MIRA
INFORM REPORT
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Report Date : |
08.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
INFOSENSE TECHNOLOGIES PRIVATE LIMITED |
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Registered Office : |
482 RVS Complex, 80 Feet Road, HMT Layout, Ganganagar,
Bangalore-560032, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.02.2001 |
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Com. Reg. No.: |
08-28661 |
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CIN No.: [Company
Identification No.] |
U7220KA2001PTC028661 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRI00898C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To build, develop, operate and maintain applications, systems and software:
multimedia content, multimedia software and multimedia products: e-commerce
content, e-commerce systems, e-commerce software, e-commerce products: and
provide services relating thereto. To carry on business applications, software and multimedia development,
(including but not limited to consultation, content, design, development,
engineering, implementation, operation, integration, maintenance, improvement
and up gradation) of software and multimedia products (including but not
limited to systems software, application software, embedded software,
web-based software, financial software, database software, internet and
intranet software, network software, Graphics software, Security software,
PDA software, WAP software and multimedia products) and for this purpose to
acquire, purchase, sell, transfer, imp[ort, export, market, distribute, hire,
rent, register and license such software and related things as may be
required, including renting of software in ASP model and to provide managed
services for operating the hub. |
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 20000 |
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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/ Software Development Centre : |
482 RVS Complex, 80 Feet Road, HMT Layout, Ganganagar,
Bangalore-560032, Karnataka, India |
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Tel. No.: |
91-80-41244801 |
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Fax No.: |
91-80-41244809 |
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E-Mail : |
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Website : |
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Area : |
5000 Sq. ft. |
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Location : |
Leased |
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Factory 1 : |
156 A, 8th B Main Road, Sadashivnagar, Bangalore-560080,
Karnataka, India |
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Tel. No.: |
91-80-51244801 |
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Branches : |
UK
Tel. No.: 44 20 73803455 KENYA 8th Floor North Wing, Victoria Towers Kilimanjaro Avenue Nairobi Kenya Tel. No.: 254 20 2738058 INDIA
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DIRECTORS
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Name : |
Mr. Sanjeev Patel |
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Designation : |
Director |
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Address : |
156 A, 8th B Main Road, Sadashivnagar, Bangalore-560080,
Karnataka, India |
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Date of Birth/Age : |
13.08.1970 |
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Date of Appointment : |
22.02.2001 |
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Name : |
Mrs. Reshma Patel |
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Designation : |
Director |
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Address : |
156 A, 8th B Main Road, Sadashivnagar, Bangalore-560080,
Karnataka, India |
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Date of Birth/Age : |
08.04.1974 |
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Date of Appointment : |
22.02.2001 |
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Name : |
Mr. K.S. Manjunath |
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Designation : |
Director |
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Name : |
Mr. N. N. Swamy |
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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. Sanjeeev Patel |
39990 |
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Mrs. Reshma Patel |
10 |
BUSINESS DETAILS
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Line of Business : |
To build, develop, operate and maintain applications, systems and
software: multimedia content, multimedia software and multimedia products:
e-commerce content, e-commerce systems, e-commerce software, e-commerce
products: and provide services relating thereto. To carry on business applications, software and multimedia
development, (including but not limited to consultation, content, design,
development, engineering, implementation, operation, integration,
maintenance, improvement and up gradation) of software and multimedia
products (including but not limited to systems software, application
software, embedded software, web-based software, financial software, database
software, internet and intranet software, network software, Graphics
software, Security software, PDA software, WAP software and multimedia
products) and for this purpose to acquire, purchase, sell, transfer, imp[ort,
export, market, distribute, hire, rent, register and license such software
and related things as may be required, including renting of software in ASP
model and to provide managed services for operating the hub. |
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Products : |
Services |
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Exports : |
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Products : |
Services |
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Countries : |
UK |
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Imports : |
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Products : |
Software |
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Countries : |
UK |
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Terms : |
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Selling : |
Project Based Local Sale : 30 to 60 days |
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Purchasing : |
Open (30 days) |
GENERAL
INFORMATION
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Suppliers : |
Shuttle Worth, UK |
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Customers : |
v Silver Levene,
UK v Carter Backer
Winter, UK v Prtchard
Englefield, UK |
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No. of Employees : |
50 |
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Bankers : |
HSBC Bank, M.G. Road, Bangalore-1 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N.N. Swamy Associates Chartered Accountants |
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Address : |
Bangalore |
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Memberships : |
Printers Association |
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Associates/Subsidiaries : |
Infosense, Kenya, Nairobi |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2007 (Projection) |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
23.000 |
18.000 |
15.000 |
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Profit/Loss for the year |
20% |
20% |
20% |
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Export Value |
20.000 |
18.000 |
15.000 |
Subject declined to given financial statements since the identity of the
asking company is not made available to them.
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2002 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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2] Share Application Money |
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3.982 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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4.082 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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3.297 |
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TOTAL BORROWING |
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3.297 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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7.379 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.630 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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Sundry Debtors |
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Cash & Bank Balances |
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2.239 |
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Other Current Assets |
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Loans & Advances |
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Total
Current Assets |
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2.239 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.134 |
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Provisions |
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0.072 |
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Total
Current Liabilities |
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0.207 |
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Net Current Assets |
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2.032 |
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MISCELLANEOUS EXPENSES |
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2.717 |
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TOTAL |
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7.379 |
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KEY RATIOS
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PARTICULARS |
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31.03.2002 |
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PAT / Total Income |
(%) |
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NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.86 |
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Current Ratio (Current Asset/Current Liability) |
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10.82 |
LOCAL AGENCY FURTHER
INFORMATION
Activity :
Business process outsourcing for Accountancy, Business, Legal and
Financial Services including Medical Transcription and Software Development,
also into distribution of Software products invocare/ Support services/ Business
solutions and Web applications.
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 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.27 |
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UK Pound |
1 |
Rs.85.54 |
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Euro |
1 |
Rs.58.23 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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