MIRA INFORM REPORT
|
Report Date : |
2nd May 2006 |
IDENTIFICATION DETAILS
|
Name : |
CARAVEL INFO SYSTEM PRIVATE LIMITED |
|
|
|
|
Registered Office : |
No 24/1 A, Main road ST Bed
Koramangala, Bangalore –560034, Karnataka, India |
|
|
|
|
Country : |
India
|
|
|
|
|
Financials (as on) : |
31.03.2005 |
|
|
|
|
Date of Incorporation : |
3rd
June 1998 |
|
|
|
|
CIN No.: |
U72100KA1998PTC023805 |
|
|
|
|
Com. Reg. No.: |
23805 |
|
|
|
|
IEC No.: |
5198000922 |
|
|
|
|
TAN No.: (Tax Deduction &
Collection Account No.) |
BLRC01357G |
|
|
|
|
Legal Form : |
Private
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers, Exporters and Design and
development of 100 % Software Technology parks of India Unit hardware and
Software services |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
|
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is a well established and reputed company engaged in providing IT related
services. Directors are reported as experienced and respectable businessmen.
Trade relations re reported as fair. Business is active. Payments are usually
correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
No 24/1 A, Main road ST Bed
Koramangala, Bangalore –560034, Karnataka, India |
|
Tel. No.: |
91-80-25521271/25539631 |
|
Mobile No.: |
91-9880808254 |
|
Fax No.: |
91-80-25535632/ |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
8000
sq. ft. |
|
Location : |
Rented
|
|
|
|
|
Corporate
Head Quarters: |
#24,
1 A Main Road, S. T. Bed, |
|
Phone |
+91-80-2553
8631 |
|
Fax
|
+91-80-2553
8632 |
|
Email
|
|
|
Contact
Person |
Mr.
K. Shahanawaz Khan |
|
|
|
|
Regional
Office: |
PO
Box 112 / 299 Stage Road 866-810-1951
(Toll Free) Mr.
Jim Norris 2280
St. Laurent Blvd., Suite 200 (613)
731-9443 (613)
731-9615 Mr.
Sunil K. Sethi |
DIRECTORS
|
Name : |
Dr.
M. K. Kamaluddin |
|
Designation : |
Director
|
|
Address : |
P
24, PEARL, Golden Enclave, airport road, Bangalore-560017 |
|
Date of Birth/Age : |
18/12/1933 |
|
|
|
|
Name : |
Mr.
K Shahanawaz Jhan |
|
Designation : |
Director
|
|
Address : |
121/1,
Vathur road, C V Raman Nagar, Bangalore-5600093 |
|
Date of Birth/Age : |
12/10/1959 |
|
Qualification : |
M.
Tech |
|
|
|
|
Name : |
Mr.
Zakir Hussain |
|
Designation : |
Director
|
|
Address : |
P
24, PEARL, Golden Enclave, airport road, Bangalore-560017 |
|
Date of Birth/Age : |
30/05/1962 |
|
|
|
|
Name : |
Mr.
Samir Bin Kamal |
|
Designation : |
Director
|
|
Address : |
P
24, PEARL, Golden Enclave, airport road, Bangalore-560017 |
|
Date of Birth/Age : |
6/06/1971 |
|
Qualification : |
MBA |
|
|
|
|
Name : |
Mr.
Syed Abdul Mujeed |
|
Designation : |
Director
|
|
Address : |
189/1,
Nagawarapalya, C V Raman Nagar, Bangalore -560093 |
|
Date of Birth/Age : |
26/08/1966 |
|
Qualification : |
M.
Tech |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
Dr.
M. K. Kamaluddin |
|
36000 |
|
Mr.
K Shahanawaz Jhan |
|
36000 |
|
Mr.
Zakir Hussain |
|
13200 |
|
Mr.
Samir Bin Kamal |
|
12000 |
|
Mr.
Syed Abdul Mujeed |
|
12000 |
|
Mr. K. Imtiaz Khan |
|
10800 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, Exporters and Design and
development of 100 % Software Technology parks of India Unit hardware and
Software services |
|
|
|
|
Exports to : |
Ottawa,
Canada, IL and USA |
|
|
|
|
Terms : |
|
|
Selling : |
Cash
|
|
|
|
|
Purchasing : |
L/C,
Cash and Credit (30days) |
GENERAL INFORMATION
|
Customers : |
Software
and Hardware product development companies |
|
|
|
|
No. of Employees : |
78 |
|
|
|
|
Bankers : |
Ř
Corporation Bank Industrial
Finance Branch, Bangalore Ř
Corporation Bank Koramangala
Branch, Bangalore |
|
|
|
|
Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
M
N giridhara Chartered
Accountants 91,
Suraj S. S. Temple Road, 6th Main, Teachers Colony, Venkatapura,
Koramangala East Bangalore –560034 |
|
Tel. No.: |
91-80-25536513 |
|
E-Mail : |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity
Shares |
Rs. 10.00/- each |
Rs. 2.000 millions |
|
|
|
|
|
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
120000 |
Equity
Shares |
Rs. 10.00/- each |
Rs. 1.200 millions |
|
|
|
|
|
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
1.200 |
1.200 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.224 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
NETWORTH
|
|
1.424 |
1.200 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
2.273 |
4.435 |
|
TOTAL
BORROWING
|
|
2.273 |
4.435 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
3.697 |
5.635 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
|
3.360 |
3.217 |
|
Capital work-in-progress
|
|
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
|
0.006 |
0.006 |
|
DEFERREX TAX ASSETS
|
|
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
|
0.000 |
0.000 |
|
|
Sundry Debtors
|
|
0.753 |
0.237 |
|
|
Cash & Bank Balances
|
|
1.648 |
1.276 |
|
|
Other Current Assets
|
|
0.000 |
0.000 |
|
|
Loans & Advances
|
|
0.554 |
0.615 |
Total Current Assets
|
|
2.955 |
2.128 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
|
1.859 |
1.357 |
|
|
Provisions
|
|
0.765 |
0.464 |
Total Current Liabilities
|
|
2.624 |
1.821 |
|
Net Current
Assets
|
|
0.331 |
0.307 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
|
0.000 |
2.105 |
|
|
|
|
|
|
|
TOTAL
|
|
3.697 |
5.635 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
|
20.470 |
14.101 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
|
2.563 |
1.747 |
Provision for Taxation
|
|
0.233 |
-- |
Profit/(Loss) After Tax
|
|
2.330 |
1.747 |
|
|
|
|
|
Export Value
|
|
17.543 |
10.035 |
|
|
|
|
|
Import Value
|
|
0.594 |
0.253 |
|
|
|
|
|
Total Expenditure
|
|
17.312 |
12.100 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
|
11.38 |
12.38 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
|
12.02 |
12.38 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total Assets} |
(%) |
|
40.55 |
32.65 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
|
1.80 |
1.46 |
|
|
|
|
|
|
Debt Equity Ratio
(Total Liability/Networth) |
|
|
3.44 |
5.21 |
|
|
|
|
|
|
Current Ratio
(Current Asset/Current
Liability) |
|
|
1.13 |
1.17 |
LOCAL AGENCY FURTHER INFORMATION
Software
and Hardware Developers services:
Xsteram
Software Inc.
Red
Rabbit software Inc.
American
Predator Inc.
AS
PER WEBSITE
Caravel
Info Systems Private Limited is an ISO 9001 certified Information Technology
solutions company with a mission to offer the customer - quality, cost
effective and time bound solutions meeting their short term and long term
business needs.
Caravel
Info Systems provides consulting services in the areas of complete product
development (electronic hardware, embedded software design and development),
intranet based (thin client server) applications development, GroupWare
application development and customization services in BaaN.
We
specialize in design and development of embedded hardware and software in the
areas of communications, networking, industrial control, data acquisition and
consumer products (Audio / video). For the industry segments such as
manufacturing, distribution, retailing and healthcare we offer our services in
design and development of intranet / internet (thin client server) based
application packages.
Changes
in business processes to meet the ever changing business needs, advancing and
new technologies have created complex new challenges to organizations to deploy
new IT solutions in a short time frame to cash-on the short opportunity window.
And developing these solutions in-house is the thing of
the past as the internal resources are already stretched to the limit
supporting the existing business systems. And the cost of maintaining a large
pool of resources and retraining them to fast changing development technologies
is causing a lot of burden on IT budgets of the companies.
Caravel
info systems provides customers with the design engineering/product development
services required to meet these new challenges. Caravel's senior executives
with their past experience in executing large IT projects, complimented by well
equipped development center, methodologies and processes can assure our
customers of timely and quick deployment of their solutions with highest levels
of quality and reliability. By carrying out a major portion of the project
development off-shore, at its development center in Bangalore, India, it can
offer solutions at less than half the cost.
Caravel info systems,
with its philosophy of working as an extension of our customers development team
offers full solution from concept to production (deployment). We can interact
directly with various departments in your organization starting from generating
product requirement specifications through deployment of the product, thus
offering total solution.
Caravel
Info Systems Private Limited, is promoted by a group of like minded
professionals with exhaustive experience in offering complete solutions, to
customers worldwide. These professionals are highly qualified with post
graduate qualifications from India's reputed institutes such as IITs and IISc,
and have put in a number of years of experience in executing large IT projects.
Their combined project experience is more than 50 man-years. The company boasts
of a well equipped offshore software / hardware development facility in
Bangalore, Silicon Valley of India, for providing outsourcing services.
The
driving theme at Caravel, for all employees, is that of service to our
customers. We strive to give this personalized attention to our customers and be
responsive to their questions and needs, to pave the way to extraordinary
levels of customer loyalty and repeat business for Caravel.
Services
Caravel
Info Systems Private Limited offers wide range of customer specific solutions
using appropriate technology in a very cost effective method. The vast
experience its professionals posses in successfully executing large IT projects
in the past, gives them an edge over other similar companies, in giving its
customers a just right solution.
Caravel
Info Systems Private Limited can offer you complete solution starting from
accessing the needs, drawing the specifications, to implemmplementation, hand
over and maintaining the product. We have necessary skills to handle complete
hardware design, embedded software, business application software to integrate
with these. We can also get associated with you at any stage of your solution
development. All these at a cost much less than any other similar company as we
carry out the routine tasks of development at our off-shore development center
in Bangalore.
Caravel
can offer services in the following areas:
Recent Projects
Caravel
has carried out a number of projects for its customers in India and abroad. A
partial list of projects is given below:
- PCI bus based add-on
card implementing dual channel PCM data simulator and serializer with
programmable bit rates up to 1 MHz for each channel for a Space Agency.
The card contains an IRIG-B time code reader module which reads IRIG time.
Also developed the driver for Win98 and Windows NT using Windows DDK and
user interface program (GUI) to operate the same.
- PCI bus based add-on
card implementing dual channel BPSK modulator with carrier frequency
programmable from 1 KHz to 1 MHz per channel using state-of-the-art Direct
Digital Synthesizer chip for a space agency. Also developed the driver for
Win98 and Windows NT using Windows DDK and user interface program (GUI) to
operate the same.
- Design and development
of a Microprocessor based high-end audio entertainment system with GUI
incorporating 640 X 200 LCD panel and touch screen with RF based remote
control for one of our UK client.
- Design and development
of a Microprocessor based Security guard patrol Monitoring system for one
of our far-east client.
- Design and development
of a Pentium processor based Web telephone (set-top box) for one of our US
client using QNX real time operating system.
- Micro-controller based
UPS monitoring system for one of the major UPS manufacturers.
- Development of a full-fledged
IDE (Integrated Development Environment) with project manager, assembler,
Linker and Cycle-Accurate Instruction Set Simulator functionality for a
DSP core manufacturer in Europe.
- Development of an
assembler, Linker and Parallel instruction analyser for an optical DSP
core manufacturer in Europe.
- A Windows CE based
embedded E-Book for a company in Chicago, USA using OEB standards using
embedded VC++.
- Design and Development
of Attendance recording system using Smart Cards both memory and Processor
cards.
- Performance improvement
of printer firmware for a major printer manufacturer in India.
- Design and development
of intranet based Integrated Manufacturing Aid System for a major PC
manufacturer. Involved development of Hardware and firmware, application
development using VC++, ASP and SQL Server.
- Design and development
of intranet based Hospital management system for one of our clients using
ASP, SQL Server
- Design and development
of e-learning authoring tool and player for Windows and Java based applications
using VC++, SQL server, VOIP etc.
- A number of B2B and B2C
portals for major Information technology companies.
- Implementation of ERP
package BaaN in a number of industries such as Manufacturing, distribution
etc.
Off-Shore Development
In
today’s competitive marketplace, escalating costs of software development and
shortage of skilled software professionals are important issues of concern.
Offshore software development has emerged to be a very viable alternative,
i.e., your software development is carried out in countries which are
strategically well positioned to develop quality software apart from giving you
a decisive cost advantage. India, for example, is blessed with several inherent
advantages for world class software development.
Reputed
global corporations such as AT&T, Citicorp, Compaq, GE, HP, IBM, Motorola,
Novel and TI have addressed these issues successfully through offshore software
development. They have set up their own software development centers in India
or entered into strategic alliances with local software companies.
A
few of the Strategic Advantages of carrying out Software Development in India
are
- Significant reduction in
costs
- Competitive rates for
contracting charges that are less than 50% of USA rates!
- No overheads. You do
not incur general and administrative costs. No space requirements. No
facilities costs (such as rent, utilities, maintenance). No recruiting or
human resources costs.
- Availability of highly
educated and skilled professionals
- India has the second
largest pool of English-speaking technical talent.
- Shortened development
time frames
- Strong work ethics
- Scope for development
to take place 24 hours a day because of the different time zones.
- Easier control over
project being developed in India
- You can have full
control over the project being developed in India by keeping in touch
with the development team through a satellite link.
- Easier procedure for
movement of hardware and software
- Caravel being a 100%
Export Oriented Unit under the STP (Software Technology Park) scheme you
can loan your target hardware and any special software such as tools
etc., for the duration of the project (no duties and easier clearances).
So, you don't get surprises on portability, or problems in compatibility.
How Does Offshore
Software Development Work?
The development
process usually begins at your site. A team of Caravel analysts led by a
project manager carry out the initial requirement definition and analysis at
the customer site in consultation with the client. The design and construction
phases are carried out in India at the Caravel Office with a larger team. The
project manager keeps in constant touch with the customer by regularly
communicating the status of the project through periodic reports, reviews, etc.
The acceptance testing and handing over are also done at the customer site.
This team also helps the customer in implementation, installation and user
training and maintenance. On an average 70% of the total effort is in India and
30% on customer site.
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 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. 44.88 |
|
UK
Pound |
1 |
Rs. 83.07 |
|
Euro |
1 |
Rs. 56.94 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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
|
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 |