MIRA
INFORM REPORT
|
Report Date : |
13.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
SICOM LIMITED |
|
|
|
|
Registered
Office : |
Solitaire Corporate Park, Building No. 4, Guru Hargovindji Road,
Andheri (East), Mumbai – 400093, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
31.03.1966 |
|
|
|
|
Com. Reg. No.: |
11-013459 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.628.700 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65990MH1966PLC013459 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS37823C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS5524J |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company is
primarily engaged in the business of extending financial assistance to small
and medium enterprises. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 37000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a Maharashtra Government company hold 49.11% of Stake. It is a well established and reputed company having a good track
record. Financial position of the company appears to be strong. There appears huge external borrowing of the company which may impact
the liquidity position. However, Fundamental of the company appears to be strong. Good
financial support from its holding companies. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitments. The company can be considered for normal business dealing 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A1+ |
|
Rating Explanation |
Having very strong degree of safety regarding
timely payment of financial obligation it carry lowest credit risk. |
|
Date |
December, 2010 |
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.
LOCATIONS
|
Registered Office : |
Solitaire Corporate Park, Building No. 4, Guru Hargovindji Road,
Andheri (East), Mumbai – 400093, Maharashtra, India |
|
Tel. No.: |
91-22-66572700 |
|
Fax No.: |
91-22-28391388/ 28391857 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Regional Office : |
Located at: · Aurangabad · Nagpur · Nashik · Pune · New Delhi |
DIRECTORS
(AS ON 28.06.2012)
|
Name : |
Mr. Ramunni Menon Premkumar |
|
Designation : |
Chairman - Nominee - Government of Maharashtra |
|
Address : |
101, Praneet, Dr. Jayant Palkar Marg, Worli, Mumbai – 400030,
Maharashtra, India |
|
Date of Appointment : |
31.03.2006 |
|
DIN No.: |
00328942 |
|
|
|
|
Name : |
Mr. Prakash Baburao Nimbalkar |
|
Designation : |
Director |
|
Address : |
Flat No B - 221,
Vikasini Co-Operative Housing Society Limited, Plot No 1 - C, Sector 8-B, CBD
Belapur, Navi Mumbai – 400614, Maharashtra, India |
|
Date of Appointment : |
02.05.2003 |
|
DIN No.: |
00109947 |
|
|
|
|
Name : |
Mr. Surinder Singh Kohli |
|
Designation : |
Director |
|
Address : |
J – 170, Rajouri Garden, New Delhi – 110027, India |
|
Date of Appointment : |
24.05.2012 |
|
DIN No.: |
00169907 |
|
|
|
|
Name : |
Mr. Krishnamurthy Padmanabhan |
|
Designation : |
Director |
|
Address : |
1401/1402, Vinyak Angan, Old Prabhadevi Road, Worli, Mumbai – 400025,
Maharashtra, India |
|
Date of Appointment : |
28.04.2010 |
|
DIN No.: |
00013565 |
|
|
|
|
Name : |
Mr. Sanjay Sethi |
|
Designation : |
Nominee Director |
|
Address : |
5, Yashodhan, Dinshaw Watchha Road, Churchgate, Mumbai – 400020,
Maharashtra, India |
|
Date of Appointment : |
28.04.2010 |
|
DIN No.: |
02235406 |
|
|
|
|
Name : |
Mr. Sridar Venkatesan |
|
Designation : |
Director |
|
Address : |
303A, H. P.
