MIRA
INFORM REPORT
|
Report Date : |
05.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KALYANI NET VENTURES LIMITED |
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Registered Office : |
Industry House No. 49, Opposte Kalyani Steels Limited, Mundhwa, Pune
411036, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.02.2000 |
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Com. Reg. No.: |
014486 |
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CIN No.: [Company
Identification No.] |
U72200PN2000PLC014486 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEK01789E |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Providing IT Services |
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 542000 |
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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 and a part of
Kalyani Group. Directors are reported
as experienced, respectable and having satisfactory track. Trade relations are fair. Business is active. Payments are reported as usually correct
and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions |
LOCATIONS
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Registered Office/Division : |
Industry House No. 49, Opposte Kalyani Steels Limited, Mundhwa, Pune
411036, Maharashtra, India |
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Tel. No.: |
91-20-26814971/72 |
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Fax No.: |
91-20-26812589 |
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E-Mail : |
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Website : |
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Division : |
Engineering and
Training Services 47/2, A-B, Shri Gobind Nivas, 2nd Floor, Opposite City
Pride Multiplex, Pune Satara Road, Bibvewadi, Pune 411009, Maharashtra, India
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Tel. No.: |
91-20-24220206 |
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Fax No.: |
91-20-24224846 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Shriniwas Balwant Kanade |
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Designation : |
Director |
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Address : |
20, Nityanand Housing Society, Pune Satara Road, Dhankawadi, Pune
411043, Maharashtra, India |
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Date of Birth/Age : |
04.03.1953 |
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Date of Appointment : |
15.02.2000 |
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Name : |
Mr. Amit Babasaheb Kalyani |
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Designation : |
Director |
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Address : |
Amit, 221/A, Kalyani Nagar, Yerawada, Pune 411006, Maharashtra, India |
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Date of Birth/Age : |
26.07.1975 |
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Date of Appointment : |
15.02.2000 |
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Name : |
Mr. Madan Takale |
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Designation : |
Director |
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Address : |
Archway Flat No. 3, Plot No. 1, Kalyani Nagar, Pune 411014,
Maharashtra, India |
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Date of Birth/Age : |
18.08.1960 |
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Date of Appointment : |
07.03.2000 |
KEY EXECUTIVES
|
Name : |
Mr. Rafik Shaikh |
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Designation : |
Chief Executive Officer [Engineering and Training Services] |
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Name : |
Mr. Vivek Kale |
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Designation : |
Chief Executive Officer |
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Name : |
Mr. Yogesh Zope |
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Designation : |
Vice President [IT Services] |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 30.09.2004]
|
Names of Shareholders |
|
No. of Shares |
|
Amit Kalyani |
|
10 |
|
Shriniwas Kanade |
|
10 |
|
Babasaheb Kalyani |
|
1 |
|
Sunita Kalyani |
|
1 |
|
Madan Takale |
|
1 |
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Basavaraj Kalyani |
|
1 |
|
Dharmaraj Kheny |
|
1 |
|
KTMS Engineering Private Limited |
|
237500 |
|
Gloxinia Investment Private Limited |
|
237500 |
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Ajinkya Investment and Trading Company |
|
862500 |
|
Blenda Investment Private Limited |
|
175000 |
|
Cockscomb Investment and Finance Private Limited |
|
862500 |
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Koyna Trading and Investment Private Limited |
|
687500 |
|
Kunal Trading and Investment Private Limited |
|
687500 |
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Sadguru Investment and trading Company |
|
687500 |
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Shailendra Investment and Trading Company |
|
687500 |
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Sundaram Trading and Investment Private Limited |
|
687500 |
|
Yeshwant Trading and Investment Private Limited |
|
687500 |
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Total |
|
6500025 |
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|
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Equity Share
Breakup [As on 31.03.2007] |
|
Percentage of
Holding |
|
Bodies Corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing IT Services |
GENERAL
INFORMATION
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Customers : |
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Bankers : |
Camp Branch, Pune
411001, Maharashtra, India
HDFC bank house,
