MIRA
INFORM REPORT
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Report Date : |
31.03.2011 |
Note : The registered office address of the company
has been shifted from 11th Floor, dr. Gopal Das Tower 28 Barakhanmba
Road,
IDENTIFICATION DETAILS
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Name : |
ARGUS INTEGRATED
SYSTEMS PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
28.01.2000 |
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Com. Reg. No.: |
55-103472 |
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CIN No.: [Company
Identification No.] |
U74999DL2000PTC103472 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELA08707G |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturers and
exporter of software telecom (Aerospace / aviation consultancy services) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (42) |
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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 60000 |
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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. 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. |
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 |
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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 |
LOCATIONS
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Registered Office/ Factory : |
Suite 28, Aman New Delhi, Lodhi Road, New Delhi – 110003, India |
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Tel. No.: |
91-11-24362424 |
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Fax No.: |
91-11-24362000 |
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E-Mail : |
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Website : |
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Area : |
Rented – 2550 sq.
ft. |
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Location : |
Commercial |
DIRECTORS
As on : 30.09.2010
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Name : |
Mr. Sunder
Mulchandani |
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Designation : |
Director |
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Address : |
No-8, Friends
Colony (West), |
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Date of Birth/Age : |
29.01.1955 |
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Qualification : |
MBA |
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Date of Appointment : |
28/01/2000 |
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Name : |
Mr. Ashok Varma |
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Designation : |
Director |
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Address : |
A-9, Greater
kailash, Part-I, |
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Date of Birth/Age : |
04.11.1947 |
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Qualification : |
28.01.2000 |
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Date of Appointment : |
04.03.2001 |
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Name : |
Ms. Sandhya
Mulchandani |
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Designation : |
Director |
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Address : |
No-8, Friends
Colony (West), |
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Date of Birth/Age : |
17.03.1954 |
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Date of Appointment : |
12.09.2000 |
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Name : |
Mr. S. K. Agrawal
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Designation : |
Director |
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Address : |
108, new Rajdhani
Enclane, |
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Date of Birth/Age : |
26.03.1962 |
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Qualification : |
Advocate |
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Date of Appointment : |
21.02.2000 |
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Name : |
Mr. Alan R. Monro
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
12.09.2000 |
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Date of Appointment : |
14.01.2002 |
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KEY EXECUTIVES
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Name : |
Mr. S Nandabalan |
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Designation : |
Finance
Controller |
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Name : |
Mr. Sunder
Mukchndani |
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Designation : |
Chief Executive
Officer |
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91-9810032623 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Sunder Mulchandani |
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742000 |
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Sandhya
Mulchandani |
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200000 |
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Total |
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942000 |
Equity Share Breakup (Percentage of Total Equity)
As on : 30.09.2010
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Category |
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Percentage |
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Directors or relatives of
directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and
exporter of software telecom (Aerospace / aviation consultancy services) |
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Products : |
Telecom Services |
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Agencies Held : |
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GENERAL INFORMATION
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No. of Employees : |
19
(Approximately) |
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Bankers : |
·
Bank
of ·
ICICI
Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Aurn Bansal and
Associates Chartered
Accountants |
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Address : |
411, Sector 40,
Near |
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Tel. No.: |
91-124-2380259 |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs. 10/- each |
Rs.
20.000 millions |
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Issued Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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942000 |
Equity Shares |
Rs. 10/-each |
Rs.
9.420 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.420 |
9.420 |
4.720 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.587 |
4.130 |
0.877 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
15.007 |
13.550 |
5.597 |
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LOAN FUNDS |
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1] Secured Loans |
68.910 |
2.575 |
4.907 |
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2] Unsecured Loans |
8.688 |
0.465 |
2.817 |
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TOTAL BORROWING |
77.598 |
3.040 |
7.724 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
92.605 |
16.590 |
13.321 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
12.798 |
15.522 |
16.660 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.750 |
0.750 |
0.750 |
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DEFERREX TAX ASSETS |
0.868 |
0.689 |
0.465 |
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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 |
1.495
|
2.038 |
0.000 |
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Cash & Bank Balances |
2.536
|
1.716 |
0.381 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
84.466
|
8.065 |
6.949 |
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Total
Current Assets |
88.497
|
11.819 |
7.330 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Other Current Liabilities |
5.107
|
9.114 |
9.241 |
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Provisions |
2.201
|
3.086 |
2.663 |
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Total
Current Liabilities |
7.308
|
12.200 |
11.904 |
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Net Current Assets |
81.189
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(0.381) |
(4.574) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.010 |
0.020 |
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TOTAL |
95.605 |
16.590 |
13.321 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Income |
48.303 |
48.844 |
47.243 |
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Other Income |
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TOTAL |
48.303 |
48.844 |
47.243 |
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Less |
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Office Expenses |
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Administrative Expenses |
39.815 |
40.173 |
40.628 |
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Advertising Expenses |
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Interest |
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TOTAL |
39.815 |
40.173 |
40.628 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
8.488 |
8.671 |
6.615 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
2.009 |
2.556 |
2.870 |
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PROFIT BEFORE
TAX |
6.479 |
6.115 |
3.745 |
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Less |
TAX |
2.022 |
2.863 |
2.515 |
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PROFIT AFTER TAX
|
4.457 |
3.252 |
1.230 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
25.043 |
41.863 |
NA |
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TOTAL EARNINGS |
25.043 |
41.863 |
NA |
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Earnings Per
Share (Rs.) |
4.73 |
3.45 |
1.30 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.22
|
6.65 |
2.60 |
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Net Profit Margin (PBT/Sales) |
(%) |
13.41
|
12.51 |
7.92 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.39
|
22.36 |
15.61 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.43
|
0.45 |
0.66 |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.65
|
1.12 |
3.50 |
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Current Ratio (Current Asset/Current Liability) |
|
12.10
|
0.96 |
0.61 |
LOCAL AGENCY FURTHER INFORMATION
Business Prospects
While the organization did face a challenging period on account of the
tentative business environment, it is firm in its resolve to be known as an
organization committed to high standards of professional expertise. The year in
review did see them collaborating with foreign expertise for potential work.
The coming year should be seen as one in which ARGUS strives to consolidate its
position as a strong and stable organization with excellent capabilities and a
highly professional approach to the assignments it undertakes.
Fixed Assets:
·
Furniture and Fixture
·
Computers
·
Air Conditioners
·
Genset
·
Office Equipments
·
Other Equipments
·
Vehicles
o
Honda Accord
o
Honda Accord A/T
o
Honda City Gxi
o
Honda Accord – CRV
o
Honda City ZX
o
Mercedes Benz
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. 44.77 |
|
|
1 |
Rs. 71.69 |
|
Euro |
1 |
Rs. 63.02 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
42 |
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.