|
Report Date : |
08.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
NELITO SYSTEMS LIMITED |
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|
|
|
Formerly Known
As : |
PBN computer systems limited (w.e.f.
09.08.1995) PBN computer systems private
limited |
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|
|
|
Registered
Office : |
Unit No.205-208,
Sector I, Building II, 2nd Floor, |
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Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
26.05.1995 |
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|
|
|
Com. Reg. No.: |
11-088816 |
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Capital
Investment / Paid-up Capital : |
Rs.20.623
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900MH1995PLC088816 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN09890G |
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|
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PAN No.: [Permanent Account No.] |
AAACN1818L |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
Line of Business
: |
Services provider of Banking Products/ Solution, Business Solution and Software. |
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|
|
|
No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1395000 |
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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 part
of Tata Group Company. It is an
established company having satisfactory track. There appears some minimal dip
in the turnover and the profitability of the company. However, networth
appears to be satisfactory. 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.
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Shailesh |
|
Designation : |
Senior Accounts Executive |
|
Contact No.: |
91-22-27782648 |
|
Date : |
06.12.2012 |
LOCATIONS
|
Registered Office/ Corporate
Headquarters/ Head Office : |
Unit No.205-208,
Sector I, Building II, 2nd Floor, |
|
Tel. No.: |
91-22-27782646/ 47/ 27782648/ 49/ 27782643 |
|
Fax No.: |
91-22-27782643 |
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E-Mail : |
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|
Website : |
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|
|
Corporate Office : |
Nav Residency, Plot No.413/3/1, Shop No.6, Near Gangaram Cinema,
Panvel – 410 206, |
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|
|
|
Regional Office : |
Northern Region 819, Suneja Tower II, District Centre, Janakpuri, Fax No.: 91-11-25544705 Eastern Region 21D/1-B, Tel. No.: 91-33-22832682 Fax No.: 91-33-22832081 Western Region A1/251, Shah and Nahar Industrial Estate, Lower Parel (West), Mumbai -
400 013, Tel. No.: 91-22-24970335/ 6 Southern Region 104, Mota Chamber, Corporation No.9/18, Tel. No.: 91-80-22254424 Fax No.: 91-80-22282953 North-West Region 124A, Telefax No.: 91-181-2231683 Andhra Region Tel. No.: 91-40-23261643 |
DIRECTORS
As on 20.07.2012
|
Name : |
Mr. Kersi Minocher Gherda |
|
Designation : |
Chairman |
|
Address : |
9A, Sterling Apartments, 38, |
|
Date of Birth/Age : |
16.08.1928 |
|
Date of Appointment : |
09.08.1995 |
|
DIN No.: |
00237125 |
|
|
|
|
Name : |
Mr. Zal Jehangir Engineer |
|
Designation : |
Director |
|
Address : |
Jyoti Mahal, 2nd Floor, 13, Naushir Bharucha Marg, Grant
Road (West), Mumbai – 400 007, |
|
Date of Birth/Age : |
30.07.1945 |
|
Date of Appointment : |
11.03.2002 |
|
DIN No.: |
00034714 |
|
|
|
|
Name : |
Mr. Rajendra Babulal Upadhyay |
|
Designation : |
Director |
|
Address : |
5, |
|
Date of Birth/Age : |
22.02.1954 |
|
Date of Appointment : |
09.06.2005 |
|
DIN No.: |
00112029 |
|
|
|
|
Name : |
Mr. Jerxis Kersie Vandrevala |
|
Designation : |
Director |
|
Address : |
Sargent House, Allana Marg, Colaba, Mumbai – 400 001, |
|
Date of Birth/Age : |
17.09.1975 |
|
Date of Appointment : |
19.05.2005 |
|
DIN No.: |
00778063 |
|
|
|
|
Name : |
Mr. Ajai Bali |
|
Designation : |
Director |
|
Address : |
201/A3, Sundarvan Complex, Off |
|
Date of Birth/Age : |
03.01.1958 |
|
Date of Appointment : |
11.11.2000 |
|
DIN No.: |
01223308 |
|
|
|
|
Name : |
Mr. Pradip Jyoti Nath |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
B-24, |
|
Date of Birth/Age : |
01.02.1962 |
|
Date of Appointment : |
12.06.2012 |
|
DIN No.: |
05118177 |
KEY EXECUTIVES
|
Name : |
P. Bhaskara Rao |
|
Designation : |
President and Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.07.2012
Note:
Shareholding details file attached.
