MIRA
INFORM REPORT
|
Report Date : |
31.10.2007 |
IDENTIFICATION
DETAILS
|
Name : |
TRACK ONLINE NET INDIA PRIVATE LIMITED |
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Registered Office : |
AB-11, Community Centre, Safedurjung Enclave, New Delhi – 110 029 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
06.12.1994 |
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Com. Reg. No.: |
55.063244 |
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CIN No.: [Company
Identification No.] |
U74899DL1994PTC063244 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELT04777D |
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PAN No.: [Permanent
Account No.] |
AABCT3071E |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Web Services, Internet Access, VOIP Solutions, Network and IT
Hardware. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. It has some accumulated losses.
However in view of the improving profitability of the company, it is expected
to be wiped – off soon. Payments are reported as slow but correct. The company can be considered for small mediocre business dealings
with slight caution initially. |
LOCATIONS
|
Registered Office : |
AB-11, Community Centre, Safedurjung Enclave, New Delhi – 110 029 |
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Tel. No.: |
91-11-26711150 / 26711154 |
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Fax No.: |
91-11-41653217 |
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E-Mail : |
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Website : |
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Corporate Office : |
D-25, Sector 3, Noida – 201301, Uttar Pradesh |
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Tel No.: |
91-120-4323500 |
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Fax No.: |
91-120-4323520 |
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Regional Office Located At |
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DIRECTORS
|
Name : |
Mr. Neeraj Garg |
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Designation : |
Whole Time Director |
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Address : |
H- 175-B, Nihal Nagar, Nangloi, New Delhi – 110041 |
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Date of Birth/Age : |
10.07.1973 |
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Date of Appointment : |
01.04.2002 |
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Name : |
Mr.Samar Bhanja |
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Designation : |
Director |
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Address : |
42 / B, DDA Flats, block 56, Chittaranjan Park, New Delhi – 110019 |
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Date of Birth/Age : |
24.11.1973 |
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Date of Appointment : |
19.03.2005 |
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Name : |
Mr. Shiv Prasad |
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Designation : |
Director |
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Address : |
H No. 112, Sector 20, Noida – 201301, Uttar Pradesh |
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Date of Birth/Age : |
30.09.1976 |
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Date of Appointment : |
04.01.2004 |
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Name : |
Mr. Nitin Verma |
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Designation : |
Director |
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Address : |
H No. 152, Jyoti Colony, Shadara, New Delhi |
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Date of Birth/Age : |
19.08.1980 |
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Date of Appointment : |
05.08.2004 |
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Name : |
Vishesh Gupta |
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Designation : |
Director |
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Address : |
b- 2,99, Safdarjung Enclave |
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Date of Birth/Age : |
20.04.1969 |
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Date of Appointment : |
12.02.2007 |
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Name : |
Mr. Lalit Mehra |
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Designation : |
Director |
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Name : |
Mrs. Renu Mehra |
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Designation : |
Director |
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Name : |
Shreekumar Lakshmanan |
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Designation : |
Director |
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Address : |
M – 379, Sarojini NAgar, New Delhi - 110023 |
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Date Of Birth / Age |
03.05.1976 |
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Date of Appointment : |
05.10.2006 |
KEY EXECUTIVES
|
Name : |
Mr. A. K. Popli |
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Designation : |
Company Secretary |
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Address : |
302, C – 2/4, Pragati Market, Ashok Vihar, Phase – II, Delhi - 110052 |
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Tel No. : |
91-11-27431426 |
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E-mail |
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Website : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
|
Sterling Capital Private Limited |
14990 |
|
|
Jiwan Financial Holdings Limited |
14700 |
|
|
Manpreet Singh Sawhney |
300 |
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Pawanjot Kaur Sawhney |
10 |
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|
Mr. Sandip K. Ghosh |
10 |
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Mr. Gautam Tondon |
1 |
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Jasvindar Singh |
