MIRA
INFORM REPORT
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Report Date : |
21ST
June, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
MINDTREE
CONSULTING PRIVATE LIMITED |
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Registered Office : |
42, 27th Cross Banashankari II
Stage, Bangalore – 560 070, Karnataka, India |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
05.08.1994 |
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Com. Reg. No.: |
08-25564 |
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CIN No.: [Company
Identification No.] |
U72200KA1999PTC025564 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRM02397D |
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PAN No.: [Permanent
Account No.] |
-- |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Designing,
Developing, Marketing, Importing, Exporting and Dealing in Computer
Softwares, Production, Subcontracting and Exports of System Engineering
Services & Training, Consultancy. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD
3000000 |
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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 an established and reputed software development company having fine track.
Financial position of the company is good. It is doing very well. Trade
relations are fair. Payments are always correct and as per commitments. The
company can be considered good for any normal business dealings. It can be
regarded as a promising business partner in a medium to long – run. |
LOCATIONS
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Registered Office/Division Centre : |
42, 27th Cross Banashankari II
Stage, Bangalore – 560 070, Karnataka, India |
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Tel. No.: |
91-80-26711777/267127777 |
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Fax No.: |
91-80-26714000 |
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E-Mail : |
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Website : |
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Area : |
5000
Sq. Ft |
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Location : |
Rented
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Office
: |
Somerset, NJ, USA
Santa Clara, CA, USA
Schaumburg, IL, USA
McLean, Virginia, USA
Denver, CO, USA
Bangalore, India
West Campus, Bangalore, India
New Delhi, India
Mumbai,
India United Kingdom
Germany
Singapore Japan United Arab Emirates Australia |
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Factory
1 : |
5 A
& B, Sr. No. 25, Veerasandra Industrial Area, Attibele Hobli, Bangalore,
Karnataka, India |
DIRECTORS
|
Name : |
Mr. Ashok Soota |
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Designation : |
Chairman
& Managing Director |
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Address : |
747, 6th
Block, 18th Main, Koramangala, Bangalore – 560 095, Karnataka,
India |
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Date of Birth/Age : |
12.11.1942 |
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Date of Appointment : |
09.08.1999 |
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Name : |
Mr. N.
Krishnamurthy |
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Designation : |
Director
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Address : |
S-67,
Golden Enclave, Airport Road, Bangalore – 560 017, Karnataka, India |
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Date of Birth/Age : |
29.05.1957 |
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Date of Appointment : |
09.08.1999 |
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Name : |
Mr.
Janakiraman |
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Designation : |
Director
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Address : |
203, B
– 3, Surya Apartment, 16, 5th Main, Malleswaram, Bangalore –
560003 |
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Date of Birth/Age : |
11.09.1956 |
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Date of Appointment : |
22.10.1999 |
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Name : |
Mr. Subroto Bagchi |
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Designation : |
Director |
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Address : |
248,
Sector – 04, 15th Cross, 19th Main, HSR Layout,
Extension, Bangalore, Karnataka |
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Date of Birth/Age : |
31.05.1957 |
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Date of Appointment : |
05.08.1999 |
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Name : |
Mr.
Dinesh Nani K. Viswani |
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Designation : |
Director
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Address : |
203,
Casablanca, Air Port Road, Bangalore – 560017, Karnataka |
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Date of Birth/Age : |
17.02.1958 |
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Date of Appointment : |
26.03.2002 |
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Name
: |
Mr.
Lip Bu Tan |
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Designation
: |
Director
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Address
: |
13373,
Campus Drive, Oakland, CA, USA – 94619 |
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Date
of Birth/Age : |
12.11.1959 |
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Date
of Appointment : |
08.06.2000 |
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Name
: |
Mr.
V.H.G. Siddhartha |
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Designation
: |
Director
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Address
: |
143, 5th
Cross, 9th Main, RMV Extension, Bangalore – 560 080, Karnataka,
India |
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Date
of Birth/Age : |
23.08.1959 |
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Date
of Appointment : |
20.01.2000 |
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Name
: |
Mr.
Vivek Kalra |
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Designation
: |
Director
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Address
: |
327,
River Valley Road, Apartment – 21-01, Yong – An Park, Singapore – 228359
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Date
of Birth/Age : |
14.02.1964 |
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Date
of Appointment : |
07.08.2001 |
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Name
: |
Mr.
Mark Stanley Popolano |
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Designation
: |
Director
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Address
: |
124,
Briarwood Drive, West, Warren, Newjersey – 07059 |
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Date
of Birth/Age : |
24.04.1957 |
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Date
of Appointment : |
15.04.2004 |
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Name
: |
Mr.
Rostow Ravanan |
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Designation
: |
Director
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Address
: |
Flat
No. A3, Castle Maine Apartment, No. 15, Jayamahal Main Road, Jayamahal,
Bangalore |
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Date
of Birth/Age : |
06.02.1971 |
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Date
of Appointment : |
10.05.2002 |
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Management
|
Ashok
Soota Subroto
Bagchi Krishnakumar
Natarajan S.
