MIRA
INFORM REPORT
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Report Date : |
01.09.2007 |
IDENTIFICATION DETAILS
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Name : |
VENTURE INFOTEK GLOBAL PRIVATE LIMITED |
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Registered Office : |
4th Floor, 46B, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.01.1997 |
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Com. Reg. No.: |
82498 |
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CIN No.: [Company
Identification No.] |
U72200WB1997PTC082498 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV02968A |
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PAN No.: [Permanent
Account No.] |
AAACE2403J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Development of computer software (processing and special purpose
vehicle) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 242392 |
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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.
Company’s profitability is under severe pressure. It has some accumulated
losses. Payments are reported as slow but correct. The company can be considered normal for small business dealings at
usual trade terms and conditions, with slight caution initially. |
LOCATIONS
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Registered Office : |
4th Floor, 46B, |
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E-Mail : |
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Corporate Office : |
701, Interface 11, Malad, Mumbai 400 064, |
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Tel. No.: |
91-22-40424000 |
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Fax No.: |
91-22-40424400 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Dhruv Kumar Rudra Narayan Khaitan |
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Designation : |
Chairman |
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Address : |
4th Floor, 46B, |
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Date of Birth/Age : |
23.10.1949 |
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Date of Appointment : |
27.01.1997 |
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Name : |
Mr. Piyush Kumar Kusum Kumar Khaitan |
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Designation : |
Managing Director |
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Address : |
38 A, |
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Date of Birth/Age : |
23.11.1957 |
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Date of Appointment : |
02.01.1997 |
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Name : |
Ms. Soo Ping Yong |
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Designation : |
Director |
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Address : |
701, Interface 11, Malad, Mumbai 400 064, |
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Name : |
Mr. Anand Das Maheshwar |
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Designation : |
Director |
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Address : |
Plot H, |
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Date of Appointment : |
29.11.2004 |
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Name : |
Mr. B Ravi Kumar |
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Designation : |
Director |
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Address : |
203, Casuarina, A Wing, Evershine
Greens, New |
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Date of Appointment : |
29.11.2004 |
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Name : |
Mr. Rajive Khaitan |
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Designation : |
Director |
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Name : |
Mr Girijar Khatod |
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Designation : |
Director |
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Name : |
Mr. Pulak Prasad |
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Designation : |
Director |
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Name : |
Mr. Nitin Sibal |
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Designation : |
Director |
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Name : |
Mr Dinesh Vaswani |
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Designation : |
Director |
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Name : |
Mr. Naresh Malhotra |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Venture InfoTech Limited |
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9823270 |
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IBM Global Services |
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35000 |
Equity share breakup (percentage of total equity)
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S. No. |
Category |
Percentage |
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1 |
Foreign holding (foreign institutional
investor(s), foreign companie(s), foreign financial instituon(s), non
resident Indian(s) or overseas corporate bodies or others |
99.64 |
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2 |
Bodies corporate (not mentioned above) |
0.36 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Development of computer software (processing and special purpose
vehicle) |
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Products : |
Income Form Operation |
GENERAL INFORMATION
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Customers: |
Ř HSBC Ř ICICI Bank Ř UTI Bank Ř SBI Card Ř BOB Cards Ř IDBI Bank Ř Vijaya Bank Ř Nations Trust Bank Ř
Bank of Ř J and K Bank Ř Andhara Bank Ř
Central Bank of Ř Merchant Solutions Ř Canara Bank Ř Dena Bank Ř Syndicate Bank Ř
Union Bank of Ř Corporation Bank Ř ABN Amro Ř Bharat Petroleum |
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Bankers : |
Development Credit Bank Limited 301, |
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Facilities : |
Note: Term loan from bank is secured by first and exclusive charge over the
present and future current assets and fixed assts (other than those foxed
assets acquired under leased contract refereed in note b) Loan under finance lease contracts are secured by a charge on fixed
assets acquired under these contracts |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S R Batliboi and Company Chartered Accountants |
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Address : |
18th Floor, |
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Associates/Subsidiaries : |
Name of the
Company: One To One Marketing Solutions ( CIN No.:
U51900MH2000PTC127435 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity shares |
Rs. 10/- each |
Rs. 150.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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9858270 |
Equity shares |
Rs. 10/-
each |
Rs. 98.582
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
98.583 |
98.583 |
98.583 |
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2] Share Application Money |
713.901 |
715.863 |
698.163 |
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3] Reserves & Surplus |
601.496 |
601.496 |
601.496 |
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4] (Accumulated Losses) |
(1353.382) |
(1293.742) |
(1237.506) |
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NETWORTH |
60.598 |
122.200 |
160.736 |
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LOAN FUNDS |
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1] Secured Loans |
166.712 |
76.163 |
125.171 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
166.712 |
76.163 |
