MIRA
INFORM REPORT
|
Report Date : |
21.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
SAI INFOSYSTEM (INDIA) LIMITED (w.e.f. 24.01.2008) |
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Formerly Known As : |
SAI INFOSYSTEM ( |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
01.01.2003 |
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Com. Reg. No.: |
04-041786 |
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Capital Investment / Paid-up Capital : |
Rs.230.901 Millions |
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CIN No.: [Company
Identification No.] |
U3007GJ2003PLC041786 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMS05903C |
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PAN No.: [Permanent
Account No.] |
AAHCS2059R |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Personal Computers and I T Software and Telecom
Projects. |
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Employees : |
1800 (Approximately) (In Office + In Factory) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 12000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having good track record. The
latest financials are not made available with the government department. As per previous year, the financials position of the company appears to
be strong. There appears a considerable increase in the sales turnover of the
company during the year 2011. Trade relations are reported as trustworthy. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered good for normal 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
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 |
CRISIL |
|
Rating |
LONG TERM RATING : CRISIL BBB+ |
|
Rating Explanation |
Having moderate degree of safety regarding timely servicing of financial
obligation it carry moderate credit risk. |
|
Date |
April, 2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
SHORT TERM RATING : CRISIL A2 |
|
Rating Explanation |
Having strong degree of safety regarding timely payment of financial obligation
it carry low credit risk. |
|
Date |
April, 2012 |
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
|
Name : |
Mr. Ritesh Acharya |
|
Designation : |
Senior Finance Manager |
|
Contact No.: |
91-8000759705 |
|
Date : |
20.02.2013 |
LOCATIONS
|
Registered Office/ Factory : |
|
|
Tel. No.: |
91-79-30110400 |
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Mobile No.: |
91-8000759705 (Mr. Ritesh Acharya) |
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Fax No.: |
91-79-26763072 |
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E-Mail : |
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Website : |
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|
Location : |
Owned |
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Administrative Office: |
“Saicare” Paresh Co-op. Housing Society, Near Stadium Petrol Pump,
Near Chaitanya Bus Stop, Navrangpura, Ahmedabad – 380 014, Gujarat, India |
|
Tel No.: |
91-79-26564425 / 260 |
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Branch Office : |
Located at: ·
Ahmedabad ·
·
Mumbai ·
·
Jaipur ·
|
DIRECTORS
As on 29.09.2011
|
Name : |
Mr. Sunil Seurendrakumar Kakkad |
|
Designation : |
Managing Director |
|
Address : |
3 Ashwaraj Bunglos, Near Auda Garden, Prahalad Nagar Road, Satellite, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
10.05.1971 |
|
Qualification : |
B.E. Electronics and Telecommunication |
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Date of Appointment : |
01.01.2003 |
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DIN No. : |
00613257 |
|
Name : |
Mr. Subodhchandra Trambaklal Shah |
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Designation : |
Director |
|
Address : |
Sneh Roop, Rajnagar Club Street, Ellisbridge, Ahmedabad – 380 009, Gujarat, India |
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Date of Birth/Age : |
20.01.1937 |
