%20PRIVATE%20LIMITED%2007-Nov-2008_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
07.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
G4S SECURITY SYSTEMS (INDIA) PRIVATE LIMITED |
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Registered Office : |
Flat No. 101 and 103, Savitri Cinema Complex, Greater Kailash II, New
Delhi – 110 048 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.08.1994 |
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Com. Reg. No.: |
60753 |
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CIN No.: [Company
Identification No.] |
U74899DL1994FTC060753 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELG03580D |
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PAN No.: [Permanent
Account No.] |
AAACG2185M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Providing of specialised security and safety systems like Access Control
System, CCTV Surveillance, Fire Detection and Alarm System, Gas based Fire
Suppression System, Building Management System, Intruder Alarm System and
Explosive Detection System, that can be integrated in single platform. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Mr. Sunderam of the company has not available during our 5 attempts to
update performance. Subject is a part of GAS Security Group. Financial position can be regarded as moderate. It has a substantial
accumulated losses. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions with slight caution in view of accumulated
losses. |
LOCATIONS
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Registered Office : |
Flat No. 101 and 103, Savitri Cinema Complex, Greater Kailash II, New
Delhi – 110 048, India |
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E-Mail : |
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Website : |
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Corporate Office : |
Pamchwati, 82-A, Sector 18, Gurgaon – 122 016, Haryana, India |
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Tel. No.: |
91-124-2398888 |
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Fax No.: |
91-124-239 7131 |
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E-Mail : |
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Regional Office : |
North India: Plot No. 1 and 2, Local Shopping Centre, C -9 Vasant Kunj, New Delhi -110
070, India Tel. No.: 91-11-26122101 / 26123950-54 Fax No.: 91-11-26122117 E-Mail : sn.chary@in.g4s.com
South India: # 507, HBR Layout, 1st Stage, 4th Block Outer Ring Road, Bangalore –
560043, West Bengal, India Tel. No.: 91-80-25437300 / 301 Fax No.: 91-80-25437100 E-Mail : victor.joseph@in.g4s.com East India: EN 7, Biswanath Building, Sector V, Salt Lake City, Kolkata – 700 091, Tel. No.: 91-33-23571529/30 / 23571228, 23572304 Fax No.: 91-33-23572842 E-Mail : tapash.chaudhuri@in.g4s.com
West India: 1st floor, Shahnawaz Building, Kale Marg, Near Kamani, Kurla (West),
Mumbai-400070, Maharashtra, India Tel. No.: 91-22-25136811-25136641 Fax No.: 91-22-25147753 E-Mail : rl.handa@in.g4s.com |
DIRECTORS
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Name : |
Mr. Ajay Gupta |
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Designation : |
Managing Director |
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Date of Birth/Age : |
46 Years |
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Qualification : |
B.E. |
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Experience : |
20 Years |
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Date of Appointment : |
02.01.2004 |
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Previous Employment : |
Data Access India (Private) Limited |
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Name : |
Mrs. Rupal Sinha |
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Designation : |
Director |
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Address : |
House No. 4652-P, Sector – 23A, Gurgaon – 122 017, Haryana, India |
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Date of Birth/Age : |
23.12.1968 |
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Date of Appointment : |
10.05.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
List of Allottes (As on 28.03.2007)
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Names of Allottees |
No. of Shares |
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Has International Holding Limited |
1000000 |
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Total |
1000000 |
BUSINESS DETAILS
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Line of Business : |
Providing of specialised security and safety systems like Access Control
System, CCTV Surveillance, Fire Detection and Alarm System, Gas based Fire
Suppression System, Building Management System, Intruder Alarm System and
Explosive Detection System, that can be integrated in single platform. |
GENERAL
INFORMATION
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No. of Employees : |
Around 300 |
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Bankers : |
ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Vijay Sehgal and Company Chartered Accountant |
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Address : |
100, New Rajdhani Enclave, Delhi B-5, Nizamuddin East, New Delhi – 110
013, India |
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Associates : |
·
Indo British
Garments (Private) Limited Plot No.48,
DLF Industrial Estate Phase I, 14th Milestone, Mathura Road, Faridabad,
Haryana, India Tel No.: 91-129-
2270761/62/63 Fax No.: 91-129- 2270254 E-mail: anupsrivastav@ibgindia.com ·
G4S Central Monitoring
Services (India) Private Limited |
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Fellow Subsidiaries : |
·
G4S
Security Services (India) Private Limited ·
G4S
Cash Services (India) Private Limited ·
G4S
Facility Services (India) Private Limited ·
G4S
Corporate Services (India) Private Limited ·
G4S
IT Services (India) Private Limited ·
Indo
British Garments Private Limited ·
First
Select Private Limited ·
Securities
Technology (division of Group 4 Technology Limited, UK) ·
Guard
Control Systems (division of Group 4 Technology Limited, UK) ·
Securitas
Products India Private Limited |
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Group Companies : |
·
Securitas
Products India Private Limited ·
First
Select Private Limited ·
G4S
Facility Services (India) Private Limited ·
G4S
Security Services (Thailand) Limited ·
