MIRA INFORM REPORT

 

 

Report Date :

30.03.2007

 

IDENTIFICATION DETAILS

 

Name :

DATAXCESS INTEGRATED TECHNOLOGY LIMITED

 

 

Formerly Known As :

DATAMATICS INFORMATION TECHNOLOGY LIMITED

 

 

Registered Office :

Plot # F-17, MIDC, Opp. Seepz, Andheri (East), Mumbai – 400093, Maharashtra, India

 

 

Country :

India

 

 

Financials (as on) :

31.03.2005

 

 

Date of Incorporation :

27.03.1981

 

 

Com. Reg. No.:

11-24132

 

 

CIN No.:

[Company Identification No.]

U32100MH1981PTC024132

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMD09897G

 

 

PAN No.:

[Permanent Account No.]

AAACH1424L

 

 

Legal Form :

A closely held public limited liability company.

 

 

Line of Business :

Subject acts as a Leading system integrated for electronic security systems such as CCTV surveillance, fire detection and suppression, access control, intrusion detection and perimeter protection, etc

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 125000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established software development company. Trade relations are fair. Financial position is satisfactory. Payments are usually correct and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

LOCATIONS

 

Registered Office :

Plot # F-17, MIDC, Opp. Seepz, Andheri (East), Mumbai – 400093, Maharashtra, India

Tel. No.:

91-22-28211380

Fax No.:

91-22-28364257

Email :

Ram_gupta@cms.com

 

DIRECTORS

 

Name :

Mr. Ramesh D Grover

Designation :

Director

Address : 

1, Revills, Cuffe parade Colaba, Mumbai – 400005

Date of Appointments : 

30.09.2005

 

 

Name :

Mr. Varun K Prasad

Designation :

Director

Address : 

15 Jai Kiran, Colaba, Mumbai – 400005

Date of Appointments : 

30.09.2005

 

 

Name :

Mr. S Ramadorai

Designation :

Director

Address : 

301, Atlantis, J P Road, Versova, Mumbai

Date of Appointments : 

30.09.2005

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject acts as a Leading system integrated for electronic security systems such as CCTV surveillance, fire detection and suppression, access control, intrusion detection and perimeter protection, etc

 

 

Products :

ITC Code No

Product Description

8524.90

Computer Software

8471.90, 8543.81, 8571.50, 8525.40, 9002.90, 8543.89, 8531.90, 8301.40, 8471.60, 9612.00, 8443.59

Trading Activities

 

 

 

GENERAL INFORMATION

 

No. of Employees :

120

 

 

Bankers :

Punjab National Bank, Seepz Branch, Seepz, Andheri (East), Mumbai - 400096

 

 

Facilities :

Secured Loan

(Rs in millions)

Working capital loan

 

Cash credit

10.534

 

 

Cash credit with Punjab National Bank is secured by hypothecation of

 

v      All the imported/ indigenous articles and spares and assignment of Book debts of the company

 

v      Collaterally secured by equitable mortgage of technology centre, MIDC, Andheri

 

v      Guaranteed by a director

 

v      Guaranteed by holding company.

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

Kanu Doshi Associates

Chartered Accountants 

 

158, Udyog Bhavan, Sonawala Road, Goregaon (E), Mumbai – 400063

Tel No: 91-22-26863011 / 7158

Fax No : 91-22-26864385

Email : ca@vsnl.com

Website : http://www.kanudoshigroup.com

 

24, Morvi House, 30 Dr. Sundarlal, Bahl Marg, Ballard Estate, Mumbai – 400038

Tel No. : 91-22-22675583 / 85

Fax No : 91-22-22675577

 

 

Holding Company :

v      Datamatics Limited

v      CMS Computers Limited : From 12.11.2004

 

 

Associates:

v      CMS Securitas Limited : From 21.11.2004

v      CMS Traffic Limited : From 21.11.2004

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

235000

Equity Shares

Rs. 100/- each

Rs. 23.500 millions

165000

Redeemable Non Cumulative Preference Shares 

Rs. 100/- each

Rs. 16.500 millions

 

Total

 

Rs. 40.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

234000

Equity Shares

Rs. 100/- each

Rs. 23.400 millions

132000

Redeemable Non Cumulative Preference Shares 

Rs. 100/- each

Rs. 13.200 millions

 

Total

 

Rs. 36.600 millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

No further details could be available from any sources

 

Management remained non – cooperative during current investigation

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2005

31.03.2004

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

36.600

36.600

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

0.000

0.000

4] (Accumulated Losses)

 

(1.411)

(11.207)

NETWORTH

 

35.189

25.393

LOAN FUNDS

 

 

 

1] Secured Loans

 

10.534

6.759

2] Unsecured Loans

 

1.129

31.389

TOTAL BORROWING

 

11.663

38.148

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

46.852

63.541

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

2.456

2.411

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.026

0.026

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

6.720

8.548

 

Sundry Debtors
 

63.408

66.308

 

