MIRA
INFORM REPORT
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Report Date : |
23.03.2011 |
IDENTIFICATION DETAILS
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Name : |
SERVOKON SYSTEM LIMITED |
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Formerly Known As : |
SERVOKON SYSTEM PRIVATE LIMITED |
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Registered Office : |
C-13, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
23.05.1995 |
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Com. Reg. No.: |
55-68876 |
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CIN No.: [Company
Identification No.] |
U32301DL1995PLC068876 |
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IEC No.: |
0503080403 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS21427A |
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PAN No.: [Permanent
Account No.] |
AABCS2570D |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer and Exporter of Power Control Systems. |
RATING & COMMENTS
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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 26000 |
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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 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 PARTED BY
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Name : |
Mr. Manjuralarm |
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Designation : |
Accountant |
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Contact No.: |
91-9313513633 |
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Date : |
19.03.2011 |
LOCATIONS
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Registered Office / Factory : |
C-13, |
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Tel. No.: |
91-11-42448380 / 22415773 / 22415774 / 30933538 / 42448381 / 84 |
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Mobile No.: |
91-9313513633 (Mr. Manjuralarm) |
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Fax No.: |
91-11-22415772 / 22415779 |
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E-Mail : |
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Location : |
Owned |
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Factory 2 : |
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DIRECTORS
As On 30.09.2010
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Name : |
Mr. H. Kamruddin |
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Designation : |
Director |
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Address : |
B -150, Priyadarshni Vihar, |
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Date of Birth/Age : |
05.03.1963 |
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Qualification : |
Graduate |
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Date of Appointment : |
23.05.1995 |
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DIN No.: |
00451893 |
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Name : |
Ms. Fatima Begum |
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Designation : |
Director |
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Address : |
B -150, Priyadarshni Vihar, |
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Date of Birth/Age : |
27.07.1964 |
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Qualification : |
Graduate |
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Date of Appointment : |
23.05.1995 |
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DIN No.: |
00451922 |
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Name : |
Mr. Zakir Hussain |
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Designation : |
Director |
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Address : |
B -150, Priyadarshni Vihar, |
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Date of Birth/Age : |
30.09.1986 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.12.2004 |
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DIN No.: |
00452052 |
KEY EXECUTIVES
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Name : |
Mr. Manjuralarm |
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Designation : |
Accountant |
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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Kamruddin |
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80100 |
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Fatima Begum |
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100100 |
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Zakir Hussain |
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100 |
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Dilshad Khan |
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100 |
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Mond. Mukhtar |
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100 |
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Dr.Harbans Lal Bhalla |
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100 |
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Manzoor Alam |
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100 |
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Total |
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180700 |
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 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Power Control Systems. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash / Credit (30 Days) |
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Purchasing : |
Cash / Credit (30 Days) |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
90 (26 – In Office + 64 – In Factory) |
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Bankers : |
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Facilities : |
OD: Rs. 7.500 Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Neeraj Satish and Associates Chartered Accountant |
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Address : |
U-74, 111, 1st Floor, Tirupati Complex, Shakapur, |
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Tel. No.: |
91-11-42418848 |
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Mobile No.: |
91-9891048194 |
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Fax No.: |
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Pan No.: |
AAAPK7839Q |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Share |
Rs.10/- Each |
Rs.2.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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180700 |
Equity Share |
Rs.10/- Each |
Rs.1.807
Million |
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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 |
1.807 |
1.807 |
2.907 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.838 |
2.253 |
0.837 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6.645 |
4.060 |
3.744 |
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LOAN FUNDS |
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1] Secured Loans |
8.886 |
9.911 |
5.670 |
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2] Unsecured Loans |
1.039 |
1.685 |
3.392 |
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TOTAL BORROWING |
