MIRA
INFORM REPORT
|
Report Date : |
03.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
SPEECH
AND SOFTWARE TECHNOLOGIES INDIA PRIVATE LIMITED |
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Registered Office : |
3rd
Floor, Ceebros Arcade, 1, 3rd Cross Road, Kasturibai Nagar, Adyar,
Chennai – 600 020, Tamilnadu, India. |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
11.03.2003 |
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Com. Reg. No.: |
18-50510 |
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CIN No.: [Company
Identification No.] |
U72200MH1999PTC120282 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHES05486B |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Computer
Software Services. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Moderate
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is an established company but it’s profit margin is under severe pressure.
It’s financial position is moderate. Payments are usually correct and as per
commitments. The
company can be considered for small to mediocre business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
3rd
Floor, Ceebros Arcade, 1, 3rd Cross Road, Kasturibai Nagar, Adyar,
Chennai – 600 020, Tamilnadu, India. |
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Tel. No.: |
91-44-24425370/71 |
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Fax No.: |
91-44-24425369 |
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E-Mail : |
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Website : |
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Factory
1 : |
Development
Center: No. 140, 3rd Cross Street, Nehru Nagar, Kottivakkam, Old
Mahabalipuram Road – IT Corridor, Chennai – 600 041, Tamilnadu, India. |
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Tel.
No.: |
91-44-65285370/71 |
DIRECTORS
|
Name : |
Mr. R
K Krishnakumar |
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Designation : |
Director
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Date of Birth/Age : |
18.07.1938 |
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Name : |
Mr.
Prakash V Shukla |
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Designation : |
Director |
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Date of Birth/Age : |
02.09.1962 |
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Name : |
Mr.
Ishaat Hussain |
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Designation : |
Director |
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Date of Birth/Age : |
02.09.1947 |
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Name : |
Mr. B
D Nariman |
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Designation : |
Director |
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Date of Birth/Age : |
06.05.1964 |
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Name : |
Mr. S
Swaminathan |
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Designation : |
Director |
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Date of Birth/Age : |
10.11.1968 |
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Name : |
Mr. A
R Somasundaram |
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Designation : |
Director |
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Date of Birth/Age : |
02.06.1964 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr. R
K Krishnakumar |
20 |
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Mr.
Prakash V Shukla |
5020 |
|
Taj
Investment and Finance Company |
5000 |
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Total: |
10040 |
BUSINESS DETAILS
|
Line of Business : |
Computer Software Services. |
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Products : |
Telemail TeleMail
is an anytime, anywhere email reader over telephone. With TeleMail you can
get the mails read out even when you are on the move and do not have a
computer to access the emails. The system can understand voice commands and
navigate, thus providing the user hands free and hassle free access to his
voice mailbox. IVRS The
Interactive Voice Response (IVR) system enables organizations to provide
their customers with information and services round the clock, seven days a
week. IVR systems can be navigated either by telephone's keypad or by speech
commands. Voice based IVR systems are primarily for a better caller
experience. IVR systems help bring down call time, call cost and increase the
productivity of the staff. Computer
Telephony Interface Cards Computer
Telephony Interface (CTI) cards are PC – Telephony (PCT) series cards which
support various types of telephony network interfaces in varying port
densities. They also include voice-processing support required for any CTI
application. These cards are ideally suited for providing cost effective
Computer Telephony solutions. Embedded
Speech Recognition Port
speech recognition algorithms & technologies onto low cost fixed/floating
point DSP’s to speech enable air conditioners, TV, automobiles, toys, robots,
electronic appliances etc. Hello
Net HelloNet
technology enables ISPs, Basic telephony operators and Cellular Service
Providers in setting up mail service to their subscribers for accessing mails
over phone anytime, anywhere! On
Line booking system Their
online booking system has the capability to provide online booking modules
that can be used to book products, services over the Internet (e.g.. reserve
and cancel rooms for the hotel through the Internet). On
Line speaker verification Online
Speaker Verification enables web based voice authentication for secured
access of information over internet. Automatic
speech recognition Speaker
independent, automatic speech recognition with Keyword spotting capabilities,
for continuous speech inputs, enabling friendly interface between user &
application. Text
to Speech Systhesizer Text
to Speech synthesizer is a technology that can be used to give a natural
sounding synthesized voice for dynamic information read-out like e-mails and
where full digital recordings is not appropriate. Unified
Messaging Services With
unified messaging services one can access messages generated through any
medium, any type and reply to them with his wireless PDA (Personal Digital
Assistant). This saves time for him from having to separately access his fax,
emails, voicemails… the list is rather long to mention here. Name
Dialer Name
Dialer is an application that routes in-bound calls within an organization
based on name of person called by the user. Indian
English via voice Indian
English ViaVoice is a speech recognition software that replaces the need to
type a document. The software developed was customized to the Indian accent
to improve the recognition accuracy. |
GENERAL
INFORMATION
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Bankers : |
Not
Divulged |
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Facilities : |
-- |
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Banking Relations : |
Satisfactory
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Auditors : |
B S R
& Company Chartered
Accountant |
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Address: |
16,
Cenotaph Road, Nandanam, Chennai – 600 018, Tamilnadu, India. |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
3667200 |
Equity
Shares |
Rs. 10/- each |
Rs. 36.672 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
36.672 |
36.672 |
36.672 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(26.470) |
(22.787) |
(15.309) |
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NETWORTH |
10.202 |
13.885 |
21.363 |
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LOAN FUNDS |
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1] Secured Loans |
0.103 |
1.072 |
2.264 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.103 |
1.072 |
2.264 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
10.305 |
