MIRA
INFORM REPORT
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Report Date : |
12.06.2007 |
IDENTIFICATION DETAILS
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Name : |
VIRGO SOFTECH LIMITED |
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Registered Office : |
188, Anoop Nagar, Indore-452001, Madhya Pradesh |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
18.01.1991 |
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Com. Reg. No.: |
10-6221 |
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CIN No.: [Company
Identification No.] |
L30007MP1991PLC006221 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BPLV00352C |
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PAN No.: [Permanent
Account No.] |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Wholesaler of Electrical Machinery. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 100000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. 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
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Registered Office : |
188, Anoop Nagar, Indore-452001, |
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Tel. No.: |
91-731-2554217, 3255557, 4070556 |
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Fax No.: |
91-731-2551974 |
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E-Mail : |
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Corporate Office : |
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Tel. No.: |
91-11-41729113, 41729365, 41729366, 32928551 |
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Fax No.: |
91-11-41729114 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Yogendra Kashyap |
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Designation : |
Director |
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Address : |
21, Rajesh Nagar, Nandlalpura, |
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Date of Appointment : |
18.01.1991 |
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Name : |
Mr. Sukhdev Singh Kashyap |
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Designation : |
Director |
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Address : |
21, Rajesh Nagar, Nandlalpura, |
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Date of Birth/Age : |
23.10.1932 |
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Date of Appointment : |
18.01.1991 |
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Name : |
Mr. Dhamendra Sharma |
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Designation : |
Director |
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Address : |
17, Shanti Nagar, Shri Nagar Extension, |
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Date of Birth/Age : |
11.02.1972 |
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Date of Appointment : |
01.01.2003 |
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Name : |
Mr. Brijesh Awasthi |
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Designation : |
Director |
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Address : |
21, Rajesh Nagar, Nandlalpura, |
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Date of Birth/Age : |
20.08.1965 |
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Date of Appointment : |
01.04.2003 |
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Name : |
Mr. Rajesh Jain |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Yogendra Singh Kashyap |
30020 |
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Mr. Sukhdev Kashyap |
7988 |
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Mrs. Rekha Kashyap |
2 |
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Mr. Brijesh Awasthi |
2 |
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Mr. Naval K Biyani |
2 |
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Mr. Shashi B Khandelwal |
2 |
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Mr. Avdhut Rampurker |
2 |
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Mr. Kailash Kala |
1000 |
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Mrs. Chandrakala Bagdi |
100 |
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Mrs. Krishna Sharma |
150 |
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Mr. Gopal Das Mantri |
200 |
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Mr. Mohan Sharma |
150 |
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Mrs. Sarita Sharma |
150 |
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Mr. Vinod Sharma |
150 |
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Mrs. Hema Vyas |
150 |
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Mr. Mohanlal Sharma |
150 |
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Mr. Girishankar Sharma |
150 |
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Mr. Anand Sharda |
150 |
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Mr. Shambhu Rathi |
200 |
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Mr. Manoj Sharma |
150 |
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UNO Industries Limited |
3000 |
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Hindustan Continantel Limited |
3000 |
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Shaba Chemicals Limited |
2000 |
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Mrs. Sarojni Agarwal |
300 |
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Optimates Textile |
1000 |
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Mr. Abhay Sharma |
200 |
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Ms. Anjali Sharma |
150 |
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Mr. Aditya Vyas |
150 |
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Simplex investment and Mega Finance Private Limited |
500 |
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Olympic Management and Financial Services Limited |
1000 |
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Delta Polyster Limited |
1000 |
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Larite Industries Limited |
800 |
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Emerald Systems Engineering Limited |
1000 |
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Bhoomi Agro Overseas Private Limited |
500 |
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JMD Telefilms Industries Limited |
1000 |
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Shubh Suppliers Private Limited |
1000 |
BUSINESS DETAILS
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Line of Business : |
Wholesaler of Electrical Machinery. |
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Products : |
Trade in computers Job wok of voter list printing |
GENERAL INFORMATION
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Suppliers : |
v
VIP Stationery v
Aditya Computers v
Graphic Computer Service v
Swati Enterprises v
Omnisys International Computers v
Mirash Infotech Private Limited v
R K Data Processors v
Sandhya Computers v
Axalfo International Limited, v
Gemplus Tech Asia Pte Limited, v
Magnaflux System Private Limited v
Frequent Travels v
Ghanshyamdas & Company v
Mascon Computer Services v
Bagga Link Services Limited v
Eta General Private Limited v
JKN International v
Maxtel v
Snine Concepts SR Distributors v
Trinetra Impex Private Limited v
Tapi Soft SD v
Designer Furniture |
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Customers : |
v
Compu Photo v
Subba Micro System v
Omnisys International Computers v
The CEO Bhopal v
The CEO Lucknow v
Mascon Computer Services v
Disycom computers v
Frequent Travels v
Mukesh Kumar v
Sanjeev Gupta v
Schiumberger Measurement & Systems India
Limited v
Digital Signature v
Omen Technologies v
System v
Tapisoft Info Private Limited |
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No. of Employees : |
