MIRA
INFORM REPORT
|
Report Date : |
07.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SUNTEC BUSINESS
SOLUTIONS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
321, Nila,
Technopark, Kariavattom, Trivandrum – 6955811, Kerala |
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Country : |
India |
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|
Financials (as
on) : |
31.03.2006 |
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Date of
Incorporation : |
02.12.1998 |
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Com. Reg. No.: |
09-12638 |
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CIN No.: [Company Identification No.] |
U74140KL1998PTC012638 |
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|
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TAN No.: [Tax Deduction & Collection Account No.] |
TVDS1127A |
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|
Legal Form : |
Private Limited
Liability Company |
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|
Line of
Business : |
Provide enterprise-wide
transaction management solutions for the telecom and financial services
industries across the globe |
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 : |
USD 1500000 |
|
|
|
|
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 company and a part of Suntec worldwide. Directors are reported as
experienced, respectable and having satisfactory means of their own. Trade
relations are reported as fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office : |
321, Nila,
Technopark, Kariavattom, Trivandrum – 6955811, Kerala |
|
Tel. No.: |
91-471-2700984/2527600 |
|
Fax No.: |
91-471-2527138 |
|
Email : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr. Krishnan Nandakumar
Nair |
|
Designation : |
Managing Director |
|
Address : |
TC
5/2526(2), Tkv Nagar, Kavadiar, Trivandrum, Kerala-695041 |
|
Date of
Birth/Age : |
14-06-1961 |
|
Date of
Appointment : |
29.05.2000 |
|
|
|
|
Name : |
Ms. Asha Kunjamma Bhagavathy |
|
Designation : |
Director |
|
Address : |
TC
5/2526(2), Tkv Nagar, Kavadiar, Trivandrum, Kerala-695 041 |
|
Date of
Birth/Age : |
30-05-1964 |
|
Date of
Appointment : |
01.06.2000 |
|
|
|
|
Name : |
Mr.
Vijayaraghavan pillai Gopala |
|
Designation : |
Director |
|
Address : |
Lekshmi
Priya No.29, Chempaka Nagar, Trivandrum, Kerala-695 001 |
|
Date of
Birth/Age : |
27-03-1957 |
|
Date of
Appointment : |
25.10.2000 |
|
|
|
|
Name : |
Mr.
Deepak Vaidya Calian |
|
Designation : |
Director |
|
Address : |
249/251,
Walkewhwar Road, Mumbai, Maharashtra-400006 |
|
Date of
Birth/Age : |
09-01-1945 |
|
Date of
Appointment : |
25.10.2000 |
|
|
|
|
Name : |
Mr.
Rajkumar Rajagopal |
|
Designation : |
Director |
|
Address : |
73
HUA Quan Avenue, Singapore-589169 |
|
Date of Birth/Age
: |
07-04-1960 |
|
Date of
Appointment : |
25.10.2000 |
KEY EXECUTIVES
|
Name : |
Mr. Subramony V. |
|
Designation : |
Company Secretary |
|
Address : |
TC-37/1050, Gokul,
Tippu Street, Attakulagara, P.O.Fort, Trivendrum-695023, Kerala, India |
|
Date of
Birth/Age : |
24.04.1981 |
|
Date of
Appointment : |
24.02.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of
Shareholders |
|
No. of Shares |
|
Mr. K. Nandakumar
Nair |
|
18047160 |
|
Ms. Asha K B |
|
240 |
|
Palm
Island Limited |
|
4214680 |
|
VMA
Consultants Private Limited |
|
43800 |
BUSINESS DETAILS
|
Line of
Business : |
Provide enterprise-wide transaction
management solutions for the telecom and financial services industries across
the globe |
GENERAL
INFORMATION
|
Bankers : |
|
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors : |
Roy Varghese and
Associates Chartered
Accountants |
|
Address : |
T. C. III/2332,
Ground Floor, Indian Bank Building, Pattom, Palace Junction, Trivandrum – 695004,
India |
|
Tel. No.: |
91-471-2541174/2541934/2545515 |
|
Fax No.: |
91-471-2541581 |
|
Email : |
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|
|
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Associates/Subsidiaries
: |
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17892704 |
Equity Shares |
Rs. 10/- each |
Rs. 178.927 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
