MIRA
INFORM REPORT
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Report Date : |
22.09.2008 |
IDENTIFICATION DETAILS
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Name : |
SYSTEMATICS
INFOTECH PRIVATE LIMITED |
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Registered Office : |
249, Kirpa Nivas,
Next to Premier High School, Sion (East), Mumbai-400 022, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.02.2001 |
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Com. Reg. No.: |
11-130922 |
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CIN No.: [Company
Identification No.] |
U72900MH2001PTC130922 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS27650A |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Dealers in Computer
Peripherals |
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 51000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established
and reputed company having satisfactory track. Directors are reported as
experienced and respectable businessmen. Trade relations are reported as
fair. Business is active. Payments are reported as usually correct and as per
commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Santosh Desai |
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Designation : |
Accountant |
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Date : |
20.09.2008 |
LOCATIONS
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Registered Office : |
249, Kirpa Nivas,
Next Premier High School, Sion (East), Mumbai-400022, Maharashtra, India |
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Tel. No.: |
91-22-24094400 /
24073300 |
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Mobile No.: |
91-9821188188 |
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Fax No.: |
91-22-24099500 |
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E-Mail : |
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Branch Office : |
Located at Andheri,
Lamington Road |
DIRECTORS
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Name : |
Mr. Gul Hariram
Phagwani |
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Designation : |
Director |
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Address : |
5/562, S.S.
Nagar, 6th Floor, Sion Koliwada, Sion, Mumbai - 400 037,
Maharashtra, India |
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Date of Birth/Age : |
21.11.1945 |
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Date of Appointment : |
19.02.2001 |
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Name : |
Mr. Manoj Jajram
Fagwani |
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Designation : |
Director |
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Address : |
Flat No.92, 8C, 9th
Floor, S.S. Nagar, Sion, Mumbai - 400 037, Maharashtra, India |
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Date of Birth/Age : |
25.07.1965 |
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Date of Appointment : |
19.02.2001 |
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Name : |
Mr. Nitin Goel |
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Designation : |
Director |
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Name : |
Mrs. Rashmi
Fagwani |
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Designation : |
Director |
MAJOR SHAREHOLDERS
(As on
28.09.2005)
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Names of
Shareholders |
No. of Shares |
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Gul H. Phagwani |
79280 |
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Manoj J. Fagwani |
79280 |
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Nanik H. Gopalani |
3000 |
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Star Testing
Systems |
2000 |
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Nitin Gul
Phagwani |
2000 |
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Roshni Manoj
Fagwani |
2000 |
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Hardayal Atlani |
2000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2006)
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Category |
Percentage |
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Directors or relatives of directors |
92.47 |
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Other top fifty (50) shareholders |
7.53 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealers in
Computer Peripherals |
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Terms : |
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Selling : |
Credit (30 days /
60 days / 90 days) |
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Purchasing : |
Credit (30 days /
60 days / 90 days) |
GENERAL INFORMATION
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Customers : |
·
End Users ·
Sub Dealer |
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No. of Employees
: |
55 (In Office 20 and In Factory 35) |
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Bankers : |
State Bank of Hyderabad 210, Om Jayalaxmi, Sion (East), Mumbai – 400 022,
Maharashtra, India |
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Banking Relations : |
Satisfactory |
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Auditors : |
V.I. Bhatia and
Company Chartered
Accountants |
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Address : |
103, Gateway Plaza,
Hiranandani Garden, Powai, Mumbai – 400 076, Maharashtra, India |
CAPITAL STRUCTURE
(As on 30.09.2006)
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 millions |
Issued, Subscribed
& Paid-up Capital
:
|
No. of Shares |
Type |
Value |
Amount |
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173640 |
Equity Shares |
Rs.10/- each |
Rs1.736 millions |
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 |
1.736 |
1.696 |
1.696 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.435 |
7.382 |
6.709 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10.171 |
9.078 |
8.405 |
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LOAN FUNDS |
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1] Secured Loans |
0.512 |
1.498 |
2.012 |
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2] Unsecured Loans |
4.700 |
3.922 |
2.735 |
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TOTAL BORROWING |
5.212 |
5.420 |
4.747 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.004 |
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TOTAL |
15.383 |
14.498 |
13.156 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.592 |
0.635 |
0.498 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.014 |
0.004 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
5.753
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5.222 |
1.140 |
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Sundry Debtors |
23.922
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16.181 |
20.135 |
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Cash & Bank Balances |
4.751
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6.120 |
5.909 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.618
|
0.520 |
0.393 |
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Total Current Assets |
35.044
|
28.043 |
27.577 |
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Less
: CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
19.828
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13.790 |
14.676 |
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Provisions |
0.439
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0.394 |
0.243 |
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Total Current Liabilities |
20.267
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14.184 |
14.919 |
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Net Current Assets |
14.777
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13.859 |
12.658 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
15.383 |
14.498 |
13.156 |
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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 [including other income] |
242.219 |
177.934 |
167.632 |
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Profit/(Loss) Before Tax |
1.238 |
1.147 |
0.673 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
1.238 |
1.147 |
0.673 |
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Expenditures : |
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Interest |
0.534 |
0.382 |
0.000 |
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Depreciation & Amortization |
0.145 |
0.125 |
0.000 |
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Other Expenditure |
240.301 |
176.280 |
166.959 |
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Total Expenditure |
240.980 |
176.787 |
166.959 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.51
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0.64 |
0.40 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.51
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0.65 |
0.40 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.47
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3.99 |
2.40 |
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Return on Investment (ROI) (PBT/Networth) |
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0.12
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0.13 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.51
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2.16 |
2.34 |
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Current Ratio (Current Asset/Current Liability) |
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1.73
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1.98 |
1.85 |
LOCAL AGENCY FURTHER INFORMATION
Trade References
·
Radinton
India Limited – Chennai
·
Ingram Micro
- Vikroli
Form No. 8
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Corporation identity number or
foreign company registrations number of the company |
U72900MH2001PTC130922 |
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Name of the company |
SYSTEMATICS
INFOTECH PRIVATE LIMITED |
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Address |
249, Kirpa Nivas,
Next Premier High School, Sion (East), Mumbai-400022, Maharashtra, India |
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This Form is for |
Modification of
charge |
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Type of Charges |
·
Book Debts ·
Movable
Property (not being pledge) |
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Particular of the charge
holder |
State Bank of
Hyderabad 210, Om Jaylaxmi,
Sion (East), Mumbai-400022,
Maharashtra, India E-Mail : sbhsion@bom5.vsnl.in |
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Nature or description of the
instrument creating charge |
1.
Supplemental
Agreement of loan for increase in the overall limit 2.
Supplemental
Agreement of Hypothecation of goods assets for increase in the overall limit. 3.
Letter
regarding the grant of individual limits within the overall limit. |
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Date of the instrument creating
charge |
05.02.2007 |
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Amount Secure by the charge |
Rs.7.000
millions |
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Brief of the principal terms and
conditions and extent and operation of the charge |
·
Rate of Interest 1.75% above SBHPLR of 11.50% p.a..
· Terms of repayment N.A. · Margin Finished Goods, Raw Materials and Stock in process: 25% Receivables: 50%
· Extent and operation of the charge Book-debts
to be certified by C.A. quarterly. |
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Short Particulars of the
Property charged |
Primary : Hypothecation of Stocks of
Raw materials, stock in process, Finished goods and Receivables. Collateral : Term deposit of
Rs.3.500 millions |
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Particulars of present
modification |
By
the present modification credit limit increased from Rs.5.000 millions to
Rs.7.000 millions. |
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 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.46.32 |
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UK Pound |
1 |
Rs.83.57 |
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Euro |
1 |
Rs.65.90 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
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 |
|
45 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING
EXPLANATIONS
|
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 |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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