MIRA INFORM REPORT

 

 

Report Date :

05.01.2011

 

Note:

 

The Registered office of the company has been shifted from 3rd Floor Prestige Pinnacle 113, Industrial Layout, Koramangala, Bangalore-560095, Karnataka, India  to present address w.e.f. 08.06.2007.

 

IDENTIFICATION DETAILS

 

Name :

NI SYSTEMS (INDIA) PRIVATE LIMITED

 

 

Registered Office :

81/1 and 82/1, Wing B, 5th Floor, Block-A, Salarpuria Softzone, Bellandur, Varthur Hobli, Bangalore-560037, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

07.03.2000

 

 

Com. Reg. No.:

08-26543

 

 

CIN No.:

[Company Identification No.]

U72900KA2000PTC026543

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRN00767E

 

 

PAN No.:

[Permanent Account No.]

AABCN1159K

 

 

Legal Form :

Private Limited Liability Company.

 

 

Line of Business :

Supplier of Computer Accessories.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 590000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track. 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.

 

 

ECGC Country Risk Classification List – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION DECLINED BY

 

Name :

Ms. Indu

Designation :

Front Officer Executive

Date :

04.01.2011

 

 

LOCATIONS

 

Registered Office :

81/1 and 82/1, Wing B, 5th Floor, Block-A, Salarpuria Softzone, Bellandur, Varthur Hobli, Bangalore-560037, Karnataka, India

Tel. No.:

91-80-41190000

Fax No.:

91-80-41190010

E-Mail :

India.niindia@ni.com

Website :

http://wwwdigital.ni.com

 

 

Branch Office  :

311 and 312, Rectangle-1, D-4, District Cerntre, Saket, New Delhi-110017, India

Tel. No.:

91-11-42658282

Fax No.:

91-11-40548891

 

 

Branches :

Located at:

 

·         Mumbai

·         Chennai

·         Pune

·         Kolkata

·         Hyderabad

 

 

DIRECTORS

 

As on 30.09.2010

 

Name :

Mr. Alexander Davern

Designation :

Director

Address :

818, East 37th Street, Austin Texas-78705, USA

Date of Birth/Age :

23.09.1966

Date of Appointment :

06.04.2000

 

 

Name :

Mr. Jayaram Pillai

Designation :

Managing Director

Address :

Villa 360, Palm Meadows Phase 2, Airport Whitefield Road, Ramagudannahalli, Bangalore-560066, Karnataka, India

Date of Birth/Age :

01.05.1961

Date of Appointment :

19.01.2001

 

 

Name :

Mr. Ravinder Singhania

Designation :

Director

Address :

24, Green Park Extension, New Delhi-110016, India

Date of Birth/Age :

24.09.1968

Date of Appointment :

02.05.2002

 

 

Name :

Mrs. Shilpa Shah

Designation :

Director

Address :

501, Embassy Orchid, 8tj Main Road, RMV Extension, Bangalore-560080, Karnataka, India

Date of Birth/Age :

28.10.1960

Date of Appointment :

02.05.2002

 

 

Name :

Mr. David Hugley

Designation :

Director

Address :

3307, Perry Lane, Austin Texas-78731, USA

Date of Birth/Age :

23.09.1963

Date of Appointment :

09.09.2003

 

 

Name :

Mr. Anil Kumar

Designation :

Director

Address :

204-A, Mittal Towers, 6 M.G. Road, Bangalore-560001, Karnataka, India

Date of Appointment :

07.03.2000

Date of Ceasing:

19.01.2001

 

 

Name :

Mr. Vijay Goel

Designation :

Director

Address :

Jodhpur Garden, Gadaipur, New Delhi-110030, India

Date of Appointment :

07.03.2000

Date of Ceasing:

19.01.2001

 

 

Name :

Mr. James Joseph Truchard

Designation :

Director

Address :

13816, Hunterwood Point, Autin Texas-78746, USA

Date of Appointment :

06.04.2000

Date of Ceasing:

09.09.2003

 

 

KEY EXECUTIVES

 

Name :

Ms. Indu

Designation :

Front Officer Executive

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2010

 

Names of Shareholders

 

 

No. of Shares

National Instruments Europe Corporation, USA

 

1

National Instruments Corporation, USA

 

49999

Total

 

50000

 

Equity Share Breakup (Percentage of Total Equity)

As on 30.09.2010

 

Category

 

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Supplier of Computer Accessories.

