MIRA
INFORM REPORT
|
Report Date : |
22.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
SIGMA BYTE AV SOLUTIONS PRIVATE LIMITED |
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Registered
Office : |
H-11/12, Paragon Condominium, Paragon Textiles Mills Compound,
Pandurang Budhkar Marg, Worli, Mumbai – 400 013, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
26.08.2008 |
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Com. Reg. No.: |
11-186157 |
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Capital
Investment / Paid-up Capital : |
Rs.0.500 million |
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CIN No.: [Company Identification
No.] |
U92490MH2008PTC186157 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS61550G |
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PAN No.: [Permanent Account No.] |
AAMCS3236R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The company is engaged into the business of providing infrastructure in
the field of Audio, Video Equipments including professional grade equipments
such as editing control unit, special effect instruments etc. and video
conferencing, tale presence, tale communications etc and development of
software and offering solutions consisting of hardware, software, and
intelligent property rights. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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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 58000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having satisfactory track records. The company has been
successful in wiping off the losses of the previous years. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can
be considered normal for 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Fulesh Bansal |
|
Designation : |
Accounts Manager |
|
Date : |
21.12.2011 |
LOCATIONS
|
Registered Office : |
H-11/12, Paragon Condominium, Paragon Textiles Mills Compound,
Pandurang Budhkar Marg, Worli, Mumbai – 400 013, |
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Tel. No.: |
91-22-40274747 |
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Fax No.: |
91-22-24938930 |
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E-Mail : |
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Website : |
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Head Quarter : |
No.27/1, 8th Cross, |
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Tel. No.: |
91-80-41321881/ 41321882 |
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Fax No.: |
91-80-41468886 |
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Chennai
Office : |
Office No.3, 1st Floor,
Welington Estate, 24, Ethiraj Salai, Chennai - 600 008, |
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Tel. No.: |
91-44-45508223/ 24 |
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6-3-662/101C, Zore Complex, Block #1, 1st
Floor, Beside |
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Tel. No.: |
91-40-40038224/ 40038225 |
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Fax No.: |
91-40-40038221 |
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Pune
Office : |
310, Lloyds Chambers, Block 2, Mangalwar
Peth, Maldhakka Chowk, Near Ambedker Bhavan, Pune - 411 011,
Maharashtra, India |
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Fax No.: |
91-20-32924660 |
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Office No 504, 19 Kirti Mahal, |
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Tel. No.: |
91 11 4509 4748 / 4509 4787 |
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Fax No.: |
91 11 25752165 |
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Overseas
Office 1 : |
U.A.E Sigma-Byte Computers FZC. P.O. Box No. 120230, Warehouse No. A-4,
63, Saif Zone, Sharjah, Sharjah - U.A.E. |
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Tel. No.: |
+971 6 5573419 |
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Fax No.: |
+971 6 5574319 |
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Overseas
Office 2 : |
Sigma-Byte Computers (S) Pte. Limited 10, Anson Road, 31-10, |
DIRECTORS
As on 29.09.2011
|
Name : |
Mr. Ketan Chandrakant Kothari |
|
Designation : |
Director |
|
Address : |
410, Vaishali Apartment, Prarthna Samaj,
Mumbai – 400 004, |
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Date of Birth/Age : |
06.04.1968 |
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Date of Appointment : |
26.08.2008 |
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DIN No.: |
00026542 |
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Name : |
Alkesh Sevantibhai Gandhi |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
05.02.1968 |
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Date of Appointment : |
26.08.2008 |
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DIN No.: |
00096614 |
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Name : |
Mr. Deepak Sreenivas |
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Designation : |
Director |
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Address : |
No.81, IV Cross, Teachers Colony Ii Stage,
Banashankari Ii Stage, |
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Date of Birth/Age : |
10.07.1972 |
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Date of Appointment : |
26.08.2008 |
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DIN No.: |
02260169 |
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|
Name : |
Mr. Prakash Gururao |
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Designation : |
Director |
|
Address : |
G-1, Rajamma Apartments, 4th
Main,, Venkatappa Layout, RMV II Stage, Sanjaynagar, |
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Date of Birth/Age : |
20.05.1973 |
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Date of Appointment : |
26.08.2008 |
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DIN No.: |
02281141 |
KEY EXECUTIVES
|
Name : |
Mr. Fulesh Bansal |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Sigma Byte Computers Private Limited, |
|
30000 |
|
Alkesh Sevantibhai Gandhi |
|
5000 |
|
Ketan Chandrakant Kothari |
|
5000 |