14.957 |
23.627 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.344 |
17.496 |
22.370 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.428
|
1.647
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Sundry Debtors |
2.306
|
1.091
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Cash & Bank Balances |
7.282
|
1.209
|
8.946 |
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Other Current Assets |
0.000
|
0.000
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Loans & Advances |
1.150
|
1.080
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Total Current Assets |
13.166 |
5.027
|
8.946 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
11.205
|
7.659
|
7.689 |
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Provisions |
0.000
|
0.000
|
0.000 |
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Total Current Liabilities |
11.205 |
7.659
|
7.689 |
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Net Current Assets |
1.961 |
(2.632)
|
1.257 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.093 |
0.000 |
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TOTAL |
10.305 |
14.957 |
23.627 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
21.617 |
10.106 |
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Profit/(Loss)
Before Tax |
|
2.154 |
(7.477) |
|
Provision
for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss)
After Tax |
|
2.154 |
(7.477) |
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Export
Value |
|
5.832 |
NA |
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Import
Value |
|
0.671 |
NA |
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Total
Expenditure |
|
19.462 |
17.584 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
9.96 |
(73.99) |
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Net
Profit Margin (PBT/Sales) |
(%) |
|
9.96 |
(73.99) |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
10.01 |
(33.20) |
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Return
on Investment (ROI) (PBT/Networth) |
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|
0.21 |
(0.54) |
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Debt Equity
Ratio (Total
Liability/Networth) |
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|
1.11 |
0.63 |
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Current
Ratio (Current
Asset/Current Liability) |
|
|
1.18 |
0.66 |
LOCAL AGENCY
FURTHER INFORMATION
Subject
started its research and development activities in the area of speech
technologies in the year 1994. Today they are one of the leading product
engineering global IT service providers, providing value-added, speech-based IT
solutions and services to large and medium-scale organizations. The areas they
deal in are:
Ø
Automatic
speech recognition
Ø
Text
to speech
Ø
Computer
Telephony interface card
Ø
Speech
enabling and IVR solutions.
All their products and services are built around their inherent capability to
converge into all medium of communications i.e. telephone, Internet and
wireless.
The testimony of their technological prowess lies in the state-of-art
applications running for some of the world’s leading organizations. Their
clients have gained enormous mileage over their competitors, in customer
satisfaction and in overall customer relation management.
Their presence in major countries gives us global reach and a vast rollout
support capability. Together with their formidable team of high-caliber
Doctorates, Post-Graduates, software and hardware professionals, they have
successfully positioned their selves at the vanguard of the global speech
enabled - IT services revolution.
They continue to reiterate their key imperatives of focusing on their core
technology competencies and keeping pace with continuous growth and learning.
Services
Services from SST focus on defining, optimising and aligning our client's
business strategy with IT initiatives in their area of expertise.
They believe that business and technology work hand-in-hand. An in-depth
knowledge of their core technology and
a holistic understanding of their client requirement enable us to deliver
technology solutions that give their client a decisive competitive advantage.
Some of the solutions we have delivered to different segments of the industry:
Ø
Automobile
Ø
Entertainment
Industry
Ø
Health
Care
Ø
Hospitality
Industry
Ø
IT
Product Re-engineering
Ø
Telecom
Their
mature and proven onsite-offshore outsourcing model guarantees cost savings
within the first few months. They have plans to set up one of the largest base
of ODC’s in India for clients around the world. With state-of-art communication
facilities and infrastructure, their offshore centers will work as a virtual
extension of their client’s development environment providing 365 x 24 x 7
service.
They follow a methodical process flow for the project management process to
ensure completeness of the project on time with good quality deliverable. The
steps followed during the project management process are:
Ø
Choosing
Life cycle model – Choose life cycle model based on the nature of the project
and delivery model.
Ø
Milestone
/ Phases identification – Identify different phases/milestones.
Ø
Project
Risk Management – Identify risk conditions, prioritize based on their impact on
project goals, identify, plan and execute mitigation steps, track risks during
entire project life.
Ø
Project
Plan – Prepare work plan, development plan and quality plan.
Ø
Project
Reviews & Monitoring – Conduct reviews in all phases of the project,
progress monitoring, and mitigation and steps to ensure progress and schedule
of the project.
Ø
After
Sale Support – A three inter-linked processes - adaptive maintenance,
preventive maintenance and corrective maintenance.
The
above process flow ensures complete control and success of the project. They
have got exhaustive experience in executing bigger projects in multiple
phases/milestones.
Their quality system guidelines provide with list of perceived risks during the
planning phase and the mitigation steps. With such an approach, the risk
management is carried out successfully and ensures that customers are always
apprised of project risks and measures taken to mitigate them.
The project plan consists of work plan, development plan and quality plan. The
plan always takes the inputs from risk management process to be proactive in
those areas. These plans are reviewed periodically to ensure the progress and
the plans are revised from time to time with frequent interaction with the
customer, if the customer makes change requests.
Each stage of the development cycle consists of different review processes to
ensure the completion of the previous stage. A committee of members does each
of the review. This ensures understanding of the application and eliminates
errors due to lack of understanding or communication, etc.
The process of after sales service begins at the pre-sales stage through
adaptive maintenance procedures. A Senior Committee comprising of sales,
projects and support representatives validate solution architecture, design and
configurations against the knowledge repository.
Preventive maintenance activities are carried periodically to ensure healthy
functioning of the system. The integral part of this practice involves checking
the environment where the solution is installed, physical conditions of the equipments
and analysing error logs and reports generated by the systems.
Though adequate care is taken in the form of adaptive and preventive
maintenance processes, they have a proven process in place to respond and
resolve any problem that may arise during the life cycle of the solution.
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. 44.84 |
|
UK
Pound |
1 |
Rs. 85.55 |
|
Euro |
1 |
Rs. 57.28 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
37 |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|