 

 

Products :

Product Description

ITC Code

Parts and Accessories

90319000

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Divulged by the management

 

 

Bankers :

Not Divulged

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

 Deloitte Haskins and Sells

Chartered Accountant

Address :

Deliotte Cent re, Anchorage II, 100/2, Richmond Road, Bangalore-560025, Karnataka, India

Tel. No.:

91-80-66276000

Fax No.:

91-80-66276011

 

 

Holding Company:

National Instruments Corporation, USA

 

 

Fellow Subsidiaries :

·         National Instrument Europe Corporation, USA

·         National Instruments Hungary EK

 

 

CAPITAL STRUCTURE

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

50000

Equity Shares

Rs. 100/- each

Rs. 5.000 Millions

1000

Equity Shares

Rs. 10/- each

Rs. 0.010 Million

 

Total

 

Rs. 5.010 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

 

 

50000

Equity Shares

Rs. 100/- each

Rs. 5.000 Millions

 

Note: All the above shares are held by National Instruments Corporation, USA, the holding company and its nominees.


 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

5.000

5.000

5.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

143.321

89.197

71.036

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

148.321

94.197

76.036

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

0.000

0.000

0.000

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

148.321

94.197

76.036

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

54.141

67.272

63.798

Capital work-in-progress

34.632

0.263

1.037

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

8.100

10.580

7.600

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
41.137

52.529

51.076

 

Sundry Debtors
664.492

576.708

322.815

 

Cash & Bank Balances
36.106

30.219

34.707

 

Other Current Assets
51.116

46.387

23.189

 

Loans & Advances
124.664

100.816

69.994

Total Current Assets
917.515

806.659

501.781

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors

749.065

701.428

427.742

 

Other Current Liabilities
10.911

7.620

7.624

 

Provisions
106.091

81.529

62.814

Total Current Liabilities
866.067

790.577

498.180

Net Current Assets
51.448

16.082

3.601

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

142.321

94.197

76.036

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Sales and Services

566.071

507.114

440.754

 

 

Other Income

16.561

3.149

8.862

 

 

TOTAL                                    

582.632

510.263

449.616

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Traded Goods

133.288

161.895

146.362

 

 

Personnel Cost

156.862

136.822

103.118

 

 

Operating and Other Expenses

177.984

154.988

143.504

 

 

TOTAL                                    

468.134

453.705

392.984

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

114.498

56.558

56.632

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

28.495

23.777

18.049

 

 

 

 

 

 

PROFIT BEFORE TAX

86.003

32.781

38.583

 

 

 

 

 

Less

TAX                                                                 

31.880

14.620

16.217

 

 

 

 

 

 

PROFIT AFTER TAX

54.123

18.161

22.366

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

89.197

71.036

48.670

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

143.320

89.197

71.036

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Service Dee

131.423

121.767

92.755

 

 

Software and Hardware Development Fees

149.774

106.273

81.075

 

 

Sales of Assets

0.000

0.390

1.162

 

TOTAL EARNINGS

281.197

228.430

174.992

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Traded Goods

131.154

140.409

120.669

 

TOTAL IMPORTS

131.154

140.409

120.669

 

 

 

 

 

 

Earnings Per Share (Rs.)

1082.47

363.22

447.32

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
9.29

3.56

4.97

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
15.19

6.46

8.75

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
8.85

3.75

6.82

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.58

0.35

0.51

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
5.84

8.39

6.55

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.06

1.02

1.01

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

DETAILS OF SUNDRY CRDITORS

 

(Rs. In Millions)

Particulars

31.03.2010

31.03.2009

31.03.2008

Sundry Creditors

 

 

 

Due to Micro, Small and Medium Enterprises

733.131

677.404

--

Others

15.934

24.024

427.742

Total

749.065

701.428

427.742

 

Financial Performance:

 

During the year, the company has made a profit of Rs. 54.123 Millions after tax. The same has been carried to the Balance Sheet. During the period, the company’s total revenue has grown from Rs. 510.263 Millions to Rs. 582.632 Millions

 

Contingent Liabilities: Claims against the company not acknowledged as debts are as follows:

 

Particulars

31.03.2010

Rs. In Millions

Customs Authorities

1.078

Sales Tax Authorities

8.652

Income Tax Authorities

9.496

 

 

Fixed Assets:

 

  • Leasehold Improvements
  • Computer Equipments
  • Office Equipments
  • Furniture and Fixtures
  • Motor Vehicles
  • Computer Software

 

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.44.84

UK Pound

1

Rs.69.32

Euro

1

Rs.59.79

 

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.