MIRA
INFORM REPORT
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Report Date : |
18.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
MOTHERSONSUMI INFOTECH AND DESIGNS LIMITED |
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Formerly Known As : |
BEST FINANCIERS LIMITED |
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Registered Office : |
43, Community Centre, Bhageria House, New Friends Colony, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.04.1985 |
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Com. Reg. No.: |
55-20695 |
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CIN No.: [Company
Identification No.] |
U67120DL1985PLC020695 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM05917C |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Software Development, Designing Service and Software Consultancy Service. |
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 840000 |
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Status : |
Satisfactory |
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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 satisfactory track. Directors are reported as experienced, respectable and having satisfactory track records. Trade relations are fair. General 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
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Registered Office : |
43, Community Centre, Bhageria House, New Friends Colony, New Delhi - 110025, India |
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Tel. No.: |
91-11-26842174 |
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Fax No.: |
91-11-41627490 |
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E-Mail : |
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Website : |
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Head Office : |
B-7 , Sector-7, Noida-201301, |
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Tel. No.: |
91-120-5365555, 5365009 |
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Fax No.: |
91-120-2423030 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Vivek Chaand Sehgal |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
28.09.1956 |
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Date of Appointment : |
30.01.2001 |
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Name : |
Mr. Vivek Avasthi |
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Designation : |
Director |
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Address : |
B – 1/6, Vasant Vihar, |
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Date of Birth/Age : |
10.11.1961 |
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Date of Appointment : |
22.05.2000 |
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Date of Ceasing : |
28.01.2006 |
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Name : |
Mr. Bimal Dhar |
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Designation : |
Director |
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Address : |
Flat No. 503, AL Soor, AL Mareejah, United Arab Emirattes – 1101 |
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Date of Birth/Age : |
14.06.1953 |
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Date of Appointment : |
30.01.2001 |
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Name : |
Mr. Amarjit Singh |
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Designation : |
Director |
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Address : |
346 Sector – 28, Noida, |
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Date of Birth/Age : |
08.11.1934 |
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Date of Appointment : |
25.07.2003 |
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Name : |
Mr. Toshio Minoura |
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Designation : |
Director |
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Address : |
7-11, Fukatanicho, Nishi Nohi, |
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Date of Birth/Age : |
30.03.1948 |
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Date of Appointment : |
22.07.2002 |
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Name : |
Mr. Mohinder Gingh Gujral |
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Designation : |
Director |
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Address : |
A – 6 New Friends Colony, |
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Date of Birth/Age : |
11.06.1923 |
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Date of Appointment : |
22.07.2002 |
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Name : |
Mr. Tomoyuki Tokieda |
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Designation : |
Director |
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Address : |
21, Sukhdev Vihar, |
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Date of Birth/Age : |
18.11.1945 |
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Date of Appointment : |
08.03.2003 |
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Date of Ceasing : |
28.01.2006 |
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Name : |
Mr. Toshimi Shirakawa |
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Designation : |
Director |
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Address : |
709-15, |
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Date of Birth/Age : |
06.10.1954 |
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Date of Appointment : |
25.07.2003 |
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Name : |
Mr. Kiyoshi Shirai |
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Designation : |
Director |
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Address : |
1-5-616 Higashi-Ota |
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Date of Birth/Age : |
26.07.1951 |
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Date of Appointment : |
22.07.2002 |
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Name : |
Mr. Masaru Shibata |
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Designation : |
Director |
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Address : |
A – 130 New Friends Colony, |
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Date of Birth/Age : |
03.02.1955 |
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Date of Appointment : |
27.01.1955 |
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Name : |
Mr. Arjun Puri |
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Designation : |
Director |
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Address : |
Eco House Certitude, Auroville, Villupuram,, |
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Date of Birth/Age : |
01.08.1956 |
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Date of Appointment : |
28.01.2006 |
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Other Directorship : |
