MIRA
INFORM REPORT
|
Report Date : |
07.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
HCL SECURITY LIMITED |
|
|
|
|
Registered
Office : |
806, Siddharth, 96, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on)
: |
30.06.2010 |
|
|
|
|
Date of
Incorporation : |
19.03.2008 |
|
|
|
|
Com. Reg. No.: |
55-175605 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs. 40.500
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900DL2008PLC175605 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELH0621E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCH0076J |
|
|
|
|
Legal Form : |
A Closely held Public Limited Liability Company. |
|
|
|
|
Line of Business
: |
Company is engaged in the business of Supply and / or installation of
Security, Surveillance and Scanning related Equipments. |
|
|
|
|
No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
-- |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of HCL Infosystems Limited. It is an
established company having moderate track. There appears huge accumulated losses
recorded by the company. However, trade relations are reported as fair.
Business is active. Payments are
reported to be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions in view of strong holding and with some caution in
view of substantial losses recorded by the company. |
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
806, Siddharth, 96, |
|
Tel. No.: |
91-11-26444812 |
|
Fax No.: |
91-11-26212607 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 20.10.2010
|
Name : |
Mr. Ajai Chowdhry |
|
Designation : |
Director |
|
Address : |
10, Ishwar Nagar, New Delhi-110065, |
|
Date of Birth/Age : |
29.08.1950 |
|
Date of Appointment : |
19.03.2008 |
|
DIN No.: |
00009563 |
|
|
|
|
Name : |
Mr. Jayanthy Venkata Shriramam Ramamurthy |
|
Designation : |
Director |
|
Address : |
D-68, Sector 40, Noida-201301, |
|
Date of Birth/Age : |
13.10.1953 |
|
Date of Appointment : |
19.03.2008 |
|
DIN No.: |
00009541 |
|
|
|
|
Name : |
Mr. Sandeep Virender Singh Kanwar |
|
Designation : |
Director |
|
Address : |
N-18C, Saket, New Delhi-110017, |
|
Date of Birth/Age : |
21.01.1961 |
|
Date of Appointment : |
19.03.2008 |
|
DIN No.: |
00005464 |
KEY EXECUTIVES
|
Name : |
Mrs. Deepa |
|
Designation : |
Secretary |
|
Address : |
C-5/253, Sector-31, Noida-201301, |
|
Date of Birth/Age : |
22.10.1987 |
|
Date of Appointment : |
22.02.2010 |
|
PAN No.: |
CJGPS4578C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.10.2010
|
Names of Shareholders |
|
No. of Shares |
|
HCL Infosystems Limited 806, Siddharth 96, |
|
19049994 |
|
Jayanthy Venkata Ramamurthy (Nominee of HCL Infosystems Limited) D-68, Sector-40, Noida-201301, |
|
1 |
|
Sandeep Virender Singh Kanwar (Nominee of HCL Infosystems Limited) N/18C, Saket, New Delhi-110017, |
|
1 |
|
Mukesh Sumant Prasad Jain (Nominee of HCL Infosystems Limited) 213, Navniti Apartments, 51, I.P. Extenstion, Patparganj,
Delhi-110092, |
|
1 |
|
Kul Bhushan Vish Nath Rattan (Nominee of HCL Infosystems Limited) 825, Saraswati Vihar, Gurgaon-122002, |
|
1 |
|
Kapil Ravinder Nath Kapoor (Nominee of HCL Infosystems Limited) A-21, Sector-19, Noida-201301, |
|
1 |
|
Alok Govinda Chandra Sahu (Nominee of HCL Infosystems Limited) 107-GF, Ashiana Green Apartments, Indirapuram, Ghaziabad-201014, |
|
1 |
|
|
|
|
|
Total |
|
19050000 |
Equity Share Breakup (Percentage of Total Equity)
As on 31.12.2010
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Company is engaged in the business of Supply and / or installation of
Security, Surveillance and Scanning related Equipments. |
|
|
|
|
Products : |
|
GENERAL INFORMATION
|
Bankers : |
|
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
|
Address : |
Building 8, 7th and 8th Floor, Tower-B, |
|
|
|
|
Other Related parties with whom transaction have taken place during
the year and / or where balance exists : |
|
|
|
|
|
Holding Company : |
HCL Infosystems Limited L72200DL1986PLC023955 |
|
|
|
|
Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
As on 20.10.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19050000 |
Equity Shares |
Rs. 10/-
each |
Rs. 190.500
Millions |
As on 30.06.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4050000 |
Equity Shares |
Rs. 10/-
each |
Rs. 40.500
Millions |
Note:
Paid up shares capital includes 4000000 Equity
Shares of Rs. 10 each, issued pursuant to a right issue)
Wholly owned subsidiary of HCL Infosystems
Limited
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
30.06.2010 |
30.06.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
40.500 |
40.500 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
[97.986] |
[30.649] |
|
|
NETWORTH |
|
[57.486] |
9.851 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
100.000 |
0.000 |
|
|
TOTAL BORROWING |
|
100.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
42.514 |
9.851 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
6.594 |
2.880 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
45.787 |
15.675 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
25.172 |
6.677 |
|
|
Sundry Debtors |
|
172.584 |
40.831 |
|
|
Cash & Bank Balances |
|
1.316 |
2.054 |
|
|
Other Current Assets |
|
9.109 |
0.981 |
|
|
Loans & Advances |
|
19.761 |
1.238 |
|
Total
Current Assets |
|
227.942 |
51.781 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
193.538 |
53.144 |
|
|
Other Current Liabilities |
|
37.725 |
4.996 |