Group
4 Syria Limited Liability Company |
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Ultimate Holding Company : |
Group 4 Securicor Plc. |
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Holding Company : |
G4S International Holdings Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1975020 |
Equity Shares |
Rs.10/- each |
Rs.19.750
millions |
Of the above 1000000 equity shares are held by
G4S International Holdings Limited, UK. Out of the remaining shares 975000 equity
shares are held by G4S Holdings India Limited, UK and 20 equity shares are held
by G4S Corporate Services (India) Private Limited. The entire shareholding is
with the subsidiaries of the ultimate holding company, Group 4 Securicor Plc.,
UK
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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19.750 |
9.750 |
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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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84.250 |
26.250 |
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4] (Accumulated Losses) |
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(111.392) |
(50.366) |
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NETWORTH |
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(7.392) |
(14.366) |
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LOAN FUNDS |
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1] Secured Loans |
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0.146 |
0.271 |
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2] Unsecured Loans |
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128.774 |
120.036 |
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TOTAL BORROWING |
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128.920 |
120.307 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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121.528 |
105.941 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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8.108 |
6.694 |
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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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0.200 |
1.500 |
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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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39.475 |
43.056 |
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Sundry Debtors |
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140.945 |
97.689 |
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Cash & Bank Balances |
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1.926 |
7.546 |
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Other Current Assets |
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8.340 |
10.576 |
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Loans & Advances |
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20.046 |
15.525 |
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Total
Current Assets |
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210.732 |
174.392 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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93.402 |
74.512 |
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Provisions |
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4.110 |
2.133 |
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Total
Current Liabilities |
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97.512 |
76.645 |
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Net Current Assets |
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113.220 |
97.747 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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121.528 |
105.941 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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246.894 |
207.365 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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246.894 |
207.365 |
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Profit/(Loss) Before Tax |
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(58.822) |
(18.512) |
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Provision for Taxation |
|
1.509 |
1.050 |
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Profit/(Loss) After Tax |
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(60.331) |
(19.562) |
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Total Expenditure |
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305.716 |
225.877 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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(24.44) |
(9.43) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(23.82) |
(8.93) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(26.88) |
(10.22) |
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Return on Investment (ROI) (PBT/Networth) |
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(7.96) |
(1.29) |
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Debt Equity Ratio (Total Liability/Networth) |
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(30.63) |
(13.71) |
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Current Ratio (Current Asset/Current Liability) |
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2.16 |
2.28 |
LOCAL AGENCY
FURTHER INFORMATION
In the previous year ended 31 March 2006, the agreement for royalty with
G4S Corporate
Services India Private Limited had expired on 31 December 2005. In the absence
of any agreement for the period after that date, no provision for royalty was
made for the period 1 January 2006 to 31 March 2006. During the current year,
the company entered into a royalty agreement with M/s Group 4 Holdings A/S, UK,
for the period 1 January 2006 to 31 December 2006. Accordingly, royalty expense
for the year ended 31 March 2007 includes an amount of Rs.0.197 million
pertaining to the period 1 January 2006 to 31 March 2006. Although the royalty
agreement expired on 31 December 2006, the Company expects to finalise the new
agreement in due course of time on similar terms and conditions and has
accordingly made a provision of royalty of Rs.0.198 million in the current year
for the period 1 January 2007 to 31 March 2007. The amount of royalty accrued
has been included, appearing here-in-after, on “Expenditure in Foreign
currency.”
