MIRA
INFORM REPORT
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Report Date : |
01.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
SEC COMMUNICATIONS PRIVATE LIMITED |
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Registered Office : |
Ajit Buildings, 1st Floor, R A Kidwai Road, Matunga, Mumbai
– 400 019, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.12.1997 |
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Com. Reg. No.: |
112280 |
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CIN No.: [Company
Identification No.] |
U64203MH1997PTC112280 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS47337D |
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PAN No.: [Permanent
Account No.] |
AAECS1189B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject offers Video Conferencing Services. |
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 37400 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a wee-established company having satisfactory track. Trade relations
are fair. Payments are reported as slow but correct. However the company can be considered normal for business dealings at
usual business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mrs. Leena |
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Designation : |
Accounts Executive |
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Date : |
30.09.2008 |
LOCATIONS
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Registered Office : |
Ajit Buildings, 1st Floor, R A Kidwai Road, Matunga, Mumbai
– 400 019, Maharashtra, India. |
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Tel. No.: |
91-22-24079875 |
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Fax No.: |
91-22-24029542 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Branch Office : |
Delhi 211
- Somdutt Chambers-11, #9 Bhikaji Cama Place, New Delhi - 110066. Chennai Z176
(62B), 5th Avenue, Anna Nagar, Chennai - 600 040 Kolkata #
Plot no.44, 22/2, Block - J, New Alipore, Kolkata - 700 053. Bangalore Prerana,
Ground floor, # 3675, 8th Cross, HAL 2nd Stage,Bangalore - 560 038. Hyderabad Flat No 102, Subrahmanya
Towers, Plot No 7, Door. No 10-3-56/3, East Marredpally, Secunderabad - 500
026 Tel.:91-40-27734907 Ahmedabad #
57, Payal Park, Near ISRO (S.A.C), Satellite Road, Ahmedabad - 380015 pUNE 302
- 303, poonam plaza, 694/28, Market yard Rd., Pune- 411 037 |
DIRECTORS
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Name : |
Mr. Subbaraman K. Krishnamoorthy |
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Designation : |
Director |
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Date of Birth/Age : |
24.06.1940 |
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Date of Appointment : |
05.12.1997 |
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Name : |
Mrs. Janaki Krishnamoorthy |
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Designation : |
Director |
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Address : |
804 A, 3rd Floor, Gamat Lodge, Dr. Ambedkar Road, Dadar, Mumbai
– 400 014, Maharashtra, India. |
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Date of Birth/Age : |
31.01.1973 |
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Date of Appointment : |
05.12.1997 |
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Name : |
Mr. Shankar Ramachandran |
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Designation : |
Director |
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Address : |
804 A, 3rd Floor, Gamat Lodge, Dr. Ambedkar Road, Dadar, Mumbai
– 400 014, Maharashtra, India. |
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Date of Birth/Age : |
16.06.1978 |
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Date of Resignation : |
01.01.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
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Names of Shareholders |
No. of Shares |
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Mr. Subbaraman K. Krishnamoorthy |
77500 |
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Mrs. Janaki Krishnamoorthy |
232500 |
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Total |
310000 |
As on 29.09.2007
Equity share breakup (percentage of total equity)
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Category |
Percentage |
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Directors or relatives of directors |
100.000 |
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Total |
100.000 |
BUSINESS DETAILS
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Line of Business : |
Subject offers Video Conferencing Services. |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
6 (In office) |
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Bankers : |
Mittal Towers, A-Wing, Ground Floor, 210, Nariman Point, Mumbai – 400 021, Maharashtra, India.
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Facilities : |
The company reported to enjoy same facilities from its banker. |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
M/s Borkar and Muzumdar Chartered Accountants |
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Address : |
21/ 168, Anand Nagar, Om Chs., Anand Nagar Lane, Vakola, Santacruz
(East), Mumbai – 400 055, Maharashtra, India. |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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400000 |
Equity Shares |
Rs.10/- Each |
Rs.4.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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310000 |
Equity Shares |
Rs.10/- Each |
Rs.3.100
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.100 |
3.100 |
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2] Share Application Money |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.380 |
3.068 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
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NETWORTH |
7.480 |
6.168 |
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LOAN FUNDS |
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1] Secured Loans |
5.441 |
5.795 |
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2] Unsecured Loans |
18.824 |
13.222 |
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TOTAL BORROWING |
24.265 |
19.017 |
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DEFERRED TAX LIABILITIES |
0.084 |
0.008 |
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TOTAL |
31.829 |
25.193 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.931 |
2.021 |
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Capital work-in-progress |
0.000 |
0.000 |
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INVESTMENT |
8.033 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
12.494
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28.574 |
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Sundry Debtors |
18.384
|
4.224 |
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Cash & Bank Balances |
1.216
|
1.695 |
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Other Current Assets |
0.000
|
0.000 |
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Loans & Advances |
1.859
|
2.397 |
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Total
Current Assets |
33.953
|
36.890 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
10.875
|
12.781 |
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Provisions |
1.343
|
1.194 |
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Total
Current Liabilities |
12.218
|
13.975 |
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Net Current Assets |
