MIRA
INFORM REPORT
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Report Date : |
27.01.2011 |
IDENTIFICATION DETAILS
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Name : |
SIEMENS INFORMATION SYSTEMS LIMITED |
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Registered Office : |
130, Pandurang Budhkar Marg, Worli, Mumbai – 400 018, |
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Country : |
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Financials (as on) : |
30.09.2009 |
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Date of Incorporation : |
29.09.1986 |
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Com. Reg. No.: |
11-93854 |
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CIN No.: [Company
Identification No.] |
U99999MH1986PLC093854 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS15654C |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Systems Integrator and Total Solutions provider. Subject provides IT
Services and Solutions Globally. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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 6331448 |
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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 a subsidiary of Siemens Corporate Finance Private Limited.
It is a well established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be regular
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
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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 |
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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 DECLINED BY
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Name : |
Ms. Sushmita |
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Designation : |
Accounts Department |
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Date : |
25.01.2011 |
LOCATIONS
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Registered Office : |
130, Pandurang Budhkar Marg, Worli, Mumbai – 400 018, |
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Tel. No.: |
91-22-24987000/ 42007297 |
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Fax No.: |
91-22-66608521 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Head Office : |
Plot No.2, Sector 2, Khargar Node, Navi Mumbai – 410 210, |
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Tel. No.: |
91-22-27568000 |
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Fax No.: |
91-22-27568018/ 27568030 |
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Branch Office : |
Located at:
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DIRECTORS
AS ON 18.12.2009
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Name : |
Mr. Bruck Wolfgang Armin Hans |
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Designation : |
Chairman |
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Address : |
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Date of Birth/Age : |
06.02.1963 |
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Date of Appointment : |
01.10.2007 |
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Name : |
Mr. Sanjeev Sinha |
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Designation : |
Managing Director |
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Address : |
1151, 12th Main, HAL 2nd Stage, |
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Date of Birth/Age : |
31.12.1958 |
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Date of Appointment : |
01.06.2008 |
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Name : |
Mr. Sunil Dass Mathur |
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Designation : |
Director |
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Address : |
Taj |
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Date of Birth/Age : |
06.01.1963 |
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Date of Appointment : |
01.10.2008 |
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Name : |
Mr. Narendra J. Jhaveri |
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Designation : |
Director |
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Address : |
C – 42, Samprat Residency, Premchand Nagar, Bodakdev, Ahmedabad – 380
015, |
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Date of Birth/Age : |
09.08.1935 |
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Date of Appointment : |
01.04.2005 |
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Date of Ceasing : |
26.09.2009 |
KEY EXECUTIVES
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Name : |
Mr. Ketan N. Thaker |
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Designation : |
Secretary |
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Address : |
New |
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Date of Birth/Age : |
24.09.1978 |
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Date of Appointment : |
23.09.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 18.12.2009
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Names of Shareholders |
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No. of Shares |
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Central Depository Services ( |
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6814750 |
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Modi Kairav jointly with
Siemens Corporate Finance Private Limited |
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20 |
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Pillai Preeti jointly with Siemens Corporate Finance Private Limited |
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30 |
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Prasad Mukund jointly with Siemens Corporate Finance Private Limited |
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30 |
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Desai Anupa jointly with Siemens Corporate Finance Private Limited |
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100 |
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Williams Manisha jointly with
Siemens Corporate Finance Private Limited |
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20 |
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50 |
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Total |
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6815000 |
AS ON 18.12.2009
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Systems Integrator and Total Solutions provider. Subject provides IT
Services and Solutions Globally. |
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Products : |
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GENERAL INFORMATION
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Customers : |
Telecommunication, Healthcare, Public and Government Sector |
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Employees : |
Not divulged by the management. |
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Bankers : |
Deutsche Bank,
