MIRA
INFORM REPORT
|
Report Date : |
27TH
May, 2006 |
IDENTIFICATION
DETAILS
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Name : |
PRODAPT SOLUTIONS PRIVATE LIMITED |
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Registered Office : |
9,
Seshadri Road, Alwarpet, Chennai – 600018, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2003 |
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Date of Incorporation : |
29th
January, 1999 |
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Com. Reg. No.: |
18-41798 |
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CIN No.: [Company
Identification No.] |
U30007TN1999PTC041798 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEP06466F |
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PAN No.: [Permanent
Account No.] |
AAACZ0985G |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Company
is in engaged in dealing in Computer software |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
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Status : |
Poor |
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Payment Behaviour : |
Slow
and Delayed |
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Litigation : |
Unknown
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Comments : |
As per
the available information financial position of the company is poor. The
company can be considered for any business dealings on safe and secured trade
terms and conditions. |
LOCATIONS
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Registered Office : |
9,
Seshadri Road, Alwarpet, Chennai – 600018, Tamilnadu |
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Tel. No.: |
91-44-24986622 |
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Fax No.: |
91-44-24986633 |
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E-Mail : |
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Website : |
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California Office
(CA, USA) |
3550 Mowry
Avenue, #306, Fremont, CA 94538 Voice: 1-510-608
4750 |
DIRECTORS
Not
Available
BUSINESS DETAILS
|
Line of Business : |
Company
is in engaged in dealing in Computer software |
GENERAL
INFORMATION
|
Clients |
à
Expresso Paper Company à Sun
Microsystems à Sun
Tone (Division of Sun Microsystems à KAMCO
- Korea Asset Management Company à
TRW
à Kmart à Scope
International (100% Subsidiary of Standard Chartered Bank) à Ontuet
- Insight Solutions à
Pioneer Mutual Funds |
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Bankers : |
Not
Available |
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Facilities : |
-- |
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Banking Relations : |
Unknown
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Auditors : |
S
Venkatram & Company Chartered
Accountant |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
2021300 |
Equity
Shares |
Rs. 10/- Each |
Rs. 20.213 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2003 |
31.03.2002 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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20.213 |
11.213 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
|
39.900 |
39.900 |
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4] (Accumulated Losses) |
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(30.329) |
(44.788) |
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NETWORTH |
|
29.784 |
6.325 |
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LOAN FUNDS |
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1] Secured Loans |
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1.050 |
1.081 |
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2] Unsecured Loans |
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16.940 |
23.145 |
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TOTAL BORROWING |
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17.990 |
24.226 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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47.774 |
30.551 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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11.895 |
13.106 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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16.885 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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Sundry Debtors |
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Cash & Bank Balances |
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23.487 |
20.355 |
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Other Current Assets |
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Loans & Advances |
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Total Current Assets |
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23.487 |
20.355 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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4.493 |
2.910 |
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Provisions |
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0.000 |
0.000 |
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Total Current Liabilities |
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4.493 |
2.910 |
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Net Current Assets |
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18.994 |
17.445 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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47.774 |
30.551 |
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KEY
RATIOS
|
PARTICULARS |
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31.03.2003 |
31.03.2002 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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|
0.75 |
4.29 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
5.22 |
6.99 |
LOCAL AGENCY
FURTHER INFORMATION
About Prodapt
Prodapt provides application development, deployment,
and integration services in helping create the services and technology
solutions for some of the world’s leading companies. Prodapt’s approach is
predicated on subordinating market leading technology solutions to their
client’s business needs. They serve clients across the globe through their
offshore development center located in Chennai, India as well as offices in the
United States.
Their partnerships and experience working closely with the world’s leading
technology vendors allow us to bring cutting edge product and technology
expertise to bear on solving business problems. Prodapt’s project teams utilize
a combination of offshore and onsite resources depending on the needs of their
clients, allowing us to deliver exceptional value.
Prodapt is part of the Jhaver
Group of Companies, a leading business group with over 100 years of
history.
Clients
Prodapt focuses on building long term beneficial
relationships with their clients; one of their goals is to be viewed as an
extension to the existing IT team of the client. They work with companies big
and small. A representative list of their clients across industries,
geographies and sizes would include E*TRADE, Pioneer, TRW, Expresso, Kamco, Sun
Microsystems, Newmonics, and Insight Solutions.
|
Client |
Solution
Type |
Technologies
Used |
|
Expresso Paper
Company |
Online B2B
Marketplace for leading paper consortium in Europe |
J2EE Platform
(Sun ONE Market Maker, Sun ONE Directory Server, Web Server, Integration Server,
Oracle 9i Database) |
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Sun Microsystems |
Product
Development and Support |
J2EE Platforms |
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Sun Tone
(Division of Sun Microsystems) |
Online community
for Sun partners |
J2EE Platform
(Sun ONE Market Maker, Oracle Portal Server, Oracle 9i Database) |
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KAMCO - Korea
Asset Management Company |
B2B Online
exchange for transaction of assets. |
J2EE Platform
(Sun ONE Market Maker, Sun ONE Directory Server, Web Server, Integration
Server, Oracle 9i Database) |
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TRW |
Online Automation
of Customer Support |
Java, Apache and
Tomcat on Linux with Oracle Database |
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Kmart |
Merchandising
tool QA Framework |
JTest, JContract,
ClearCase, ClearQuest, ATG Dynamo |
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Scope
International (100% Subsidiary of Standard Chartered Bank) |
Complete Intranet
Solution |
Microsoft
Platform (ASP, IIS, SQL Server) |
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Ontuet - Insight
Solutions |
Reporting
sub-system for online marketplace |
Microsoft
Platform (ASP.NET, C#, Crystal Reports) |
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Pioneer Mutual
Funds |
Online Access to
Mutual Fund Information |
Microsoft
Platform (VB, COM, MTS, ASP, SQL Server) |
Partners
Prodapt has partnered with a select number of industry leading
technology and solution providers. Their partnerships are designed to extend
their capabilities in specialized areas and gain expertise in a wide range of
tools, technologies and services. Through partnerships, they offer their
clients complete and comprehensive solutions using the best and most innovative
technologies. Prodapt works very closely with its partners to ensure their
clients achieve a competitive advantage in today's time and cost driven
marketplace.
A Microsoft Certified Partner,
Prodapt consistently provides its global clients the best of the Microsoft
solutions using the .NET platform and Web Services framework.
Prodapt has internally developed Microsoft technology
based frameworks that enable a developer to jump-start into development right
away, without worrying about the intricacies behind database connectivity, File
I/O, error handling, session and application management.
Prodapt has invested in training resources and developing
best practices for application development using Microsoft's .NET architecture.
Prodapt's Microsoft Competency Center leverages this expertise to enable rapid,
error-free application development to solve specific business problems.
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.45.85 |
|
UK
Pound |
1 |
Rs.85.82 |
|
Euro |
1 |
Rs.58.62 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
- |
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--LEVERAGE |
1~10 |
- |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
13 |
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 |