Ritam Hyoti Management Consultancy Private Limited U74899DL1994PTC062336 |
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Name : |
Mr. Rakesh Khurana |
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Designation : |
Manager |
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Address : |
G – 206, Sarita Vihar, |
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Date of Birth/Age : |
06.08.1961 |
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Date of Appointment : |
26.05.2006 |
KEY EXECUTIVES
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Name : |
Ms. Pooja Mehra |
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Designation : |
Company Secretary |
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Address : |
297, Pocket – D, Mayur Vihar
II, |
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Date of Birth/Age : |
08.01.1977 |
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Date of Appointment : |
20.02.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Equity Share
Breakup |
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Percentage of
Holding |
|
Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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56.16 |
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Bodies corporate |
|
37.30 |
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Directors or relatives of directors |
|
3.85 |
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Other top fifty shareholders |
|
2.69 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Software Development, Designing Service and Software
Consultancy Service. |
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Products : |
- Computer Software - Computer Design |
GENERAL INFORMATION
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No. of Employees : |
400 |
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Bankers : |
Ø
State Bank of Ø ICICI Bank Limited Ø Axis Bank Limited Ø Bank of Tokyo Mitsubishi Limited Ø HDFC Bank Limited Ø Citibank N. A. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R. K. J. K. Khanna and Company Chartered Accountants |
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Address : |
D – 41, |
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Subsidiaries : |
Msid US INC. |
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Joint Venture : |
Ø
Sumitomo Wiring Systems Ø
Sumitomo Electric industries Ø
H. K. Wiring Systems Limited |
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Associates : |
Ø Saks Ancillaries Limited Ø Motherson Air Travel Agencies Limited Ø Motherson Advance Strategic Solutions Limited Ø Sumi Motherson Innovative Engineering Limited Ø Sumi Motherson Integrated Technologies Limited Ø Motherson Techno Tools Limited Ø Motherson Sehgal Cables Ø Vaaman Auto Industries Ø Ganapati Auto Industries Ø Motherson Auto Private Limited Ø Motherson Sumi Infotech and Designs Limited Ø Aqatec Electricals Limited Ø Million Miles Limited Ø S. J. Max Golden Company Limited Ø Motherson Triplex Tools Limited Ø Motherson Compounds Private Limited Ø Sri Cables Ø Motherson Sehgal Cables Ø Saks Ancillaries Limited Ø Woco Motherson Elastomer Limited Ø Anest Iwata Motherson Limited Ø CTM India Limited Ø Draexlmaier and Motherson Electricals Systems India Limited Ø Kyungshin Industrial Motherson Limited Ø Schenacker Motherson Limited Ø Motherson Advance Polymers Limited Ø A Basis Concepts and Designs Pty. Limited Ø Samvardhana Motherson Finance Limited Ø Motherson Advanced Auto Engineering Private Limited Ø Motherson Tool Engineering and Design Private Limited Ø Motherson Advanced Automobile Solutions Private Limited Ø Radha Rani Motors Private Limited Ø Motherson Auto Solutions Private Limited Ø SWS India Management Support and Services Private Limited Ø Vaaman Auto Industries Ø Ganapati Auto Industries Ø Moon Medows Private Limited Ø Sumitomo Electric Writing Systems Limited Ø SWS America Information Systems Inc Ø J K Wiring Harness |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8,000,000 |
Equity shares |
Rs. 10/- each |
Rs. 80.000 Millions |
|
8,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 80.000 Millions |
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Total |
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Rs. 160.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7,788,268 |
Equity shares |
Rs. 10/- each |
Rs. 77.883 Millions |
|
8,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 80.000 Millions |
|
|
Total |
|
Rs. 157.883
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
157.883 |
157.883 |
77.883 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
52.898 |
68.940 |
35.210 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
210.781 |
226.823 |
113.093 |
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|
LOAN FUNDS |
|
|
|
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1] Secured Loans |
79.765 |
0.247 |
0.831 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
79.765 |
0.247 |
0.831 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
290.546 |
227.070 |
113.924 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
145.623 |
162.119 |
70.553 |
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Capital work-in-progress |
69.265 |
0.000 |
0.000 |
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INVESTMENT |
0.044 |
0.000 |
0.000 |
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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 |
0.000
|
0.000 |
0.000 |
|
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Sundry Debtors |
73.785
|
65.094 |
41.038 |
|
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Cash & Bank Balances |
35.487
|
28.775 |
24.125 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
33.726
|
21.134 |
15.344 |
|
Total
Current Assets |
142.998
|
115.003 |
80.507 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
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Current Liabilities |
42.509
|
32.662 |
24.031 |
|
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Provisions |
24.875
|
17.390 |
13.105 |
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Total
Current Liabilities |
67.384
|
50.052 |
37.136 |
|
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Net Current Assets |
75.614
|
64.951 |
43.371 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
290.546 |
227.070 |
113.924 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
332.981 |
307.944 |
225.586 |
|
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Other Income |
5.098 |
6.694 |
1.326 |
|
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Total Income |
338.079 |
314.638 |
226.912 |
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|
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|
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Profit/(Loss) Before Tax |