125.171 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
227.310 |
198.363 |
285.907 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
170.737 |
184.738 |
279.528 |
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Capital work-in-progress |
15.188 |
11.325 |
0.000 |
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INVESTMENT |
8.538 |
0.200 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
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0.000 |
0.972 |
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Sundry Debtors |
81.400
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71.759 |
43.043 |
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Cash & Bank Balances |
32.538
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13.922 |
13.777 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
38.791
|
30.858 |
51.426 |
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Total
Current Assets |
152.729
|
116.539 |
109.218 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
107.740
|
100.562 |
88.810 |
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Provisions |
12.142
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13.875 |
14.029 |
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Total
Current Liabilities |
119.882
|
114.437 |
102.839 |
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Net Current Assets |
32.847
|
2.102 |
6.379 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
227.310 |
198.363 |
285.907 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
384.323 |
400.222 |
380.160 |
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Other Income |
1.568 |
0.740 |
188.858 |
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Total Income |
385.891 |
400.962 |
191.302 |
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Profit/(Loss) Before Tax |
(57.479) |
(56.236) |
(180.163) |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
(57.479) |
(56.236) |
(180.163) |
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Expenditures : |
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Administrative Expenses |
0.000 |
0.000 |
133.860 |
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Selling and marketing expenses |
0.000 |
0.000 |
73.258 |
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Salaries, Wages, Bonus, etc. |
67.290 |
67.630 |
0.000 |
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Managerial Remuneration |
4.735 |
15.838 |
0.000 |
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Payment to Auditors |
0.701 |
0.740 |
0.000 |
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Interest |
15.858 |
14.879 |
0.000 |
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Insurance Expenses |
1.048 |
1.386 |
0.000 |
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Power & Fuel |
4.115 |
5.717 |
0.000 |
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Depreciation & Amortization |
147.007 |
130.868 |
151.304 |
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Other Expenditure |
202.616 |
220.140 |
0.000 |
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Total Expenditure |
443.370 |
457.198 |
358.422 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
(14.89)
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(14.02) |
(94.17) |
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Net Profit Margin (PBT/Sales) |
(%) |
(14.95)
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(14.05) |
(47.39) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(17.76)
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(18.66) |
(45.18) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.94)
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(0. 46) |
(1.12) |
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Debt Equity Ratio (Total Liability/Networth) |
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4.72
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1.55 |
1.41 |
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Current Ratio (Current Asset/Current Liability) |
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1.27
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1.01 |
1.06 |
LOCAL AGENCY FURTHER INFORMATION
|
Corporation identity number or foreign company registrations number of the company |
U72200WB1997PTC082498 |
|
Name of the company |
VENTURE INFOTECK GLOBAL PRIVATE LIMITED |
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Address |
4th Floor, 46B, |
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This Form is for |
Creation of Charge |
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Type of Charges |
Book debts, Movable property (not being pledge) |
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Particular of the charge holder |
Development Credit Bank Limited 301, |
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Nature or description of the instrument creating charge |
Deed of hypothecation executed at Koklata on 19.05.2007 |
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Date of the instrument creating charge |
19.05.2007 |
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Amount Secure by the charge |
Rs. 50.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
a) Rate of Interest; Bank’s Benchmark Prime Lending Rate (BPLR) less 4% b) Rate of Repayment: Term loan shall be repaid on demand within a period of 39 moths viz repayable in 36 monthly installments after a moratorium period of 3 months. At the discretion of the bank c) Margin: The company shall maintain such margin as may be specified by the bank from time to time d) Extent and operation of the charge: 100% e) Other: The above charge is to secure total facility of Rs. 50.000 millions in the name of Venture InfoTech Global Private Limited |
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Description of the property charge whether it is a charge on |
Deed of hypothecation executed at Kolkata dated 19.05.2007 |
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Modification charge Charge identification number of the charge to be modified |
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Date of instrument modifying the charge |
18.05.2007 |
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Particulars of the Property charged |
(i) whole of the borrower’s equipments including capex, imported terminal, computers and other related equipments acquired to be acquired out of the term loan both present and future. (ii) All the borrower’s receivables pertaining to the BOB cards limited IDBI Bank, HSBC and such other banks/select cooperated acceptable to the bank as may be received by the borrower, both present and future |
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Short Particulars of the Property charged |
First charge on whole of the borrower’s equipments including Capex, imported terminals, computers acquired to be acquired out of the term loan, both present and future. And all the borrower’s receivables pertaining to the BOB cards Limited, IDBI Bank, HSBC and such other banks / select corporate acceptable to the bank as may be received by the borrower, both present and future. Property
charge will be located at corporate office at Mumbai and at merchant location
all across |
As per web details;
subject is
Company
History
Subject started its journey in the ePayment sector in 1997 and since
then has been instrumental in shaping the way
The company not only enjoys a tremendous first mover's advantage, but
also has in place a superior infrastructure backed by a very professional and
experienced management team, which has worked in the Indian eTransaction
business for more than a decade.
