MIRA
INFORM REPORT
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Report Date : |
04.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
SYS-PRO TECHNOLOGIES PRIVATE LIMITED |
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Formerly Known As : |
BRILIJANT TRADING PRIVATE LIMITED |
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Registered Office : |
302, 3rd Floor, 50 Lucky Corner Co-operative Premises
Society Limited, Andheri (East), Mumbai-400099, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
07.11.1997 |
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Com. Reg. No.: |
11-111768 |
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CIN No.: [Company
Identification No.] |
U51900MH1997PTC111768 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS42780D |
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PAN No.: [Permanent
Account No.] |
AAACB4501E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader, Dealer, Distributor and Exporter of Software and hardware
products |
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 63000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Trade relations are fair. Business is active. No complaints have been
heard. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Vinod Satelkar |
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Designation : |
Director |
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Contact No.: |
91-9322433751 |
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Date : |
03.12.2008 |
LOCATIONS
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Registered Office : |
302, 3rd Floor, 50 Lucky Corner Co-operative Premises
Society Limited, Andheri (East), Mumbai-400099, Maharashtra, India |
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Tel. No.: |
91-22-66973156197 |
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Mobile No.: |
91-9322432751 |
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Fax No.: |
91-22-66973157 |
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E-Mail : |
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Area : |
400 sq.ft (Rented) |
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Godown : |
Fam Vishar, Shop No. 13, b/ 5, Sector 15, Kolamboli, Navi Mumbai |
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Warehouse : |
Guruprem Grihanirman CHS. Shop No. 3, Ground Floor, Plot No. 25,
Sector -4, Navi Mumbai-410218, Maharashtra, India |
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Branch Office : |
1st Floor, Room No. 1012, Ring Road, Surat- 395002, Gujarat, India. |
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Tel. No.: |
91-261-2363390 |
/DIRECTORS
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Name : |
Mr. Dhiraj Manaji Chavan |
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Designation : |
Director |
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Address : |
4/285, mangal Kiran Society, Old MHB Colony, Gorai Rord, Borivali
(West), Mumbai-400091, Maharashtra, India |
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Date of Birth/Age : |
20.09.1969 |
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Qualification : |
B.Com |
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Date of Appointment : |
18.11.1997 |
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Name : |
Mr. Vinod Laxman Satelkar |
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Designation : |
Director |
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Address : |
12/C, Elizabeth Appartment, B.M. Marg, Elphinstone Road,
Mumbai-400013, Maharashtra, India |
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Date of Birth/Age : |
10.11.1972 |
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Qualification : |
Graduate |
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Date of Appointment : |
02.12.1997 |
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Name : |
Mr. Govind Digambar Masurkar |
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Designation : |
Director |
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Address : |
L45, 703, Poonamsagar Complex, Opposite Sector 9 and 10, Mira Road
East, Mumbai-401107, Maharashtra, India |
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Date of Birth/Age : |
26.09.1966 |
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Qualification : |
Graduate |
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Date of Appointment : |
23.06.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2008
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Names of Shareholders |
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No. of Shares |
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Vinod Laxman Stelkar |
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15800 |
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Dhiraj Manaji Chavan |
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8550 |
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Govind Digambar Masurkar |
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2250 |
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Total |
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26600 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2008
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader, Dealer, Distributor and Exporter of Software and hardware
products |
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Products : |
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Exports : |
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Products : |
Software and Hardware Products |
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Countries : |
Singapore and Malaysia |
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Imports : |
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Products : |
Raw Material and Hardware Parts |
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Countries : |
Singapore |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Cash and Credit |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
5 (Office 4, Factory 1) |
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Bankers : |
Syndicate Bank, Fort Branch |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mr. PNV Raju Gupta Chartered Accountant |
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Address : |
Building No. 2A, Flat No. 34, Vrindavan Society, Thane (West),
Thane-400601, Maharashtra, India |
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Mobile No.: |
91-9819655769 |
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E-Mail : |
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Name : |
Mr. Vijay M Vij Chartered Accountant |
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Address : |
Office No. 15, 3rd Floor, Mashraqui Building, P. D’Mello
Raod, Fort, Mumbai-400001, Maharashtra, India |
