Box 51245, BOI Al Reem Tower, Maktoum Street, Dubai,
United Arab Emirates |
|
Date
of Appointment: |
12.09.2000 |
|
Date
of Ceasing : |
14.01.2002 |
|
|
|
|
Name : |
Mr. B. N. Agarwal |
|
Designation
: |
Director |
|
Address
: |
108, new Rajdhani Enclane, New Delhi |
|
Date
of Ceasing : |
21.02.2000 |
KEY EXECUTIVES
|
Name : |
Mr. S Nandabalan |
|
Designation
: |
Finance Controller |
|
|
|
|
Name : |
Mr. Sunder Mukchndani |
|
Designation
: |
Chief Executive Officer |
|
Mobile
: |
91-9810032623 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
% age of Holding |
|
Equity Shares of Rs 5
each |
|
|
|
Sunder
Mulachandani |
740000 |
78.72 |
|
Sandhya
Mulachandani |
200000 |
21.28 |
|
Total |
940000 |
100.00 |
|
Equity Shares of Rs 10
each |
|
|
|
Sunder
Mulachandani |
2000 |
100.00 |
|
Total |
2000 |
100.00 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturers and exporter of software telecom (Aerospace
/ aviation consultancy services) |
|
|
|
|
Products
: |
Telecom Services |
|
|
|
|
Agencies
Held : |
Lockheed Marten Aeronautics Sugem |
|
|
|
GENERAL INFORMATION
|
No. of
Employees : |
19 |
|
|
|
|
Bankers
: |
Bank of America DCM Building, 16 Barakhamba Road, New Delhi |
|
|
|
|
|
|
|
Banking Relations : |
-- |
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|
|
|
Auditors
: |
Aurn Bansal and Associates Chartered Accountants 411, Sector 40, Near National Law College, Gurgaon,
122001, Haryana, India |
|
Tel.
No.: |
91-124-2380259 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 millions |
Issued
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
942000 |
Equity Shares |
Rs. 10/-each |
Rs. 9.420 millions |
Subscribed & Paid-up Capital
|
No. of
Shares |
Type |
Value |
Amount |
|
940000 |
Equity Shares |
Rs. 5/-each |
Rs 4.700 millions |
|
2000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.020 Millions |
|
|
Total |
|
Rs. 4720.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
4.720 |
4.720 |
4.720 |
|
|
3]
Reserves & Surplus |
5.300 |
5.300 |
-- |
|
|
4]
(Accumulated Losses) |
(1.308) |
(4.138) |
(8.948) |
|
NETWORTH
|
8.712 |
5.882 |
(4.228) |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
5.597 |
1.211 |
0.780 |
|
|
2]
Unsecured Loans |
0.508 |
0.787 |
0.318 |
|
TOTAL
BORROWING
|
6.105 |
1.998 |
1.098 |
|
|
DEFERRED
TAX LIABILITIES |
0.000 |
0.109 |
-- |
|
|
|
|
|
|
|
TOTAL
|
14.817 |
7.989 |
(3.130) |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
15.308 |
11.410 |
2.354 |
|
Capital work-in-progress
|
-- |
-- |
-- |
|
|
|
|
|
|
|
INVESTMENT
|
0.750 |
0.750 |
-- |
|
DEFERREX TAX ASSETS
|
0.088 |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
--- |
-- |
-- |
|
|
Sundry Debtors
|
1.050
|
1.583
|
1.632 |
|
|
Cash & Bank Balances
|
0.750
|
0.927
|
8.229 |
|
|
Loans & Advances
|
3.929
|
0.352
|
0.130 |
Total Current Assets
|
5.729 |
2.863 |
9.991 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
6.795
|
6.639
|
15.476 |
|
|
Provisions
|
0.303
|
0.444
|
0.059 |
Total Current Liabilities
|
7.098 |
7.083 |
15.535 |
|
Net
Current Assets
|
(1.369) |
(4.221) |
(5.544) |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.040 |
0.050 |
0.060 |
|
|
|
|
|
|
|
TOTAL
|
14.817 |
7.989 |
(3.130) |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
|
28.512 |
23.208 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
|
5.364 |
1.998 |
Provision for Taxation
|
|
(0.545) |
(0.058) |
Profit/(Loss) After Tax
|
|
4.809 |
1.940 |
|
|
|
|
|
Export Value
|
|
28.511 |
23.208 |
|
|
|
|
|
Total Expenditure
|
|
22.402 |
20.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
NA
|
16.87 |
8.36 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
NA
|
23.52 |
10.11 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
NA
|
27.92 |
9.36 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
NA
|
0.54 |
0.42 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
1.52
|
0.91 |
3.52 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
0.81
|
0.40 |
0.64 |
LOCAL AGENCY FURTHER INFORMATION
Business
To design, invent, assemble, manufacture, buy, sell, lease,
import, export, conduct research, impart training, develop, maintain, repair,
hire let on hire, alter, design, distribute, provide services including
consultancy or otherwise deal in Aerospace systems, computers, computer
systems, computer software applications including internet, E-commerce, Web
Designing, computer hardwares, date processing equipments, services for data
processing / management / market research, office equipments and computer
stationery, data recording devices, terminals data communications equipments,
micro computers, micro-films discs, micro processor chips optical fibers,
accessories, SVGA monochrome / colour monitors, floppies, VGA cards, computer
mother boards, CVTs, UPS servos, DRAM, SRAM, hard Disk, hard Drive, floppy disk
drives, CD-ROM drive, SIMM, mouse, display card, super ID card, power supply
and telecommunication system network including fax, modems, servers, voice
mail, intercom, provide internet services, E-mail, Mobiles phones, pagers
printers and peripherals.