Having achieved leadership in the Indian market, subject has begun to
spread its wings into the overseas market with its clientele now in the Sri
Lankan and
Leveraging on its intellectual property subject has served as a catalyst
in the payment card industry and is now focused on upstream integration into
business consulting.
Management Team
Mr. Dhruv Khaitan – Founder and Chairman
Mr. Dhruv Khaitan holds a Bachelor's degree in Electrical Engineering
from MIT and a Master's degree in Computer Science from
Mr. Piyush Khaitan – Founder, Vice Chairman and Managing Director
Mr. Piyush Khaitan is a commerce graduate from
Board of Directors
Mr. Dhruv Khaitan – Founder & Chairman
Mr. Dhruv Khaitan holds a Bachelor's degree in Electrical Engineering
from MIT and a Master's degree in Computer Science from
Mr. Piyush Khaitan – Founder, Vice Chairman and Managing Director
Mr. Piyush Khaitan is a commerce graduate from
Mr. Naresh Malhotra – Director
Mr. Naresh Malhotra is a commerce graduate and a qualified Chartered
Accountant. He has over 30 years experience in industry, consultancy and
investment banking. He began his career with Imperial Chemical Industries (ICI)
and has worked with the Unilever Group, Colgate-Palmolive and United Breweries
Group, both in
Mr. William Melton – Director
Mr. William Melton is the founder and Chairman of the Board of Directors
of Global Internet Ventures (GIV), an Internet Holding Company. For more than
20 years, Mr. Melton has been an entrepreneur bringing technology to the
Financial Industry. Mr. Melton was the original founder of VeriFone, Inc. and
was also the funding founder of Transaction Network Services, Inc. (TNS). Mr.
Melton was an early investor in America Online (AOL) and served on its Board of
Directors for several years. Mr. Melton remains an active seed investor in
Strategic
Alliances &
Partners
IBM
IBM Global Services (
VISA
Visa International is the world's leading full-service payment network. Jointly
owned by more than 21,000 member financial institutions around the globe, it
operates in more than 300 countries. Visa cards are the world's most widely
used and accepted form of "plastic" payment. In 1998 nearly $1.4
trillion in products and services were purchased using Visa cards and Visa's
market share at the POS, 55 percent, is greater than that of all other major
payment cards combined. There are over 800 million Visa, Interlink, PLUS and
Visa Cash cards in the market today. Visa-branded cards are accepted at more
than 16 million locations in 300 countries and territories. The Visa network,
known as VisaNet, processes over 2,700 transactions every second during its
peak season, and is capable of handling transactions denominated in 160
different currencies. Visa International and subject are working together as
partners to accelerate the development of infrastructure for banks for
front-end and back-end processing.
ORACLE
subject is a member of the Oracle Partner Network, with access to the best of
products, services and resources - including Platform Software, Technical
Support Training, and Marketplace, from Oracle. The partnership enables them to
build, test, and deploy best of breed applications for their customers using
Oracle products and industry-standard technologies.
Selectsystem
SelectSystem offers an S2M product (earlier known as MultiXPac) and provides
subject technical assistance for the core engine.
WELCOME
Welcome Real-Time, the world's leading provider of enhanced payment software
are introducing a revolutionary concept that enhances the payment experience of
Credit and Debit Card users at the Point of Sales (PoS). subject has entered
into a strategic alliance with Welcome to introduce a solution in the Indian
market that encompasses both magnetic stripe and Chip cards.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.96 |
|
|
1 |
Rs.82.55 |
|
Euro |
1 |
Rs.55.96 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
25 |
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 |
|