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Qualification : |
F.CA., ACS. |
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Date of Appointment : |
13.03.2008 |
|
DIN No. : |
00317408 |
|
Name : |
Mr. Gautam Chandrakant Gandhi |
|
Designation : |
Director |
|
Address : |
ADJ TO 2 Prabhat Society, Paldi, Ahmedabad – 380007, Gujarat, India |
|
Date of Birth/Age : |
28.11.1935 |
|
Qualification : |
B.A. L.L.B |
|
Date of Appointment : |
15.04.2008 |
|
DIN No. : |
00049735 |
|
Name : |
Mr. Prem Puran Behl |
|
Designation : |
Director |
|
Address : |
E-6, Defence Colony, New Delhi – 110 024, India |
|
Date of Birth/Age : |
10.09.1944 |
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Qualification : |
B.A.(Hons) |
|
Date of Appointment : |
30.05.2009 |
|
DIN No. : |
00409205 |
|
Name : |
Mr. Maheshchander Mulkhraj Julka |
|
Designation : |
Whole-time director |
|
Address : |
B-104, Sagar Tower, Premchand Nagar Road, Ahmedabad – 380 015, Gujarat, India |
|
Date of Birth/Age : |
26.11.1944 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
01.12.2010 |
|
DIN No. : |
00153180 |
|
Name : |
Mr. Narinder Sharma |
|
Designation : |
Whole-time director |
|
Address : |
House No.25, Sector 8-A, Chandigarh – 160008, India |
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Date of Birth/Age : |
07.10.1943 |
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Date of Appointment : |
16.07.2011 |
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DIN No. : |
00150124 |
KEY EXECUTIVES
|
Name : |
Mr. Hemalkumar Janardanbhai Sadiwala |
|
Designation : |
Company Secretary |
|
Address : |
6, Jaykishan Society, Maninagar (East), Ahmedabad – 380 008, Gujarat,
India |
|
Date of Appointment : |
10.05.2010 |
|
PAN No. : |
AZQPS0950E |
|
|
|
|
Name : |
Mr. Ritesh Acharya |
|
Designation : |
Senior Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
|
Names of Shareholders |
|
No. of
Equity Shares |
|
Sunil Seurendrakumar Kakkad |
|
3756832 |
|
Vijay Mansangbhai Mandora |
|
801000 |
|
Cameo Infotech Private Limited (Formerly known as Kishore Computers
Private Limited), |
|
1726678 |
|
Bennett Coleman and Company Limited, |
|
359736 |
|
Jyoti Kakkad |
|
817504 |
|
Surendra Kakkad |
|
129375 |
|
Sunil S Kakkad (HUF) |
|
555562 |
|
Saumya S Kakkad |
|
23927 |
|
Ranjana Gupta |
|
50000 |
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Vinay Kumar Gupta |
|
50000 |
|
Tanya Infocontrol Private Limited, India |
|
50000 |
|
E-Zone Infowork Private Limited, India |
|
50000 |
|
I-Soft Technocare Private Limited, India |
|
33000 |
|
Ritesh Mehta |
|
274451 |
|
Power Infocontrol and Services Private Limited, India |
|
206250 |
|
Swan Infocomm Private Limited, |
|
205833 |
|
Total |
|
9090148 |
As on 29.09.2011
|
Names of Shareholders |
|
No. of
Preference Shares |
|
Brand Equity Treaties Limited, India |
|
1 |
List of allottees
As on 30.01.2012
|
Names of Shareholders |
|
No. of
Equity Shares |
|
Brand Equity Treaties Limited, India |
|
76710 |
As on 29.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
28.94 |
|
Directors
or relatives of directors |
|
58.12 |
|
Others
|
|
12.94 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Personal Computers and I T Software and Telecom
Projects. |
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Products : |
·
Hardware ·
DG S and D ·
Software Solution ·
KPO/BPO ·
STPI/ SEZ |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers: |
Wholesalers, Retailers and End Users |
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No. of Employees : |
1800 (Approximately) (In Office + In Factory) |
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Bankers : |
·
State Bank of Industrial Finance Branch, Gujarat Bhavan,
Opp. M J Library, Ellisbridge, Ahmedabad – 380 006, ·
Allahabad Bank S P Nagar Branch, Navin House, Opp. S P
Seva, Samaj Bhavan, Navrangpura, Ahmedabad – 380 006, ·
State Bank of Overseas Branch, 3rd Floor,