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Bankers : |
v
Bank of v
Bank of v
Bank of v
ICICI Bank Limited, v
Vijaya Bank Limited, v
Bank of v
ICICI Bank Limited, |
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Facilities : |
Secured Loans
(As on 31.03.2005) :
Unsecured Loans
:
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Banking
Relations : |
Satisfactory |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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75000 |
Equity Shares |
Rs.100/- each |
Rs.7.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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60368 |
Equity Shares |
Rs.100/-
each |
Rs.6.037
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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6.037 |
6.037 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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20.013 |
20.729 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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26.050 |
26.766 |
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LOAN FUNDS |
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1] Secured Loans |
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18.099 |
1.312 |
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2] Unsecured Loans |
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3.124 |
3.605 |
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TOTAL BORROWING |
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21.223 |
4.917 |
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DEFERRED TAX LIABILITIES |
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1.758 |
0.208 |
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TOTAL |
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49.031 |
31.891 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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18.055 |
3.568 |
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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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17.588 |
0.088 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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6.015 |
6.078 |
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Cash & Bank Balances |
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4.028 |
0.645 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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71.381 |
54.448 |
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Total
Current Assets |
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81.424 |
61.171 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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(68.040) |
(32.940) |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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(68.040) |
(32.940) |
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Net Current Assets |
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13.384 |
28.231 |
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MISCELLANEOUS EXPENSES |
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0.004 |
0.004 |
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TOTAL |
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49.031 |
31.891 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Sales Turnover |
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4.966 |
6.490 |
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Other Income |
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57.104 |
14.677 |
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Total Income |
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62.070 |
21.167 |
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Profit/(Loss) Before Tax |
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0.834 |
1.426 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.834 |
1.065 |
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Expenditures : |
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Administrative Expenses |
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5.314 |
3.183 |
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Increase/(Decrease) in Finished Goods |
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0.000 |
0.312 |
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Managerial Remuneration |
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0.060 |
0.060 |
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Payment to Auditors |
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0.015 |
0.015 |
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Interest |
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3.876 |
2.219 |
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Depreciation & Amortization |
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2.421 |
0.837 |
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Other Expenditure |
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49.549 |
13.115 |
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Total Expenditure |
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61.235 |
19.741 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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1.34 |
5.03 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.34 |
6.74 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.84 |
2.20 |
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Return on Investment (ROI) (PBT/Networth) |
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0.03 |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
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(1.80) |
(1.05) |
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Current Ratio (Current Asset/Current Liability) |
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(1.20) |
(1.86) |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Name of the company |
VIRGO SOFTECH
LIMITED |
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Presented By |
MR. YOGENDRA KASHYAP, DIRECTOR |
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1) Date and description of instrument creating the change |
26.06.2004. Instrument of hypothecation of goods. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.5.000 millions |
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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 |
CC Credit limit secured by hypothecation and charges all borrowers stocks of raw materials, semi finished and finished goods, stores and spares not relating to plant and machinery both present and future including stock of printing ribbons, smart optical cards, other consumables etc. lying and various RTO offices at Delhi. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin 25% Interest at the rate of 2.5% over prime lending rate of the bank with a minimum of 13% per annum plus interest tax. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
Fixed assets :
Furniture and fixtures
Computer and Primnter
Fax Machine
Air Conditioner
Maruti 800
Office Equipment
Cycle
Car
Scooter
Smart Card Reader
Smart Optical Drives
Website
Details :
Subject, incorporated in 1991, is a professionally managed,
rapidly growing, multifaceted Information technology company. With interest in
eGovernance and Smart Card industry, The Company is actively involved in
developing solutions and providing facility management services for Smart Card
preparation in Transport, Social Security, Citizen Identity, Land Records
Registration and a host of other application areas. The company has established
itself in software development, data processing, data conversion, digital
printing, Digitization, System integration, smart card personalization, IT
facility management and other IT enabled services.
