MIRA
INFORM REPORT
|
Report Date : |
05.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
INSOFT.COM PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
DANISH TRUST PRIVATE LIMITED |
|
|
|
|
Registered Office : |
4th & 5th |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
13.01.1999 |
|
|
|
|
Com. Reg. No.: |
18-41734 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U72200TN1999PTC041734 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHEI04049D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCD0332L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
To carry on the business of export of software, formulating,
developing, improving, designing , marketing, selling, franchising, exporting
and licensing software and programme product of any and all description. |
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 : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having satisfactory
track records. Directors are reported as experienced and respectable businessmen.
Trade relations are 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 : |
4th & 5th |
|
Tel. No.: |
91-44-2446 4292 |
|
Fax No.: |
91-44-2446 4355 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branches : |
Located at : The |
DIRECTORS
|
Name : |
Mr. LC Geoqges Baekelhans |
|
Designation : |
Director |
|
Address : |
Flat No. 3 A, Athreya Apartmetns, 41/19, 2nd |
|
Date of Birth/Age : |
30.04.1968 |
|
Date of Appointment : |
13.01.1999 |
|
|
|
|
Name : |
Mr. Vadivambiga Baekelhans |
|
Designation : |
Director |
|
Address : |
Athreya Apartments, Flat No 3 C, NO. 41, |
|
Date of Birth/Age : |
02.05.1969 |
|
Date of Appointment : |
15.07.2000 |
|
|
|
|
Name : |
Mr. Wilfrieda Van Brempt |
|
Designation : |
Director |
|
Address : |
Liers Easteenwg 123, 2040 |
|
Date of Birth/Age : |
30.04.1947 |
|
Date of Appointment : |
16.08.2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Baekelhans LC Geoqges |
|
8079 |
|
Mr. Vadivambiga N. |
|
1 |
|
|
|
|
|
Equity Share
Breakup |
|
|
|
Category |
|
Percentage of
Holding |
|
Directors of relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
To carry on the business of export of software, formulating,
developing, improving, designing , marketing, selling, franchising, exporting
and licensing software and programme product of any and all description. |
GENERAL INFORMATION
|
Bankers : |
Not Available |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Varma and Varma Chartered Accountants |
|
Address : |
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50,000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
48,480 |
Equity Shares |
Rs. 100/- each |
Rs. 4.848
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
4.848 |
0.808 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
14.851 |
16.269 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
19.699 |
17.077 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.489 |
0.798 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.489 |
0.798 |
|
|
DEFERRED TAX LIABILITIES |
|
0.441 |
0.205 |
|
|
|
|
|
|
|
|
TOTAL |
|
20.629 |
18.080 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
4.406 |
3.291 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.050 |
0.050 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
1.504 |
1.504 |
|
|
Sundry Debtors |
|
13.949 |
9.598 |
|
|
Cash & Bank Balances |
|
3.511 |
6.251 |
|
|
Other Current Assets |
|
0.189 |
0.232 |
|
|
Loans & Advances |
|
1.510 |
0.975 |
|
Total
Current Assets |
|
20.663 |
18.560 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
1.097 |
2.404 |
|
|
Provisions |
|
3.393 |
1.417 |
|
Total
Current Liabilities |
|
4.490 |
3.821 |
|
|
Net Current Assets |
|
16.173 |
14.739 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
20.629 |
18.080 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover [Estimated] |
|
20.000 |
16.000 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.25 |
0.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
4.60 |
4.86 |
LOCAL AGENCY FURTHER INFORMATION
Since 1998, Insoft.com has been providing IT services to Software
companies around the world. They specialize in building long term development
teams for their customers, eliminating communication issues, commonly occurring
in IT outsourcing or offshore development. Their customers always being in
charge technically, they call their service Remote Development.
Insoft only works for software companies
Unlike most offshore development companies, Insoft has firmly chosen only to
work for IT companies. This requires a very specific work flow and they have
built the entire company around that concept. They understand what software
companies need, how they want it, and when they want it. Further more, this way
they are never a competitor to their own customers.
No projects but dedicated long term teams
It is always a surprise to their prospects that they do not take on projects.
But if you think about it, it makes a lot of sense. Where as you would normally
get another team for every single project you outsource, and need to transfer
knowledge and create a bond with the new team from scratch every single time,
at Insoft that needs to happen only once. Other than in a usual offshore model,
they build a team of people for you, along with you, to work at their offices
in Chennai. This team will be with you as long as they are partners, across
projects, so that after the startup period, it will actually feel as if you
have hired the own staff in
Like having the own company in India
At Insoft, you are in control of things. You are involved in who is part of the
team, and you have full technical control across all phases of development. And
even though a Project Manager will help you supervise and guide the team, you
have direct access to all of the developers. You decide how and when the source
code is delivered, and what procedures they should follow. It does not matter
what the team size is, one or fifty, after a few months, you will really see
them as colleagues, and occasionally even come and visit the team to take
delivery, or to discuss the next project. You will receive monthly invoices,
exactly as if you would pay salary to the in-house staff.
Full option, for the same price
Working only for software companies, they have learnt that you need more than
just developers. That is why they provide full service through a number of
added value departments. Their predevelopment team will help you make estimates
and turn the functional specs into technical specifications. This not only
saves you lots of time, but you can also check this way if they have really
understood what you expect from us. Their graphical guys will help you with
buttons, icons, templates and even logos and entire house styles. Their project
managers can be the single point of contact if the team becomes too big, and
their technical writers can create online help or user manuals. A full fledged
Quality Assurance team makes sure the standards are met, and that procedures
are properly followed. And all of this, included in the monthly cost of the
developers.
Extremely affordable
Because of their extraordinary concept, they have proven to be extremely
affordable. You will be more than pleasantly surprised to see their customised
quotations for a monthly cost estimate.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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. |
|
|
1 |
Rs. |
|
Euro |
1 |
Rs. |
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--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 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 |
|