Janakiraman ("Jani") Scott
Staples Anjan
Lahiri Chandra
Kumar Vinod
Deshmukh Parthasarthy
N.S. Kamran
Ozair |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Subroto Bagchi |
2125977 |
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Mr.
Rostow Ravanan |
577015 |
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Mr.
Ashok Soota |
4116293 |
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Mr. N
Krishna Kumar |
2179945 |
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Mr. N
S Parthasaraathy |
644878 |
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Mr.
Kalyan Banerjee |
343805 |
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Mr.
Rajinder Malhotra |
12195 |
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Mr. S
Janakiraman |
1035549 |
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Dr.
Sridha Mitta |
60975 |
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Mr. P
G N Trust |
24390 |
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M/s.
LSO Investment |
1956463 |
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M/s.
Walden Software Investment Limited |
6728535 |
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M/s.
Global Technology Ventures Limited |
2648561 |
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M/s.
Peasad TGC |
75000 |
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Mr.
Vijaykumar B S |
16000 |
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Mr.
Ramachandran N |
14690 |
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Ms.
Vijayalaksmi |
10000 |
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Mr.
Babuji Abraham |
28200 |
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Mr.
Veeraraghavan R K |
22000 |
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Mr.
Mind Tree Benefit Trust |
480736 |
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Mr.
Vinod Deshmukh |
113750 |
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Mr.
Balu C |
20000 |
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Mr.
Raja Shanmugam |
35000 |
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Mr.
Syliva Veeraraghavan |
10800 |
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Mr.
Abhay Goyal |
15000 |
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Mr.
Jayesh Chakravarthi |
60000 |
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Mr.
Abraham Moses |
10000 |
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Mr.
Vishweshwar Hegde |
30000 |
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Mr. G
P Chandra Kumar |
213530 |
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Mr. N
V Rajan |
170824 |
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Mr.
Ashutosh Shukla |
13000 |
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M/s.
Capital International Global Emerging Markets Private Limited |
4290909 |
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M/s.
Franklin Templeton Holding Limited |
762828 |
BUSINESS DETAILS
|
Line of Business : |
Designing,
Developing, Marketing, Importing, Exporting and Dealing in Computer
Software’s, Production, Subcontracting and Exports of System Engineering
Services & Training, Consultancy. |
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Products : |
Computer
Software – 85249009.10 |
GENERAL
INFORMATION
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No. of Employees : |
1030 |
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Bankers : |
v
Global Trust Bank Limited, M G Road
Branch, Bangalore – 560001 v
Deutsche
Bank, Bangalore, Karnataka, India v
Deutsche
Bank, Singapore v
Wells
Fargo Bank, USA v
First
Union Bank, USA v
HSBC,
Swindon, UK v
The Hongkong and Shanghai Banking
Corporations Limited (Hong Kong Bank), 7, Mahatma Gandhi Road, Bangalore –
560001 v
ICICI Bank Limited, ICICI Bank
Towers, 1, Commissariat Road, Bangalore – 560025 |
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Facilities : |
Secured Loan From Bank Term Loan – Rs. 60.334 Other Loan – Rs. 155.821 Loans from Global Trust Bank is secured by a first Charge on fixed
assets except motor vehicles, present and future book debts and other current
assets. Loan from ICICI Bank is secured by a specific charge on assets Finance Lease Obligation – Rs. 25.609 Secured by hypothecation of assets taken on leases Total – Rs. 241.765 Millions |
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Banking Relations : |
Satisfactory
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Auditors : |
B S R
& Company Chartered
Accountants |
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Address |
20/2,
Vittal Mallya Road, Bangalore – 560 001, Karnataka, India |
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Tel. No.: |
91-80-2276000 |
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Fax No.: |
91-80-2273000 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
50000000 |
Equity Shares |
Rs.2/- each |
Rs. 100.000 millions |
|
2950000 |
Preference Shares |
Rs. 236/- each |
Rs. 696.200 millions |
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Total
|
|
Rs. 796.200 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
21659501 |
Equity Shares |
Rs.2/- each |
Rs. 43.319 millions |
|
2820000 |
Preference Shares |
Rs. 236/- each |
Rs. 665.520 millions |
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Total
|
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Rs. 708.839 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
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1] Share Capital |
708.839 |
708.444 |
708.200 |
|
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2] Share Application Money |
0.076 |
0.021 |
0.000 |
|
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3] Reserves & Surplus |
368.624 |
368.611 |
368.600 |
|
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4] (Accumulated Losses) |
(318.809) |
(344.441) |
(270.500) |
|
|
NETWORTH |
758.730 |
732.635 |
806.300 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
