MIRA
INFORM REPORT
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Report Date : |
28.07.2007 |
IDENTIFICATION DETAILS
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Name : |
AKAL INFORMATION SYSTEMS LIMITED |
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Formerly Known As : |
S. G. MARTIN INFOWAY LIMITED |
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Registered Office : |
L-130/1, Gautam Nagar, New Delhi-110049 |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
25.01.2000 |
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Com. Reg. No.: |
55-103438 |
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CIN No.: [Company
Identification No.] |
U74899DL2000SGC103438 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Subject Provides IT Services |
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 24000 |
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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 : |
L-130/1, Gautam Nagar, New
Delhi-110049, |
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Tel. No.: |
91-11-46503535
(20 Lines) |
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Fax No.: |
91-11-46503599 |
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E-Mail : |
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Website : |
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Overseas Office : |
545, |
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Tel. No.: |
+1- 917-
442 – 6612 |
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Fax No.: |
+1- 732 -
549 - 5455 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Sarabjit Singh |
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Designation : |
Director |
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Address : |
D-72, First Floor, |
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Date of Birth/Age : |
19.08.1972 |
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Date of Appointment : |
25.01.2000 |
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Name : |
Mr. Sukhneet Kaur |
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Designation : |
Director |
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Address : |
D-72, First Floor, |
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Date of Birth/Age : |
26.09.1974 |
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Date of Appointment : |
25.01.2000 |
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Name : |
Mr. Ajit Singh |
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Designation : |
Director |
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Address : |
L-130/1, Gautam Nagar, New
Delhi-110049, |
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Date of Birth/Age : |
28.11.1946 |
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Date of Appointment : |
25.01.2000 |
KEY EXECUTIVES
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Name : |
A. K. Verma and Company |
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Designation : |
Company Secretary |
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Address : |
13 B, 2nd Floor, Above Central, Bank of India, Netaji
Subhash Marg, Darya Ganj, New Delhi – 110 002, India |
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Tel No. : |
91-11-30966477 / 22190906 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Sarabjit Singh |
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47440 |
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Ajit Singh |
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10010 |
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Sukhneet Kaur |
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37510 |
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Gurucharan Kaur |
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10 |
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Avtar Singh |
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40010 |
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Jatinder Kaur |
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15010 |
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Daleep Kaur |
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10 |
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Total |
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150000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors of relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject Provides IT Services |
GENERAL INFORMATION
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Customers : |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Lal and Company Chartered Accountants |
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Address : |
31, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
150,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.500
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
1.500 |
1.500 |
1.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.651 |
3.953 |
3.240 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6.151 |
5.453 |
4.740 |
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LOAN FUNDS |
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1] Secured Loans |
3.000 |
2.374 |
0.000 |
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2] Unsecured Loans |
0.223 |
0.305 |
0.354 |
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TOTAL BORROWING |
3.223 |
2.679 |
0.354 |
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DEFERRED TAX LIABILITIES |
0.825 |
0.884 |
0.936 |
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TOTAL |
10.199 |
9.016 |
6.030 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.809 |
7.154 |
7.228 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.392 |
2.392 |
2.392 |
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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 |
0.013
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0.000 |
0.000 |
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Sundry Debtors |
5.661
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3.234 |
2.383 |
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Cash & Bank Balances |
0.067
|
0.034 |
0.052 |
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Other Current Assets |
0.005
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0.003 |
0.000 |
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Loans & Advances |
0.069
|
0.042 |
0.090 |
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Total
Current Assets |
5.815
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3.313 |
2.525 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
4.740
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3.833 |
6.141 |
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Provisions |
0.079
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0.023 |
0.000 |
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Total
Current Liabilities |
4.819
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3.856 |
6.141 |
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Net Current Assets |