Subject provides consultancy services in the field of
Aerospace / Aviation to its foreign clients
The company is in trade terms with :
Lockheed Martin Aeronautics
Sagem
Press
Release:
GIC to
make reinsurance its primary focus
Times of India
August 30 2000
Minister of state for finance Balasaheb Vikhe Patil said on
Tuesday that state-owned General Insurance Corporation (GIC) will be the
domestic reinsurance company for all insurance companies operating in the
country.
In the liberalised insurance regime with many companies having filed their
applications with the Insurance Regulatory and Development Authority (IRDA) for
starting operations in the country, the minister said, "The scope for
reinsurance will be unlimited. While we have not yet quantified the scope, we
feel the GIC, which is already engaged in reinsurance activity for the existing
insurance companies like Life Insurance Corporation, is best suited to be the
national reinsurance company."
The IRDA Act, which was passed by Parliament, has stipulated the establishment
of an independent reinsurance company. GIC, which is already acting as a
reinsurer apart from its other activities, was felt to be best suited to be the
domestic reinsurer.
Under the new proposal, the regulator has decided on obligatory cession of 20
per cent of insurance business by the private insurance companies, written in
India, to GIC. This is in keeping with the recommendation of the Malhotra
Committee on insurance reforms that GIC should become a domestic re-insurer.
"Having a strong domestic re-insurance company at a time when the sector
is being opened up to private players will ensure that maximum amount of
premium is retained in India and the capacity of the Indian market to
underwrite risks increases," the minister said on the sidelines of a
conference on insurance here organised by the Federation of Indian Chambers of
Commerce and Industry (FICCI).
As per the existing arrangement, the four subsidiaries of GIC voluntarily
resort to priority re-insurance cessions of 20 per cent of each insurance
policy to GIC, subject to limits. The IRDA Act has stipulated that the
percentage to be reinsured with the Indian reinsurer should not be less than 20
per cent or exceed 30 per cent of the sum assured on each policy.
The reinsurance regulations, which were notified by the government recently,
did not, however, specify the percentage to be reinsured with the Indian
reinsurer. "Every insurer shall cede such percentage of the sum assured on
each policy for different classes of insurance written in India to the Indian
reinsurer as may be specified by the authority in accordance with the Insurance
Act, 1938," the notification said.
On the reported move to merge the four subsidiaries of GIC, namely, the
National Insurance, New India Assurance, Oriental Insurance and United India
Insurance, the minister said no decision has been taken as yet. The
restructuring of GIC would take around 15 months once a formal decision is
made, the minister said.
While shifting its primary focus to reinsurance, the GIC may shed many of its
non-remunerative activities, the minister added. Sunder Mulchandani, CEO and
Managing Director of Argus Integrated Systems Pvt Ltd, announced the launch of
a new insurance portal 'Insurance@IT' at today's seminar, which will enable
customers to know all about various policies being offered. "It will
enable people to get the best policy suited to their needs with insurance
companies on-line offering the best package," said Mulchandani.
Hyderabad to be F1's next pit stop in Asia
Formula 1
enthusiasts in the country have a lot to cheer about. The reason: Andhra
Pradesh has bagged an in-principle approval from a consortium led by Argus
Integrated Systems for setting up India’s first Formula 1 race track. The
consortium had explored various options including Bangalore before settling for
Hyderabad. The track will be built close to the Indian School of Business
(ISB), and the entire project is estimated to cost upwards of Rs 15000
Millions, official sources told ET.
Incidentally, the Formula 1 track in Hyderabad will be the sixth in Asia. Three
such tracks exist in the Malaysian city of Sepang, while Suzuka in Japan and
Melbourne in Australia have one each. Bahrain and China are set to join the
league next year.
According to the state officials, a consortium of various international players
have expressed satisfaction with 1,300 acres of land shown by the state
government and agreed to lay the track there. The consortium is expected to
submit a detailed project report (DPR) in a couple of weeks to the state
government detailing each component of the integrated project.
They pointed out that Formula 1 track project is not only a big business having
huge forex potential, but will also boost tourism in the state. Additionally,
the project will result in the development of the service and spare parts
industry for race cars in the city. “If all goes as planned, the Formula 1 race
could be held in Hyderabad in ’06,” they said.
However, officials of the AP Infrastructure Authority, which is handling the
aspects relating to project clearance, refused to divulge more details. “We
will let you know after a couple of weeks, when the consortium led by Argus
Integrated Systems submits its DPR,” was all they were willing to say.
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. 44.16 |
|
UK Pound |
1 |
Rs. 86.00 |
|
Euro |
1 |
Rs. 57.56 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP
CAPITAL |
1~10 |
6 |
|
OPERATING
SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
-- |
|
--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 |
|
40 |
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 |
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 |