As on 20.07.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
47.52 |
|
Bodies
corporate |
|
49.46 |
|
Directors
or relatives of directors |
|
0.06 |
|
Other
top fifty shareholders |
|
2.96 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Services provider of Banking Products/ Solution, Business Solution and Software. |
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Products : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
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Customers : |
End Users
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
v
Times
Bank, Times of v
The Zoroastrian
Co-Operative Bank Limited, Fort Branch, Yusuf Building, Ground Floor, v.N. Road, Fort, Mumbai – 400 001,
Maharashtra, India v
Bank
of v
Lord Krishna Bank Limited, 104, Bharat House,
Next to Bombay Stock Exchange, Mumbai Samachar Marg, Mumbai – 400 001,
Maharashtra, INDIA v
HDFC
Bank Limited, 104, Bharat House, Next to Bombay Stock Exchange, Mumbai Samachar
Marg, Mumbai – 400 001, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
B.K. Khare and Company Chartered Accountants |
|
Address : |
706/708, Sharda Chambers, New Marine Lines, Mumbai – 400 020, |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFB0265E |
|
|
|
|
Associates : |
v
Nelco Limited v
Sunnynook Limited v
Vantage Technologies Private Limited v
AF-TAAB Investment Company Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
|
|
|
|
|
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2062300 |
Equity Shares There is neither
issue of shares nor buy back of shares during the year |
Rs.10/- each |
Rs.20.623
millions |
|
|
|
|
|
|
No. of Shares |
Particulars |
31.03.2012 (Rs. in
millions) |
|
|
Shares held by Holding Company/Fellow Subsidiaries |
NIL |
|
|
|
|
|
|
Shareholders holding more than 5% of the Share Capital |
|
|
980000 |
Sunnynook Limited Equity Shares of Rs.10/- each |
9.800 |
|
570000 |
AF-TAAB Investment Company Limited Equity Shares of Rs.10/- each |
5.700 |
|
450000 |
Nelco Limited Equity Shares of Rs.10/- each |
4.500 |
|
|
|
|
|
|
Shares allotted pursuant to contract for consideration other than
cash, bonus shares and shares bought back |
NIL |
Rights and
restrictions attached to Equity Shares on distribution of dividend and
repayment of capital
The Company has only
one class of Equity Shares having par value of Rs.10/- per share. Each
Shareholder is eligible for one vote per share held. The dividend proposed by
the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting except in case of interim dividend. In the event
of the Company, the holders of equity shares will be entitled to receive any of
the remaining assets of the Company, in proportion to the number of equity
shares held by the shareholders.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
20.623 |
20.623 |
20.623 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
328.056 |
315.462 |
321.571 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
348.679 |
336.085 |
342.194 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
28.864 |
32.570 |
4.226 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
28.864 |
32.570 |
4.226 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.040 |
|
|
|
|
|
|
|
|
TOTAL |
377.543 |
368.655 |
346.460 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
22.069 |
21.522 |
49.399 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.100 |
0.100 |
0.100 |
|
|
DEFERRED TAX ASSETS |
2.073 |
2.120 |
0000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
69.762
|
65.239 |
58.332
|
|
|
Sundry Debtors |
140.479
|
152.359 |
149.412
|
|
|
Cash & Bank Balances |
97.355
|
135.247 |
158.707
|
|
|
Other Current Assets |
65.029
|
21.282 |
0.000
|
|
|
Loans & Advances |
84.964
|
63.526 |
38.996
|
|
Total
Current Assets |
457.589
|
437.653 |
405.447 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
44.763 |
24.352 |
11.258 |
|
|
Other Current Liabilities |
52.623
|
61.547 |
84.074
|
|
|
Provisions |
6.902
|
6.841 |
13.154
|
|
Total
Current Liabilities |
104.288
|
92.740 |
108.486 |
|
|
Net Current Assets |
353.301
|
344.913 |
296.961
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
377.543 |
368.655 |
346.460 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
521.013 |
552.962 |
668.926 |
|
|
|
Other Income |
10.326 |
9.761 |
9.966 |
|
|
|
TOTAL (A) |
531.339 |
562.723 |
678.892 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