Performance in the
Year 2006-07 and Future Prospects
In spite of highly competitive market condition, the company has
achieved a growth of more than 19% in turnover over the previous year.
The margins of the company for year 2006-07 were under strain resulting
in loss during the year. Further the company has written off bad debts
amounting to Rs.7.039 millions and has made a provision of 9.976 millions for
the bad and doubtful debts. Further the company has provided for the stock
obsolescence amounting to Rs.18.704 millions. Provision for doubtful deposits
is Rs.2.299 millions and for diminution in value of investment of Rs.1.300
millions. The company has taken many strategic decisions to improve the
efficiency to achieve improved margins.
The company has strengthened its organizational network with
consolidation of branched with a view to improve its income and margins. The
company is quite hopeful of better performance in the next year.
There was a general improvement in economy during the year.
Web Details
As the largest security
company in India they take pride in providing the highest level of services to
the clients and attending to their individual requirements.
They are a part of a
global company with a local flavour and the network of branch offices
throughout India allows them to extend that personal touch. Customer
satisfaction and concern for the employees are the two values they hold
highest, supported by the deep sense of integrity.
Subject India prides
itself on being a professional security organisation that offers the following
range of services:
·
Guarding
·
Training
·
Security Systems &
Products
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Central Monitoring Services
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Cash Services
·
Facility Services
·
Garment Manufacturing
·
Placement Services
·
Information Technology
·
Secure IT
·
Fleet Management and Vehicle
Tracking
History of G4S in India
Subject in India since its inception in 1989 has remarkably been the leading
and most respected Security Company in the country. The Group in India has over
130,000 employees with an extensive network of 180 branches and regional
offices spread throughout the country. Subject in India is proud to have a
strong and lasting association with all the clients ranging from Banks,
Corporates, Diplomatic Missions, Embassies, Hospitality Industry,
Residencies,Transport and Communication and Aviation to name a few.
As the leading
professional security organisation, Subject India offers a wide range of
security services to its clients from an individual to large
multinationals, covering every security product or service available in the
market.
In addition to its core business of Guarding, Cash
Services, Central Monitoring ServicesSecurity, Systems and Products, Subject
also offers a complementary range of services covering Facility Management,
Training, Garment Manufacturing, Recruitment and Placement, IT Services, Secure
IT, Central Monitoring Services, Fleet Management and Vehicle Tracking.
Security Systems
Subject is a
world-class provider of specialised security and safety systems like Access
Control System, CCTV Surveillance, Fire Detection and Alarm System, Gas based
Fire Suppression System, Building Management System, Intruder Alarm System and
Explosive Detection System, that can be integrated in single platform.
Subject offer turnkey
solutions for all kinds of fire, electronic security and video surveillance
needs of businesses, across all verticals.
·
An ISO 9001 : 2000 certified
organisation
·
Large manufacturing base in
U.K
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Nationwide presence with a single
point of contact for multilocation clients
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Highly skilled and well
trained project management and execution team
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All products fully comply with
International Standards like UL, FM, CE, Vds etc.
·
24 hrs manned central
monitoring station
·
Help desk to cater to customer
complains through exclusive toll free number
Profile
Subject Systems employs experts who posses skills to engineer and design
the most complex need of security and safety system with latest proven
technologies, based on national / international codes, namely NFPA, EN and NBC
etc.
The 250-member team is highly skilled and well trained to deliver security
and safety solutions with excellence. The entire team works in an assembly line
procedure guaranteeing timely execution of projects.
Information sharing among various group companies helps to draw upon the
technical expertise from different parts of the world hence guaranteeing the
best solutions.
Subject prides itself on being able to provide prompt after-sales service
at all its installations by monitoring them on a regular basis, ensuring
customer satisfaction and peak equipment efficiency. Befitting the image of a
market leader, the company has assembled the necessary resources, to provide
the best maintenance and repair services in the industry.
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] 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.47.67 |
|
UK Pound |
1 |
Rs.75.47 |
|
Euro |
1 |
Rs.61.19 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--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 |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
35 |
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 |
|