Amrut Jayanti Bhavan, Navjivan Trust Complex Navjivan P O Ahmedabad – 380014,
·
Central Bank of S M Road Branch, Satelite, Ahmedabad –
380015, ·
IDBI Bank Limited, Ellisbridge Branch Ahmedabad, ·
Bank of ·
State Bank of Bikaner and Jaipur, CG Road Branch
Ahmedabad, Gujarat, India ·
The Hongkong and Shanghai Banking Corporation
Limited, CG Road Branch Ahmedabad, Gujarat, India ·
Corporation Bank, Industrial Finance Branch,
Rangoli Complex, 1st Floor, Opposite V S Hospital, Ahmedabad - 380007,
Gujarat, India |
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Facilities : |
Note · Rupee Term loans bank secured represents TERM LOAN Primary Security: first pari-passu charge over the assets financed out of bank finance, Collateral Security: pari-passu equitable mortgage of Company’s immovable properties and pari-passu hypothecation of all current assets including book debts, stock of raw material , bills receivables , semi finished and finished goods and other current assets of the Company both present and future. The Company has created the above charges over the current and fixed assets of the Company in favor of consortium banking members which include State Bank of India, IFB Branch Ahmedabad, IDBI Bank Ltd., Ellisbridge Branch Ahmedabad, Bank of Baroda, Ashram Road Branch Ahmedabad, State Bank of Bikaner and Jaipur, CG Road Branch Ahmedabad and Corporation Bank, Aharam Road Branch Ahmedabad. Collateral Security: Assignment of SBI Life Unit Plus II Pension Plan held by the · Company in the name of Directors · Working Capital loans secured represents CASH CREDIT ACCOUNT Primary Security: Pari-passu charge by hypothecation of book debts, Stock of raw material , bills receivables , semi finished and finished goods and all other current assets of the Company both present and future, Collateral Security: pari passu charge over company’s fixed assets situated in the state of Gujarat and Dadara and Nagar Haveli . Collateral Security: Assignment of SBI Life Unit Plus II Pension Plan held by the Company in the name of Directors. · Loans taken for vehicle represent CAR LOAN secured by hypothecation of cars. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Dharmesh Parikh and Company Chartered Accountants |
|
Address : |
303/304, Milestone, Near Drive in Cinema, Opp. T V Tower, Thaltej,
Ahmedabad – 380 054, |
|
Tel. No.: |
91-79-27474466 |
|
Fax No.: |
91-79-27479955 |
|
PAN No.: |
AAGFD1279G |
|
|
|
|
Associates : |
·
Smit Infotech ·
Sai Compuserve
|
|
|
|
|
Subsidiaries : |
·
E-Mail Infotech Private Limited, CIN No.: U32100GJ1997PTC032724 ·
SIS Global FZE-UAE ·
SIS Global Inc-UAE ·
Kompac Technologies Limited ·
Sai Infosystem |
CAPITAL STRUCTURE
After 29.09.2011
Authorised Capital : Rs.320.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.Rs.94.294 Millions
As on 29.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17000000 |
Equity Shares |
Rs.10/- each |
Rs.170.000 Millions |
|
1 |
Preference Shares |
Rs.150000000/- each |
Rs.150.000 Millions |
|
|
Total |
|
Rs.320.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9090148 |
Equity Shares |
Rs.10/- each |
Rs.90.901 Millions |
|
1 |
Preference Shares |
Rs.150000000/- each |
Rs.150.000 Millions |
|
|
Total |
|
Rs.240.901
Millions |
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17000000 |
Equity Shares |
Rs.10/- each |
Rs.170.000 Millions |
|
1 |
Preference Shares |
Rs.150000000/- each |
Rs.150.000 Millions |
|
|
Total |
|
Rs.320.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8090148 |
Equity Shares |
Rs.10/- each |
Rs.80.901 Millions |
|
1 |
Preference Shares |
Rs.150000000/- each |
Rs.150.000 Millions |
|
|
Total |
|
Rs.230.901
Millions |
Out of the above
1.
4936808 Equity Shares
have been allotted as fully paid up for consideration other than for cash.
2.
319765 Equity Shares have
been issued to Convertible Debenture holder upon conversion.
3.
704573 Equity Shares have
been allotted as bonus shares in the ratio 8:1.