|
Deepak Sreenivas |
|
5000 |
|
Prakash Gururao |
|
5000 |
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Total |
|
50000 |
As on 29.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
60.00 |
|
Directors
or relatives of directors |
|
40.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged into the business of providing infrastructure in
the field of Audio, Video Equipments including professional grade equipments
such as editing control unit, special effect instruments etc. and video
conferencing, tale presence, tale communications etc and development of
software and offering solutions consisting of hardware, software, and
intelligent property rights. |
|
|
|
|
Products : |
v
Audio Equipments v
Video Equipments v
Cable and Connectors |
GENERAL INFORMATION
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No. of Employees : |
Information declined by the management |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mukesh P. Shah and Company Chartered Accountants |
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Address : |
Block No.12, Damodar Niwas, 2nd Floor, 32/34, |
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Tel. No.: |
91-22-23886293/ 23822633 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AAGFM5242C |
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Holding Company : |
Sigma Byte Computers Private Limited CIN No.: U72100MH1999PTC119928 Address: H-11/12, Paragon Condominium, Paragon
Textiles Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400
013, |
CAPITAL STRUCTURE
As on 29.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
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|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
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|
|
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|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
0.500 |
0.500 |
0.500 |
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|
2] Share Application Money |
12.000 |
7.000 |
6.400 |
|
|
3] Reserves & Surplus |
2.046 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(8.898) |
(6.792) |
|
|
NETWORTH |
14.546 |
(1.398) |
0.108 |
|
|
LOAN FUNDS |
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|
|
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|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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|
2] Unsecured Loans |
13.400 |
2.505 |
0.000 |
|
|
TOTAL BORROWING |
13.400 |
2.505 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
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|
|
|
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TOTAL |
27.946 |
1.107 |
0.108 |
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|
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APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
1.993 |
2.369 |
2.865 |
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|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6.431
|
2.036 |
0.000 |
|
|
Sundry Debtors |
68.573
|
9.493 |
0.307 |
|
|
Cash & Bank Balances |
0.927
|
0.511 |
0.766 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.732
|
1.682 |
0.896 |
|
Total
Current Assets |
78.663
|
13.722 |
1.969 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
45.306 |
12.318 |
4.332 |
|
|
Other Current Liabilities |
6.060
|
2.555 |
0.283 |
|
|
Provisions |
1.344
|
0.111 |
0.111 |
|
Total
Current Liabilities |
52.710
|
14.984 |
4.726 |
|
|
Net Current Assets |
25.953
|
(1.262) |
(2.757) |
|
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|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
27.946 |
1.107 |
0.108 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Operating Income |
141.035 |
37.613 |
3.858 |
|
|
|
Other Income |
4.574 |
4.585 |
0.000 |
|
|
|
TOTAL (A) |
145.609 |
42.198 |
3.858 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
101.265 |
25.620 |
2.533 |
|
|
|
Operating & Other Expenses |
27.871 |
17.102 |
7.731 |
|
|
|
Selling & Distribution Expenses |
0.482 |
0.241 |
0.092 |
|
|
|
TOTAL (B) |
129.618 |
42.963 |
10.356 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
15.991 |
(0.765) |
(6.498) |
|
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|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
1.435 |
0.548 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
14.556 |
(1.313) |
(6.498) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.662 |
0.792 |
0.183 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
13.894 |
(2.105) |
(6.681) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.950 |
0.000 |
0.111 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
10.944 |
(2.105) |
(6.792) |
|
|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Commission |
4.250 |
4.404 |
0.000 |
|
|
TOTAL EARNINGS |
4.250 |
4.404 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
218.87 |
(42.10) |
(227.45) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.52
|
(4.99) |
(176.05) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.85
|
(5.60) |
(173.17) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.23
|
(13.08) |
(138.21) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.96
|
1.51 |
(61.86) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.54
|
(12.51) |
43.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.49
|
0.92 |
0.42 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
i) Total
outstanding dues to small industrial undertakings |
-- |
-- |
-- |
|
ii) Total
outstanding dues to small industrial undertakings |
|
|
|
|
- For Expenses |
5.468 |
2.478 |
2.024 |
|
- For Goods |
39.838 |
9.840 |
2.308 |
|
Total |
45.306 |
12.318 |
4.332 |
OPERATIONS:
During the year
the company has achieved income of Rs.145.609 millions as compared to previous
year Rs.42.198 millions.
FIXED ASSETS:
v Computer System
v Office Equipment
v Furniture and Fixture
v Leasehold Improvement
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] 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.52.67 |
|
|
1 |
Rs.82.53 |
|
Euro |
1 |
Rs.69.13 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|
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.