111.700 |
103.993 |
78.399 |
|
|
|
Employees Benefit Expense |
206.143 |
197.635 |
217.529 |
|
|
|
Other Expenses |
182.950 |
225.133 |
257.781 |
|
|
|
TOTAL (B) |
500.793 |
526.761 |
553.709 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
30.546 |
35.962 |
125.183 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6.581 |
2.550 |
0.710 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
23.965 |
33.412 |
124.473 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.389 |
3.784 |
4.564 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
20.576 |
29.628 |
119.909 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
5.585 |
8.340 |
42.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
14.991 |
21.288 |
77.909 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
24.839 |
55.948 |
44.071 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
2.062 |
2.062 |
5.156 |
|
|
|
Income Tax on Proposed Dividends |
0.335 |
0.335 |
0.876 |
|
|
|
Transfer to General Reserve |
20.000 |
50.000 |
60.000 |
|
|
BALANCE CARRIED
TO THE B/S |
17.433 |
24.839 |
55.948 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Professional & Consultancy Fees |
2.683 |
2.252 |
0.738 |
|
|
TOTAL EARNINGS |
2.683 |
2.252 |
0.738 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Materials |
0.546 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
0.546 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.27 |
10.32 |
37.78 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.82
|
3.78 |
11.48 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.95
|
5.36 |
17.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.29
|
6.45 |
26.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.09 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.38
|
0.37 |
0.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.39
|
4.72 |
3.74 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2012 (Rs.
in millions) |
31.03.2011 (Rs.
in millions) |
31.03.2010 (Rs.
in millions) |
|
Sundry Creditors
|
|
|
|
|
- Creditors |
44.763 |
24.352 |
11.258 |
|
Total |
44.763 |
24.352 |
11.258 |
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
No |
FINANCIAL
PERFORMANCE
The Company has
recorded revenue of Rs.531.300 millions during the financial year. The operating
margins stood at 6.85% of the revenue with Rs.36.400 millions.
The company
recorded an earning of Rs 7.27 per share as against Rs 10.32 per share in the
previous year.
INFRASTRUCTURE
The Company has
changed and improved the infrastructure at
MARKET PERFORMANCE
Nelito’s own
software products continue to receive good response from the market and they
are rated best in Tier II and Tier III Banks. Consolidating its strengths in
the areas of software development, implementation, data management and support
services, Nelito made paradigm shift in its offerings by positioning as System
Integrator in large Banks. The early wins with long term revenue model in
Integrated Treasury Solutions and MIS Automatic Data Flow (ADF) as SI
established a good reputation in the market. The company has reoriented its
offerings to the market needs and geared up to handle large turnkey projects.
The E-Governence
vertical is also beginning to be established in the organization and a sizeable
project references have been created during the year in State, Central and
Defence organizations.
In the area of
Packaged Implementations, Nelito continues to have a leadership position.
During the year, Nelito enlarged its offerings in the areas of Data Management
Services, Facility Management Services and third party project executions with
impressive wins from coveted organizations. “Payment Solutions” is yet another
practice introduced by Nelito with offerings such as SWIFT with Service Bureau,
RTGS and Payment Gateway. In the first year of launching, 50 clients have been
added for SWIFT in South East Asia with good references in
PRODUCT / SOFTWARE
DEVELOPMENT
The Core Banking
Solution “FinCraft Core” continued its momentum in tier II and tier III Banks.
During the year, company has received 8 prestigious orders from leading DCCBs
and UCBs. Large repeat business have also been received from some of the
accounts to manage total IT infrastructure as part of System Integration for
next five years. In order to expand market share, Nelito has positioned its
Core Banking Solution under ASP model.