[12.983] |
36.588 |
21.530 |
|
|
Provision for Taxation |
3.059 |
1.756 |
0.251 |
|
|
Profit/(Loss) After Tax |
[16.042] |
34.832 |
21.279 |
|
|
|
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Earnings in Foreign Currency : |
|
|
|
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Total Earnings |
NA |
NA |
336.689 |
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Expenditures : |
|
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Purchases made for re-sale |
10.110 |
0.000 |
0.000 |
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Personnel Expenses |
0.000 |
0.000 |
118.800 |
|
|
Administrative Expenses |
0.000 |
0.000 |
61.963 |
|
|
Salaries, Wages, Bonus, etc. |
186.673 |
151.034 |
0.000 |
|
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Managerial Remuneration |
1.762 |
1.752 |
0.000 |
|
|
Payment to Auditors |
0.185 |
0.169 |
0.000 |
|
|
Interest |
0.345 |
0.555 |
0.528 |
|
|
Insurance Expenses |
0.909 |
0.819 |
0.000 |
|
|
Power & Fuel |
7.552 |
6.064 |
0.000 |
|
|
Depreciation & Amortization |
37.753 |
30.483 |
24.261 |
|
|
Other Expenditure |
105.775 |
87.174 |
0.000 |
|
Total Expenditure |
351.064 |
278.050 |
205.552 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
[4.75]
|
11.07 |
9.38 |
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Net Profit Margin (PBT/Sales) |
(%) |
[3.90]
|
11.88 |
9.54 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[4.50]
|
13.20 |
14.25 |
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Return on Investment (ROI) (PBT/Networth) |
|
[0.06]
|
0.16 |
0.19 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.70
|
0.22 |
0.34 |
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Current Ratio (Current Asset/Current Liability) |
|
2.12
|
2.30 |
2.17 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
MOTHERSONSUMI
INFOTECH AND DESIGNS LIMITED |
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Presented By |
Maj. Gen. Amarjit
Singh, Director |
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Date and description of instrument creating the change |
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Amount secured by the charge/amount owing on the securities of charge |
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Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Security for
securing Working Capital facility of Rs. 20.000 Millions First charge by
way of Hypothecation and / or pledge of the borrowers goods namely stock of raw
materials, work in progress, finished goods, stores and spares, book debts /
receivables and all other current assets of the company. Corporate
Guarantee of Motherson Auto private Limited Security for
securing Working Capital facility of Rs. 30.000 Millions First charge on
entire fixed assets of the company, both moveable and immovable Extension of
charge on current assets of the company Corporate
guarantee of Motherson Auto private
Limited |
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Gist of the terms and conditions and extent and operation of the charge. |
Interest on Cash Credit –
2.25 % above SBAR with a minimum of 14.25 % p.a. Term Loan – 1.75
% over SBAR with a minimum of 13.25 % p.a. subject to change as per RBI /
bank directives from time to time. As per Bank’s / RBI’s instructions. Margin
– Book Debts, Receivables – 50 % |
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Name and Address and description of the person entitled to the charge. |
State Bank of Overseas Branch,
17, |
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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 total
facility of Rs. 50.000 Millions has been reduced to Rs. 20 Millions. The
facility will now be in the form of Working Capital of Rs. 20.000 Millions |
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Corporate
identity number of the company |
U67120DL1985PLC020695 |
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Name of the
company |
MOTHERSONSUMI INFOTECH AND DESIGNS LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Hotel imperial – 1, Janpath, |
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This form is for |
Modification of
charge |
|
Type of charge |
Hypothecation
|
|
Particular of
charge holder |
State Bank of Overseas Branch
Jawahar Vyapar, Bhawan, 1, Tolstoy Marg, |
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Date of
instrument Creating the charge |
Rs. 9.800
Millions |
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Description of
the property charged indicating whether it is a charged on |
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Particulars of
the property charged |
Stock in Trade
and Book Debts of the company |
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Charge
identification number of the charge to be modified |
90036408 |
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Date of
instrument modifying the charge |
21.03.2006 |
Fixed Assets
-
-
Computer Hardware
-
D. G. Set
-
Air Conditioners
-
Office Equipments
-
Furniture and Fixture
-
Electric Installations
-
Vehicles
As Per Website
Background
Subject is a core competency center within SUMI
MOTHERSON GROUP, providing “Engineering & Design Services” to both internal
as well as external customers. MIND is a Public Limited Company and is involved
in several prestigious projects from external customers - national and
international.
Locations
MIND (E&D) is headquartered at Noida (
Services
The Engineering & Design center at MIND designs &
delivers end-to-end solutions that help the manufacturing industry by
supporting the complete Product Development Cycle at various stages from
Concept Design through Product Engineering, Design Validation, Tool Design to
Manufacturing.
Integrated Engineering & Design Services
People
With a strong and dedicated team of 50+ engineers to support their
Engineering & Design activities, they can take the New Product Development
from Concept to Production.
The Engineering & Design center at MIND designs & delivers
end-to-end solutions that help the manufacturing industry by supporting the
complete Product Development Cycle at various stages from Concept Design
through Product Engineering, Design Validation, Tool Design to Manufacturing.
Services
-
Industrial
Design
-
Product
Engineering
-
Tool Design
-
Design
Validation
-
Prototype
Batch Production
-
3D Animation
Services
Design Software’s
Alias
Studio Tools
Catia V4
Catia V5
Unigraphics NX
Ideas NX
Solid Works
C3P
Pro-Engineer
Delcam
Moldflow
Lucas
Mechanical Desktop 6
Maya
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.39.87 |
|
|
1 |
Rs.80.11 |
|
Euro |
1 |
Rs.56.19 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
|
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
|
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. |
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 |
|