241.765 |
166.666 |
63.700 |
|
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
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TOTAL BORROWING |
241.765 |
166.666 |
63.700 |
|
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DEFERRED TAX LIABILITIES |
0.518 |
0.702 |
0.000 |
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|
|
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TOTAL |
1001.013 |
900.003 |
870.000 |
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APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
147.490 |
123.667 |
142.800 |
|
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Capital work-in-progress |
0.007 |
0.142 |
20.900 |
|
|
|
|
|
|
|
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INVESTMENT |
255.384 |
130.676 |
291.000 |
|
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DEFERREX TAX ASSETS |
|
|
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|
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
364.715
|
214.087 |
147.600 |
|
|
Cash & Bank Balances |
245.435
|
405.826 |
212.200 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
212.055
|
148.698 |
164.600 |
|
Total Current Assets |
822.205
|
768.611 |
524.400 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
211.108
|
118.408 |
109.100 |
|
|
Provisions |
12.965
|
4.685 |
|
|
Total Current Liabilities |
224.073
|
123.093 |
109.100 |
|
|
Net Current Assets |
598.132
|
645.518 |
415.300 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1001.013 |
900.003 |
870.000 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
Sales Turnover [including other income] |
1359.728 |
890.350 |
788.800 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
(21.985) |
(69.795) |
201.700 |
|
Provision
for Taxation |
3.646 |
4.164 |
0.000 |
|
Profit/(Loss)
After Tax |
(25.631) |
(73.959) |
201.700 |
|
|
|
|
|
|
Export
Value |
1055.199 |
724.299 |
646.300 |
|
|
|
|
|
|
Import
Value |
53.046 |
16.619 |
31.300 |
|
|
|
|
|
|
Total
Expenditure |
1254.091 |
862.384 |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
PAT / Total Income |
(%) |
(1.88)
|
(8.30) |
25.57 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
(1.61)
|
(7.83) |
25.57 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
(2.26)
|
(7.82) |
30.23 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
(0.02)
|
(0.09) |
0.25 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
0.61
|
0.39 |
0.21 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
3.66
|
6.24 |
4.80 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Mind Tree Consulting Private Limited is an
international onformations Technology (IT) consulting and implementional
company that delivers business solutions through global software development.
Mind Tree Consulting is structed into two business units that focus on software
development – R & D services and IT services. R & D services enables
faster products realizations by leveraging the expertises in the areas of
hardware design MindTree is a multi-cultural, multinational organization. This
poses challenges in understanding the inherent differences among disparate
cultures and achieving a uniformity of purpose in the midst of diversity. Their
very name is a symbol of their efforts to bring to customers the best of both
worlds. A U.S. company found us the name "MindTree." They also
discovered that the word "MindTree" appears in ancient Indian
literature written in 4000 B.C., meaning a source of eternal intellect and
wisdom for all who come in contact with it because it springs from the mind.
Chief
Minister of Karnataka S. M. Krishna dedicates Mind Tree House, a state-of-the-art,
e-Business and technology facility of the company at Bangalore, India.
Its
chairman Ashok Soota affirms goal of $123 millions by 2005.
The
company, a six –month-old e-Business and technology consulting company, made an
impressive launch of its development centre in Bangalore, India, today. The state chief minister, S.M. Krishna,
dedicated the 30,000 square-foot facility to the information-technology
industry in the spirit of imagination, Action and Joy. These three words constitute what the
company call its DNA.
The new
facility, located in Basavanakudi, Bangalore, will house 266 software
consultants and designers who will undertake projects for the company customers
in the e-Business and technology space, both in the USA and India. Congratulating the company on its many
achievements in such a short time, Krishna said, “the company clearly
differentiated itself by its singular focus on domain, use of tools,
methodology, quality, innovation and branding. It is commendable achievement.
They hope that the success inspires many others to set aggressive goals
use new and innovative ideas, and create new forms of value”.
Addressing
invited guests, media, and members of the financial community, Ashok Soota,
Chairman and CEO of the company, said that the company has already reached its
current year business goals and feels very confident of the $ 123 million
revenue goal it has set up for the year 2005.
The company development centres in Bangalore and New Jersey is exceeding
their respective targets, and the company has brought forward plans for a
facility in California. The West Coast
facility will be operational by April of this year.
BUSINESS
Subject
is engaged in designing, developing, marketing, importing, exporting and
dealing in Computer Softwares, Production, Subcontracting and Exports of System
Engineering Services & Training, Consultancy.
The
company is unique because of its focus on both the application and the
technology side of the emerging e-Business paradigm. Today the company’s customer list spans Fortune 500 companies,
technology houses, and dot.coms. in
view of a very of a very positive response, the company revising its hiring
plans. This year the company has
visited premier engineering, management campuses, in addition to attracting
talent from leading companies in Indian and the US.