Employees CHS, Plot No. NDR – 11, Tilak Nagar, Chembur, Mumbai – 400089, Maharashtra,
India |
|
Date of Appointment : |
29.09.2011 |
|
DIN No.: |
02241339 |
|
|
|
|
Name : |
Mr. Rahul Gupta |
|
Designation : |
Nominee Director |
|
Address : |
R 2401/2402,
Wing - C, Raheja Atlantis, Ganpatrao Kadam Marg, Worli, Mumbai – 400018,
Maharashtra, India |
|
Date of Appointment : |
20.07.2010 |
|
DIN No.: |
03068111 |
|
|
|
|
Name : |
Mr. Jagdish Prasad Gupta |
|
Designation : |
Nominee Director |
|
Address : |
38/2, South
Central Zone, Cultural Centre, 56/1, Civil Line, Nagpur - 440001,
Maharashtra, India |
|
Date of Birth/Age : |
2306.1963 |
|
Date of Appointment : |
20.07.2010 |
|
DIN No.: |
03154468 |
|
|
|
|
Name : |
Mr. Baldev Harpal Singh |
|
Designation : |
Managing Director |
|
Address : |
30, 5th Floor, Amber, N D Road, M Hill, Mumbai –
400006, Maharashtra, India |
|
Date of Appointment : |
08.07.2011 |
|
DIN No.: |
03577274 |
|
|
|
|
Name : |
Mr. Neera Saggi |
|
Designation : |
Director |
|
Address : |
D – 14, ITO Colony, 4th Floor, Peddar Road, Mumbai –
400026, Maharashtra, India |
|
Date of Appointment : |
24.05.2012 |
|
DIN No.: |
00501029 |
|
|
|
|
Name : |
Mr. Shivaji Kshatrapati |
|
Designation : |
Nominee Director |
|
Address : |
602, Nilambari, Maharshi Karve Road, Mumbai – 400021, Maharashtra,
India |
|
Date of Appointment : |
24.03.2009 |
|
DIN No.: |
01185381 |
KEY EXECUTIVES
|
Name : |
Mr. Swati Dharmesh Desai |
|
Designation : |
Company Secretary |
|
Address: |
Nirmal, 1st Floor, Nariman Point, Mumbai – 400021, Maharashtra, India |
|
Date of Appointment : |
19.02.2007 |
|
PAN No.: |
AABPM4800B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 28.06.2012)
Equity Shareholding Details file Attached.
(AS ON 28.06.2012)
|
Names of Shareholders |
|
No. of Shares (Preference) |
|
|
|
|
|
JCF BIN II C/O DTOS Limited, 4th Floor, IBL House Caudan, Port Louis,
Mauritius |
|
1908944 |
|
JCF BIN II – A C/O DTOS Limited, 4th Floor, IBL House Caudan, Port Louis,
Mauritius |
|
125617 |
|
JCF BIN II – B C/O DTOS Limited, 4th Floor, IBL House Caudan, Port Louis,
Mauritius |
|
115439 |
|
|
|
|
|
Total |
|
2150000 |
(AS ON 30.09.2012)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Government (Central and state) |
|
49.11 |
|
Nationalised or Other Banks |
|
0.02 |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
45.11 |
|
Bodies corporate |
|
5.46 |
|
Other top fifty shareholders |
|
0.30 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is
primarily engaged in the business of extending financial assistance to small
and medium enterprises. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
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|
Bankers : |
· Jammu and Kashmir Bank Limited 79A Mehta House, Bombay Samachar Marg, Fort, Mumbai - 400001, Maharashtra, India · HDFC Bank Nariman Point Branch,
101-104, Tulsiani Chambers, Free Press Journal Marg, Mumbai - 400021,
Maharashtra, India |
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Facilities : |
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||||||||||||||||||||||||||||||||||||
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|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Company Chartered Accountant |
|
Address : |
1st Floor, Lodha Exielus, Apollo Mills Compound, N M Joshi Marg,
Mahalaxmi, Mumbai – 400011, Maharashtra, India |
|
PAN No.: |
AAIFB7357B |
|
|
|
|
Subsidiaries : |
· SICOM Investments and Finance Limited 402, Ground Floor, Solitaire Corporate Park, Building No. 4, Guru
Hargovindji Road (Andheri Ghatkopar Link Road), Chakala, Andheri (East)
Mumbai – 400093, Maharashtra, India CIN No.: U65922MH1996PLC096684 ·
SICOM ARC limited 14, Onlooker Building, Sir P.M. Road, Fort, Mumbai - 400 001,
Maharashtra, India CIN No.: U74999MH2001PTC131469 · SICOM Realty Limited 401, Ground Floor, Solitaire Corporate Park, Building No. 4, Guru
Hargovindji Road (Andheri Ghatkopar Link Road), Chakala, Andheri (East)
Mumbai - 400 093, Maharashtra, India CIN No.: U70102MH2007PLC172215 ·
SICOM Capital Management Private Limited 402, Ground Floor, Solitaire Corporate Park, Building No. 4, Guru
Hargovindji Road (Andheri Ghatkopar Link Road), Chakala, Andheri (East)
Mumbai - 400 093, Maharashtra, India CIN No.: U15999PN1996PTC099021 · SICOM Trustee Company Private Limited CIN No.: U74999PN1997PTC108991 |
CAPITAL STRUCTURE
(AS ON 31.03.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.10/- each |
Rs.2000.000 Millions |
|
50000000 |
Preference Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.2500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60720000 |
Equity Shares |
Rs.10/- each |
Rs.607.200 Millions |
|
2150000 |
0% Preference Shares |
Rs.10/- each |
Rs.21.500 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.628.700 Millions
|
Shareholders
holding more than 5% shares as at 31 March 2012 are as follows:
|
Name of the shareholders (Equity Shares) |
No. of Shares |
Amount |
% Holding |
|
|
|
|
|
|
Government of Maharashtra |
29820800 |
298.208 |
49.11 |
|
JCB Bin II |
19719436 |
197.194 |
32.48 |
|
Gabbro Limited |
5182048 |
51.820 |
8.53 |
|
Name of the shareholders (Preference Shares) |
No. of Shares |
Amount |
% Holding |
|
|
|
|
|
|
JCF Bin II |
1908944 |
19.089 |
88.79 |
|
JCB Bin II – A |
125617 |
1.257 |
5.84 |
|
JCF Bin II – B |
115439 |
1.154 |
5.37 |
There was no issue of shares during the year.
Terms of Conversion:
Preference Shares
of Rs.10 each fully paid, are compulsorily convertible into equity shares of Rs.10
each at the option of shareholders, after expiry of one year and before the end
of five years from the date of allotment (26 March 2008). The above preference
shares shall be converted at a price which is equivalent to 15 times of the
earning per share of the financial year immediately preceding the year in which
the conversion takes place. Conversion option has not been exercised as at
March 31, 2012.
Rights, Preferences and Restrictions attached to
each class of shares
The Company has
issued two classes of shares i .e. equity shares and preference shares both
having par value of Rs.10 each per share.
Each holder of
equity shares is entitled to one vote per share in the meeting of equity
shareholders.
Each holder of
compulsorily convertible preference shares (CCPS) is entitled to one vote per
share in the meeting of preference shareholders.
In case of liquidation of the Company, the CCPS holders shall be given
preference over equity 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 |
628.700 |
628.700 |
628.700 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
8569.280 |
6851.002 |
5614.915 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
9197.980 |
7479.702 |
6243.615 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
23054.805 |
27407.958 |
30810.701 |
|
|
2] Unsecured Loans |
13340.911 |
7466.235 |
4649.876 |
|
|
TOTAL BORROWING |
36395.716 |
34874.193 |
35460.577 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
14.138 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
45593.696 |
42368.033 |
41704.192 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
359.261 |
344.590 |
355.991 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1560.472 |
1611.408 |
1370.619 |
|
|
DEFERREX TAX ASSETS |
187.247 |
0.000 |
123.139 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1199.770
|
3414.895 |
434.644 |
|
|
Sundry Debtors |
17.924
|
689.058 |
7.529 |
|
|
Cash & Bank Balances |
143.293
|
275.616 |
505.727 |
|
|
Other Current Assets |
833.511
|
701.324 |
71.503 |
|
|
Loans & Advances |
66233.230
|
49309.261 |
39849.470 |
|
Total
Current Assets |
68427.728
|
54390.154 |
40868.873 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
13.016
|
18.150 |
|
|
|
Other Current Liabilities |
23999.143
|
13522.567 |
|
|
|
Provisions |
928.853
|
437.402 |
63.238 |
|
Total
Current Liabilities |
24941.012
|
13978.119 |
1014.430 |
|
|
Net Current Assets |
43486.716
|
40412.035 |
39854.443 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
45593.696 |
42368.033 |
41704.192 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
9143.025 |
6837.859 |
4698.583 |
|
|
|
Other Income |
138.130 |
100.427 |
452.400 |
|
|
|
TOTAL (A) |
9281.155 |
6938.286 |
5150.983 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Benefits Expense |
89.113 |
85.687 |
74.251 |
|
|
|
Other Expenses |
145.357 |
184.822 |
161.954 |
|
|
|
Provision for credit losses/write-offs and write-backs |
722.343 |
600.576 |
533.433 |
|
|
|
Prior Period Items charge /(credit) |
(8.861) |
(3.633) |
(3.415) |
|
|
|
TOTAL (B) |
947.952 |
867.452 |
773.053 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8333.203 |
6070.834 |
4377.930 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5670.861 |
3623.583 |
2524.139 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2662.342 |
2447.251 |
1853.791 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.694 |
12.923 |
17.988 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2653.648 |
2434.328 |
1835.803 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
864.800 |
1063.160 |
605.803 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1788.848 |
1371.168 |
1230.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3716.540 |
2781.962 |
1904.178 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Special Reserve under Income
Tax Act, 1934 |
357.800 |
57.272 |
39.146 |
|
|
|
Transfer to Reserve under RBI Act, 1934 |
55.100 |
274.234 |
246.700 |
|
|
|
Transfer to General Reserve |
44.700 |
34.279 |
30.850 |
|
|
|
Proposed Dividend |
60.700 |
60.720 |
30.360 |
|
|
|
Dividend Distribution Tax |
9.900 |
10.085 |
5.160 |
|
|
BALANCE CARRIED
TO THE B/S |
4977.188 |
3716.540 |
2781.962 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
-Basic |
29.46 |
22.58 |
20.26 |
|
|
|
-Diluted |
29.43 |
22.56 |
20.23 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
19.27
|
19.76 |
23.88 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
29.02
|
35.60 |
39.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.86
|
4.45 |
4.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.33 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.96
|
4.66 |
5.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.74
|
3.89 |
40.29 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
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 |
No |
|
19] |
Payments terms |
No |
|
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 |
Yes |
UNSECURED LOANS
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
Deposits from PSUs / PSEs /Corporates |
1500.000 |
2000.800 |
|
Loans repayable
on demand from other parties |
|
|
|
Loan from Government of India (Food Ministry) |
14.100 |
14.100 |
|
Loan from Government of Maharashtra (GOM) - Interest bearing readjustment loan |
460.258 |
460.258 |
|
Bonds (Guaranteed by Government of Maharashtra Redeemable at par upto 2011) |
-- |
20.000 |
|
Deposits from PSUs/ PSEs/ Corporates |
11216.553 |
4971.077 |
|
Other Loans and
advance |
|
|
|
Commercial Paper |
150.000 |
-- |
|
|
|
|
|
Total |
13340.911 |
7466.235 |
NOTE:
The Registered office of the company has been
shifted from Nirmal Building, 1st Floor, Nariman Point, Mumbai –
400021, Maharashtra, India, to the present address w.e.f. 10.03.2011.
FINANCIAL HIGHLIGHT:
The total income has gone up by 34% and profit
after tax has gone up by 30% over the previous year.
The earning per Shares (EPS) for the year has
improved to Rs.29.46 per Shares from Rs.22.58 per shares in the previous year.
Continued focus on
Asset Liability management function and management of portfolio risk has helped
the Company in ensuring improvement in the performance.
OPERATIONS:
Sanctions and
Disbursements, for the year were Rs.68750.000 Millions and Rs.59330.000
Millions as compared to Rs.49470.000 Millions and Rs.53400.000 Millions last
year, up by 39% and 11% respectively over the previous year.
The Company
continues to offer structured products to meet specific requirements of its
clients thereby creating a niche for itself. As a result, the Company has been
able to attract reputed industrial groups.
The Asset base of
the Company stood at Rs.70530.000 Millions as on March 31, 2012 against
Rs.56350.000 Millions as on March 31, 2011. Short term advances (Short term
loans and Bill Discounting) accounted for 78% of the asset base. Long Term
Loans, Medium Term Loans, Investments and other assets constituted 6%, 9%, 2%
and 5% of the asset base respectively.
Bank borrowings
(Lines of Credit and Short Term Loans) constituted 33% of the total resources.
Other borrowings include PSU deposits (48%), Re-adjustment loan from GOM (1%),
Networth (13%) and others (5%).
The interest income
on various loan products (80%) formed the major component of total income.
Balance income\ comprised of discounting income (14%), Income from Treasury
Operations (1%), fee based income (1%) and other income (4%).
The rupee so earned
got distributed as financial expenses (61%), establishment expenses (1%),
administrative expenses (1%), Tax (9%), Write-off, Provision & Loss (8%)
and profit after tax (20%).
BACKGROUND
The Company is
registered as a Non- Banking Financial Company (‘NBFC’) (non- deposit
accepting) as defined under section 45-1A of the Reserve Bank of India (‘RBI’)
Act,1934. The Company was incorporated on 31st March 1966. The
Company is primarily engaged in the business of extending financial assistance
to small and medium enterprises.
FORM 8
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U65990MH1966PLC013459 |
|
Name of the
company |
SICOM LIMITED |
|
Address of the
registered office or of the principal place of business in |
Solitaire
Corporate Park, Building No. 4, Guru Hargovindji Road, Andheri (East), Mumbai
– 400093, Maharashtra, India |
|
Type of charge |
Book debts Movable property (not being pledge) |
|
Particular of
charge holder |
Jammu and Kashmir
Bank Limited 79-A, Mehta House,
Bombay Samachar Marg, Fort, Mumbai – 400001, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation
Agreement |
|
Date of instrument
Creating the charge |
17/12/2012 |
|
Amount secured by
the charge |
Rs.1000.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest Base Rate +50 bps
i. e. 11% at present. Terms of
Repayment 10 quarterly
installments of Rs.100.000 Millions each. First installment to start in 1st
quarter after expiry of 6 months moratorium from the date of first
disbursement. Tenor of Loan 3 years subject to moratorium aforesaid Margin 15% Extent and
Operation of the charge First exclusive
charge of Hypothecation of specific receivables/ Book Debts etc. as described
in column No.15 to secure Term Loan of Rs.1000.000 Millions along with
interests, additional interest, penal interest, costs, charges, expenses for
preservation, defence, perfection and protection of the security. |
|
Short particulars
of the property charged |
All the principal
receivables, Book Debts outstanding, moneys receivables, claims and all moneys
due / becoming due to the borrower company whether by way of instalments of
principal amounts or any balance thereof or any interest or rentals or other
charges and reimbursements and compensations of any nature or otherwise
relating to the financial assistance granted to its constituents specified by
the borrower company in the Schedule to the hypothecation deed being the
specific receivables aggregating Rs.1400.000 Millions. |
|
Whether any of the property or interest therein under reference is not
registered in the name of the company |
Yes |
|
If yes, in whose name it is registered |
Since these are movables not requiring registration. |
FIXED ASSETS:
· Furniture and Fixture
· Computer
· Office Equipment
· Electronic Telephone Exchange
· Vehicles
· Audio Visual Equipment
· Air Conditioners and Refrigerators
· Other Machinery and Equipment
NEWS
18th LDMA
AWARD CEREMONY
LALIT DOSHI MEMORIAL AWARD FOR THE YEAR 2011- 2012
The Lalit Doshi Memorial Foundation and SICOM Limited have
jointly instituted an award, which is annually given to a SICOM assisted
company having outstanding performance.
For the year 2011-12, John Distilleries Private Limited is the Award Winner.
Essem Technopinz Private Limited and Nahar Textiles Private Limited are additional
award winners.
John Distilleries Private Limited is promoted by Mr. Paul P. John in 1996 and
now it is the Sixth Largest Liquor Company in terms of volumes and is backed by
a strong manufacturing and marketing team. John Distilleries have four own
manufacturing locations covering Maharashtra, Karnataka, Goa, and
Chhattisgarth. The company has taken over sick distillery unit in Maharashtra
and successfully revived the unit. The sales turnover of the Company has
increased from Rs.1800.000 Millions in 2007 to Rs.4850.000 Millions in 2012 .
Essem Technopinz Private Limited is promoted by NRI from Thailand and the
company is in the field of Manufacturing and Marketing of ball pen tips for
almost last two decades. The company has set up three manufacturing units at
MIDC, Satpur, Nashik. The sales Turnover of the company is increased from
Rs.510.000 Millions in 2010 to Rs.660.000 Millions in 2012
Nahar Textiles Private Limited has set up textile factory in Maharashtra at
Tarapur and Dahanu. The Company exports its products to various countries like
USA, Spain, UK, Australia and the Middle East. Current turnover is of the order
of Rs.600.000 Millions.
These awards were presented on 3rd August, 2012 at 6.00 pm by Mr. B.N,
Srikrishna, former Judge, Supreme Court of India at Y. B. Chavan Centre
Auditorium, J.B. Marg, Near Sachivalaya Gymkhana, Mumbai.
Mr. B. N. Srikrishna delivered the Eighteenth Lalit Doshi Memorial Lecture on
"Judicial Activism".
SICOM INVOKES RS 0.955 MILLION SUJANA TOWERS
SHARES
Swati Bharadwaj Chand, TNN October 1, 2012
Hyderabad: In a
significant development, Mumbai-based SICOM Limited has invoked 0.955 Million
shares of Hyderabad-based Sujana Towers Ltd following the failure of the
promoters to repay the money raised by the promoters of the company against the
pledged shares from SICOM.
The shares were
pledged with SICOM by Sujana Capital Services Limited. Heavy electrical
equipments maker Sujana Towers is part of the Sujana group promoted by Rajya
Sabha MP Y S Chowdary.
According to a BSE disclosure made by
the company on Monday, of the 9,61,825 shares of Sujana Towers held by Sujana
Capital Services Limited, which accounts for 0.19% of the total share capital of
the company, SICOM had invoked 0.955 Million shares on August 28, this year.
However, as per
shareholding data upto June 30, 2012, available with the Bombay Stock Exchange,
Sujana Capital Services held 13,61,825 shares (0.26% stake) of Sujana Towers, of
which 1355000 or 99.5% were pledged.
The promoters of
Sujana Towers held 36.76% stake in the company as of June 30, 2012, of which
70.39% was pledged with various banks and financial institutions.
As of quarter
ended March 2012, only 8.39% of the total promoter equity in the company was
pledged.
The company's
scrip, which has a face value of Rupee one per share, closed 2.61% down at Rs
4.86 a share on BSE on Monday.
SICOM INVOKES 0.500
MILLION PLEDGED BARTRONICS INDIA SHARES
Hyderabad: No sooner had it invoked 0.955 Million shares of Hyderabad-based heavy electrical equipment maker Sujana Towers Ltd, than state-run, Mumbai-based SICOM Limited has now invoked over 0.500 Million shares of another city-based firm - Bartronics India Limited that were pledged with it by the company's promoters to raise funds.
Beleaguered automatic identification and data capture solutions provider Bartronics India Limited on Thursday informed the bourses that SICOM had invoked 5,08,260 shares of the company on September 28, 2012.
While SICOM has invoked 3,73,060 shares of AB Neeta Reddy, comprising 1.1% stake of the company, it has also invoked 1,35,200 shares of Shobha Rani Reddy that comprise 0.40% stake of Bartronics. With this both Neeta Reddy and Shobha Reddy cease to have any stake in the company and SICOM now holds 1.5% stake in Bartronics. When a promoter pledges stake with a bank or financial institution as security to raise funds, in case of default the lender can invoke the pledge on the shares and take control of these shares.
As of shareholding
data available on BSE upto quarter ended March 31, 2012, the company's
promoters held 22.80% stake in the company, of which 57.80% was pleged with
banks and financial institutions.
Interestingly, it
was only on September 7 this year that the loss-making Bartronics had informed
the bourses that it had wrapped up a rejig of its domestic and international
operations in a bid to sharpen its business focus and tap opportunities. As
part of the revamp, the company had made Singapore the headquarter of its
international business, created a separate subsidiary Bartronics Global
Solutions as an off-shore development centre and reorganized its Indian
operations into three different divisions - identification solutions, financial
inclusion and e-governance divisions.
The company has been
making losses over the past few quarters and posted a net loss of around Rs
260.000 Millions for the quarter ended June 30, 2012, on a total income of Rs
1000.000 Millions as against profits of Rs 310.000 Millions on a total income
of Rs 2620.000 Millions during the corresponding quarter of last fiscal. The
company has extended its 2011-12 fiscal by six months upto September 2012.
Bartronics, which
was set up in 1990 as a bar code solutions provider by RK Mehta and later
acquired by the Reddy family in 2000, designs technology-enabled solutions
across technology consulting, hardware and RFID tag manufacturing, custom
software development, product engineering, systems integration and BPO. It has
a 100 million smart card per annum capacity manufacturing in Ranga Reddy
district of Andhra Pradesh.
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 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.53.96 |
|
|
1 |
Rs.84.49 |
|
Euro |
1 |
Rs.72.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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.