MIRA
INFORM REPORT
|
Report Date : |
27.10.2008 |
IDENTIFICATION DETAILS
|
Name : |
ARGUS INTEGRATED
SYSTEMS PRIVATE LIMITED |
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Registered Office : |
11th Floor,
Dr. Gopal |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.01.2000 |
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Com. Reg. No.: |
55-103472 |
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CIN No.: [Company
Identification No.] |
U74999DL2000PTC103472 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELA08707G |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturers and
exporter of software telecom (Aerospace / aviation consultancy services) |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
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/normal. |
Small |
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Maximum Credit Limit : |
USD 48000 |
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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 : |
Subject is a
well-established company having moderate track. Profit margin is under severe
pressure. The company has yet to wipe out previous losses. Payments are
reported as correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions |
LOCATIONS
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Registered Office/ Factory : |
11th
Floor, Dr. Gopal |
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Tel. No.: |
91-11-23319892 /
23704222 |
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Mobile No.: |
91-9810032623 |
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Fax No.: |
91-11-23712344 |
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E-Mail : |
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Website : |
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Area : |
Rented – 2550 sq.
ft. |
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Location : |
Commercial |
DIRECTORS
|
Name : |
Mr. Sunder
Mulchandani |
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Designation : |
Director |
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Address : |
No-8, Friends
Colony (West), |
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Date of Birth/Age : |
29.01.1955 |
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Qualification : |
MBA |
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Date of Appointment : |
28/01/2000 |
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Name : |
Mr. Ashok Varma |
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Designation : |
Director |
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Address : |
A-9, Greater
kailash, Part-I, |
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Date of Birth/Age : |
04.11.1947 |
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Qualification : |
28.01.2000 |
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Date of Appointment : |
04.03.2001 |
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Name : |
Ms. Sandhya
Mulchandani |
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Designation : |
Director |
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Address : |
No-8, Friends
Colony (West), |
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Date of Birth/Age : |
17.03.1954 |
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Date of Appointment : |
12.09.2000 |
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Name : |
Mr. S. K. Agrawal
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Designation : |
Director |
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Address : |
108, new Rajdhani
Enclane, |
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Date of Birth/Age : |
26.03.1962 |
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Qualification : |
Advocate |
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Date of Appointment : |
21.02.2000 |
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Name : |
Mr. Alan R. Monro
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
12.09.2000 |
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Date of Appointment : |
14.01.2002 |
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Name : |
Mr. B. N. Agarwal
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Designation : |
Director |
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Address : |
108, new Rajdhani
Enclane, |
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Date of Ceasing : |
21.02.2000 |
KEY EXECUTIVES
|
Name : |
Mr. S Nandabalan |
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Designation : |
Finance Controller
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Name : |
Mr. Sunder
Mukchndani |
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Designation : |
Chief Executive
Officer |
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91-9810032623 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2007
|
Names of Shareholders |
|
No. of Shares |
|
Sunder Mulchandani |
|
742000 |
|
Sandhya
Mulchandani |
|
200000 |
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Total |
|
942000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage |
|
Directors or relatives of directos |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and
exporter of software telecom (Aerospace / aviation consultancy services) |
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Products : |
Telecom Services |
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Agencies Held : |
Lockheed Marten
Aeronautics Sugem |
GENERAL INFORMATION
|
Customers: |
·
Lockheed
Martin ·
Warranty
Asia Private Limited ·
General
Dynamics Corporation ·
Gulfsteam
Corporation |
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No. of Employees : |
19 |
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Bankers : |
·
Bank
of ·
ICICI
Bank Limited |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Aurn Bansal and
Associates Chartered
Accountants |
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Address : |
411, Sector 40, Near
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Tel. No.: |
91-124-2380259 |
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Name : |
Apra and
Associates Chartered
Accountant |
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Address : |
411, Sector 40,
Near |
CAPITAL STRUCTURE
As on 28.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10/- each |
Rs.
20.000 millions |
Issued Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
942000 |
Equity Shares |
Rs. 10/-each |
Rs.
9.420 millions |
As on 31.03.2007
|
No. of Shares |
Type |
Value |
Amount |
|
472000 |
Equity Shares |
Rs. 10/- each |
Rs. 4.720 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
4.720 |
4.720 |
4.720 |
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2] Share Application Money |
5.300 |
5.300 |
5.300 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
[0.353] |
(1.308) |
(4.138) |
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NETWORTH |
9.667 |
8.712 |
5.882 |
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LOAN FUNDS |
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1] Secured Loans |
5.174 |
5.597 |
1.211 |
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2] Unsecured Loans |
0.738 |
0.508 |
0.787 |
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TOTAL BORROWING |
5.912 |
6.105 |
1.998 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.109 |
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TOTAL |
15.579 |
14.817 |
7.989 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
16.893 |
15.308 |
11.411 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.750 |
0.750 |
0.750 |
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DEFERREX TAX ASSETS |
0.318 |
0.088 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
3.286
|
1.050 |
1.584 |
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Cash & Bank Balances |
0.288
|
0.750 |
0.927 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
6.105
|
3.929 |
0.352 |
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Total
Current Assets |
9.679
|
5.729 |
2.863 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
11.372
|
6.795 |
6.640 |
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Provisions |
0.719
|
0.303 |
0.445 |
|
Total
Current Liabilities |
12.091
|
7.098 |
7.085 |
|
|
Net Current Assets |
[2.412]
|
(1.369) |
(4.222) |
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MISCELLANEOUS EXPENSES |
0.030 |
0.040 |
0.050 |
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TOTAL |
15.579 |
14.817 |
7.989 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
42.123 |
27.694 |
0.000 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
42.123 |
27.694 |
0.000 |
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Profit/(Loss) Before Tax |
2.120 |
3.603 |
5.364 |
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Provision for Taxation |
1.165 |
0.772 |
0.555 |
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Profit/(Loss) After Tax |
0.955 |
2.831 |
4.809 |
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Expenditures : |
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Depreciation & Amortization |
2.534 |
2.009 |
0.746 |
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Other Expenditure |
37.469 |
22.082 |
4.615 |
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Total Expenditure |
40.003 |
24.091 |
5.364 |
|
KEY
RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
9.88
|
10.22 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
5.03
|
13.01 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.98
|
17.13 |
37.57 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.41 |
0.91 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.22
|
1.52 |
1.54 |
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Current Ratio (Current Asset/Current Liability) |
|
0.80
|
0.81 |
0.40 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets:
·
Furniture and Fixture
·
Computers
·
Air Conditioners
·
Genset
·
Office Equipments
·
Other Equipments
·
Vehicles
o
Honda Accord
o
Honda Accord A/T
o
Honda City Gxi
o
Honda Accord – CRV
o
Honda City ZX
o
Mercedes Benz
The Company has achieved a net profit after taxation of Rs. 0.955
Million for the current financial year. In the preceding financial year
2005-2006 taxation based on book profit of Rs. 3.603 Millions has been computed
under section 115JB of the Income Tax Act an Minimum Alternative Tax is
computed as Rs. 0.303 Million In spite of increase in turnover for the current
year, the net profit is lower in the current year due to increase in overhead
costs and taxation is under normal provision of Income Tax and not based o
Minimum Alternate Tax and not based on Minimum
Alternate Tax.
