MIRA
INFORM REPORT
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Report Date : |
30.05.2007 |
IDENTIFICATION DETAILS
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Name : |
SYSTEM PLUS SOLUTIONS |
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Registered Office : |
Hiranandani House, Saraswat lane, Santacruz (West), Mumbai – 400054, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
December 2003 |
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PAN No.: [Permanent
Account No.] |
AAEPJ5188Q |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Subject is an Information Technology Consultancy |
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 34128 |
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Status : |
Clear |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established concern having satisfactory track records. Trade
relations are fair. Payments are usually correct and as per commitments. Nothing adverse reported. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/ Head Office : |
Hiranandani House, Saraswat lane, Santacruz (west), Mumbai – 400054, |
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Tel. No.: |
91-22-26605028 |
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Fax No.: |
91-22-26602706 |
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Website : |
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Area : |
Medium sized |
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Location : |
Leased |
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Branches : |
Soane Point, |
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Tel. No.: |
44-118-9255465 |
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Fax No.: |
44-118-9255467 |
SOLE PROPRIETOR
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Name : |
Mr. Nikunj Pravin Jhaveri |
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Designation : |
Proprietor |
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Address : |
11 – A, Manek, 11,L.D. Rupalel Marg, Malabar Hill, Mumbai - 400006 |
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Date of Birth/Age : |
45 Years |
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Qualification : |
I.I.T. |
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Experience : |
22 Years |
BUSINESS DETAILS
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Line of Business : |
Subject is an Information Technology Consultancy |
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Exports : |
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Products : |
Software |
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Countries : |
Europe, |
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Terms : |
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Selling : |
Contractual |
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GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
160 (Office) |
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Bankers : |
Not Divulged |
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Banking
Relations : |
- |
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Associates/Subsidiaries: |
System Plus Enterprises Company, Ahemdabad Axaya (JV under formulation), |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.8.532 millions |
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Borrowed : |
- |
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Total : |
Rs.8.532 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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8.532 |
38.842 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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8.532 |
38.842 |
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LOAN FUNDS |
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1] Secured Loans |
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1.534 |
1.058 |
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2] Unsecured Loans |
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12.500 |
0.000 |
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TOTAL BORROWING |
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14.034 |
1.058 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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22.566 |
39.900 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.141 |
0.836 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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12.920 |
10.503 |
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Cash & Bank Balances |
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2.603 |
21.978 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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5.705 |
8.552 |
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Total
Current Assets |
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21.228 |
41.033 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.807 |
1.969 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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2.807 |
1.969 |
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Net Current Assets |
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18.425 |
39.064 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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22.566 |
39.900 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
40.000/50.000 |
56.990 |
61.867 |
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Total Income |
40.000/50.000 |
56.990 |
61.867 |
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Profit/(Loss) Before Tax |
NA |
13.969 |
38.709 |
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Provision for Taxation |
NA |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
NA |
13.969 |
38.709 |
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Expenditures : |
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Company Contribution to BPF |
NA |
0.141 |
0.091 |
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Salaries, Wages, Bonus, etc. |
NA |
34.580 |
13.370 |
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Payment to Auditors |
NA |
5.612 |
0.000 |
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Interest |
NA |
1.278 |
0.016 |
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Insurance Expenses |
NA |
0.236 |
0.120 |
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Guest House Rent |
NA |
0.168 |
0.087 |
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Depreciation & Amortization |
NA |
1.440 |
0.480 |
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Other Expenditure |
NA |
0.012 |
8.994 |
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Total Expenditure |
NA |
43.021 |
23.158 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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24.03 |
62.56 |
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Net Profit Margin (PBT/Sales) |
(%) |
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24.03 |
62.56 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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53.98 |
92.45 |
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Return on Investment (ROI) (PBT/Networth) |
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1.60 |
0.99 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.32 |
0.05 |
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Current Ratio (Current Asset/Current Liability) |
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7.56 |
20.83 |
LOCAL AGENCY FURTHER INFORMATION
Trade Reference
¨
¨ Nasscom – NSCM / 1999 /29 /0324
¨ Pepsico,
¨ Ingensoil Rand, Mumbai
¨
Company Details:
Subject can deliver complete IT project or
provide appropriate resources to work within our own project teams. Their
working model can flex to fit our project by using a mix of on site, and
off-shire resources to give the highest quality of delivery at an affordable
price.
Their consulting team has worked with their
customs to help them develop an effective IT strategy, undertaken IT audit work
and carried out end to end implementations using their own analysis project
managers, developers and implementation consultants.
Services:
Oracle e-business suite consulting
Implementations
Upgrades
Support and Maintenance
Microsoft Solutions Development
Turnkey project Delivery
End to end .net development form business case
to implementation
Custom Development Services:
JAVA
VB60.
VB
MS SQL
They have dedicated mobile computing team with
C#, VC++, EVC skills who have delivered a major European handheld roll out
using the Intermec Mobile Framework
Oracle Technical Skills
DBA, Discoverer, Forms, Reports, PL/SQL
Support Services:
They have a unique set of affordable services
based in their offshore technical centers in
They offer:
24*7 support of custom solutions developed by
them
24*7 support for modifications to oracle
Applications
Take on support of our own or third party
modification to Oracle Applications
A unique proactive Managed Services, On Demand
Plus, hat helps us with day to day maintenance of our Oracle Applications
portfolio
IT audit and Business Consulting:
CIO On demand
IT audit and Health Check
SOX IT Implementation
Business process RE-engineering
IT Financial Budgeting and Reporting
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.45 |
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1 |
Rs.80.30 |
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Euro |
1 |
Rs.54.37 |
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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
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 |
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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<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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