178.927 |
178.927 |
5.591 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves &
Surplus |
235.137 |
183.113 |
183.881 |
|
|
4] (Accumulated
Losses) |
0.000 |
0.000 |
(15.009) |
|
NETWORTH
|
414.064 |
362.040 |
174.463 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured
Loans |
0.000 |
0.000 |
0.000 |
|
TOTAL BORROWING
|
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX
LIABILITIES |
1.065 |
0.000 |
0.164 |
|
|
|
|
|
|
|
TOTAL
|
415.129 |
362.040 |
174.627 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
118.028 |
19.924 |
23.476 |
|
Capital work-in-progress
|
0.043 |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
139.631 |
7.881 |
7.881 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.416 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
|
|
|
|
Inventories
|
0.000
|
0.000
|
0.000 |
|
|
Sundry Debtors
|
157.838
|
80.428
|
23.478 |
|
|
Cash & Bank Balances
|
147.400
|
233.858
|
86.131 |
|
|
Other Current Assets
|
7.867
|
5.382
|
4.689 |
|
|
Loans & Advances
|
173.826
|
105.068
|
48.554 |
Total Current Assets
|
486.931
|
424.736
|
162.852 |
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
156.147
|
67.934
|
12.829 |
|
|
Provisions
|
173.776
|
23.541
|
7.451 |
Total Current Liabilities
|
329.923
|
91.475
|
20.280 |
|
Net Current Assets
|
157.008
|
333.261
|
142.572 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.419 |
0.558 |
0.698 |
|
|
|
|
|
|
|
TOTAL
|
415.129 |
362.040 |
174.627 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
Sales Turnover [including other
income]
|
|
357.628 |
148.740 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
|
185.516 |
26.367 |
Provision for Taxation
|
|
12.948 |
2.575 |
Profit/(Loss) After Tax
|
|
172.568 |
23.792 |
|
|
|
|
|
Export Value
|
|
127.813 |
122.324 |
|
|
|
|
|
Import Value
|
|
NA |
1.926 |
|
|
|
|
|
Total Expenditure
|
|
136.457 |
120.551 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
NA
|
48.25
|
15.99 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
NA
|
51.87
|
17.72 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
NA
|
41.72
|
14.15 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
NA
|
0.51
|
0.15 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
0.80
|
0.25
|
0.17 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
1.47
|
4.64
|
8.03 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed assets
v
Plant and
machinery
v
Furniture and
fixtures
v
Office
equipment
v
Electrical
fittings
v
Kitchen
utensils
v
IPR
v
Trademarks
The company has
received permission from the Government of India to set up a 100% EOU. The company
has imported/purchased duty free capital goods of assessable value amounting to
Rs. 13.305 millions, under the EOU scheme, and duty foregone on this is Rs.
5.130 millions. The company has a contingent liability on account of the duty
foregone in the event of non fulfillment of export obligation.
The company has
received Kerala State Investment Subsidy, amounting to Rs. 1.309 millions on
07.11.2000 and Rs. 0.027 millions on 18.11.2002, through KSIDC. If the company
goes out of commercial production within a period of five years, from the date
of receipt of the subsidy, the company has to be refund the same.
The company
recorded a turnover of Rs. 357.628 millions and a net profit of Rs. 172.567
millions before tax during the year.
Website Details
Attached:
Press Release:
Making a point, from the backwaters
Vipin V. Nair
A software products company claims it's not where you are but what you
do that counts.
Nandakumar,
President and CEO, SunTec
VENTURE capitalists are demanding. And often blunt. More so in these
days. But even then, Nandakumar was aghast when the VC in front of him
stipulated an outlandish condition: he will get the funds provided he moves his
company out of Kerala
Nandakumar still can't get over the fact that the VC asked him to shift
out of Kerala from where he silently built a small but rapidly growing software
product company, SunTec Business Solutions. "He have often been asked how
He could have built a company from Thiruvananthapuram. But none has ever been
as brusque as this VC,'' he says.