Due to accumulated losses, the Directors do not recommend payment of any
dividends.
Business Prospects
While the organization did face a challenging period on account of the
tentative business environment, it is firm in its resolve to be known as an
organization committed to high standards of professional expertise. The year in
review did see them collaborating with foreign expertise for potential work.
The coming year should be seen as one in which ARGUS strives to consolidate its
position as a strong and stable organization with excellent capabilities and a
highly professional approach to the assignments it undertakes.
Press Release:
GIC to make
reinsurance its primary focus
Times of
30.08.2000
Minister of state for finance Balasaheb Vikhe Patil said on Tuesday that
state-owned General Insurance Corporation (GIC) will be the domestic
reinsurance company for all insurance companies operating in the country.
In the liberalised insurance regime with many companies having filed their
applications with the Insurance Regulatory and Development Authority (IRDA) for
starting operations in the country, the minister said, "The scope for
reinsurance will be unlimited. While we have not yet quantified the scope, we
feel the GIC, which is already engaged in reinsurance activity for the existing
insurance companies like Life Insurance Corporation, is best suited to be the
national reinsurance company."
The IRDA Act, which was passed by Parliament, has stipulated the establishment
of an independent reinsurance company. GIC, which is already acting as a
reinsurer apart from its other activities, was felt to be best suited to be the
domestic reinsurer.
Under the new proposal, the regulator has decided on obligatory cession of 20
per cent of insurance business by the private insurance companies, written in
"Having a strong domestic re-insurance company at a time when the sector
is being opened up to private players will ensure that maximum amount of
premium is retained in India and the capacity of the Indian market to
underwrite risks increases," the minister said on the sidelines of a
conference on insurance here organised by the Federation of Indian Chambers of
Commerce and Industry (FICCI).
As per the existing arrangement, the four subsidiaries of GIC voluntarily resort
to priority re-insurance cessions of 20 per cent of each insurance policy to
GIC, subject to limits. The IRDA Act has stipulated that the percentage to be
reinsured with the Indian reinsurer should not be less than 20 per cent or
exceed 30 per cent of the sum assured on each policy.
The reinsurance regulations, which were notified by the government recently,
did not, however, specify the percentage to be reinsured with the Indian
reinsurer. "Every insurer shall cede such percentage of the sum assured on
each policy for different classes of insurance written in
On the reported move to merge the four subsidiaries of GIC, namely, the
National Insurance, New India Assurance, Oriental Insurance and United India
Insurance, the minister said no decision has been taken as yet. The
restructuring of GIC would take around 15 months once a formal decision is
made, the minister said.
While shifting its primary focus to reinsurance, the GIC may shed many of its
non-remunerative activities, the minister added. Sunder Mulchandani, CEO and
Managing Director of Argus Integrated Systems Pvt Ltd, announced the launch of
a new insurance portal 'Insurance@IT' at today's seminar, which will enable
customers to know all about various policies being offered. "It will
enable people to get the best policy suited to their needs with insurance
companies on-line offering the best package," said Mulchandani.
Formula 1 enthusiasts in
the country have a lot to cheer about. The reason: Andhra Pradesh has bagged an
in-principle approval from a consortium led by Argus Integrated Systems for
setting up
Incidentally, the Formula 1 track in
According to the state officials, a consortium of various international players
have expressed satisfaction with 1,300 acres of land shown by the state
government and agreed to lay the track there. The consortium is expected to
submit a detailed project report (DPR) in a couple of weeks to the state
government detailing each component of the integrated project.
They pointed out that Formula 1 track project is not only a big business having
huge forex potential, but will also boost tourism in the state. Additionally,
the project will result in the development of the service and spare parts
industry for race cars in the city. “If all goes as planned, the Formula 1 race
could be held in
However, officials of the AP Infrastructure Authority, which is handling the
aspects relating to project clearance, refused to divulge more details. “We
will let you know after a couple of weeks, when the consortium led by Argus
Integrated Systems submits its DPR,” was all they were willing to say.
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.49.95 |
|
|
1 |
Rs.79.56 |
|
Euro |
1 |
Rs.63.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
40 |
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/normal. |
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 |
|