MIRA
INFORM REPORT
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Report Date : |
29.12.2008 |
IDENTIFICATION DETAILS
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Name : |
SMART CHIP LIMITED |
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Registered Office : |
714, Raheja Chambers, 213, Nariman Point, Mumbai – 400 021, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.05.1996 |
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Com. Reg. No.: |
11 - 99664 |
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CIN No.: [Company
Identification No.] |
U30007MH1996PLC099664 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS35288B |
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PAN No.: [Permanent
Account No.] |
AABCS2005H |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturer of Internet TV-Set-Top Box, Sim Cards, GSM Modem, Fixed
Cellular Terminals and Prepaid Billing Systems. |
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 984000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established 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. Rajesh Tanya |
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Designation : |
Finance Manager |
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Date : |
27.12.2008 |
LOCATIONS
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Registered Office : |
714, Raheja Chambers, 213, Nariman Point, Mumbai – 400 021, |
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Tel. No.: |
91-22-65970585 |
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Fax No.: |
91-22-22820538 |
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Head Office : |
7, Community Centre, 2nd
Floor, New Friends Colony, |
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Tel. No.: |
91-11-26925811-15 /
26331370-72 |
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Fax No.: |
91-11-26925402/26315620 |
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E-Mail : |
marketing@smartchiponline.com |
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Branches : |
Located At:
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DIRECTORS
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Name : |
Mr.
Sanjeev Shriya |
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Designation : |
Director |
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Address : |
113/101,
Swaroop Nagar, |
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Date of Birth/Age : |
18.02.1959 |
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Date of Appointment : |
29.10.2004 |
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Name : |
Mr. Alok S. Mukherjee |
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Designation : |
Director |
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Address : |
H-308, 2nd Floor, New rajender Nagar, |
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Date of Birth/Age : |
17.07.1959 |
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Date of Appointment : |
19.05.2003 |
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Name : |
Mr. Mark A. Castle |
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Designation : |
Director |
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Address : |
30, |
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Date of Birth/Age : |
16.09.1967 |
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Date of Appointment : |
29.10.2004 |
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Name : |
Mr. Jean P. Jainsky |
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Designation : |
Director |
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Address : |
22, Avenue Raymond, Croland, 92260, Fontenzy Ux Roses, France. |
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Date of Birth/Age : |
01.01.1951 |
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Date of Appointment : |
20.12.2005 |
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Name : |
Mr. Patrick S. Samier |
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Designation : |
Director |
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Address : |
92, Boulevard, Carnot, 78110 LE |
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Date of Birth/Age : |
29.04.1953 |
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Date of Appointment : |
20.12.2005 |
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Name : |
Mr. Marc A. Guillard |
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Designation : |
Director appointed in casual vacancy |
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Address : |
2 Rue Fragonard, 92 Issy-Les-Moulineaux, Issy Les Moulineaux - 92130 |
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Date of Birth/Age : |
27.04.1964 |
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Date of Appointment : |
26.03.2008 |
KEY EXECUTIVES
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Name : |
Mr. Rajesh Tanya |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 11.09.2007
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Balkrishna Shriya Jointly With Gauri Shriya |
24375 |
4.34 |
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Gauri Shriya Jointly With Balkrishna Shriya |
66081 |
11.75 |
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Vani Shriya |
17000 |
3.02 |
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Vidushie Shriya Jointly With Gauri Shriya And Balkrishna Shriya |
17000 |
3.02 |
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Alok Mukherjee |
2800 |
0.50 |
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Soma Mukherjee |
6000 |
1.07 |
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Medha Mukherjee |
7000 |
1.25 |
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Khushlal Chand Agarwal |
62 |
0.01 |
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K.N.Kutty |
96 |
0.02 |
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Jitendra Kumar Srivastava |
62 |
0.01 |
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Anil Pandey |
31 |
0.01 |
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Shri Krishna Dubey |
31 |
0.01 |
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Sagem Orga |
421616 |
75.00 |
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Total |
562154 |
100.00 |
AS ON 31.03.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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75.00 |
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Directors or relatives of directors |
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24.95 |
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Other top fifty shareholders |
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0.05 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Internet TV-Set-Top Box, Sim Cards, GSM Modem, Fixed
Cellular Terminals and Prepaid Billing Systems. |
GENERAL INFORMATION
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Customers : |
Ø Naval Dockyard, Vizag Ø Mahanagar Telephone Nigam Limited Ø BPL Mobile Limited Ø Tata Iron & Steel Company Limited Ø Mazagaon Dock Limited Ø All India Institute of Medical Sciences Ø Bank of Ø Government of Madhya Pradesh Ø
LML Limited |
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Bankers : |
Ø
Canara bank 74, janpath, Ø
Indian Overseas
Bank, New Friends Colony, Branch, Ø Indian Overseas Bank, Defence Colony Branch, Ø HDFC Bank, 40-41, Community Center, Ø Standard Chartered Grindlays Bank Limited, M-1,
South Extension, Part II, |
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Facilities : |
Secured loans as
on 31.03.2007
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Banking
Relations : |
- |
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Auditors : |
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Name : |
V.P.Thaker and Company Chartered Accountant |
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Address : |
1105, Embassy Centre, Nariman Point, Mumbai – 400021, |
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Tel. No.: |
91-22-66311480 |
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Fax No.: |
91-22-66311474 |
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E-Mail : |
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Holding Company : |
Ø
Sagem Orga, GMBH |
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Associates/Subsidiaries : |
Ø
Syscome Corporation Limited |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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950000 |
Equity Shares |
Rs. 10/- Each |
Rs. 9.500 Millions |
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550000 |
Preference Shares |
Rs. 10/- Each |
Rs. 5.500
Millions |
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Total |
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Rs.