9.925 |
11.596 |
9.062 |
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DEFERRED TAX LIABILITIES |
0.656 |
0.611 |
0.623 |
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TOTAL |
17.226 |
16.267 |
13.429 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.017 |
10.323 |
10.557 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.066 |
0.066 |
0.066 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
5.740
|
3.449
|
5.188 |
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Sundry Debtors |
11.770
|
4.533
|
4.102 |
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Cash & Bank Balances |
0.758
|
0.044
|
0.028 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
8.777
|
8.609
|
7.139 |
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Total
Current Assets |
27.045
|
16.635
|
16.457 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
17.007
|
9.887
|
10.539 |
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Other Current Liabilities |
3.778
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1.959
|
4.406 |
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Provision |
0.000
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0.000
|
0.000 |
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Total
Current Liabilities |
20.785
|
11.846
|
14.945 |
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Net Current Assets |
6.260
|
4.789
|
1.512 |
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MISCELLANEOUS EXPENSES |
0.883 |
1.089 |
1.294 |
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TOTAL |
17.226 |
16.267 |
13.429 |
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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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SALES |
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Income |
78.012 |
43.282 |
63.830 |
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Other Income |
4.416 |
2.755 |
2.275 |
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TOTAL (A) |
82.428 |
46.037 |
66.105 |
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Less |
EXPENSES |
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Material and Manufacturing |
70.915 |
38.853 |
57.666 |
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Personnel |
1.015 |
0.491 |
0.643 |
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Administrative, Selling and Distribution |
5.164 |
3.243 |
5.818 |
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TOTAL (B) |
77.094 |
42.587 |
64.127 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5.334 |
3.450 |
1.978 |
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Less |
FINANCIAL
EXPENSES (D) |
1.578 |
1.346 |
1.045 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.756 |
2.104 |
0.933 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.414 |
0.448 |
0.409 |
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PROFIT BEFORE
TAX (E-F) (G) |
3.342 |
1.656 |
0.524 |
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Less |
TAX (I) |
0.756 |
0.240 |
0.265 |
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PROFIT AFTER TAX
(G-I) (J) |
2.586 |
1.416 |
0.259 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.253 |
0.837 |
0.578 |
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BALANCE CARRIED
TO THE B/S |
4.839 |
2.253 |
0.837 |
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Earnings Per
Share (Rs.) |
14.66 |
7.84 |
1.43 |
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Expected Sales (2010-2011) : Rs. 80.000 Millions to 90.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.14 |
3.07 |
0.39 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.28 |
3.83 |
0.82 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.02 |
6.19 |
1.94 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.50 |
0.41 |
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.62 |
2.92 |
3.99 |
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Current Ratio (Current Asset/Current Liability) |
|
1.30 |
1.40 |
1.10 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The share application money is not to be seen
in the year 2009 as the authorised capital of the company is 2000000 and the
total of paid up capital and application money amounted to 2907000 which is not
possible. Therefore the company had to return the share application money.
Trade Reference
- Dyush Enterprises
- Trade Co. Company
- Alimohamadh Baba and Sons
Working of the company:
The Company is able to record a gross receipts by way of Sale/Job Work
of Rs. 82.428 millions for the
year ending 31.03.2010. However
due to financial constraints the Directors are facing hardship. The Directors
are trying their best to further improve the working of the Company. It is
hoped that company will be able to achieve better results in coming years.
Form 8:
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90057397 |
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Corporate
identity number of the company |
U32301DL1995PLC068876 |
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Name of the
company |
SERVOKON SYSTEM LIMITED |
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Address of the
registered office or of the principal place of business in |
C-13, |
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Type of charge |
Immovable
Property Movable Property |
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Particular of
charge holder |
Khureji Khas Branch, |
|
Nature of description
of the instrument creating or modifying the charge |
Supplementary
agreement Affidavit deposit
of title deeds |
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Date of
instrument Creating the charge |
27.09.2008 |
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Amount secured by
the charge |
Rs.7.500 Millions
|
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest to be
paid by borrower in the money due to the Bank in respect of the said facility
is 17% p. a. w. e. f. 27.09.2008 Terms of Repayment Limited renewed
up to 09/03/2010 Margin As per Banking
Norms Extent and Operation of the charge Hundred Percent |
|
Short particulars
of the property charged |
Hypothecation of
stock of servo voltage, stablizers, U. P.S Invertors etc value Rs.6.600
Millions situated at C-13, Radhu Place Ro/d, Opposite Scope Minar,
Main Vikas Marg, New Delhi- 110031 and book debt not more Equitable mortgage and title deed of land 1000 sq. yds. And building
situated at A-56, Sector-63, Noida, UP, Valued Rs.38.600 Millions |
|
Particulars of
the present modification |
To enhance the
existing limit from Rs.4.000 Millions to Rs.7.500 Millions |
Fixed Assets
- Land
- Building
- Cycle
- Fax Machine
- Fire Extinguisher
- Coffee Machine
- Tapping Machine
- Water Cooler
- Mobile Phone
- Fridge
- Air Conditioner
- Printer
- Furniture and Fixture
- Motor Cycle
- Motor car
- Scooter
- Computer Systems
- Television
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.44.97 |
|
|
1 |
Rs.73.34 |
|
Euro |
1 |
Rs.63.98 |
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 |
NO |
|
--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 |
NO |
|
--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.