0.996
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[0.543] |
[3.616] |
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MISCELLANEOUS EXPENSES |
0.002 |
0.013 |
0.026 |
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TOTAL |
10.199 |
9.016 |
6.030 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
4.386 |
0.489 |
0.000 |
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Other Income |
9.199 |
9.004 |
9.588 |
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Total Income |
13.585 |
9.493 |
9.588 |
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Profit/(Loss) Before Tax |
1.075 |
1.060 |
1.416 |
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Provision for Taxation |
0.342 |
0.329 |
0.537 |
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Profit/(Loss) After Tax |
0.733 |
0.731 |
0.879 |
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Expenditures : |
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Administrative Expenses |
0.000 |
0.000 |
7.267 |
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Selling Expenses |
0.000 |
0.000 |
0.132 |
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Purchases made for re-sale |
3.410 |
0.442 |
0.000 |
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Salaries, Wages, Bonus, etc. |
4.238 |
3.715 |
0.000 |
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Managerial Remuneration |
0.396 |
0.468 |
0.000 |
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Payment to Auditors |
0.043 |
0.025 |
0.000 |
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Insurance Expenses |
0.003 |
0.078 |
0.000 |
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Power & Fuel |
0.183 |
0.128 |
0.000 |
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Depreciation & Amortization |
0.961 |
0.814 |
0.772 |
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Other Expenditure |
3.276 |
2.764 |
0.000 |
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Total Expenditure |
12.510 |
8.434 |
8.171 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
5.40
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7.70 |
9.17 |
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Net Profit Margin (PBT/Sales) |
(%) |
24.51
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216.77 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.52
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10.13 |
14.52 |
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Return on Investment (ROI) (PBT/Networth) |
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0.17
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0.19 |
0.30 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.31
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1.20 |
1.37 |
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Current Ratio (Current Asset/Current Liability) |
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1.21
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0.86 |
0.41 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Computer Equipment
- Air Conditioner
- Projector
- Furniture and Fixture
- Motor Vehicle
- Refrigerator
- Office Equipment
- Tea Coffee Vending M/C
- Generator
- Inverter
- Land
- Building
- Television
Bankers Charges Report
as per Registry
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Name of the company |
S. G. MARTIN
INFOWAY LIMITED |
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Presented By |
Punjab and Sind
bank |
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1) Date and description of instrument creating the change |
From No. 84-A
dated 03.10.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.000
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 |
Equitable mortgage
of residential property situated at Plot No. D-72, |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The above is to secure
ODP limit of Rs. 3.000 Millions with interest @ 6 % p.a. over on going PLR
with a minimum of 12 % p.a. or at such other rates as may be specified by the
Bank from time to time. Margin on stock 50 % |
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5) Name and Address and description of the person entitled to the charge. |
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6) Date and brief description of instrument modifying the charge |
-- |
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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. |
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AS PER
WEBSITE
Profile
Established in 2000, AKAL is a Technology
Services Company providing powerful, process-driven, high quality, cost
effective solutions across industries, helping their customers achieve evident
business gains and compete successfully in an ever-changing marketplace.
AKAL strengths from more than 85 strong technical staff
onboard with group turnover reaching at near to US$ 1.3 million, enabling the
company support it’s present and future clients ranging from large & medium
corporations to Government Organizations.
Currently, they serve the global
market through their offices in the
As a Technology Service Provider
AKAL offers a full service portfolio to match all the
outsourcing needs:
Application Development & Maintenance
E-Business
B2B Marketplace
Data Warehousing
Entnerprise Business Intelligence
System Integration
Data Movement
Managed Services
Technical Support
Accounting & Tax Preparation
Medical Transcription
Document Management
Animation & Designing 
Sudio AKAL
Clients
AKAL's customers include Corporate and
Government organizations across a host of industries. Their customers value
their expertise, experience and complete dedication to their projects. AKAL
serves each customer and engagement with the same level of commitment to ensure
customer satisfaction and return on investment. They do everything possible to
ensure the success of their projects & do everything possible to ensure the
success of their projects.
This philosophy has paid off with an impressive string of project successes
that translate into rave reviews from their customers. They get a large
percentage of their business from repeat customers. Their customer list
contains some of the leading companies of the world and Government
Organizations.
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.40.54 |
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|
1 |
Rs.82.02 |
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Euro |
1 |
Rs.55.31 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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 |
NO |
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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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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
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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 |
|
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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