15.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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562154 |
Equity Shares |
Rs. 10/- Each |
Rs. 5.621 Millions |
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Note
Of the above
Ø 351347 equity shares of Rs. 10/- each are held by Orga Kartensystem GmbH, the holding company
Ø 231076
equity shares have been issued as fully paid bonus shares by capitalization of Securities
Premium account.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.621 |
5.621 |
5.621 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
191.368 |
185.516 |
161.667 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
196.989 |
191.137 |
167.288 |
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LOAN FUNDS |
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1] Secured Loans |
128.857 |
30.731 |
29.301 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
128.857 |
30.731 |
29.301 |
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DEFERRED TAX LIABILITIES |
4.949 |
1.926 |
6.417 |
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TOTAL |
330.794 |
223.794 |
203.006 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
102.613 |
30.795 |
33.111 |
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Capital work-in-progress |
0.000 |
2.798 |
0.000 |
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INVESTMENT |
60.500 |
60.500 |
60.500 |
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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 |
35.226
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22.343 |
27.227 |
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Sundry Debtors |
162.845
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119.836 |
203.648 |
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Cash & Bank Balances |
32.801
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23.192 |
10.837 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
140.763
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108.574 |
17.513 |
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Total
Current Assets |
371.635
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273.945 |
259.225 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
170.416
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113.157 |
144.376 |
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Provisions |
35.274
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34.965 |
13.260 |
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Total
Current Liabilities |
205.690
|
148.122 |
157.636 |
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Net Current Assets |
165.945
|
125.823 |
101.589 |
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MISCELLANEOUS EXPENSES |
1.736 |
3.878 |
7.806 |
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TOTAL |
330.794 |
223.794 |
203.006 |
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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 |
330.540 |
325.062 |
276.572 |
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Other Income |
20.496 |
10.130 |
13.536 |
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Total Income |
351.036 |
335.192 |
290.108 |
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Profit/(Loss) Before Tax |
11.378 |
41.182 |
34.507 |
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Provision for Taxation |
5.526 |
17.334 |
13.295 |
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Profit/(Loss) After Tax |
5.852 |
23.848 |
21.212 |
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Earnings in Foreign Currency : |
7.570 |
NA |
NA |
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Imports : |
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Traded Goods |
83.331 |
60.629 |
NA |
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Others |
5.687 |
0.147 |
NA |
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Total Imports |
89.018 |
60.776 |
NA |
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Expenditures : |
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Purchases made for re-sale |
193.475 |
149.777 |
169.283 |
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Increase/(Decrease) in Finished Goods |
(16.752) |
5.737 |
0.020 |
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Depreciation & Amortization |
32.179 |
26.981 |
15.010 |
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Other Expenditure |
130.756 |
111.515 |
71.288 |
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Total Expenditure |
339.658 |
294.010 |
255.601 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.66
|
7.11 |
7.31 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.44
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12.66 |
12.47 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.12
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11.18 |
9.77 |
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Return on Investment (ROI) (PBT/Networth) |
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0.05
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0.21 |
0.20 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.69
|
0.93 |
1.11 |
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Current Ratio (Current Asset/Current Liability) |
|
1.80
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1.84 |
1.64 |
LOCAL AGENCY FURTHER INFORMATION
|
This form is for |
Creation of
charge |
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Corporate identity
number of the company |
U30007MH1996PLC099664 |
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Name of the
company |
SMART CHIP LIMITED |
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Address of the
registered office or of the principal place of business in |
714, Raheja Chambers, 213, Nariman Point, Mumbai – 400 021, |
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Type of charge |
Movable property (not being pledge) Others |
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Particular of
charge holder |
Canara bank 74, Janpath, |
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Nature of
description of the instrument creating or modifying the charge |
Canmobile
agreement |
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Date of
instrument Creating the charge |
07.01.2008 |
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Amount secured by
the charge |
Rs. 0.982 Million |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest Interest @11.50%
p.a. compounded monthly or at such other rates as may be specified by the
bank from time to time Terms of
repayment 60 equal monthly installments
of Rs. 0.021 Million each Margin As per sanctioned
terms Extent and
operation of the charge 100% Others The above is to
secure can mobile loan of Rs. 0.982 million |
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Short particulars
of the property charged |
Hypothecation of
Toyota Innova (AD) purchased or to be
purchased by the company. |
The company is in trade terms with:
Ø Orga Kartensystem GmbH
Braywick House West,
Ø Hutchison Max
DCW Centre, Stanrose
House, Standard Mill, New
Ø Commissioner of Transport
Government of
Gujarat, A-4,
Ø Bharti Cellular Limited
D-184, Okhla Industrial
Area, Phase - 1,
Changing the way
Established
in 1996 Syscom Corporation and subject company
today occupy the leadership position in both their respective sectors.
Today the companies have 47 offices in 23 states of
With
over a decade of experience in smart cards management systems, Smart Chip has
been delivering successful smart card enabled solutions in
Smart
Chip is a member of the global smart card group Sagem Orga. Sagem Orga brings
the expertise of two smart card powerhouses;
FIXED ASSETS
Ø
Office equipment
Ø
Furniture and fixture
Ø
Cars
Ø
Air-conditions
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.47.89 |
|
|
1 |
Rs.70.84 |
|
Euro |
1 |
Rs.67.37 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
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|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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|
--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 |
|
52 |
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 |
|