CAPITAL STRUCTURE
As on 31.03.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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26600 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.266
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.266 |
0.266 |
0.266 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
12.468 |
10.355 |
7.253 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
12.734 |
10.621 |
7.519 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.011 |
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TOTAL |
12.734 |
10.621 |
7.530 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.043 |
0.064 |
0.080 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.413 |
0.413 |
0.413 |
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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
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0.000 |
6.910 |
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Sundry Debtors |
0.000
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0.000 |
8.536 |
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Cash & Bank Balances |
1.364
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0.742 |
0.000 |
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Other Current Assets |
0.000
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0.000 |
88.783 |
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Loans & Advances |
417.496
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170.414 |
0.000 |
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Total
Current Assets |
418.860
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171.156 |
104.229 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
400.283
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156.220 |
94.028 |
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Provisions |
6.299
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4.792 |
3.164 |
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Total
Current Liabilities |
406.582
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161.012 |
97.192 |
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Net Current Assets |
12.278
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10.144 |
7.037 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
12.734 |
10.621 |
7.530 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
539.543 |
75.083 |
315.222 |
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Other Income |
12.810 |
4.867 |
1.281 |
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Total Income |
552.353 |
79.950 |
316.503 |
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Profit/(Loss) Before Tax |
3.620 |
4.719 |
3.164 |
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Provision for Taxation |
1.507 |
1.617 |
1.254 |
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Profit/(Loss) After Tax |
2.113 |
3.102 |
1.910 |
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Expenditures : |
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Cost of Goods Sold |
534.150 |
74.340 |
312.059 |
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Administrative Expenses |
0.508 |
0.712 |
0.637 |
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Staff Expenses |
0.114 |
0.140 |
0.113 |
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Financial Expenses |
12.438 |
0.006 |
0.011 |
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Selling and Distribution Expenses |
0.001 |
0.005 |
0.000 |
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Donation |
1.500 |
0.000 |
0.500 |
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Depreciation & Amortization |
0.022 |
0.028 |
0.019 |
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Total Expenditure |
548.733 |
75.231 |
313.339 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
0.38
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3.88 |
0.60 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.67
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6.29 |
1.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.86
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2.76 |
3.03 |
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Return on Investment (ROI) (PBT/Networth) |
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0.28
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0.44 |
0.42 |
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Debt Equity Ratio (Total Liability/Networth) |
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31.92
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15.15 |
12.93 |
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Current Ratio (Current Asset/Current Liability) |
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1.03
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1.06 |
1.07 |
LOCAL AGENCY
FURTHER INFORMATION
Review of
Performance:
They have great pleasure in placing before the, the performance highlights
of the Company for the financial year 2007-08. During the year, the Company has
registered an income from operations for Rs. 552.353 Million as against Rs.
79.950 Million during the previous year. Deposit of lower income form
operations the Company has managed to earn a Profit after Tax of Rs. 2.113
Millions as against Profit of Rs. 3.102 Millions during the previous year.
The directors are hopeful are hopeful of even better performance in the
coming years bearing any unforeseen circumstances.
Lease Payments :
Company has taken office premises under operating lease. These are
generally cancelable and range within 11 months and are subject to renewal by
mutual consent on mutually agreeable terms. Lease payment recoginsed in the
statement of profit and Loss account under “Office Compensation Charges” and
“Rent, Rates and Taxes” is Rs. 0.093 Millions
Segment Reporting:
Company is in the business of purchasing and selling of
telecommunication equipments and computer hardware and software packages. The
company has considered entire business activity as one business segment for
disclosure in the context of Accounting Standard 17 issued by ICAI.
Fixed Assets:
·
Computer and Accessories
·
Typewriting Machine
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Furniture and Fixture
·
Telecommunication Equipments
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 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.49.90 |
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UK Pound |
1 |
Rs.74.30 |
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Euro |
1 |
Rs.63.42 |
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 |
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 |
YES |
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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. |
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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