The VC must've been afraid of the reputation of Kerala as a State whose
economy is in a shambles; as a State which is yet to prove that it too can be a
software destination a la its
neighbours and as a place where belligerent trade unions hold people to ransom.
But given these conditions of the State from where he built his company,
Nandakumar's venture must be viewed a derring-do and his entrepreneurial
talents very good. And at least one VC has believed so.
In the year 2000, international venture capital firm Schroders invested
$6 million in the company, marking the first major instance of such funding in
the State.
What does SunTec do? It is focussed on developing billing solutions for
telecom companies and relationship management infrastructure for services such
as financial services, utilities and e-commerce. So far it has developed four
software products to cater to these areas. Revenues in 2001 stood at $6.3
million, growing at about 120 per cent over the previous year, with 300
employees. All this from a base at Technopark, Thiruvananthapuram, which is
still struggling to find a place in India's technology map.
"They have faced a huge perception issue as people feel that Thiruvananthapuram
is not an IT place where you could do any work. So when they pitch for clients
abroad, I will say they are very close to Bangalore,'' Nandakumar, who is the
President and Chief Executive Officer of SunTec, says. He must be quite used to
that perception issue now. After all, he has been fighting against it for the
past 12 years.
It was in 1990 that Nandakumar, a post-graduate in Physics and then
working with Keltron, decided to found his own company. "The idea of
Technopark was being mooted in 1989. I took a five-year leave from my job and
started my company.''
The first project that he got was to develop a billing system for the
Department of Telecommunications (DoT). "I had actually sub-contracted the
work from another company which bagged the DoT contract,'' Nandakumar
reminisces of SunTec's early days. The project later got extended to other
States.
That software project later evolved into a software product,
<147,1,0>which was handed over to the Telecom Engineering Centre of the
DoT. "Even today, they maintain this product. Out of 330 secondary
switching areas, it is used in 230, covering 80 per cent of the population in
the country'' Nandakumar says.
SunTec's international foray came about in 1994. A telecom operator in
Malaysia showed interest in a billion system offered by Nandakumar, but not
without a rider: it had to be developed in 30 days. "I still remember the
day when I completed the system. It was the last day and when I was about to
give the command for printing a bill, the printer conked out! As luck would
have it, it worked again,'' he says.
Singapore-based Unisys came forward in 1995, saying that it was
evaluating four projects worldwide and would like to start with SunTec. But
things were not easy. Both the firms made joint bids for about 20 projects
during 1995-98, but won nil. On the positive side, all these efforts to get
projects gave the company a lot of insight and inputs. SunTec bagged its first
major contract from Logica of Holland and went to on to add another 5-6
clients. During 1999, when the technology sector was on a roll, Nandakumar was
approached by a multinational VC for a total buyout of SunTec. The offer was
$35 million, which, had he accepted, would have made him one of the richest
individuals in Kerala. "But I did not want to exit completely from the
company which I started from scratch.'' The Schroders investment happened
afterwards.
SunTec currently has operations in the US, the UK, Germany and
Singapore. From telecom solutions, it has also branched out into the financial
sector and other areas. Its client list includes firms such as Motorola,
Belgacom International, KPN Telecom, Elisanet and Finnish Telecom.
Has he really faced any issues because he is based in Kerala? "Nothing
much. But employee turnover is a very critical issue, especially for a product
company like us. Software professionals would not like to be in a place like
Thiruvananthapuram when they can go abroad or to bigger cities such as
Bangalore. So they have intentionally kept a very low profile lest our people
be poached by others. Retaining people is like a guerrilla warfare for us,''
Nandakumar says.
Also, being in Kerala means a lot more difficulty in getting experienced
people in levels of project managers etc. So the company provides sustained
training to the recruits and gives technologically-challenging jobs. "As
much as 90 per cent of our people are Keralites who prefer to be with their
families rather than venturing out,'' Nandakumar says.
Future plans of SunTec are to do aggressive marketing in the
Asia-Pacific region and to tap countries in Africa. In order to raise money for
this, Nandakumar is planning to go for a second round of VC funding, worth
$5-10 million. Hopefully, he will soon find a VC who likes Kerala
Sobha Renaissance Information Technology
(SRIT) and SunTec Business Solutions bag multi-million dollar project from
Batelco.