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 |
230.901 |
80.901 |
68.401 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2708.248 |
1961.297 |
988.177 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2939.149 |
2042.198 |
1056.578 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2928.828 |
2441.605 |
1078.821 |
|
|
2] Unsecured Loans |
102.905 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
3031.733 |
2441.605 |
1078.821 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5970.882 |
4483.803 |
2135.399 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1290.170 |
1385.657 |
186.404 |
|
|
Capital work-in-progress |
217.499 |
3.324 |
42.153 |
|
|
|
|
|
|
|
|
INVESTMENT |
109.050 |
104.699 |
80.561 |
|
|
DEFERREX TAX ASSETS |
62.592 |
45.916 |
5.581 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1424.052
|
938.766
|
503.607 |
|
|
Sundry Debtors |
3629.327
|
2836.574
|
1515.357 |
|
|
Cash & Bank Balances |
279.032
|
181.130
|
219.111 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
1143.693
|
355.350
|
443.723 |
|
Total
Current Assets |
6476.104
|
4311.820
|
2681.798 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1896.126 |
973.993 |
600.848 |
|
|
Other Current Liabilities |
100.390
|
253.458
|
207.714 |
|
|
Provisions |
188.448
|
141.143
|
59.395 |
|
Total
Current Liabilities |
2184.964
|
1368.594
|
867.957 |
|
|
Net Current Assets |
4291.140
|
2943.226
|
1813.841 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.431 |
0.981 |
6.859 |
|
|
|
|
|
|
|
|
TOTAL |
5970.882 |
4483.803 |
2135.399 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Services |
11385.345 |
7920.210 |
4533.230 |
|
|
|
Other Income |
6.964 |
6.261 |
5.393 |
|
|
|
TOTAL (A) |
11392.309 |
7926.471 |
4538.623 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption Materials Changes Inventories |
9485.961 |
6651.646 |
|
|
|
|
Employee Related Expenses |
63.783 |
38.792 |
|
|
|
|
Administrative Selling Other Expenses |
305.998 |
148.854 |
|
|
|
|
Exceptional (Income) / Expense, |
0.118 |
0.159 |
|
|
|
|
Extraordinary Items |
0.431 |
0.431 |
|
|
|
|
Prior Period Items |
0.000 |
0.134 |
|
|
|
|
TOTAL (B) |
9856.291 |
6840.016 |
3937.508 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1536.018 |
1086.455 |
601.115 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST AND OTHER
FINANCIAL COSTS (D) |
396.792 |
240.048 |
154.093 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1139.226 |
846.407 |
447.022 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
212.672 |
60.682 |
10.437 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
926.554 |
785.725 |
436.585 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
179.603 |
94.817 |
46.496 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
746.951 |
690.908 |
390.089 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
0.000 |
0.000 |
422.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
394.601 |
73.260 |
90.823 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
92.33 |
100.71 |
57.03 |
|
%20LIMITED%20-%20211477%2021-Feb-2013_files/image001.gif){kind=small}
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
16000.000 |
Expected Sales (2012-2013) : Rs.20000.000 Millions
The above information has been parted by Mr. Ritesh Acharya.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.56
|
8.72
|
8.59 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.14
|
9.92
|
9.63 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.93
|
13.79
|
15.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.38
|
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.77
|
1.87
|
1.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.96
|
3.15
|
3.09 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS SUNDRY
CREDITORS:
(Rs.
In Millions)
|
Particulars
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry
Creditors |
|
|
|
|
- due small micro enterprises |
0.000 |
0.000 |
|
|
- due others |
1896.126 |
973.993 |
|
|
Total |
1896.126 |
973.993 |
600.848 |
%20LIMITED%20-%20211477%2021-Feb-2013_files/image002.gif){kind=small}
|
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 |
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
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 |
No |
|
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 |
DETAILS OF
UNSECURED LOANS
(Rs. In
Millions)
|
Particulars |
As
on 31.03.2011 |
As
on 31.03.2010 |
|
|
|
|
|
Other Debt Unsecured |
102.905 |
0.000 |
|
Total |
102.905 |
0.000 |
NOTE
The Registered
Office of the company has been shifted from
OPERATIONS
Keeping ahead with changing times and trends in technology, the company has taken steps to enter in to area of convergence from System Integration and Telecom. SIS will now endeavor to become a multidimensional aggregator and will extend its reach to masses and will touch day to day lives of millions of global citizens. This is a conscious shift, which will strike the balance between the core competencies of the organization and the changing needs while maintaining the basic philosophy of offering total solution to customers. To achieve this, during the year under review, the Company expanded its scope to new geographical areas including UAE and Middle East Countries, Hong Kong, and USA along with addition of some business lines namely data center and cloud computing services.
INCREASE IN SALES
The Turnover of the Company has increased from Rs. 7920.200 Millions to Rs. 11385.300 Millions registering an extensive growth of 43.75%.
IN CREASE IN PROFIT
The profit before depreciation, tax and interest of the Company has also increased from Rs. 1087.000 Millions to Rs. 1536.400 Millions, while the net profit after tax has increased to Rs. 746.900 Millions as compared to previous year’s net profit of Rs. 690.900 Millions registering a growth of 8%.
PROJECTS AND AWARDS
In line of the
conscious efforts in transforming itself from a system integrator to a Telecom
Service Provider Company, the Company has ventured in to Telecom Sector by
entering in to an agreement with BSNL on 22nd January 2010, for launching Voice
and Video Over Broad Band (WOBB) services in northern and western regions of
During the year
the Company has received National Telecom Award 2010 for Innovation in Fixed
Line services given by INFOCOM Business world Initiative -CMAI. The Company has
won the first International Award for THE NEW ERA AWARD FOR TECHNOLOGY,
INNOVATION AND QUALITY given by Otherways Management and Consulting Association,
The company has
also received GESIA Awards for best Hardware and System Integrator Company
awarded by Gujarat Electronic and Software Industries Association (GESIA). The
Company judged the Best System Integrator being 1st in revenue generation for
the year 2007-2008 and 2008-2009 by D G Week, Mumbai.
CONTINGENT LIABILITIES NOT PROVIDED FOR
|
Particulars |
As on 31.03.2011 Rs. in millions |
As on 31.03.2010 Rs. in millions |
|
Claims not
acknowledged by the company – Income Tax |
172.660 |
14.993 |
|
Bank Guarantee
and Letter of Credit |
1021.386 |
534.841 |
|
Corporate
Guarantee |
480.000 |
336.000 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U30007GJ2003PLC041786 |
|
Name of the company |
SAI INFOSYSTEM ( |
|
Address of the registered office or of the principal place of business in |
|
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10090869 |
|
Type of charge |
·
Book debts ·
Movable property (not being pledge) ·
Others (Stock and all current assets and
equipments) |
|
Particular of charge holder |
State Bank of India, Industrial Finance Branch, Gujarat Bhavan, Opp. M
J Library, Ellisbridge, Ahmedabad – 380 006, E-mail Id : sbi.60327@sbi.co.in
|
|
Nature of instrument creating charge |
Supplemental joint deed of hypothecation dated 22nd May
2012 |
|
Date of instrument Creating the charge |
22.05.2012 |
|
Amount secured by the charge |
Rs.9195.500 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest As Per The Terms and Conditions of The Loan Documents Executed on 22nd
May 2012 Terms of Repayment As per the terms and conditions of the loan documents executed on 22nd
May 2012 Margin As per the terms and conditions of the loan documents executed on 22nd
May 2012 Extent and Operation of the charge Loan facilities of Rs.9195.000 millions are secured by way of first
charge on hypothecation on the current assets, movable assets equipments and
stock joint deed of hypothecation as enclosed herewith. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
The Whole of the Current Assets of the Borrow Namely, Stock of Raw
materials, Stocks in process, Semi Finished and Finished Goods, Stores and
spares not relating to Plant and Machinery, Bills receivable and book debts
and all other movables, both present and future laying Borrower factories,
premises and godowns situated at different places in Gujarat or wherever else
in transit or on high sea. All the movable properties including movable plant and machinery, spares,
tools, accessories both present and future situated at of Borrower registered
office at Vastarpur, in the state of Gujarat Parwanoo (H.P.), Bangalore,
Ranchi, Hyderabad and Ernakulum in premises of BSNL and other premises of the
borrower. Supplement Deed of Hypothecation dated 22nd May 2012. |
|
|
22.05.2012 |
|
Particulars of the present modification |
First charge was created under
Charge ID 10090869 amounting to Rs.1700.000 Millions in favour of SBI
Consortium charge as per agreement of
loan dated 18/10/2008 between Company and SBI Consortium Banks, it modified
to Rs. 4150.000 Millions with Loan Agreement dated 16.10.2009. On 17.03.2011
same was further modified for the HSBC share taken over by BOB. On
18/06/2011, it is further modified to Rs. 6660.700 Millions. Lastly said
charge is modified to Rs. 9195.500 Millions with loan documentations dated
22.05.2012. |
FIXED ASSETS
·
Land
·
Office Buildings
·
·
Plant, Machinery and
Equipments
·
Computers
·
Furniture, Fixtures and Electric
Fittings
·
Vehicle
AS PER WEBSITE DETAILS
PRESS RELEASE:
BSNL, SAI INFO EYE RS.750.000 MILLIONS FROM DATA CENTRE BUSINESS
SIS IS AN AHMEDABAD-BASED INFORMATION AND COMMUNICATION TECHNOLOGY
SOLUTION PROVIDER AND SYSTEMS INTEGRATOR
SEPTEMBER 05, 2012
Bharat Sanchar Nigam Limited (BSNL), in
partnership with Sai InfoSystem (India) Limited (SIS), on Tuesday launched its
internet data centres business and is aiming at achieving revenues of
Rs.750.000 Millions from this public-private initiative in the first year.