Hazarimal Somani Marg, Fort, Mumbai – 400 001, |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S R Batliboi and Associates Chartered Accountants |
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Address : |
Jalan Mills Compound 95, Ganpatrao Kadam Marg, Lower Parel, Mumbai -
400013, |
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Tel. No.: |
91-22-40356300 |
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Fax No.: |
91-22-40356400 |
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Group Companies : |
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Subsidiaries : |
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Holding Company : |
Siemens Limited CIN No.: L28920MH1957PLC010839
Address: 130, Pandurang Budhkar
Marg, Worli, Mumbai – 400 018, Line of
Business: Authorised dealers of HP |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
|
900 |
9% Non-Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.0.009 million |
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Total |
|
Rs.100.009
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6815000 |
Equity Shares |
Rs.10/- each
|
Rs.68.150
millions |
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All the above equity shares (2008-6815000)
representing 100% of the issued equity share capital are held by Siemens
Limited and its nominees. (2008: Siemens
Limited and its nominees)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.09.2009 |
30.09.2008 |
30.09.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
68.150 |
68.150 |
68.150 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1514.712 |
1025.691 |
3120.427 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1582.862 |
1093.841 |
3188.577 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1582.862 |
1093.841 |
3188.577 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
862.687 |
905.677 |
942.972 |
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Capital work-in-progress |
33.301 |
144.891 |
166.764 |
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INVESTMENT |
29.996 |
659.009 |
335.982 |
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DEFERREX TAX ASSETS |
507.411 |
499.718 |
465.379 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000
|
0.000 |
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Sundry Debtors |
1477.329
|
1953.327
|
1130.257 |
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Cash & Bank Balances |
1827.513
|
3171.303
|
3378.647 |
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Other Current Assets |
166.994
|
150.270
|
304.508 |
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Loans & Advances |
895.829
|
722.839
|
689.174 |
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Total
Current Assets |
4367.665
|
5997.739
|
5502.586 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
794.149
|
684.283
|
3656.337 |
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Other Current Liabilities |
2006.512
|
2268.403
|
364.460 |
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Provisions |
1417.537
|
4160.508
|
204.309 |
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Total
Current Liabilities |
4218.198
|
7113.194
|
4225.106 |
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Net Current Assets |
149.467
|
(1115.455)
|
1277.480 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1582.862 |
1093.841 |
3188.577 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
30.09.2009 |
30.09.2008 |
30.09.2007 |
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SALES |
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Income |
7994.767 |
9942.677 |
10236.422 |
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Other Income |
256.721 |
239.868 |
184.527 |
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TOTAL (A) |
8251.488 |
10182.545 |
10420.949 |
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Less |
EXPENSES |
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Personal Cost |
3986.195 |
3783.253 |
3577.208 |
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Operating and Other Cost |
3314.369 |
5344.755 |
4937.930 |
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TOTAL (B) |
7300.564 |
9128.008 |
8515.138 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
950.924 |
1054.537 |
1905.811 |
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Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
950.924 |
1054.537 |
1905.811 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
349.662 |
324.168 |
306.996 |
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PROFIT BEFORE
TAX (E-F) (G) |
601.262 |
730.369 |
1598.815 |
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Less |
TAX (I) |
112.240 |
393.677 |
78.171 |
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PROFIT AFTER TAX
(G-I) (J) |
489.022 |
336.692 |
1520.644 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
59.008 |
2227.680 |
1273.707 |
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Less |
APPROPRIATIONS |
|
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Interim Dividend |
0.000 |
0.000 |
354.380 |
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|
|
Dividend Paid |
0.000 |
2112.650 |
0.000 |
|
|
|
Tax On Dividend |
0.000 |
359.045 |
0.000 |
|
|
|
Transfer to General Reserve |
48.902 |
33.669 |
60.227 |
|
|
BALANCE CARRIED
TO THE B/S |
499.128 |
59.008 |
2227.680 |
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Earnings Per
Share (Rs.) |
71.76 |
49.40 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
30.09.2009 |
30.09.2008 |
30.09.2007 |
|
PAT / Total Income |
(%) |
5.93
|
3.31
|
14.59 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.52
|
7.35
|
15.62 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.49
|
10.59
|
24.80 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.67
|
0.50 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.66
|
6.50
|
1.33 |
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Current Ratio (Current Asset/Current Liability) |
|
1.03
|
0.84
|
1.30 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
SUNDRY CREDITORS DETAILS:
|
Particulars |
Rs. in Millions 31.09.2010 |
Rs. in Millions 31.09.2009 |
Rs. in Millions 31.09.2008 |
|
Sundry Creditors |
794.149
|
684.283
|
3656.337 |
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Background
Subject is a subsidiary of Siemens Corporate Finance Private Limited (*SCFPL*)a which holds 100% of its share capital.
During the year, pursuant to a share purchase agreement between Siemens Limited (SL) and SCFPL the entire shareholding of EL in the Company was sold to SCFPL, a company controlled by Siemens AG, the ultimate holding company.
The Company is engaged in software development and consultancy services.
Operations
The total Income for The current financial year was Rs.8251.000 millions compared to Rs.10183.000 millions for the corresponding period in. the previous year, a decide of 197o over last year
The net profit before tax, at Rs.601.000 million is at 7% of the total income, a decline of 18% over last year.