Subject
made news last August when it was launched as a start up with leading
professionals from the Information Technology industry in India and the
U.S. The company raised $ 9.5 million
in initial capital from the founders
and two leading venture capital firm. – Walden International in the USA
and Sivan Securities in India. The
more impressive aspects of its launch was the choice of its visual identity,
which was designed by 17 year old Chetan K. S., a student of the Spastic
Society of Karnataka. In fact, the
entire 30000 square foot facility inaugurated today is replete with graphic
designs that have been adopted from the work of children coping with cerebral
palsy. The large murals adoring the
walls in brilliant hues and magnificent brush strokes convey the conquest of
odds by the human spirit.
Performance
Total
revenues of the company grew to Rs. 1359.73 from Rs. 890.35 in the prior year,
a growth of 53%. This growth had been in a very tough environment marred by
slowdown in global IT spends and continuing pressures on pricing
Coming
to the primary business lines, the IT services business had shown a year over
growth of 49% and the R & D services business had shown a year over year
growth of 90%. Growth in the IT services business had come primarily due to
their relatively strong performance in the largest market USA, which had
achieved a year over year growth of 28%. Future Europe had performed very well
during the year with a growth of 19% India had always been a market of
strategic importance and the year of 2003
- 2004 was a year of growth of 40% in this market.
The
diversified focus in the R & D services business into various such as
communications industrial automation, Automotive and Avionics and systems semi
conductor and consumer electronic had shown results 2003 – 2004
They
expect 2004-2005 to be a year where the continued investment in competence
building, vertical focus and augmentation of the global sales force to pay
large dividends
Exports
of software contributed to approximately 78% Rs. 1055 of the total revenues.
Domestic software development and other income contributed the balance of
revenues. Reduction in interest rates in the economy had contributed to the
lower returns on the investment of the company during the year 2003-2004. Other
income contributed Rs. 55.36 to total revenues.
For the
year earnings before interest depreciations and taxes shows a year over growth
of 278% this year the company had achieved a profit before tax at Rs. 21.99.
The depreciations charges on the basis of useful life estimates are on
accelerated basis compared to peers in the industry. The company had written
back the provisions made for taxations in the previous year, which are no
longer required. As a result the profit after tax had gone up to Rs. 25.63
Dividends
The
directors have not recommended any dividend for the year ended 31.03.2004
Development
Canters and New offices
The
company during the year had taken on a long lease of additional space at
Bangalore spanning an area of approximately 18125 square feet, Besides this the
company had also signed up for an additional space of about 510000 square feet
to be occupied spanning over a period
of 2-3 years. Further as part of the continuing cost control measures
the company had sub – leased 66463 square feet of space to other parties.
Honors
During
the year Hewitt Business today survey had rated the company as the 3rd
best IT employer in India. The same survey had rated the company as the 11th
best employer among the top 25 companies. The company is the youngest company
to be including in this listing. The senior Management of the company had been
rated the most admired senior management team by the same survey.
The
company had received an award from Deccan Herald for their innovative HR
practices
The
company had also received an award from CII (Southern Region) for their
Innovative HR practices
Fixed
Assets
v
Leasehold
v
Computer
Systems
v
Furniture
& Fixture
v
Electrical
Installations
v
Office
Equipment
v
Motor
Vehicles
|
Name of the company |
MINDTREE
CONSULTING PRIVATE LIMITED |
|
Presented By |
The Hongkong and Shanghai Banking
Corporations Limited (Hong Kong Bank), 7, Mahatma Gandhi Road, Bangalore –
560001 |
|
1) Date and description of instrument creating the change |
Deed of hypothecation dated 10.11.2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 100.000 millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Whole of the movable proprieties of the borrower including its movable plant & Machinery, Machinery Parts and other movable both present and future a mot and whether new lying losses on in from time to time during the continuvale of the security |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
In considerations of the term loan and any other banking facilities sanctioned to be sanctioned by the bank of the company the company has hypothecations and charged to the bank by way of first charge as a continuing security the assets mentioned in Item No. 3 above to secure the repayment of the advance the company subject however that the bank shall have the right to change the rate of interest after giving notices to the company. The hypothecation properties and sell them by public auction or private contract and utilise the proceeds in full or part settlement of its claims |
|
5) Name and Address and description of the person entitled to the charge. |
The Hongkong and Shanghai Banking Corporations Limited (Hong Kong Bank), 7, Mahatma Gandhi Road, Bangalore – 560001 |
|
6) Date and brief description of instrument modifying the charge |
