MIRA
INFORM REPORT
|
Report Date : |
24.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SYSTEMS AND COMPONENTS (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered Office : |
110/111/112, Gautam Udyog, Bhawan, LBS Marg, Bhandup (West), Mumbai – 400078, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
31.10.1989 |
|
|
|
|
Com. Reg. No.: |
11-54107 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74210MH1998PTC054107 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS17163G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer
of Power Miser Chillers |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 180000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Mr. Deshmukh, Purchases Departments wants to know inquirer’s name before
they part and up-date the details. Subject is a well established company having satisfactory track. Trade
relations are fair. Payments are usually correct and as per commitments. Nothing adverse reported. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered/ Head Office : |
110/111/112, Gautam Udyog, Bhawan, LBS Marg, Bhandup (West), Mumbai – 400078, Maharashtra, India |
|
Tel. No.: |
91-22-25640166 / 25683869
/ 25684527 / 25640167/ 25947557 |
|
Fax No.: |
91-22-25645896/
25947683/ 25947558 |
|
E-Mail : |
|
|
|
|
|
Factory: |
Ø D-1, Industrial Estate, Maraimalainagar – 603209,Tamilnadu, India Ø MIDC, Badlapur, Maharashtra, India Ø Kanjur Marg, Mumbai, Maharashtra, India Ø Kalyan, District Thane, Maharashtra, India |
|
|
|
Computer Education & Training Centre:
|
Located at: Ø Thane |
DIRECTORS
|
Name : |
Mr. V.
Sundararajan |
|
Designation : |
Managing
Director |
|
Address : |
Flat 602/603,
Kukreja Complex, G Wing, LBS Marg, Bhandup (West), Mumbai – 400 078,
Maharashtra, India |
|
Date of Birth/Age : |
01.07.1949 |
|
Qualification : |
B. E.
(Mechanical) |
|
Experience : |
29 years |
|
Date of Appointment : |
31.10.1989 |
|
|
|
|
Name : |
Mrs. Lakshmi Sundararajan |
|
Designation : |
Director |
|
Address : |
Flat 602/603, Kukreja
Complex, G Wing, LBS Marg, Bhandup (West), Mumbai – 400078, Maharashtra,
India |
|
Date of Birth/Age : |
04.11.1960 |
|
Date of Appointment : |
30.11.1994 |
|
|
|
|
Name : |
Mr.
Sanjay G. Deshpande |
|
Designation : |
Director |
|
Address : |
Flat 501,
Kukreja Complex, G Wing, LBS Marg, Mumbai – 400078, Maharashtra, India |
|
Date of Birth/Age : |
12.10.1952 |
|
Date of Appointment : |
27.03.1995 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mr. V. Sundararajan |
|
108480 |
|
Mrs. Kausalya
Krishnaswamy |
|
250 |
|
Ms. Sandhya Krishnaswamy |
|
8000 |
|
Mrs. Vasantha Srinivasarangan |
|
150 |
|
Mr. K. R. Swami |
|
150 |
|
Mr. C. Veeraraghavan |
|
250 |
|
Ms. V. Lakshmi |
|
370 |
|
|
|
|
|
Total |
|
117650 |
(As on 31.03.2007)
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of director |
|
92.89 |
|
Others |
|
7.11 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Power Miser Chillers |
|
|
|
|
Products : |
Ø
Refrigeration Ø
Machinery
Plant Ø
Equipment Ø
Steel
Structures Ø
Fabricated
Tanks Ø
Vessels
Equipments |
|
|
|
|
Exports : |
|
|
Countries : |
Middle East |
|
|
|
|
Terms : |
|
|
Selling : |
Contract, Cash and Credit (30 days) and L/C. |
|
|
|
|
Purchasing : |
Contract, Cash and Credit (60 days) |
GENERAL
INFORMATION
|
Customers : |
Ø
Aarey
Milk Colony, Mumbai Ø
Asian
Paints Limited, India Ø
Britannia
Industries Limited, Mumbai Ø
Chemplast
Sanmar Limited Ø
Ciba
CKD Biochem Limited Ø
Colour
Chem Limited, India Ø
Hindustan
Lever Limited, India Ø
Laporte
Piraman Organics Limited Ø
MAFCO
Limited, Mumbai Ø
Novartis
India Limited Ø
P.
T. Indo Bharat Rayon, Indonesia Ø
P.
T. South Pacific Viscose, Indonesia Ø
Parle
Products Limited, Mumbai Ø
Shasun
Chemicals & Drugs Limited, India |
|
|
|
|
No. of Employees : |
61 |
|
|
|
|
Bankers : |
Ø
State
Bank of India Bhandup
(West) Branch, L B S Marg, Mumbai – 400078, Maharashtra, India Ø
Central
Bank of India M. G.
Road, 1st Floor, Documentation Cell, Fort, Mumbai – 400023,
Maharashtra, India Ø
Central
Bank of India Chennai
Branch, Tamilnadu, India Ø
Central
Bank of India Pondicherry Ø
Central
Bank of India M. M.
Nagar Branch Ø
Central
Bank of India Bombay
Main Office, Mumbai – 400 023, Maharashtra, India |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
P. K. Mahadevan & Associates Chartered Accountants |
|
Address : |
107-108 Swastik Plaza, Pokhran Road, 2, Subash Nagar
Thane (West) – 400602, Maharashtra, India Tel. 91-22-25436935 |
|
|
|
|
Associates/Subsidiaries : |
Ø Victor’s Plastics Private Limited Ø Systems & Components Ø Victroy Alloy Steel Private Limited U25200MH1971PTC015363 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000 |
Equity Shares |
Rs.100/- each |
Rs.15.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
117650 |
Equity Shares |
Rs.100/- each |
Rs.11.765 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
11.765 |
11.765 |
11.765 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
24.244 |
18.212 |
13.869 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
36.009 |
29.977 |
25.634 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.073 |
2.848 |
0.000 |
|
|
2] Unsecured Loans |
3.212 |
2.375 |
2.643 |
|
|
TOTAL BORROWING |
3.285 |
5.223 |
2.643 |
|
|
DEFERRED TAX LIABILITIES |
0.600 |
0.653 |
0.679 |
|
|
|
|
|
|
|
|
TOTAL |
39.894 |
35.853 |
28.956 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
17.988 |
12.514 |
10.816 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
4.800 |
7.044 |
6.244 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
19.915
|
19.563 |
8.645 |
|
|
Sundry Debtors |
32.445
|
42.575 |
14.140 |
|
|
Cash & Bank Balances |
4.159
|
4.209 |
6.181 |
|
|
Other Current Assets |
0.268
|
0.275 |
0.093 |
|
|
Loans & Advances |
5.484
|
4.083 |
4.204 |
|
Total
Current Assets |
62.271
|
70.705 |
33.263 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
40.419
|
51.710 |
20.017 |
|
|
Provisions |
4.746
|
2.700 |
1.350 |
|
Total
Current Liabilities |
45.165
|
54.410 |
21.367 |
|
|
Net Current Assets |
17.106
|
16.295 |
11.896 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
39.894 |
35.853 |
28.956 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
158.360 |
135.199 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
158.360 |
135.199 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
10.947 |
7.599 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
10.947 |
7.599 |
|
|
|
|
|
|
|
|
Export Value |
|
33.049 |
5.090 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
0.541 |
0.263 |
|
|
Depreciation & Amortization |
|
3.968 |
1.296 |
|
|
Other Expenditure |
|
142.904 |
126.041 |
|
Total Expenditure |
|
147.413 |
127.600 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
6.91
|
5.62 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.91
|
5.62 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.64
|
9.13 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.25 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.35
|
1.99 |
0.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38
|
1.30 |
1.56 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
Ø
Siemens
India Limited
Ø
Voltas
Limited
Ø
Chokshi
Tube Limited
Ø
J
& E Hall Limited, U.K.
Ø
EVAPCO
Inc, U.S.A.
Ø
TH.
WITT, Germany
Ø
Frigofrance,
France
Ø
Modox,
Singapore
Form 8:
|
Corporate identity
number of the company |
U74210MH1998PTC054107 |
|
Name of the
company |
SYSTEMS AND COMPONENTS INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
112, Gautam Udyog, Bhawan, LBS Marg, Bhandup (West), Mumbai – 400048, Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable
Property Any interests in
Immovable Property Book Debts Movable Property |
|
Particular of charge
holder |
State Bank of
India Bhaichand Textile
Compound, L B S Marg, Bhandup (West), Mumbai – 400078, Maharashtra, India |
|
Nature of
instrument creating charge |
Agreement of Loan
– Cum – Hypothecation Memorandum, for
recording creating of mortgage by deposit of title deeds Letter of
Arrangement |
|
Date of
instrument Creating the charge |
24.03.2008 |
|
Amount secured by
the charge |
Rs.32.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of
Interests: Interests for CC
Rs.10.000 Millions @ 14.25% p.a. and for EPC @ 10% p.a. with monthly rest. Terms of
repayment: On Demand as per
letter or arrangement Margin: As per letter of
arrangement Extent and
operation of the charge: Security to
secure CC (EPC) Rs.10.000 Millions, LC Rs.6.000 Millions and BG Rs.16.000
Millions together with interests cost expenses, charge, commission etc |
|
Particulars of
the property charged |
Hypothecation of
stock of raw materials, stock in process, finished goods and book debts and
other movable assets Factory Land and
Building at Plot No. A -58 and A-59 MIDC Industrial Estate, Kulgaon Badlapur
District Office Premises
No.110 and 111 at Gautam Udyog Bhavan Premises Co-op So Ltd., Situated at LBS
Marg, Bhandup (West), Mumbai 400078 |
Fixed Assets:
Ø Land
Ø Rashmi Apartments
Ø Office Premises
Ø Furniture & Fixtures
Ø Computers
Ø Factory Building (M. M. Nagar)
Ø Office Equipment (Chennai & Mumbai)
Ø Motor
Cars.
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.45.72 |
|
UK Pound |
1 |
Rs.84.81 |
|
Euro |
1 |
Rs.67.60 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|