|
|
Provisions |
|
6.546 |
2.345 |
|
Total
Current Liabilities |
|
237.809 |
60.485 |
|
|
Net Current Assets |
|
[9.867] |
[8.704] |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
42.514 |
9.851 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
30.06.2010 |
30.06.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
391.801 |
71.431 |
|
|
|
Other Income |
|
0.954 |
0.322 |
|
|
|
TOTAL (A) |
|
392.755 |
71.753 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods and Services sold |
|
376.634 |
60.996 |
|
|
|
Personnel |
|
77.926 |
24.682 |
|
|
|
Administrative, Selling and Others |
|
29.239 |
26.382 |
|
|
|
Repairs and Maintenance |
|
3.505 |
5.114 |
|
|
|
TOTAL (B) |
|
487.304 |
117.174 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
[94.549] |
[45.421] |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
0.117 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
[94.666] |
[45.421] |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
2.783 |
0.696 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
[97.449] |
[46.117] |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
[30.111] |
[15.469] |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
[67.338] |
[30.649] |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
[30.649] |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
[97.987] |
[30.649] |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
0.638 |
0.000 |
|
|
TOTAL EARNINGS |
|
0.638 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded Items |
|
165.027 |
19.239 |
|
|
TOTAL IMPORTS |
|
165.027 |
19.239 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
[16.63] |
[21.25] |
|
KEY RATIOS
|
PARTICULARS |
|
|
30.06.2010 |
30.06.2009 |
|
PAT / Total Income |
(%) |
|
[17.15] |
[42.71] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
[24.87] |
[64.56] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
[41.55] |
[84.37] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
[1.70] |
[4.68] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
[5.88] |
6.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.96 |
0.86 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND:
Subject was incorporated on March 19, 2008 and is the wholly owned
subsidiary of HCL Infosystems Limited. The company is engaged in the business of
Supply and / or installation of Security, Surveillance and Scanning related
Equipments.
These financial statements are for the year ended June 30, 2010 whereas
the previous period’s comparative
amounts are for the period form March 19, 2008 to June 30, 2009. therefore the
previous period’s comparative amounts are not comparable with the current
year’s financial
FINANCIAL
HIGHLIGHTS:
The figures for the current
financial year are not comparable with those of the previous period ended 30th
June, 2009, which was for a period commencing from 19th March 2008
(Date of Incorporation) to 30th June, 2009. During the year, the
company has incurred a loss after tax of Rs. 67.337 Millions as against a loss
of Rs. 30.649 Millions during the period ended 30th June, 2009.
BUSINESS:
During the year, the company has taken steps to strengthen its sales
strategies by adequately manning the Sales Team and increasing the spread
within the domestic market.
The company proposes to enhance its product portfolio and improve in
solution capacity.
AWARDS:
The company has been certified an ISO 9001:2008 compliant company by
DNV.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U72900DL2008PLC175605 |
|
Name of the
company |
HCL SECURITY LIMITED |
|
Address of the
registered office or of the principal place of business in |
806, Siddharth, 96, |
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the charge to be modified |
10144272 |
|
Type of charge |
Book Debts Floating Charges Others |
|
Particular of
charge holder |
Standard Chartered Bank, Credit
Risk Control, Narain Manzil, 23, Barakhamba Road, New Delhi-110001,
India |
|
Nature of
instrument creating charge |
Supplementary
Hypothecation Agreement of Stocks/ Book-debts Dated 31.05.2010 |
|
Date of
instrument Creating the charge |
31.05.2010 |
|
Amount secured by
the charge |
Rs. 100.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest As per facility
advice letter Dated 17.03.2010 to be amended from Time to time. Terms of
Repayment As per facility advice
letter Dated 17.03.2010 to be amended from Time to time. Margin As per facility
advice letter Dated 17.03.2010 to be amended from Time to time. Extent and
Operation of the charge Extent and
Operation- 100% |
|
Short particulars
of the property charged |
Hypothecation by
way of first and exclusive charge over all present and future current assets
of the company stored or to be stored at the company’s godowns or premises or
wheresoever the same may be. |
|
Particulars of
the present modification |
Bank’s first
and exclusive charge over all present
and future current assets of the company stores or to be stored at the
company’s godowns or premises or
wheresever else the same may be, already registered fro Rs. 50.000 Millions
shall stand to Rs. 100.000 Millions. |
Fixed Assets:
·
Leasehold Improvements
·
Computers
·
Office Equipments,
Furniture and Fixtures
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.44.38 |
|
|
1 |
Rs.71.24 |
|
Euro |
1 |
Rs.64.16 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
26 |
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.