21.735
|
22.915 |
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MISCELLANEOUS EXPENSES |
0.130 |
0.257 |
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TOTAL |
31.829 |
25.193 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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78.116 |
36.573 |
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Other Income |
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0.137 |
0.103 |
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Total Income |
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78.253 |
36.676 |
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Profit/(Loss) Before Tax |
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2.021 |
(1.381) |
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Provision for Taxation |
|
0.709 |
(0.280) |
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Profit/(Loss) After Tax |
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1.312 |
(1.101) |
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Export Value |
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25.792 |
18.660 |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
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16.080 |
(5.213) |
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Financial Charges |
|
1.673 |
2.451 |
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Depreciation & Amortization |
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0.190 |
0.332 |
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Other Expenditure |
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58.289 |
40.487 |
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Total Expenditure |
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76.232 |
38.057 |
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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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1.68 |
(3.00) |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.59 |
(3.78) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.60 |
(3.55) |
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Return on Investment (ROI) (PBT/Networth) |
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0.27 |
(0.22) |
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Debt Equity Ratio (Total Liability/Networth) |
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4.88 |
5.35 |
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Current Ratio (Current Asset/Current Liability) |
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2.78 |
2.64 |
LOCAL AGENCY
FURTHER INFORMATION
Note: The address of the registered office of the company has been
changed from 304-A, Navbharat Estates Zakaria Bunder Road, Sewri West, Mumbai –
400 015, Maharashtra, India, to Ajit Buildings,
1st Floor, R A Kidwai Road, Matunga, Mumbai – 400 019, Maharashtra,
India w.e.f. 15.12.2006
FORM 8
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U64203MH1997PTC112280 |
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Name of the
company |
SEC COMMUNICATIONS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Ajit Buildings, 1st Floor, R A Kidwai Road, Matunga, Mumbai
– 400 019, Maharashtra, India. |
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Type of charge |
Book Debts Floating Charge |
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Particular of
charge holder |
ING Vysya Bank Limited Mittal Towers, A-Wing, Ground Floor, 210, Nariman Point, Mumbai – 400 021, Maharashtra, India. E-Mail: narimanpointbr@ingvysyabank.com |
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Nature of
description of the instrument creating or modifying the charge |
General
Hypothecation Agreement. |
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Date of
instrument Creating the charge |
29.12.2007 |
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Amount secured by
the charge |
Rs.12.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
ODSIT BD : IVRR-2.25% LC: Commission as
per bank norms. Terms of
Repayment: ODSIT BD : On Demand LC: On Demand Margin: ODSIT BD:
25% on stocks and 30% on debtors. LC: 15% Extent and
Operation of the charge: Exclusive charge on the entire stock of raw
materials stock in trade, stock in process of the company both present and
future. Exclusive charge on
the entire book debts, claims, receivables of the company both present and
future. |
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Short particulars
of the property charged |
Entire stock of raw materials, stock in trade, stock in process of the
company both present and future at Chennai –No. Z-176, 62B, 5th
Avenue, Anna Nagar, Chennai - 600 040 Bangalore - Prerana, Ground floor, # 3675, 8th Cross, HAL
2nd Stage, Bangalore - 560 038. Mumbai – Plot No.75, Ajit Buildings, 1st Floor, R A Kidwai
Road, Matunga, Mumbai – 400 019 New Delhi - Somdutt Chambers-11, #9 Bhikaji Cama Place,
New Delhi – 110066 or any where else. Entire book debts, receivables of the company both present
and future. |
TRADE REFERENCES:
- Videocon
- VSNL
- IOCL
WEBSITE DETAILS:
PROFILE:
Videoconferencing
Solutions with different Conferencing and Network Products Manufacturers
Subject was formed as a venture of Southern Electric Corporation, a pioneer in
the Western region in the telecom and cabling industry for the past five
decades, they ventured into Video-Conferencing in 1997 and since then has been
the undisputed leader in the field.
Their objective “To provide innovative, high quality videoconferencing
solutions that are reliable, easy-to-use and present a significant value to
their customers to facilitate faster decision, improved performance and enhance
productivity”.
SEC has been a pioneer in the VC industry. For the
larger deals, the Deal cycles are long. While SEC has a strong market
reputation, establishing the OEM brand in India is also crucial for success.
They recognized for it’s expertise in the field and has been
successful by building collaborative relationships with Audiovisual Partners
like PLUS Japan. Similarly they have a symbiotic relationship with
various Network Solution Integrators like CMC, GTL, WIPRO, IBM, HP etc. who
turn to SEC to design and provide videoconferencing solutions.
CUSTOMER REFERENCE
Subject shares a very good rapport with their customers,
built over the years through a combination of providing technically superior
products backed by excellent after sales support. Listed below are some
key customer references
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Category |
Key References |
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Public Sector Undertakings |
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Banks and Financial Institutions |
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IT, Technology / Telecom |
Global
Telesystems
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Indian Corporate Groups |
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Multinational Companies |
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Telemedicine Solution |
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Distance Education Solution |
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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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.94 |
|
UK Pound |
1 |
Rs.85.57 |
|
Euro |
1 |
Rs.67.79 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
46 |
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 |
|