MIRA
INFORM REPORT
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Report Date : |
20.01.2007 |
IDENTIFICATION DETAILS
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Name : |
FCI
TECHNOLOGY SERVICES LIMITED |
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Registered Office : |
XXIX /
2089, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
07.11.2000 |
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Com. Reg. No.: |
09-15286 |
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CIN No.: [Company
Identification No.] |
U32109KL2000PLC015286 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHNF00397F |
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PAN No.: [Permanent
Account No.] |
AAACF5044Q |
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Legal Form : |
Closely
Held Public Limited Liability Company |
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Line of Business : |
The
subject is a Software Service Provider Company |
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/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Moderate
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Payment Behaviour : |
Slow
but correct |
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Litigation : |
Clear |
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Comments : |
Subject
is an established company in IT industry having moderate track. The company’s
profitability is under severe pressure. It continue to incur losses. Payments
are however reported as slow but correct. The
company can be considered for small business dealings at usual trade terms
and conditions, with slight caution initially. |
LOCATIONS
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Registered Office : |
XXIX /
2089, |
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Tel. No.: |
91-484-2303027 |
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Fax No.: |
91-484-2301973 |
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Website : |
DIRECTORS
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Name : |
Mr P
George Varghese |
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Designation : |
Managing
Director |
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Address : |
Flat
No 52, |
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Date of Birth/Age : |
18.04.1948 |
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Date of Appointment : |
07.11.2000 |
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Name : |
Mr
Kambium Valappil Sivadas |
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Designation : |
Director |
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Address : |
Varada
29/2577E, |
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Date of Birth/Age : |
25.12.1947 |
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Date of Appointment : |
18.12.2000 |
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Name : |
Mr Bouillet
Ghislaine |
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Designation : |
Director |
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Address : |
55, |
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Date of Birth/Age : |
18.05.1962 |
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Date of Appointment : |
28.12.2001 |
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Date of Ceasing: |
09.07.2004 |
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Name : |
Mr
Lacarne Thierry |
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Designation : |
Director |
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Address : |
28, |
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Date of Birth/Age : |
27.02.1956 |
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Name : |
Mr
Brice Bernard |
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Designation : |
Director |
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Address : |
865,
Avenue John, Kennedy Villers, Ecalles (76) – 75076 |
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Date of Birth/Age : |
12.12.1948 |
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Date of Appointment : |
06.02.2003 |
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Name : |
Mr
Sylvie Richard |
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Designation : |
Director |
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Address : |
274,
Rue De Vangirard, |
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Date of Birth/Age : |
19.05.1965 |
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Date of Appointment : |
15.10.2004 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
Percentage of Holding |
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Mr P
George Varghese |
110 |
0.00 |
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Mr
Sunil K Zachariah |
22 |
0.00 |
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FCI
Asia PTE Limited |
10999780 |
99.99 |
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Mr
Sivadas K V |
22 |
0.00 |
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Mr
Sukumarn M |
22 |
0.00 |
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Mr
Biju K Ellias |
22 |
0.00 |
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Mr
Deepak Kuriyan |
22 |
0.00 |
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Total |
11000000 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The
subject is a Software Service Provider Company |
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Products : |
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GENERAL INFORMATION
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Auditors : |
Deloitte
Haskins and Sells Chartered
Accountants |
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Address: |
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CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
1,00,00,000 |
Equity
Shares |
Rs 10/- each |
Rs 110.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1,00,00,000 |
Equity
Shares |
Rs 10/- each |
Rs 110.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.12.2005 |
31.12.2004 |
31.12.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
110.000 |
110.000 |
110.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(47.892) |
(34.046) |
(24.750) |
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NETWORTH |
62.108 |
75.954 |
85.250 |
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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 |
176.789 |
128.465 |
145.573 |
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TOTAL BORROWING |
176.789 |
128.465 |
145.573 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
238.897 |
204.419 |
230.823 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
211.448 |
176.653 |
186.486 |
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Capital work-in-progress |
4.501 |
1.361 |
6.102 |
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INVESTMENT |
0.000 |
0.000 |
51.451 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
4.647
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6.863 |
6.778 |
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Sundry Debtors |
41.724
|
52.111 |
30.197 |
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Cash & Bank Balances |
17.146
|
8.516 |
5.729 |
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Other Current Assets |
0.135
|
0.119 |
0.097 |
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Loans & Advances |
15.497
|
13.277 |
19.440 |
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Total Current Assets |
79.149
|
80.885 |
62.241 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
51.419
|
52.681 |
74.306 |
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Provisions |
4.782
|
1.800 |
1.155 |
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Total Current Liabilities |
56.201
|
54.481 |
75.461 |
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Net Current Assets |
22.948
|
26.405 |
(13.218) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
238.897 |
204.419 |
230.822 |
PROFIT
& LOSS ACCOUNT
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PARTICULARS |
31.12.2005 |
31.12.2004 |
31.12.2003 |
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Sales Turnover [including other income] |
225.013 |
186.855 |
115.278 |
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Profit/(Loss)
Before Tax |
(12.566) |
(9.294) |
(7.974) |
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Provision
for Taxation |
1.280 |
---- |
--- |
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Profit/(Loss)
After Tax |
(13.846) |
(9.294) |
(7.974) |
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Total
Expenditure |
237.579 |
196.149 |
123.252 |
KEY
RATIOS
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
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PAT / Total Income |
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(6.15)
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(4.97) |
(6.91) |
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Net
Profit Margin(PBT/Sales) |
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(5.58)
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(4.97) |
(6.91) |
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Return
on Total Assets(PBT/Total Assets} |
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(4.32)
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(3.60) |
(3.20) |
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Return
on Investment (ROI)(PBT/Networth) |
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(0.20)
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(0.12) |
(0.09) |
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Debt
Equity Ratio(Total Liability/Networth) |
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3.75
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1.71 |
2.59 |
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Current
Ratio(Current Asset/Current Liability) |
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1.40
|
1.48 |
0.82 |
LOCAL AGENCY FURTHER INFORMATION
FCI Technology Services Ltd. was
established in
The Company has four directors on the board; namely, (1) Mr. P George Varghese (Managing Director), (2) Mr. Thierry Lacarne, (3) Mr. K V Sivadas, and (4) Mr. Bernard Brice
Company has a paid up capital of Rs.110 million and the
combined turnover as on
FCI Technology Services Ltd has five Divisions in
This center provides IT related services in ERP, Web applications,
Data Warehouse, Infrastructure Management and all related IT applications to
all the FCI sites world wide. The said center is functioning at
This center provides engineering design using CAD/
This facility provides engineering support for the product and tool design of FCI’s
Automotive, CDC and EPI divisions. Prototyping for CDC division of FCI Europe
is also one of its activities. The said center employs 12 people.
Back Office Support Division at
This activity is launched at
This center manufacture tools/moulds required for the production of
interconnection devices. Manufacture of tools/ moulds is a high precision and technology
oriented business for which the company has been using high quality imported
equipment. The said center employs 139 people.
Fixed Assets
- Building
- Plant and Machinery - Owned
- Plant and Machinery – Leased
- Office Equipments
- Furniture and Fittings
- Data Processing Equipments
- Vehicles
- Leasehold Improvements
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Name of the company |
FCI
TECHNOLOGY SERVICES LIMITED |
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1) Date and description of instrument creating the change |
Agreement
of Mortgage/ Charge created on 19.05.2006 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs
27.000 Millions |
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3) Name and Address and description of the person entitled to the charge. |
Centurion
Bank of Punjab Limited |
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4) Date and brief description of instrument modifying the charge |
19.05.2006 |
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
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.34 |
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|
1 |
Rs.87.61 |
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Euro |
1 |
Rs.57.61 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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27 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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