The First supplemental agreement dated 29.03.2005 made between the company and the bank for Rs. 300.000 Millions |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By the first supplemental agreement at the request of the company the bank agreed to increased the maximum drawing limit under the facilities from Rs. 100.000 to Rs. 300.000 and in considerations thereof the company agreed to extend the charge to secure the additional facilities upto Rs. 300.000 The company agreed to pay interest at the rate HSBC prime lending rate per annum and agreed to maintain margin over the assts as advised by the bank from time to time all other terms and conditions of hypothecations dated 10.11.2004 shall remain unchanged |
|
|
|
|
Name of the company |
MINDTREE
CONSULTING PRIVATE LIMITED |
|
Presented By |
Global Trust Bank Limited, M G Road
Branch, Bangalore – 560001 |
|
1) Date and description of instrument creating the change |
Dated 10.10.2000 Dated of Hypothecations – CBD/315 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 160.000 CTL – Rs. 35.000 Export Packing Credit – Rs. 75.000 DL/IIC – Rs. 50.000 |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecations and charge in favour of the bank by way First Charge on all the goods which are now or hereinafter from time to time during the subsistence of the borrower premises etc. Computer Hardware, Furniture & Fixture, Office Equipment etc. All the present and future book debts, outstanding, monies, claims, bills other dues whatsoever by way of first charge |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest and margin as applicable for the respective facilities from time to time Repayment – TL as specified by the bank CC – On demand |
|
5) Name and Address and description of the person entitled to the charge. |
Global Trust Bank Limited, M G Road Branch, Bangalore – 560001 |
|
6) Date and brief description of instrument modifying the charge |
Dated 12.08.2003 Deed of Hypothecations |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By the above the amount secured by the charge stands Increased from Rs. 125.000 to Rs. 145.000 Loan – Rs. 50.000 and BG – Rs. 20.000 Rate of Interest – TL – PLR – D, Presentably 15.5% per annum at periodical rests & at such rate & rests as may be specified by the bank from time to time. TFC circulars in force, presently 8% per annum. BG – 19.5% per annum Penal Interest – 2% per annum Margin – 50.75% on TL , 25% on PCL & BG – 10% Repayment – CC – on demand, TL – As per old form 08 & 13 The entire credit facilities of Rs. 145.000 by way of first charge |
|
|
|
|
Name of the company |
MINDTREE
CONSULTING PRIVATE LIMITED |
|
Presented By |
ICICI Bank Limited, ICICI Bank Towers,
1, Commissariat Road, Bangalore – 560025 |
|
1) Date and description of instrument creating the change |
Dated 14.01.2004 Deed of Hypothecations |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 100.000 Millions Export Packing Credit – Rs. 50.000 Short term Loan – Rs. 50.000 |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All the present and further book debts, outstanding, Monies, Claims, Bills other dues whatsoever by way of Paripassu Charge |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest and margin as applicable for the respective facilities from time to time Repayment – as specified by the bank |
|
5) Name and Address and description of the person entitled to the charge. |
ICICI Bank Limited, ICICI Bank Towers, 1, Commissariat Road, Bangalore – 560025 |
|
6) Date and brief description of instrument modifying the charge |
Supplemental deed of hypothecation dated 29.03.2004 executed by Mindtree Consulting Private Limited in favour of ICICI Bank Limited |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Secured working capital facilities of Rs. 100.000 have been enhanced to Rs. 200.000 granted to the borrower |
|
|
|
|
Name of the company |
MINDTREE
CONSULTING PRIVATE LIMITED |
|
Presented By |
Global Trust Bank Limited, M G Road
Branch, Bangalore – 560001 |
|
1) Date and description of instrument creating the change |
Dated 10.10.2000 Dated of Hypothecations – CBD/315 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 160.000 CTL – Rs. 35.000 Export Packing Credit – Rs. 75.000 DL/IIC – Rs. 50.000 |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecations and charge in favour of the bank by way First Charge on all the goods which are now or hereinafter from time to time during the subsistence of the borrower premises etc. Computer Hardware, Furniture & Fixture, Office Equipment etc. All the present and future book debts, outstanding, monies, claims, bills other dues whatsoever by way of first charge |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest and margin as applicable for the respective facilities from time to time Repayment – TL as specified by the bank CC – On demand |
|
5) Name and Address and description of the person entitled to the charge. |
Global Trust Bank Limited, M G Road Branch, Bangalore – 560001 |
|
6) Date and brief description of instrument modifying the charge |
Dated 30.03.2005 Agreement of Hypothecations of assets Letter ceding paripassu charge received from ICICI Bank Limited & The Hong Kong Bank and Shanghai Bank Corporation Limited |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By the above the amount secured by the charge stands Increased from Rs. 125.000 to Rs. 145.000 Loan – Rs. 50.000 and BG – Rs. 20.000 Rate of Interest – TL – PLR – D, Presentably 6.5% per annum at periodical rests & at such rate & rests as may be specified by the bank from time to time. TFC circulars in force, presently 8% per annum. BG – 19.5% per annum Penal Interest – 2% per annum Margin – 50.75% on TL , 25% on PCL & BG – 10% Repayment – CC – on demand, TL – As per old form 08 & 13 The entire credit facilities of Rs. 145.000 by way of first charge |
|
|
|
|
Name of the company |
MINDTREE
CONSULTING PRIVATE LIMITED |
|
Presented By |
The Hongkong and Shanghai Banking
Corporations Limited (Hong Kong Bank), 7, Mahatma Gandhi Road, Bangalore –
560001 |
|
1) Date and description of instrument creating the change |
