MIRA
INFORM REPORT
|
Report Date : |
13.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
IPC INFORMATION SYSTEMS INDIA PRIVATE LIMITED (w.e.f. 12.08.2009) |
|
|
|
|
Formerly Known
As : |
TELMAX INFORMATION SYSTEMS INDIA PRIVATE LIMITED |
|
|
|
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Registered
Office : |
Dua Associates, 95, 9th Floor, Backbay Reclamation, Free
Press House, 215, Nariman Point, Mumbai – 400 021, Maharashtra |
|
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|
Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
19.03.2008 |
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|
|
|
Com. Reg. No.: |
11-180273 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.5.100
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U64202MH2008PTC180273 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT14545G |
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|
|
|
PAN No.: [Permanent Account No.] |
AACCT8872C |
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|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Subject is a provider of mission-critical communications solutions to
financial services firms worldwide. |
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|
|
|
No. of Employees
: |
More than 1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 88000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
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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.
INFORMATION DECLINED BY
|
Name : |
Mr. Jagdish Prasad |
|
Designation : |
Manager |
|
Contact No.: |
91-9821454570 |
|
Date : |
13.04.2012 |
LOCATIONS
|
Registered Office : |
Dua Associates, 95, 9th Floor, Backbay Reclamation, Free
Press House, 215, Nariman Point, Mumbai – 400 021, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9821454570 (Mr. Jagdish Prasad) |
|
Fax No.: |
Not Available |
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E-Mail : |
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|
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Corporate Office : |
404, ECO House, Vishweshwar Colony, 1st Cross Lane Off
Aarey Road, Goregaon (East), Mumbai – 400063, Maharashtra, India |
|
Tel. No.: |
91-20-29275396 |
|
Fax No.: |
91-20-40509300 |
DIRECTORS
(AS ON 30.09.2011)
|
Name : |
Mr. Noel Ark Lagdamen |
|
Designation : |
Director |
|
Address : |
46 Keppel Bay, # 07-126, |
|
Date of Birth/Age : |
20.12.1970 |
|
Date of Appointment : |
01.12.2008 |
|
DIN No.: |
02354023 |
|
|
|
|
Name : |
Mr. David Allen Dodd |
|
Designation : |
Director |
|
Address : |
House One, 8 Wing, |
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Date of Birth/Age : |
02.01.1964 |
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Date of Appointment : |
01.12.2008 |
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DIN No.: |
02400370 |
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|
|
|
Name : |
Mr. Yeo Pang Ng |
|
Designation : |
Director |
|
Address : |
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Date of Birth/Age : |
02.11.1956 |
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Date of Appointment : |
24.07.2009 |
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DIN No.: |
02705698 |
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|
|
|
Name : |
Mr. Anil Trilokchand Agarwal |
|
Designation : |
Director |
|
Address : |
202, Sunvilla Co-operative Housing Society Limited, Plot No. 83,
Sector 29, Vashi, Navi Mumbai – 400703, Maharashtra, India |
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Date of Birth/Age : |
05.02.1972 |
|
Date of Appointment : |
28.07.2009 |
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DIN No.: |
02707397 |
KEY EXECUTIVES
|
Name : |
Mr. Jagdish Prasad |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
IPC Information Systems Singapore Pte Limited, |
|
509999 |
|
TSW |
|
1 |
|
|
|
|
|
Total |
|
510000 |
(AS ON 30.09.2011)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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|
|
|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is a provider of mission-critical communications solutions to
financial services firms worldwide. |
|
|
|
|
Products Description : |
·
Installation of Equipments ·
AMC of Telecommunication Equipments |
GENERAL INFORMATION
|
No. of Employees : |
More than 1000 (Approximately) |
|
|
|
|
Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Khandekar and Associates Chartered Accountant |
|
Address : |
Saraswati Bhuvan, Sahakar Road, Tejpal Scheme Road No. 5, Vile Parle
(Eest), Mumbai – 400 057, Maharashtra, India |
|
Tel. No.: |
91-22-26825327 / 26837756 / Resi. : 91-22-24454919 |
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E-Mail : |
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PAN No.: |
AAJPJ4328F |
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Ultimate Holding Company : |
· IPC Information Systems Inc. |
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|
|
|
Holding Company : |
·
IPC Information Systems (Singapore) Pte Limited,
Singapore |