1 |
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Equity Share
Break up |
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Percentage
|
|
Foreign holding (foreign institutional investor) foreign companies
foreign financial institutions, Non resident Indians, or Overseas corporate
bodies or others. |
|
49.00 |
|
Bodies corporate |
|
49.93 |
|
Other top Fifty shareholders |
|
1.07 |
|
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Total
|
100
% |
BUSINESS DETAILS
|
Line of Business : |
AB-11, Community Centre, Safedurjung Enclave, New Delhi – 110 029 |
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GENERAL
INFORMATION
|
Bankers : |
ICICI Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Avinash Verma and Associates Chartered Accountant |
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Address : |
B – 3, Naraina Vihar, School Lane, New Delhi – 110 028 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
47000 |
Equity Share |
Rs.100/- Each |
Rs.4.700 millions |
|
3000 |
Unclassified |
Rs.100/- Each |
Rs.0.300 million |
|
|
|
Total |
Rs.5.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000 |
Equity Share |
Rs.100/- Each |
Rs.3.000
millions |
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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 |
|
3.000 |
3.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
4.417 |
4.417 |
|
|
4] (Accumulated Losses) |
|
29.173 |
56.560 |
|
|
NETWORTH |
|
(21.756) |
(49.143) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.275 |
0.483 |
|
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2] Unsecured Loans |
|
218.087 |
208.962 |
|
|
TOTAL BORROWING |
|
218.362 |
209.445 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
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TOTAL |
|
196.606 |
160.302 |
|
|
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
38.700 |
5.471 |
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|
Capital work-in-progress |
|
0.000 |
0.000 |
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|
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|
|
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INVESTMENT |
|
153.860 |
153.860 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
|
12.238 |
13.047 |
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Sundry Debtors |
|
15.612 |
10.503 |
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Cash & Bank Balances |
|
14.928 |
2.035 |
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Other Current Assets |
|
23.364 |
25.522 |
|
|
Loans & Advances |
|
14.106 |
9.582 |
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Total
Current Assets |
|
80.248 |
60.689 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
73.461 |
59.718 |
|
|
Provisions |
|
2.741 |
0.000 |
|
Total
Current Liabilities |
|
76.202 |
59.718 |
|
|
Net Current Assets |
|
4.046 |
0.971 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
196.606 |
160.302 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
203.371 |
178.760 |
|
|
Other Income |
|
7.845 |
7.721 |
|
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Total Income |
|
211.216 |
186.481 |
|
|
|
|
|
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Profit/(Loss) Before Tax |
|
32.979 |
10.260 |
|
|
Provision for Taxation |
|
5.592 |
1.160 |
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|
Profit/(Loss) After Tax |
|
27.387 |
9.100 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
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Purchases made for re-sale |
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Consumption of stores and spares parts |
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Increase/(Decrease) in Finished Goods |
|
173.758 |
173.929 |
|
|
Salaries, Wages, Bonus, etc. |
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Managerial Remuneration |
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Payment to Auditors |
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Interest |
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Insurance Expenses |
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Power & Fuel |
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Depreciation & Amortization |
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Other Expenditure |
|
|
|
|
Total Expenditure |
|
173.758 |
173.929 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
12.96 |
4087 |
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
16.21 |
5.73 |
|
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
27.72 |
15.50 |
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
|
(1.51) |
(0.20) |
|
|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
(13.53) |
(5.47) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.05 |
1.01 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
Name of the company |
TRACK ONLINE NET INDIA PRIVATE LIMITED |
|
Presented By |
Canara Bank |
|
1) Date and description of instrument creating the change |
Agreement Re:
collateral security of machinery / vehicles dated 13.09.2001 and registered on
05.10.2001 modified on 8.01.2001 and registered on 1.02.2002 for Rs.40.000
millions |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.30.000
millions |
|
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 |
Hypothecation of
all plant, machinery, tools, accessories and motor vehicles, tools and
accessories such as computers, ACs software, UPS, Gen set, furniture and
fixture, networking equipments etc. already purchased/ to be purchased and
more particularly described in schedule A and stored at premises at B – 4
/47, 1st and 2nd Floor, Safedarjang Enclave, New Delhi
or at any other place whosesoever including those in transit. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The above is to
secure OCC limit of Rs.30.000 millions sanctioned to m/s net 4 India limited