OUTLOOK
The RBI/NABARD
regulations and business compulsions from Co-operative Banks to retain
customers have ensured further longevity to the Core Banking and related
solutions in Tier II and Tier III Banks. Nelito has been the forerunner in
providing MIS ADF in the Banking Sector. While Nationalised Banks have already
taken initiative to implement MIS ADF, the private and cooperative Banks are no
exception to implement these regulations in the next few years. Nelito believes
a strong business model for the MIS ADF on the lines of Core Banking for longer
sustenance.
The company has
come out with excellent solutions in the emerging potential opportunities like
RTGS, NEFT, CRM, Data Warehousing, Integrated Security Solutions, payment
solutions, Cheque Truncation, etc., to improve its offerings in the Banking
industry.
In e-Governance
space, while continuing the specific programs like automation of Primary
Agricultural Societies,
Municipal
Corporations, e-District, etc., Nelito is establishing relationship with large
System Integrators to take part in providing complementary solutions and
implementation services.
CONTINGENT
LIABILITIES: (AS ON 31.03.2012)
i. Bank Guarantees
issued by Banks on behalf of the Company Rs.47.553 millions, partly secured against
Fixed Deposits with Banks amounting to Rs.7.516 millions
ii. Disputed
Demands of Income Tax Rs.3.331 millions, which has already been deposited.
iii. Disputed
Penalty of Rs.36.800 millions on disallowance of non-compete compensation fee.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U72900MH1995PLC088816 |
|
Name of the
company |
NELITO SYSTEMS LIMITED |
|
Address of the
registered office or of the principal place of business in |
A1/251, Shah Nahar Industrial Estate, Dhanraj Mill Compound, Lower
Parel, Mumbai - 400 013, E-Mail: nelitobo@vsnl.com |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
10205115 |
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
Bank of India,
Mumbai (Main) Branch, 70-80, Mahatma Gandhi Road, Post Box No.238, Mumbai –
400 001, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
First
Supplemental Deed of Hypothecation |
|
Date of
instrument Creating the charge |
15.06.2012 |
|
Amount secured by
the charge |
Rs.110.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Commission on guarantee
50% of 0.75% per Qtr. + Rs.180/- Handling Charges + Rs.250/- Postages +
Service Tax 12.36% on commission and handling charges. Interest on Cash
Credit Limit as determined by the Bank Terms of
Repayment: On demand Margin: Margin: 15% for
Bank Guarantee Limit Extent and
Operation of the charge: To secure
additional Bank Guarantee Limit of Rs.40.000 millions plus earlier Cash
Credit Limit of Rs.30.000 millions and Bank Guarantee Limit of Rs.40.000
millions aggregating to Rs.110.000 millions granted by the Bank to the
Company. Others: The charge of
Bank of India ranks pari passu with the Zoroastrian Co-Operative Bank
Limited. |
|
Short particulars
of the property charged |
The borrower
hypothecates by way of first charge in favour of the bank :- (i) All tangible
movable machinery and plant both present and future whether installed or not
and whether lying loose or in cases at site or in transit or at the
borrower's premises/godowns or wherever else the same may be. (ii) All tangible
movable property and assets of whatsoever nature both present and future and
including stock of computers, other spares and software products wheresoever
situate and/or in transit. (iii) All the
present and future book debts, outstanding, money receivables, claims, bills
which are due and owing to the borrower in the course of its business by any
firm, company or body corporate or by the central government or any state
government or any government department or office or any municipal or local
or public or semi governmental body or authority. |
|
Particulars of
the present modification |
The Bank
Guarantee Limit has enhanced from Rs.40.000 millions to Rs.80.000 millions
and the Cash Credit Limit of Rs.30.000 millions remains unchanged and all the
hypothecated assets created under the principal deed of hypothecation shall
with effect from 15.06.2012 constitute security to the bank for the New
Aggregate Limit of Rs.110.000 millions together with interest/ commission and
other monies payable thereon. |
Fixed Assets:
Tangible Assets
v Buildings - Leasehold
v Electrical Installations
v Furniture and Fittings
v Vehicles
v Office Equipments
v Air Conditioner
v Computers
Intangible Assets
v goodwill
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 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.54.20 |
|
|
1 |
Rs.87.00 |
|
Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.