Deed of hypothecation dated 10.11.2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 100.000 millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Whole of the movable proprieties of the borrower including its movable plant & Machinery, Machinery Parts and other movable both present and future a mot and whether new lying losses on in from time to time during the continuvale of the security |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
In considerations of the term loan and any other banking facilities sanctioned to be sanctioned by the bank of the company the company has hypothecations and charged to the bank by way of first charge as a continuing security the assets mentioned in Item No. 3 above to secure the repayment of the advance the company subject however that the bank shall have the right to change the rate of interest after giving notices to the company. The hypothecation properties and sell them by public auction or private contract and utilise the proceeds in full or part settlement of its claims |
|
5) Name and Address and description of the person entitled to the charge. |
The Hongkong and Shanghai Banking Corporations Limited (Hong Kong Bank), 7, Mahatma Gandhi Road, Bangalore – 560001 |
|
6) Date and brief description of instrument modifying the charge |
The First supplemental agreement dated 29.03.2005 made between the company and the bank for Rs. 300.000 Millions |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By the first supplemental agreement at the request of the company the bank agreed to increased the maximum drawing limit under the facilities from Rs. 100.000 to Rs. 300.000 and in considerations thereof the company agreed to extend the charge to secure the additional facilities upto Rs. 300.000 The company agreed to pay interest at the rate HSBC prime lending rate per annum and agreed to maintain margin over the assts as advised by the bank from time to time all other terms and conditions of hypothecations dated 10.11.2004 shall remain unchanged |
As
per Website Details:
Profile
After determining
why they would exist as an organization, they plotted a course to guide us to
achieve their mission. This activity involved the creation of visions for their
organization. Their belief in having items that are time bound and measurable will
enable us to truly succeed as an organization.
Our Vision for the Year 2007-08
To achieve $ 231
million in revenue
To be among the top
10% in their business in terms of profit after tax (PAT) and return on
investment (ROI)
To be one of the
top 20 globally admired companies in their industry
To give a
significant portion of their PAT to support primary education
Finally, they chose
to diversify ourselves not only by their culture but also by their people. This
came from their years of experience working for other companies. They pride
ourselves on the cultural diversity that populates their locations. With
numerous nationalities throughout the company, they rely on their five core
values to guide us as they build a multicultural environment.
Their
Culture
"There are two characteristics I would
like MindTree Consulting's culture to always reflect: high achievement
orientation and high caring. High achievement is manifested by a willingness to
take on challenging goals, to stretch ourselves, and to be tough (but fair)
while competing in the market. High caring manifests itself daily in mutual
respect, openness, transparency in their dealings, and empowerment. The caring
is to be seen in all dealings with their customers, with each other, and even
in the societies in which they work.
One should not need to describe culture
within an organization. It is something one should sense when walking into a
company, when talking to the members, and when observing teams in action. I
believe that every MindTree team member lives by their DNA of "Imagination,
Action, and Joy."
Because they are in a knowledge industry,
knowledge creation and sharing is an important part of their culture. "Imagination"
can involve the act of creating knowledge-which can include a way of doing
things better or developing intellectual property. "Action" can
involve sharing this knowledge, which is of no use unless it is acted upon.
"Action" multiplies when others in the company tap into the shared
knowledge bank and put it to use. Finally, the "Joy" comes from
enhancing one's own ability through teaching and delighting their customers.
MindTree is a multi-cultural, multinational
organization. This poses challenges in understanding the inherent differences
among disparate cultures and achieving a uniformity of purpose in the midst of
diversity. Their very name is a symbol of their efforts to bring to customers
the best of both worlds. A U.S. company found us the name "MindTree."
They also discovered that the word "MindTree" appears in ancient
Indian literature written in 4000 B.C., meaning a source of eternal intellect
and wisdom for all who come in contact with it because it springs from the mind.
They have adapted to a pace which is like
trying to rush through childhood and adolescence in half the allotted time.
Size, structure, and growth-all these will affect their culture and therefore
it is something they will keep revisiting to ensure that they keep true to the
basic tenets described above.
Our
Visual Identity
When they were in search of their visual identity,
they partnered with the Spastics Society of Karnataka, India, that runs a
school for children afflicted with cerebral palsy. It is a disorder that often
traps a perfectly fine mind in a disobedient body.
At the Spastics Society of Karnataka, the MindTree
team interacted with a group of ten students - many in wheel chairs, and
briefed them on their Mission, Vision, and Core Values. They also shared with
them the three things that their visual identity should represent: Imagination,
Action, and Joy.
Subsequently, over several sessions, they explained to
them some basic concepts behind graphic design and asked them to interpret
several known international logos. By this time, the children were gripped with
excitement by the possibility of creating MindTree's visual identity.