The state-run telecom services provider had,
in 2011, signed an agreement with SIS to jointly set up internet data centres
in Hyderabad, Bangalore, Chertala (Kerala) and Kolkata.
SIS is an Ahmedabad-based information and
communication technology solution provider and systems integrator.
BSNL, together with SIS, has so far invested
close to Rs.4500.000 Millions to establish these Tier-III level data centres
with 99.982 per cent uptime, through which it will offer managed co-location,
hosting and cloud services.
“Our target is to achieve Rs.150.000 Millions
of business from the Hyderabad centre in the first year. It, however, will take
at least four years from now to reap the capital investment that we have made,”
V Srinivasan, chief general manager (AP circle), BSNL, told mediapersons here
on Tuesday.
According to RK Iyer, vice-president (data
centre), SIS, the joint venture is targeting around 200 small and medium
enterprises (SMEs), of which it expects 100 to embrace its services in the first
year.
The BSNL-SIS joint venture has already started
signing five-year contracts with cooperative banks to offer core banking
solutions. “Though our primary focus is SMEs, we are not averse to catering to
large corporate houses. We are in talks with large organisations, besides
looking at offering data centre services to e-governance initiatives of various
state governments,” Iyer added.
SAI INFOSYSTEM (INDIA) LIMITED ACQUIRES SHARES OF EMERGEO SOLUTIONS
WORLDWIDE INC.
JUL 11, 2012
TORONTO, ONTARIO--(Marketwire -07/11/12)- Sai
InfoSystem (India) Limited ("Sai") has acquired on December 22, 2011
by private placement 3,333,333 common shares of EmerGeo Solutions Worldwide
Inc. ("EmerGeo") at a price of CDN$0.06 per share.
As a result of this acquisition, Sai now holds
3,333,333 shares representing approximately 16% of the total outstanding shares
of EmerGeo.
Sai acquired and holds these shares as the
first part of a two part investment as described in the press release of
EmerGeo dated December 5, 2011, which, if Sai completes the second part of the
investment, will result in Sai owning and controlling shares of EmerGeo
representing approximately 76% of the total outstanding shares of EmerGeo.
However, EmerGeo announced by press release dated February 16, 2012 that the
second part investment by Sai did not proceed with those original terms.
The exemption relied upon by Sai for the
acquisition of the 3,333,333 shares of EmerGeo was Section 2.10 of National
Instrument 45-106 (minimum amount investment exemption) based on an acquisition
cost to Sai as principal in cash on closing of not less than CDN$150,000.
Sai's principal office is at Super Plaza,
Sandesh Press Road, P.O. Bodakdev, Ahmedabad 380 054, Gujarat, India.
NETAPP PARTNERS WITH SAI INFOSYSTEM (INDIA) LIMITED TO CREATE A STRONG
STORAGE INFRASTRUCTURE FOR CLOUD SERVICES WITH BSNL
NEW DELHI – 14 SEPTEMBER, 2011
NetApp India today announced its partnership
with Sai InfoSystem (India) Limited , India’s premier Information Technology
company, to support data center services powered by BSNL and managed by Sai
InfoSystem (India) Limited. Through this affiliation, NetApp will enable Sai
InfoSystem (India) Limited to provide a flexible, efficient and secure
multi-tenant storage environment that will help Sai InfoSystem (India) Limited
-BSNL data centres offer cloud services including co-location, managed hosting
and enterprise cloud services . Cloud services offered by Sai InfoSystem
(India) Limited and BSNL would target the Government segment and large and
medium enterprises.