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|
|
|
Associates : |
·
IPC Information Systems ( ·
IPC Information Systems ( ·
IPC Information Systems |
CAPITAL STRUCTURE
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000 |
Equity Shares |
Rs.10/- each |
Rs.6.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
510000 |
Equity Shares |
Rs.10/- each |
Rs.5.100
millions |
|
|
|
|
|
NOTE:
(Out of the above,
509,999 Equity shares are held by IPC information systems (Singapore) Pte
Limited and equity shares is held by TSW Netherlands)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5.100 |
5.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
16.816 |
3.276 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(7.485) |
|
|
NETWORTH |
21.916 |
8.376 |
(7.385) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
5.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
5.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
21.916 |
8.376 |
(2.385) |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.321 |
0.226 |
0.414 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.455 |
0.057 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
10.084
|
5.489 |
4.745 |
|
|
Sundry Debtors |
26.998
|
8.335 |
3.922 |
|
|
Cash & Bank Balances |
34.907
|
32.695 |
6.112 |
|
|
Other Current Assets |
5.518
|
0.000 |
0.000 |
|
|
Loans & Advances |
17.429
|
9.228 |
2.280 |
|
Total
Current Assets |
94.936
|
55.747 |
17.059 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
49.649
|
34.501 |
18.029 |
|
|
Other Current Liabilities |
9.543
|
6.175 |
1.450 |
|
|
Provisions |
14.604
|
6.978 |
0.379 |
|
Total
Current Liabilities |
73.796
|
47.654 |
19.858 |
|
|
Net Current Assets |
21.140
|
8.093 |
(2.799) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
21.916 |
8.376 |
(2.385) |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from operations |
45.422 |
65.421 |
25.020 |
|
|
|
Other Income |
0.845 |
2.859 |
0.020 |
|
|
|
TOTAL (A) |
46.267 |
68.280 |
25.040 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
35.944 |
11.402 |
|
|
|
Employee’s remuneration and benefits |
|
3.462 |
4.438 |
|
|
|
Administrative and Other Expenses |
|
11.435 |
15.490 |
|
|
|
TOTAL (B) |
29.528 |
50.841 |
31.330 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(Including
Financial Expenses) |
17.439 |
(6.290) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
0.347 |
0.914 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
16.739 |
17.092 |
(7.204) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.208 |
0.188 |
0.149 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
16.531 |
16.904 |
(7.353) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
7.608 |
6.143 |
0.132 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
8.923 |
10.761 |
(7.485) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.276 |
(7.485) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
12.199 |
3.276 |
(7.485) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
20.045 |
30.501 |
13.717 |
|
|
TOTAL IMPORTS |
20.045 |
30.501 |
13.717 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.50 |
59.38 |
(748.54) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
19.29
|
15.76 |
(29.89) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
36.39
|
25.84 |
(29.39) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.35
|
30.20 |
(42.08) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.75
|
2.02 |
0.99 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.37
|
5.69 |
(3.37) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29
|
1.17 |
0.86 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditors
|
|
|
|
|
Total Outstanding dues to creditors other than micro and small
enterprises |
49.649 |
34.501 |
18.029 |
|
|
|
|
|
|
Total |
49.649 |
34.501 |
18.029 |
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
|
|
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
Yes |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
Yes |
|
No. of Employees |
Yes |
|
Name of Person Contacted |
Yes |
|
Designation of Contact person |
Yes |
|
Turnover of Firm for last three years |
Yes |
|
Profitability for last three years |
Yes |
|
Reasons for variation <> 20% |
----- |
|
Estimation for coming financial year |
No |
|
Capital in the business |
Yes |
|
Details of sister concerns |
Yes |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
No |
|
Export/ Imports Details (If applicable) |
No |
|
Market Information |
----- |
|
Litigations that the firm/ Promoters Involved in |
----- |
|
Banking details |
No |
|
Banking Facility Details |
No |
|
Conduct of the Banking Account |
----- |
|
Buyer visit details |
----- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
Major Shareholders, if available |
Yes |
FIXED ASSETS
·
Plant and Machinery
·
Office Equipments
·
Computers
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.51.44 |
|
|
1 |
Rs.81.96 |
|
Euro |
1 |
Rs.67.61 |
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 |
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 |
|
43 |
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.