with interest @ 4 % p.a. over ongoing PLR with a minimum of 15.75 % p.a. or
at such other rates as may be specified by Bank from time to time. |
|
5) Name and Address and description of the person entitled to the charge. |
Canara Bank
Parliament Street, New Delhi |
|
6) Date and brief description of instrument modifying the charge |
Agreement
regarding collateral security machinery / vehicles dated 14.03.2002 |
|
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. |
OCC limit of
Rs.40.000 millions sanctioned to M/s net 4 India limited is further secured
by way of all plant, Machinery, tools accessories and motor vehicles, tools
and accessories already purchased/ to be purchased and more Particularly
described in scheduled A and Stored at premises at b – 4 /47, 1st
and 2nd floor, Safdarjang enclose, New Delhi or at any other place
wheresoever including those in transit. Interest or at such rates as may be
specified by the Bank from time to time. Other terms and conditions remaining
unchanged. |
|
Corporate
identity number (CIN) Foreign company registration number |
U74899DL1994PTC063244 |
|
Name of the
Company |
TRACK ONLINE NET INDIA PRIVATE LIMITED |
|
Address |
AB-11, Community Centre, Safedurjung Enclave, New Delhi – 110 029 |
|
This form is for |
Creation of
Charge |
|
Type of Charge |
Movable Property |
|
Particulars of
the charge holder |
ICICI Bank
Limited Land Mark, Race
Course Circle, Vadodara – 39007, Gujarat Email Id : rocdak@rediffmail.com |
|
Nature or
description of the instrument creating or modifying the charge |
Unattested Deed
of hypothecation (Borrower) |
|
Amount secured by
the charge |
Rs.9.562 millions
|
|
Brief of the
principal terms and conditions |
|
|
Short Particular of
the property charged |
Server, Router,
UPS and Switches |
Attached Web Details
Net4 is
the leading pan-India Information and Communication Technology (ICT) Company, with
Points of Presence (POP) in multiple locations throughout the country. Net4 is
the only Indian Internet communications company with service provisioning
ability on a multitude of Internet based services such as Domain Registration,
Web Hosting, Data Center operations, Business E-mail solutions, Internet
Telephony services and Internet Access services.
A
venture of a UK based group, it is one of the few service providers that has
been profitable since its inception. Phonewala, Net4’s Internet
Telephony service, and Net4Domains, its web services brand, are the
industry’s leading brands with many first-time Internet service business users.
The
company works in partnership with its customers to identify their key business
drivers and to deliver corporate data and voice network services across its
21st century IP infrastructure.
Net4
is among the leading hosting and corporate service providers in Asia, hosting
75,000 web sites and 800,000 corporate e-mail accounts. It is an ICANN Accredited
Registrar and a .IN accredited registrar; it is by far the leading .IN
registrar in the world and has an overall domain customer base of almost
250,000.
Net4
is the first service provider in the world to have been awarded the ISO
27001 certification for Information Security for all its Data Centers.
Across all major cities in India, Net4’s Customer Care team provides a 24-hour,
single point of contact with local expertise, proactive monitoring and detailed
customer reporting.
Having
pioneered the VoIP call shop model in India, under the Phonewala brand, Net4
has been successful in taking low cost International calling to the masses,
with over 3000 Internet telephony call shops in operation. Net4 provides
managed networks and hosting services to a diversity of sectors, including the
public sector, manufacturing, professional services, retail, logistics,
construction, leisure, and travel.
Why Net4?
With its mission-critical applications, extensive investment
in state-of-the-art technology, highly secure data centers forming redundant
and robust high capacity network backbone and proven customer satisfaction
track record, Net4 is cut above the rest.
Net4 -
an ISO 9001:2000 certified company - is committed to the highest levels
of services and support to its customers and its partners. They aim to exceed
their customers’ expectations and truly reach beyond.
The
reliability, expertise, flexibility, and scalability offered by solutions make
them the first choice, second to none.
- Reliability: Their
extensive investment in state-of-the-art technology enables them to offer
unrivaled technical and operational stability to their customers. Net4
enjoys a wide reputation in industry for providing dependable, reliable
and affordable solutions to the customers.
- Expertise: Their many
years of experience in providing end-to-end IP solutions ensure your
success. They take the time to understand your business needs and employ
state-of-the-art technology to create cost-effective solutions that
optimize efficiency and deliver results that will exceed your
expectations. And they stick with you long offering you the knowledge and
global reach to help you and your business grow.
- Effectiveness: They work
with their customers to get to know more about their individual and
business aims; they merge their thoughts and ideas with theirs to address
improving their business through IT solutions.
- Flexibility: Net4 offers
a unique, creative approach to customer satisfaction. Their customers trust
them to look beyond standard programs to find innovative solutions.
- Scalability: Net4’s
solutions are fully customizable to meet individual needs. The services
are also scalable to help individuals and businesses meet their budgetary
and network requirements.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.32 |
|
UK Pound |
1 |
Rs.81.82 |
|
Euro |
1 |
Rs.56.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
33 |
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. |
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 |
|