Highlights
·
As a NetApp Service
Provider Partner, Sai InfoSystem (India) Limited will be able to offer
differentiated services using industry leading storage solutions from NetApp
which would create the foundation for a secure shared infrastructure
environment for its customers.
·
Sai InfoSystem (India)
Limited will leverage storage efficiency features like Thin Provisioning, Thin
Cloning, Thin Replication, De-duplication and Compression on primary and
secondary storage. The reduced operational costs and higher efficiency would
help Sai InfoSystem (India) Limited build flexible and efficient cloud
services.
·
Enablement : Sai
InfoSystem (India) Limited would have access to related technical and sales
trainings from NetApp which would help them build profitable enterprise- class
services based on lower costs and predictable service levels.
·
Joint Go – to – Market:
Under the program NetApp will help Sai InfoSystem (India) Limited expand their
coverage by rolling joint go- to – market initiatives leveraging NetApp’s
selling ecosystem.
Quotes
· Sunil Kakkad, CEO Sai InfoSystem (India) Limited
“NetApp has a very
robust Service Provider program which will help us leverage NetApp’s leading technologies.
In addition, access to NetApp sales and reseller community to reach out to a
wider audience will help us expand our footprint.”
· Rajesh Awasthi, Director - Telecom and Cloud Service Provider, NetApp
India
“Storage is
foundational to business success and what an organisation decides today will
pave the way for future business growth. There is a major shift in the Indian
business environment. Organisations are looking at scalable and flexible
business models using shared IT infrastructure. CIOs are focussed on delivering
IT on Demand and NetApp and Sai InfoSystem (India) Limited would help customers
by enabling IT to be an accelerator of the business”
· Pillappan Karuppiah, A.Vice President - Strategic Initiatives Sai
InfoSystem (India) Limited
“NetApp has global
experience in deploying storage solution for secure multi-tenant storage
services. In addition NetApp technology is best suited for Cloud Service
environment”
SAI INFOSYSTEMS AIMS TO HIT CAPITAL MARKET IN Q4
AUGUST 26, 2009
Having bagged projects like video phone and
video conference services in association with BSNL, Ahmedabad-based Sai
Infosystems (India) Limited (SIS) has expedited the process of hitting the
capital market. The IT solution provider plans to file a DHRP by September this
year and hopes to come out with a public issue by the last quarter of the
current fiscal 2009-10. Moreover, SIS has also revised its investment plans for
the various projects and now intends to raise Rs.2000.000-3000.000 Millions
instead of Rs.1000.000 Millions as planned earlier.
Talking about its IPO plans, Sunil Kakkad,
chairman and managing director of SIS said, "We had earlier planned to
raise only Rs.1000.000 Millions through either venture capital, private equity
or the capital market. But having bagged the video telephony and some other
projects, we are now expediting the process of coming out with an IPO and hope
to hit the capital market by the last quarter of fiscal 2009-10. We now intend
to raise around Rs 200-300 crore through the IPO."
According to Kakkad, "We will be
providing a complete technology for video phone alongwith audio as well as
video devices and will also install an exchange at BSNL's premises. Running
purely on a broadband connection provided by BSNL, the video phone service will
need an IP network connectivity with a minimum bandwidth of 256 kbps."
However, citing non-disclosure agreement with BSNL, Kakkad refused to divulge
investment details of the project.
The IP audio device will cost around Rs
0.002-0.003 Million while the video device will be priced at Rs.0.015-0.016
Million. However, the prices are expected to come down in near future even as
the volumes increase. The devices will be offered on either one time purchase
basis or on monthly rental basis.
While BSNL has tied up with Ahmedabad-based
Sai Infosystems for video telephony, it has signed an agreement with
Delhi-based RiVACOM Pvt. Ltd. for video surveillance. Both SIS and RiVACOM will
be providing the software solutions and equipment for video telephony and video
surveillance services, respectively.
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.54.05 |
|
|
1 |
Rs.83.45 |
|
Euro |
1 |
Rs.72.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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.