Business Performance
Review
The last fiscal year saw significant changes in the business environment of the Company. The Company was carved out of Siemens Limited and its ownership was transferred from Siemens Limited to Siemens Corporate Finance Private Limited ((SCFPL). Accordingly the company is now 100% subsidiary of SCFPL, Furthermore in April 2009, the former Software Practice (SWP) was divided into CT DC (Corporate Technology Development Center) and SIS SDE (System Development and Engineering This was done to globally pool the expertise in Research and Development [R and D) relating to software programming and development for the three Sectors of Siemens - industry, Energy and Healthcare. CT DC will operate as a purely internal service provider supporting the Siemens Sectors with software R£D services. SIS SDE will focus and operate as a Delivery Business Unit for software development for external customers.
In addition, the last year was a challenging one for the
domestic business. The Indian economy, weakened
by the global slowdown, experienced one of its toughest phases in over a decade.
The impact was felt by all sectors in
During the last year, the Company successfully acquired significant new orders from existing customers such as Municipal Corporation of Greater Mumbai (MCGM), Zuari Industries, House of Pearls Fashion limited and many others. SISL successfully commissioned projects for Bharat Earth Movers Limited. (BEML), Jaypee Cements, HIAL, Novartis and Continental Carbon. CTDC India delivered new versions of syngo® j imaging, SOARIAN® Financials and 5QARIAN® Quality Measures for the Healthcare Sector. In the R and | area, more than INR 300 Mio was invested towards research including setting up a renewable energy innovation center. The Company filed 600+ invention disclosures, of which 2 were selected for patent application.
Outlook
Though analysts reckon that the Indian IT market for year 2009-1G is expected to grow by 16%, this is likely to be impacted by the severe slowdown faced in the last 3 quarters. We expect the growth to be driven by significant public sector expenditure, as well as increased uptake of IT by the Small and Medium Businesses (SMB). In the coming fiscal, in addition to enhancing ifs capabilities and productivity as a global production center, the Company will further align its strategy and portfolio with the Industry, Energy and Healthcare Sectors and focus on the Public Sector,
Change in Holding
Company
On 25th June, 2009, Siemens Limited sold its entire equity stake in the Company to Siemens Corporate Finance Private Limited (SCFPL). Accordingly, with effect from the said date, the Company is a subsidiary of SCFPL.
|
Name of the company |
SIEMENS INFORMATION SYSTEMS LIMITED |
|
Presented By |
SIEMENS INFORMATION SYSTEMS LIMITED |
|
1) Date and description of instrument creating the change |
Unattested Deed
of Hypothecation dated 15th February, 1995. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.30.000 millions
|
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
a) All the
company’s present and future tangible movable assets including plant and machinery,
spares, tools and accessories, stock in trade consisting of stocks of raw
materials, goods in process, semi finished and finished goods, stores, spare
parts etc. b) All the
present and future Bombay – EOU Book debts, outstanding, monies, receivables,
claims, bills, contracts, engagements, securities due to the company. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
15% p.a. on
overdraft 13% p.a. on
pre-export advance/ export bills purchased |
|
5) Name and Address and description of the person entitled to the charge. |
Deutsche Bank,
Hazarimal Somani Marg, Fort, Mumbai – 400 001, |
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6) Date and brief description of instrument modifying the charge |
Not Available |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not
Available |
FIXED ASSETS:
- Land and
Building
- Computer and Equipments
- Furniture,
Fittings and Office Equipments
- Vehicles
WEBSITE DETAILS:
Siemens in
The Siemens Group
in
Siemens brings to
The Siemens Group
in
Today, Siemens,
with its world-class solutions plays a key role in
Siemens was
founded in
As Werner had
envisioned, the company he started grew from strength to strength in every
field of electrical engineering. From constructing the world's first electric
railway to laying the first telegraph line linking Britain and India, Siemens
was responsible for building much of the modern world's infrastructure.
Siemens is today
a technology giant in more than 190 countries, employing some 440,000 people
worldwide. The work in the fields of energy, industry, communications,
information, transportation, healthcare, components and lighting have become
essential parts of everyday life.
While Werner was
a tireless inventor during his days, Siemens today remains a relentless
innovator. With innovations averaging 18 a day, it seems like the revolution
Werner started is still going strong.
Company Profile
Subject was incorporated in 1992. It has grown on to
become a leading system integrator and total solution provider to a host of
Global Clientele and its business has
grown over 100% in the last
three years through consistently delivering higher value for the customers.
That makes subject among the
leading and fastest growing IT-services company in
Innovation and Quality have always been critical elements of subject’s strategy for this sustained
growth and from being an ISO 9000 company in 2001, subject has gone on to become a CMMI level 5 accredited company in
2005. Also People CMM is at the heart of subject’s robust and mature people practices.
Presently subject is a company
of about 5000 knowledge professionals with a clear industry focus that is
driven by its consultancy-led approach and complemented by world class
processes and practices.
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.45.53 |
|
|
1 |
Rs.72.77 |
|
Euro |
1 |
Rs.62.14 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
50 |
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.