Soon, all ten turned in their creations. Each was an
original work of art. They accepted all of them but decided to adopt the work
of Chetan K.S., a student who has motor and speech disability. Chetan's
masterful work - the blue, red and bright yellow MindTree was presented to the
world on August 18, 1999. The decisive skyward, blue brush stroke is Chetan's
way of communicating imagination. The red stands for action. Finally, the
bright yellow bubbles represent joy
Alliances
MindTree's
partnerships with leading technology and service companies help us deliver
business-enabling solutions and technologies through partnership. Companies
with whom they have partnerships are listed below:
SAP is the recognized leader in providing
collaborative enterprise and business solutions for all types of industries and
for every major market.
More info about SAP on: www.sap.com >
Mercury Interactive Corporation, the global leader in
business technology optimization (BTO), is committed to helping customers
optimize the business value of information technology. Mercury BTO offerings
are complemented by technologies and services from global business partners
More info about Mercury BTO on: www.mercury.com
>
Sun is a leading provider of industrial-strength
hardware, software and services that make the NET work.
More info about Sun Microsystems on: www.sun.com
>
webMethods
is a leading provider of integration software.
More info about webMethods on: www.webmethods.com
>
BEA is a
leading application infrastructure company providing a complete platform for
building, integrating and extending enterprise applications.
More info about BEA Systems on: www.bea.com
>
More info about Microsoft on: www.microsoft.com
>
Associate Member of Bluetooth SIG
More info about Bluetooth SIG on: www.bluetooth.org
>
SAS is a
leader in business-intelligence software and services.
More info about SAS on: www.sas.com >
Adexa
delivers supply chain solutions for demand, corporate, supply chain and
inventory planning.
More info about Adexa on: www.adexa.com
>
ILOG
provides enterprise-class software components and services that help companies
maximize business agility and improve operating efficiency.
More info about ILOG Technologies on: www.ilog.com
>
Interwoven
offers a complete solution for Enterprise Content Management (ECM).
More info about Interwoven on: www.interwoven.com
>
Oracle
Corporation is the world's largest enterprise software company, providing
enterprise software to the world's largest and most successful businesses.
More info about Oracle on: www.oracle.com
>
More info about IBM on: www.ibm.com >
MindTree Consulting a software partner, provided multimedia
and Bluetooth solutions around TI's silicon.
More info about Texas Instruments on: www.ti.com
>
UMC is a world-leading semiconductor foundry that
manufactures advanced process ICs for applications that span every major sector
in the semiconductor industry.
More info about UMC on: www.umc.com
>
AdventNet is a leading Network Management Solutions vendor.
MindTree Consulting offers system integration services around AdventNet's NMS
platforms to networking gear equipment vendors.
More info about AdventNet on: www.adventnet.com
>
EDA Tool Partner
More info about Cadence Design Systems on:
www.cadence.com
>
WHITTMANHART provides enterprise solutions to premier
middle market companies and specialized, targeted solutions to the Fortune
1000. WHITTMANHART is focused on improving business performance by exploiting
streamlined best practices and existing or new investments in technology.
More info about WHITTMANHART on: www.whittmanhart.com
>
City Practitioners delivers business-driven solutions
and managed services in complex and dynamic business environments within a few
niche areas of financial services.
More info about City Practitioners on: www.citypractitioners.com >
Founded
in 1999, MindTree Consulting as an entity is still in its infancy. Yet the
experience of the MindTree management team in building large professional
service organizations extends back over twenty years.
Knowledge
Management
Knowledge
Management at MindTree
Mission: To establish systems, processes, and culture that helps us
continuously build their Intellectual Capital.
Knowledge
Management (KM) at MindTree allows MindTree Minds to tie together the
collective experiences and knowledge towards better service delivery,
organizational excellence and talent transformation. An established KM
Corporate Function is responsible for globally overseeing all the activities
related to KM systems, processes, structure, and policies.
MindTree’s Approach to KM
MindTree’s approach
to KM is holistic, and unlike traditional approaches, it is not focused solely
on a technology solution. Instead, they believe KM to be a socio-technical
approach, powered by a knowledge culture. The key areas of KM in MindTree are
innovation, sharing/collaboration, and reuse.
Their
culture resonates with their goals to create an open and transparent
organization in which knowledge is created and shared in a supportive
environment where creativity and innovation are highly valued. MindTree Minds
are encouraged to bring forward any idea for improvement or innovation. To
create sparks of innovation, they encourage various means of self-expression
such as blogging, creative writing, painting, poetry, etc.
The GALIS
framework below illustrates the knowledge cycle that is supported by their KM
approach. The knowledge cycle outlines how each MindTree Mind Gets, Applies,
Learns, Innovates, and Shares knowledge through various socio-technical means.
IT
Services Overview
IT Services:
An Overview
MindTree
Consulting offers IT services to large enterprise companies and software
product companies. With development centers in India and the U.S., they can
provide end-to-end project execution onshore, offshore, or in a hybrid delivery
model they call OneShore™. MindTree
also sets up offshore development centers (ODCs) to serve as an extension of
their customer’s development and engineering organizations
Our team has expertise in the areas of:
- Internet
and Enabling Technologies
- Data
Warehousing/ Business Intelligence
- Supply
Chain Management (SCM)
- Enterprise
Resource Planning (ERP)
- Product
Engineering
- Product
Assurance and Testing
- Infrastructure
Management
- Technical
Support
- iSeries
and Mainframe
- Web
Services
- Application
Maintenance
Backed by
CMMi and P-CMM level 5 assessed processes, MindTree is one of only a few
companies globally that have been recognized as reaching the highest assessment
level in both methodology frameworks. The benefits to their customers are that
they lower their total cost and time-to-market.
|
|
|
R
& D Services
R&D
Services Overview
MindTree Consulting offers product realization services to product companies in
the technology field. Customers leverage their extensive technology expertise
and their reusable building blocks to develop their products. MindTree’s
technology expertise spans design, development and testing in both hardware and
software.
They offer their product realization services to the R&D divisions of
vendors addressing the following markets:
- Communications
- Data
Networks
- Cellular
Networks
- Voice
Networks
- Telecom
Solutions
- Computing
Systems
- Storage
Systems
- Consumer
Appliance
- Industrial
Systems
- Industrial
Automation
- Automotives
- Avionics
- Semiconductor
Their rapidly
growing 900-member R&D Services team has technical expertise and domain
knowledge in areas such as:
- Digital
/Analog Board design
- ASIC
/SOC Design and Verification
- Embedded
Software/Firmware/Protocol Engineering
- Operating
Systems /Device Drivers
- Systems
and Network Management
- Testing
and Product Assurance
- Infrastructure
Management
- Technical
Support
Their
technology expertise, combined with domain knowledge in various industries, has
enabled us to deliver complete product development capabilities to their
customers. Their OneShore™ global delivery model
helps their clients lower the cost and time-to-market.
MindTree’s technology building blocks help customers to bridge technology gaps
and bring products faster to the market. These licensable technologies include
the following:
- Bluetooth
(Silicon IP, Stack and Profiles)
- VoIP
(MGCP, SIP, Call Agent)
- Ultra
Wide Band
- iSCSI
( Initiator & Target Stacks, Validator) and Storage Management
Framework
- Echo
Cancellation and Noise Reduction
- Element
Management Framework
- Verification
IPs (I2C, I2S, UART, SDIO)
- Test
Tools
- Test
Automation Framework
- Protocol
Test Environment
MindTree’s accomplished team of technology and domain experts are
capable of addressing the product development needs of R&D divisions of
their customers. Through their product realization services and their ability
to offer building blocks, they can deliver cost-effective solutions to product
companies at any stage of product development - from concept to systems.
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Industries
Overview
Each industry sector has unique challenges,
opportunities - some would say peculiarities. Since helping clients lead their
industries is their goal, 'MindTree Minds' have combined domain knowledge and
in-depth technology so that they can partner with you to address the industry's
challenges, capitalize on the opportunities and turn the peculiarities into
advantages.
|
|
Press
Released
May 15, 2006 — Bangalore
MindTree Consulting rated one of India’s most-admired
companies
MindTree’s work culture and recent growth prospects
fuelled MindTree’s entry into the 5th Annual B-School Study
MindTree Consulting, an international IT and R&D Services
company, has been rated one of the most-admired companies in India. This was revealed in the 5th
Annual B-School Survey conducted by Bangalore-based Brand-comm among students
of B-schools across the country.
The Study was undertaken across
13 leading management institutions including the Indian Institutes of
Management (IIMs), with 545 respondents. MindTree ranks fourth in the list of
most-admired companies alongside Infosys, Tata and Wipro.
About MindTree Consulting
MindTree Consulting is an
international IT services company with development centers in India and the
U.S. The Company provides end-to-end
project execution through a hybrid delivery model called OneShore™.
With clients ranging from Fortune
50 companies to enterprise software organizations, MindTree delivers global
technology solutions and outsourced R&D services to innovative technology
leaders around the world.
MindTree has been named the
leading service provider in the “Human Capital Development” category by Global
Services magazine. MindTree was also
among the top 10 leading service providers worldwide on the publication’s
inaugural 2006 Global Services 100 ranking. MindTree has been recognized as one
of the fastest growing technology companies in India by Deloitte Touche
Tohmatsu in the “Deloitte Technology Fast 50 India” program. MindTree has been
ranked among the “Best Companies to Work for in 2005” in the Business
Today-Mercer-TNS study. MindTree has also been ranked among “Great Places to
Work” for the second consecutive year in 2005 in a study conducted by Grow
Talent Company and Businessworld, and as one of the “Best Employers in India”
for the second consecutive year in 2004 by Hewitt Associates. MindTree is also
the world's youngest company to be assessed at Level 5 in both CMMi and
P-CMM. For more information, please
visit www.mindtree.com.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government officials
for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.46.20 |
|
UK
Pound |
1 |
Rs.84.57 |
|
Euro |
1 |
Rs.58.12 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |