MIRA
INFORM REPORT
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Report Date : |
02.10.2007 |
IDENTIFICATION DETAILS
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Name : |
VITAL TECHNOLOGIES PRIVATE LIMITED |
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Registered Office : |
First Floor, 1-1-523/B, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
16.08.2001 |
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Com. Reg. No.: |
01-37141 |
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CIN No.: [Company
Identification No.] |
U72200AP2001PTC037141 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDV02026D |
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PAN No.: [Permanent
Account No.] |
AABCV7436M |
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Legal Form : |
Private limited liability company. |
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Line of Business : |
Software Development |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 41524 |
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Status : |
Good |
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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 : |
First Floor, 1-1-523/B, |
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Tel. No.: |
91-40-30783300 / 30903300 ( 1-248-275-1122 (US) 1-248-703-0815 |
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Fax No.: |
91-40-30783304 / 55499399 ( 1-248-928-0920 (US) |
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E-Mail : |
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Website : |
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Corporate Office : |
609, Amrit Apartments, |
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E-Mail : |
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Branches : |
Vital Technologies Address: 2nd and 3rd Floor, Harihar US Office: Vital Technologies Address: 188, Woodslee Dr. Suite 101, |
DIRECTORS
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Name : |
Mr. Kavikondala Sriram |
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Designation : |
Managing Director |
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Address : |
201, Victory Arcade, H No.1-1-534/5, Golconda Cross road, |
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Date of Birth/Age : |
11.05.1959 |
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Date of Appointment : |
10.01.2004 |
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Directorship in other companies: |
CIN of company: U74140AP2004PTC043735 Name of the company: Vital Score Consulting Private Limited Designation: Director CIN of Company: U72200AP2005PTC046577 Name of the company: V A Automation Private Limited Designation: Director CIN of the Company: U01111AP1991PTC012320 Name of the company: T M Inputs
and Services Private Limited Designation: Director CIN of the Company : U74999AP2006PTC050620 Name of the company: VASOL Tooling Solutions Private Limited Designation: Director CIN of the Company: U72200AP2006PTC049266 Name of the Company: V A Solutions Private Limited Designation: Director |
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Name : |
Mrs. Alluri Sujatha |
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Designation : |
Director |
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Address : |
201, Victory Arcade, H No.1-1-534/5, Golconda Cross road, |
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Date of Birth/Age : |
04.04.1965 |
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Date of Appointment : |
16.08.2001 |
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Name : |
Mr. Marthi Jayaram |
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Designation : |
Director |
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Address : |
609, Amrit Apartments, Kapadia Lane Somaji Guda, |
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Date of Birth/Age : |
21.08.1958 |
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Date of Appointment : |
05.09.2003 |
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Name : |
Mr. V Venkata Ramana Rao |
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Designation : |
Director |
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Address : |
307, S K Fort House, 1-1-572, Musheerabad, |
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Date of Birth/Age : |
10.01.1944 |
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Date of Appointment : |
25.02.2004 |
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Name : |
Mr. Marthi Madhuchhanda |
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Designation : |
Director |
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Address : |
Flat # 609 Phaqse # II, Amrit Apartments, |
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Date of Birth/Age : |
22.04.1964 |
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Date of Appointment : |
25.02.2004 |
KEY EXECUTIVES
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Name : |
Mr. Jayaram |
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Designation : |
President |
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Qualification : |
M - B. Tech, MBA. President. |
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Name : |
Mr. Frank Buen |
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Designation : |
V P Sales |
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Qualification : |
B S Management |
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Name : |
Mr. Raman Rao V V |
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Designation : |
Director |
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Qualification : |
MSc, MBA |
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Name : |
Mrs. Sandhya K |
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Designation : |
Director |
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Qualification : |
B Tech. |
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Name : |
Mr. Madhuchhanda M |
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Designation : |
Promoter Director and Resource Manager |
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Qualification : |
M.Sc |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mrs. Alluri Sujatha |
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2800 |
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Mrs. Lakshmi Subba M |
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4800 |
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Mr M Madhuchhanndda |
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2400 |
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Total
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10000 |
BUSINESS DETAILS
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Line of Business : |
Software Development |
GENERAL INFORMATION
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Customers : |
· Thomson Gale · Infotrieve · Petta technology · Eventective ·
· Urban Mapping · IEG · NISG · Andhra Pradesh Technology Services · BSGAP |
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Bankers : |
·
State Bank of · ICICI Bank Limited · Oriental Bank of Commerce |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
J K Mundada and Company Chartered Accountants |
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Address : |
3rd Floor, Abids Shopping Centre, Chiragali Lane Branch,
Abids, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity shares |
Rs. 10/- each |
Rs. 0.100 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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12700 |
Equity shares |
Rs. 10/-
each |
Rs. 0.127
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.127 |
0.127 |
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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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10.254 |
5.177 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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10.381 |
5.304 |
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LOAN FUNDS |
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1] Secured Loans |
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2.218 |
0.725 |
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2] Unsecured Loans |
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0.965 |
1.162 |
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TOTAL BORROWING |
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3.183 |
1.887 |
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DEFERRED TAX LIABILITIES |
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0.090 |
0.047 |
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TOTAL |
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13.654 |
7.238 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.822 |
2.375 |
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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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2.700 |
0.090 |
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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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0.049 |
0.278 |
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Sundry Debtors |
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3.723 |
2.776 |
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Cash & Bank Balances |
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0.225 |
1.565 |
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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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2.297 |
1.195 |
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Total
Current Assets |
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6.294 |
5.814 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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Provisions |
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Total
Current Liabilities |
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0.194 |
1.078 |
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Net Current Assets |
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6.100 |
4.736 |
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MISCELLANEOUS EXPENSES |
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0.032 |
0.037 |
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TOTAL |
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13.654 |
7.238 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover [including other income] |
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17.111 |
13.762 |
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Total Income |
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17.111 |
13.762 |
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Profit/(Loss) Before Tax |
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5.176 |
5.221 |
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Provision for Taxation |
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0.087 |
0.047 |
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Profit/(Loss) After Tax |
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5.089 |
5.174 |
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Earnings in Foreign Currency |
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14.974 |
12.519 |
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Imports |
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0.088 |
1.140 |
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Expenditures : |
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Financial Charges |
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0.323 |
0.161 |
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Other Expenditure |
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11.289 |
8.219 |
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Total Expenditure |
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11.612 |
8.380 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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29.74 |
90.96 |
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Net Profit Margin (PBT/Sales) |
(%) |
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30.24 |
37.93 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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37.46 |
63.06 |
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Return on Investment (ROI) (PBT/Networth) |
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0.49 |
0.98 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.32 |
0.55 |
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Current Ratio (Current Asset/Current Liability) |
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32.44 |
5.39 |
LOCAL AGENCY FURTHER INFORMATION
WEBSITES DETAILS:
Vital works with customers across the globe and has emerged as a preferred Tier-1 partner for outsourcing and development needs. Complex problems are resolved by Vital’s high-performing teams that maximize technology, processes, project management and personal skills sets.
Located in
Vital values customer relationships and
confidentiality. For each customer relationship, the Vital client-service
“process” includes the creation of a non-disclosure agreement, “approach”
document signed by the customer, commercial proposal and pilot engagement.
Process tailoring and securing preferred vendor status are goals set in motion
once the pilot engagement is off the ground.
Products
and Services
· Technology Services
· QA and Testing Services
· Infrastructure Services
· Data Management Services
· Customer Support Services
· Animation Services
· GIS Services
· Staff Augmentation Services
·
Consulting
and Training Services
To perform these services, they use the technology available on the latest,
most reliable platforms.
Vital Technologies was set up to meet a VITAL need in the industry.
While the large technology service
companies provide state of the art facilities, they are comparatively expensive
to hire and what is worse, smaller clients are served by junior teams that are
hamstrung by bureaucracy, lack the decision making ability and are therefore
slow to respond.
Some large US and European
companies set up shop in
Most smaller companies have to
either pay premium costs or rely on less organized vendors and face these basic
questions.
The Vital management team has
studied the problem while working at leading technology and traditional
industries in
Vital Products are engineered to offer absolutely the best value.
Their products are easy to install and use. They require
minimal training and are designed with intuitive interfaces so you don't
require product administrators or specialists. Vital products offer world class
value at
Vital Nerve Centre™-- Easy-to-use Document Manager
designed and delivered by software process experts.
Store the documents and access them anywhere, easily, with complete security. Integrate
the entire organization thru a common repository with powerful search
capabilities and completely flexible access rules.
Vital Issue Tracking system
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.79 |
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1 |
Rs.81.23 |
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Euro |
1 |
Rs.56.41 |
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 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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 |
NO |
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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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57 |
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 |
|
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 |
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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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