The company, headquartered in Indore MP and corporate office
in
The company has set for itself and has achieved stringent
quality standards in IT Enabled Services such as ISO 9001:2000 and has been
suitably accredited for its quality management system by world’s leading and
major quality assessors.
Milestones
1991- Incorporation
1995- Contract with M.P state for issuance of 12 million Elector Photo
Identity Cards
1996- Contract with Uttar Pradesh and Madhya Pradesh states for issuance
of 25 million Elector Photo Identity Cards
1997- Contract with MP, UP and CG for Computerization, publishing,
printing of elector rolls of 80 million electors
1998- Contract for Preparation of 7 million Permanent Account Number
cards (PAN) for M.P. region
2002- Contract with
2004-Contract with Delhi Govt. for Data capturing, printing,
personalization, facility management and issuance of
Vehicle Registration Certificate” on Smart Optical Cards on
Build Own Operate Basis (BOO)
Alliances
SchlumbergerSema is one of two business segments of
Schlumberger Limited, a global technology services company. With more than
30,000 employees serving customers in 65 countries, SchlumbergerSema aggregates
IT consulting, systems integration, managed services and related products to
the oil and gas, telecommunications, energy and utilities, finance, transport
and public sector markets. Leveraging the Schlumberger DeXa* Suite of Services,
it also provides IP network connectivity, information security solutions,
distributed computing support services and data center hosting services. In
2001, Schlumberger revenues were $14.3 billion.
Fargo Electronics, Inc. (NASDAQ: FRGO), is a global leader
in the development of secure technologies for identity card issuance systems,
including secure card printer/encoders, materials and software.
Transport
Virgo has been awarded the contract for work on Vehicle
Registration Certificate on Smart Optical Cards for the NCT of Delhi on Build
Own Operate Basis (BOO) for a period of 5 years
Estimated cost: 150 Crores
Scope of Work:
Preparation of VRC on Optical Smart Card
Front
Office Management
Legacy
Data Digitization
Project
Highlights
v
Estimated Volume 6 million cards to be
issued
v
Scanning, Electronic documentation and
filing of 6 million Files- Approx 10 Crore pages
v
160 Skilled/semi skilled personnel
deployed at 11 Zonal transport Authorities
v
Over 4 Lacs customers serviced in one
year- approx 1 Crore pages scanned.
v
Electronic Documentation Management
System developed by VSL
v
All Software application for the card
issuance developed in-house by VSL.
v
System Integration solutions developed
in-house
Electorals
MP/UP/Chhatisgarh Government -Election Commission
Virgo has undertaken and successfully completed projects
for Elector’s Photo ID Card Preparation- On Line IT facility Management
12 million Elector Photo Identity Cards for M.P state in
1995
25 million Elector Photo Identity Cards for Uttar Pradesh
and Madhya Pradesh in 1996
Scope of Work:
Data Entry of the electors particulars
Capturing of the photographs
On-line printing and delivery of the cards
Project
Highlights
v
Software for the project developed by
VSL
v
Deployment of approx 600 personnel at the designated
photography locations at the district, Tehsil and Village levels.
v
In- house H/W and S/W support for the
project.
v
Data entry, photographing and printing
of approx 20 million records.
v
Computerization, publishing, printing
of elector rolls of 80 million electors of MP,UP and CG since 1997
v
Digital Printing of 50 million pages of
elector rolls for
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.40.73 |
|
|
1 |
Rs.80.43 |
|
Euro |
1 |
Rs.54.44 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|