Bangalore based Sobha Renaissance Information Technology (SRIT) and SunTec Business
Solutions have been chosen by Bahrain Telecommunications Company (Batelco), the
prestigious telecommunications operator in the Middle East, to implement
SunTec's complete billing solution, TBMS. Sealing the partnership, an agreement
was recently signed between Batelco, SRIT and SunTec.
SRIT and SunTec add a feather to their well-plumed caps with this project, for
Batelco has a reputation of providing world-class telecommunication and
information services to its customers - practically the entire population of
Bahrain. Its track record for growth has been impressive since its
incorporation in 1981 and its average financial performance over the last
decade has blazed the charts with double-digit profit growths. It holds the
enviable reputation of being the first telecom company in the Middle East to
receive the ISO9002 Certificate of Quality from the British Standards
Institute. Among its esteemed shareholders, Batelco counts the Government of
Bahrain, Bahraini and GCC citizens, quasi-government institutions, leading
financial and commercial organisations and Cable & Wireless (U.K.).
Batelco's fixed line operation offers a wide array of products and
services-mobile, Internet, International Direct Dialing (IDD), National
Telephony (local telephone service), pre-paid calling cards, Home Direct,
Bahrain Direct, Freelink (toll-free access), public payphones, voice mail, and
caller line identification.
Speaking on the occasion, GM Customer Services of Batelco A.Wahid Zainal lauded
the versatility, flexibility and scalability of TBMS with confidence that it
would take care of Batelco's present and future requirements. "They chose
TBMS after carefully scrutinizing all existing products in the market.
Fortunately TBMS covers functionality like interconnect which will ensure that
they don't have to invest separately for it."
MD & CEO of SRIT, Dr. Madhu Nambiar and CEO of SunTec, Mr. Nandakumar,
expressed their pleasure and optimism on this development. "They are proud
to add a distinguished company like Batelco to our growing clientele. The
company is considered a harbinger of operations and technology in this region
of the world and they are sure this partnership will help them enhance customer
satisfaction. They always believed that TBMS is unique and they are happy that
it has been chosen from amongst all the leading products of the world."
At SRIT and SunTec, implementation of the project is in full swing under the
personal supervision of their CEOs., driven by the energetic Dr. Madhu Nambiar,
is an SEI-CMM Level 5 company involved in software development, systems
integration and IT consulting. With state-of-the-art development centres in
Bangalore, SRIT manages complex system integration projects across the globe.
It has direct operating branches & associates in North America, Germany,
Australia, Oman, Qatar, Saudi Arabia, UAE, Kuwait and east-African countries.
With Batelco as a valued client, SRIT has included an office in Bahrain amongst
its list of customer proximity centers. The Bahrain office can be reached at
the following address: Sobha Renaissance Information Technology Private
Limited, P.O. Box 1404, Manama, Bahrain.
Trivandrum-headquartered SunTec is a market leader in providing total and
innovative billing, customer care and transaction management solutions. As an
ISO 9001 certified company, it can boast of a clientele comprising of some of
the big players in the global telecommunications and financial sectors, which
support more than 100 million subscribers. With a customer base that spans APAC
and Europe, SunTec's strategic solutions and systems integration partners
include titans like LogicaCMG, IBM, HP, Wipro, Pioneer, Sobha Renaissance and
Tata Infotech. A dedicated R & D team continuously experiments with
emerging technologies, ensuring that SunTec solutions place clients way ahead
of their competition.
SunTec tool for Bahrain co
Bureau
BANGALORE: SunTec Business Solutions and Sobha Renaissance Information Technology
(SRIT) have been chosen by Bahrain Telecommunications Company (Batelco),
telecommunications operator in West Asia, to implement SunTec's complete
billing solution, TBMS.
An agreement was recently signed between Batelco, SRIT and SunTec.
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.44.44 |
|
UK Pound |
1 |
Rs.85.89 |
|
Euro |
1 |
Rs.58.54 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
|