Cash & Bank Balances
 

3.502

5.203

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

8.072

7.022

Total Current Assets
 

81.702

87.081

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

30.820

22.947

 

Provisions
 

6.541

3.074

Total Current Liabilities
 

37.361

26.021

Net Current Assets
 

44.341

61.060

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.029

0.045

 

 

 

 

TOTAL

 

46.852

63.541

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2005

31.03.2004

Sales Turnover [including other income]

 

123.048

123.128

 

 

 

 

Profit/(Loss) Before Tax

 

12.905

32.756

Provision for Taxation

 

3.110

2.400

Profit/(Loss) After Tax

 

9.795

30.356

 

 

 

 

Export Value

 

8.848

2.989

 

 

 

 

Import Value

 

43.304

28.692

 

 

 

 

Total Expenditure

 

110.143

90.372

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2005

31.03.2004

PAT / Total Income

(%)
 

9.76

24.65

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

10.49

26.60

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

15.33

36.60

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.37

1.29

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

1.39

2.53

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

2.19

3.35

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Fixed assets :

 

v      Land

v      Building

v      A C Plant

v      Furniture and Fixture

v      Electrical Fittings

v      Lift

v      Office Equipment

v      Vehicles

v      PC and Printer

 

Manufacturer, Supplier and Exporters of Fire Detection, Intrusion Detection, Perimeter Protection, Hydrants and Sprinklers, Water leak Detection, Cctv Surveillance, Proximity Access Control, Perimeter Protection, Smart Card Solution, Biometric Access Control     

 

Leading system integrated for electronic security systems such as Cctv Surillance, Fire Detection And Suppression, Access Control, Intrusion Detection and Perimeter Protection etc.

 

Dividend

 

The company has not earned any profit in this financial year 2004-05, the directors do not recommend any dividend for the year ended March 31, 2005

 

Review of Operations :

 

The sales and income from operations for the year 2004-05 has registered a decline of 0.07 % as compared to Sales and Income from Operations of last year. the profit of the company before tax has gone down form Rs. 32.76 millions to Rs. 12.91 millions during the year under review. The profit after tax has gone down from Rs. 30.36 millions to Rs. 9.80 millions.

 

Name of the company

DATAXCESS INTEGRATED TECHNOLOGY LIMITED (DATAMATICS INFORMATION TECHNOLOGY LIMITED)

Presented By

Punjab National Bank, Seepz Branch, Seepz, Andheri (east), Mumbai - 400096

1) Date and description of instrument creating the change

No instrument – Memorandum of deposit of title deeds dated 03.11.1998

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 45.000 millions

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

Title Deeds in respect of the company’s immovable property being Plot No. F - 17, MIDC, Opp. Seepz, Andheri, Mumbai – 400096, Maharashtra, India contained in all those pieces or parcels of lands and grounds, together with the structures thereon situate lying and being at village limits of Vyaravali, Taluka Andheri in registration Sub District, Mumbai city and Mumbai Suburban.

4) Gist of the terms and conditions and extent and operation of the charge.

To collaterally secure the following facilities

 

Cash credit (hypothecation) Rs. 5.000 millions

Cash Credit (Book debts)  Rs. 10.000 millions

FLC / ILC (DA/Dp) : Rs. 20.000 millions

DA (LCS)  : Rs. (7.500 millions)

Letter of guarantee : Rs. 10.000 millions

5) Name and Address and description of the person entitled to the charge.

Punjab National Bank, Seepz Branch, Seepz, Andheri (east), Mumbai – 400096

6) Date  and brief description of instrument modifying the charge

No Instrument letter of community dated 1st June 2005

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.

The original Charge dated 03.11.1998 for Rs. 45.000 millions was registered on 25.11.1998

 

By the 1st Modification dated 12.04.2004 Punjab National Bank, Seepz Branch, Seepz, Andheri (east), Mumbai – 400096 have charged internally by way of reduction / enhancement of the limits under the head of Non-Fund Based Limit. However, the total credit facilities of Rs. 45.000 millions have nor been changed and remained the same against the continuity of  the equitable mortgage of the aforesaid security of the company’s immovable property.

 

By the 2nd Modification Punjab National Bank, Seepz Branch, Seepz, Andheri (east), Mumbai – 400096 have charged internally by way of reduction / enhancement of the limits under the head of Non-Fund Based Limit. However, the total credit facilities of Rs. 40.000 millions have nor been changed and remained the same against the continuity of  the equitable mortgage of the aforesaid security of the company’s immovable property.

 

Facility

(Rs in millions)

Cash credit (hypothecation)

3.000(Reduction from Rs. 5.000 millions)

Cash Credit (Book debts) 

7.000 (Reduction from Rs. 10.000 millions)

 

 

FLC / ILC (DA/DP)

5.000(Reduction from Rs. 10.000 millions)

Letter of guarantee

30.000(Enhancement  from Rs. 20.000 millions)

Total

40.000

 

 

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 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.43.59

UK Pound

1

Rs.85.53

Euro

1

Rs.58.14

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

46

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions