MIRA
INFORM REPORT
|
Report Date : |
05.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
SYSCOM CORPORATION LIMITED (w.e.f. 07.04.2004) |
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Formerly Known As : |
SYSCOM TECHNOLOGIES LIMITED |
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Registered Office : |
714,
Raheja Chambers, 213, Nariman Point, Mumbai – 400 021, |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
07.08.1996 |
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Com. Reg. No.: |
11-101691 |
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CIN No.: [Company
Identification No.] |
U73100MH1996PLC101691 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS37101B |
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PAN No.: [Permanent
Account No.] |
AABCS2000C |
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Legal Form : |
A Closely
Held Public Limited Liability Company. |
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Line of Business : |
Manufacturer and
Exporter of Sim Cards. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Maximum Credit Limit : |
USD 1600000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of smart chip limited. It is a well
established and reputed company having fine track. Financial position of the company
appears to be sound. Trade relations are reported as fair. Payments are
reported to be correct and as per commitments. The company can be considered normal business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Anil Sharma |
|
Designation : |
Deputy General Manager |
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Contact No.: |
91-120-4072600 |
|
Date : |
01.04.2010 |
LOCATIONS
|
Registered Office / Factory
: |
714, Raheja
Chambers, 213, Nariman Point, Mumbai – 400 021, |
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Tel. No.: |
91-22-22873113 |
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Fax No.: |
91-22-22820538 |
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Website : |
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Location : |
Rented
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Head Office : |
3rd Building, Top
Floor, Chandiwala Estate, Kalkaji, |
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Tel. No.: |
91-11-51006699 |
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Fax No.: |
91-11-51009421 |
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E-Mail : |
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Website : |
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Factory : |
Noida Spaecial Economic Zone, Noida – 201305, |
DIRECTORS
AS ON : 30.09.2009
|
Name : |
Mr.
Sanjeev Shriya |
|
Designation : |
Director |
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Address : |
113/101, Swaroop Nagar, |
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Date of Birth/Age : |
18.02.1959 |
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Date of Appointment : |
07.08.1996 |
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|
Name : |
Mr. Alok
Mukherjee |
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Designation : |
Director |
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Address : |
113/181, Swaroop Nagar, |
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Date of Birth/Age : |
17.07.1959 |
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Date of Appointment : |
30.03.2004 |
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Name : |
Mr. Philippe
Dandrea |
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Designation : |
Director |
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Address : |
Block – H, 20-C,
Saket, |
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Date of Birth/Age : |
07.02.1959 |
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Date of Appointment : |
14.12.2007 |
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Name : |
Mr. Jean Paul
Jainsky |
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Designation : |
Director |
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Address : |
22, Avenue Raymond, Croland, Fontenay Aux Roses, France -
92260 |
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Date of Birth/Age : |
01.01.1951 |
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Date of Appointment : |
20.12.2005 |
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|
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Name : |
Mr. Marc Antoine
Guillard |
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Designation : |
Director |
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Address : |
2 Rue Frangonard 92
Issy Les – Moulineaux, |
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Date of Birth/Age : |
27.04.1964 |
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Date of Appointment : |
26.03.2008 |
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|
Name : |
Mr. Franck Michel
Jean Herault |
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Designation : |
Director |
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Address : |
I-20, Maharani
Bagh, |
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Date of Birth/Age : |
20.08.1964 |
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Date of Appointment : |
16.03.2009 |
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Name : |
Mr. Mark Aaron
Castle |
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Designation : |
Director |
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Address : |
30, |
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Date of Birth/Age : |
16.09.1967 |
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Date of Appointment : |
29.10.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON : 30.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Aythora Chhanalal |
|
1 |
|
Khare Omprakash |
|
1 |
|
Smart Chip Limited, Mumbai |
|
97127 |
|
Shriya Balkrishna |
|
1 |
|
Srivastava Ghanshyamlal |
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1 |
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Gokul Ghisoolal |
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1 |
|
Kutty K |
|
1 |
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Total |
|
97133 |
AS ON : 30.09.2009
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
|
|
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Sim Cards. |
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Exports : |
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Products : |
Sim Cards |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Hongkong |
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Terms : |
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Selling : |
L/C, Cash, Credit (30 days) |
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Purchasing : |
L/C, Cash, Credit (30 days) |
PRODUCTION STATUS (AS ON 31.03.2009)
(Rs.
In Millions )
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Sim Cards and Smart Cards |
Pcs. |
314.064 |
200.000 |
126.066 |
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GENERAL INFORMATION
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No. of Employees : |
500
(Approximately) |
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Bankers : |
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Facilities : |
Note :
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Banking Relations : |
Satisfactory |
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Auditors : |
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|
Name : |
V.P. Thacker and
Company Chartered
Accountants |
|
Address : |
1105, Embassy
Centre, Nariman Point, Mumbai – 400021, |
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Ultimate Holding Company : |
Safran |
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Present Holding Company : |
Sagem Orga |
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Holding Company : |
Smart Chip
Limited, |
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Fellow Subsidiary : |
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CAPITAL STRUCTURE
AS ON 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
97133 |
Equity Shares |
Rs.10/- each |
Rs. 0.971
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.971 |
0.971 |
0.500 |
|
|
2] Share Application Money |
85.000 |
85.000 |
60.000 |
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|
3] Reserves & Surplus |
278.404 |
179.137 |
63.154 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
364.375 |
265.108 |
123.654 |
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|
LOAN FUNDS |
|
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|
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|
1] Secured Loans |
315.861 |
235.342 |
190.582 |
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2] Unsecured Loans |
0.000 |
50.413 |
86.232 |
|
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TOTAL BORROWING |
315.861 |
285.755 |
276.814 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
27.889 |
8.259 |
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|
|
|
|
|
|
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TOTAL |
680.236 |
578.752 |
408.727 |
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APPLICATION OF FUNDS |
|
|
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|
|
|
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FIXED ASSETS [Net Block] |
265.126 |
263.255 |
79.528 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
92.954 |
|
|
|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
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DEFERREX TAX ASSETS |
3.919 |
0.000 |
0.000 |
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
417.017
|
167.715 |
127.569 |
|
|
Sundry Debtors |
652.639
|
398.471 |
265.812 |
|
|
Cash & Bank Balances |
62.468
|
47.819 |
31.969 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
71.534
|
49.017 |
18.815 |
|
Total
Current Assets |
1203.658
|
663.022 |
444.165 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
657.006 |
279.885 |
175.094 |
|
|
Other Current Liabilities |
86.356
|
52.008 |
21.422 |
|
|
Provisions |
49.105
|
15.632 |
11.404 |
|
Total
Current Liabilities |
792.467
|
347.525 |
207.920 |
|
|
Net Current Assets |
411.191
|
315.497 |
236.245 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
680.236 |
578.752 |
408.727 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3056.535 |
1390.740 |
892.016 |
|
|
|
Direct Income |
3.658 |
1.451 |
1.836 |
|
|
|
Other Income |
1.626 |
0.781 |
3.195 |
|
|
|
TOTAL (A) |
3061.819 |
1392.972 |
897.047 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase / Decrease in Stock |
(255.791) |
(59.149) |
9.943 |
|
|
|
Purchase and Direct Expenses |
2670.949 |
1072.751 |
770.902 |
|
|
|
Payments to and Provision for Employees |
99.289 |
64.142 |
29.799 |
|
|
|
General, Administrative and selling expenses |
336.932 |
159.801 |
42.159 |
|
|
|
TOTAL (B) |
2851.379 |
1237.545 |
852.803 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
210.440 |
155.427 |
44.244 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
29.362 |
27.106 |
9.733 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
181.078 |
128.321 |
34.511 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
48.094 |
41.863 |
15.047 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
132.984 |
86.458 |
19.464 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
33.718 |
30.004 |
7.305 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
99.266 |
56.454 |
12.159 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
119.608 |
63.154 |
50.995 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
218.875 |
119.608 |
63.154 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1021.97 |
1111.89 |
243.18 |
|
|
Particulars |
|
|
31.03.2010 |
|
Sales Turnover (Approximately) |
|
|
4000.000 |
|
|
|
|
|
Expected Sales (2010-2011) : Rs. 4250.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
3.24
|
4.05 |
1.36 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.35
|
6.22 |
2.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.05
|
9.33 |
3.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.33 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.04
|
2.39 |
3.92 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.52
|
1.91 |
2.14 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details :
(Rs.
In Millions)
|
Particulars |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
|
|
|
Sundry Creditors |
657.006 |
279.885 |
175.094 |
|
|
|
|
|
Operations :
During the year
the Company achieved tremendous growth, in spite of global slowdown, in terms
of turnover and income. The Gross Income for the year was Rs. 3061.820 millions
(previous year Rs. 1392.974 millions), the Net Profit after Tax for the year
was Rs. 99.266 millions (Previous year Rs. 56.454 millions) and Accumulated
Profit transferred to the Balance Sheet was Rs. 218.875 millions (Previous year
Rs. 119.608 millions).
Form : 8
|
Corporate
identity number of the company |
U73100MH1996PLC101691 |
|
Name of the company
|
SYSCOM
CORPORATION LIMITED |
|
Address of the
registered office or of the principal place of business in |
714 Raheja
Chambers213 Nariman Point, Mumbai - 400021, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Others |
|
Particular of
charge holder |
Canara Bank, 74,
Janpath, |
|
Nature of
instrument creating charge |
Canmobile
Agreement |
|
Date of
instrument Creating the charge |
23/11/2007 |
|
Amount secured by
the charge |
Rs. 0.609
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : Rate of interest
@11.75% p.a. Terms of repayment : The Loan
repayable 60 monthly (EMI) installment
each of Rs 13,436/- commence from 23.12.2007. Margin : As per agreement Extent and operation of the charge : 100% Other : As per agreement |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation of
Car Loan Ford Fiesta 1.6 Zxi to be
purchase. |
Fixed Assets :
- Buildings
- Leasehold Improvements
- Plant and Machinery
- Data Processing Equipments
- Personalization Equipments
- Testing Equipments
- Generators
- Electrical Equipments
- Office Equipments
- Air Conditioner
- Furniture and Fixtures
- Vehicles
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. 44.65 |
|
|
1 |
Rs. 71.92 |
|
Euro |
1 |
Rs. 63.24 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
62 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.