Senapati Bapat Marg, Lower Parel [West], Mumbai 400013, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Prashant Deo Chartered Accountants |
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Address : |
8B/11, Laxminarayan Co-operative, Building No. 4, Erandawana, Pune
411004, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
|
100000 |
Preference Shares |
Rs. 10/- each |
Rs. 1.000 Million |
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|
Total |
|
Rs. 11.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7815815 |
Equity Shares |
Rs. 1/- each
|
Rs. 7.815
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
7.816 |
6.500 |
6.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
127.786 |
20.638 |
13.236 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
135.602 |
27.138 |
19.736 |
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|
LOAN FUNDS |
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|
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1] Secured Loans |
8.946 |
3.536 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
8.946 |
3.536 |
0.000 |
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DEFERRED TAX LIABILITIES |
2.639 |
0.759 |
0.952 |
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TOTAL |
147.187 |
31.433 |
20.688 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
33.304 |
9.358 |
9.360 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
75.722 |
0.223 |
0.046 |
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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
|
0.000 |
0.000 |
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Sundry Debtors |
7.275
|
12.430 |
12.540 |
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Cash & Bank Balances |
7.365
|
13.259 |
1.083 |
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Other Current Assets |
1.215
|
0.118 |
0.233 |
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Loans & Advances |
31.530
|
2.200 |
9.167 |
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Total
Current Assets |
47.385
|
28.007 |
23.023 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
8.580
|
5.594 |
3.758 |
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Provisions |
0.666
|
0.590 |
8.020 |
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Total
Current Liabilities |
9.246
|
6.184 |
11.778 |
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Net Current Assets |
38.139
|
21.823 |
11.245 |
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MISCELLANEOUS EXPENSES |
0.022 |
0.029 |
0.037 |
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TOTAL |
147.187 |
31.433 |
20.688 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
54.071 |
46.207 |
41.582 |
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Other Income |
4.044 |
0.501 |
0.760 |
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Total Income |
58.115 |
46.708 |
42.342 |
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Profit/(Loss) Before Tax |
11.576 |
11.748 |
11.516 |
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Provision for Taxation |
-- |
-- |
-- |
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Profit/(Loss) After Tax |
11.576 |
11.748 |
11.516 |
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Expenditures : |
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Salaries, Wages, Bonus, etc. |
23.621 |
15.410 |
11.587 |
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Payment to Auditors |
0.115 |
0.065 |
0.072 |
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Interest |
0.000 |
0.168 |
0.150 |
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Insurance Expenses |
0.239 |
0.014 |
0.061 |
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Power & Fuel |
0.000 |
0.478 |
0.413 |
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Depreciation & Amortization |
4.557 |
2.897 |
2.324 |
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Other Expenditure |
18.007 |
15.928 |
16.219 |
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Total Expenditure |
46.539 |
34.960 |
30.826 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
19.91
|
25.15 |
27.19 |
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Net Profit Margin (PBT/Sales) |
(%) |
21.40
|
25.42 |
27.69 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
14.34
|
31.44 |
35.56 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.43 |
0.58 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.13
|
0.35 |
0.59 |
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Current Ratio (Current Asset/Current Liability) |
|
5.12
|
4.52 |
1.95 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
|
Name of the company |
KALYANI NET
VENTURES LIMITED |
|
Presented By |
Mr. Shriniwas
Kanade , Director |
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1) Date and description of instrument creating the change |
Agreement dated 08.05.2005 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 1.000
Millions |
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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/Charge
on current assets and fixed block assets [except vehicles] of the company |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
As described in
the schedule forming part of the Agreement |
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5) Name and Address and description of the person entitled to the
charge. |
The Cosmos
Co-operative Bank Limited Camp Branch, Pune
411001 |
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6) Date and brief description
of instrument modifying the charge |
NA |
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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. |
NA |
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Corporate
identity number of the company |
U72200PN2000PLC014486 |
|
Name of the
company |
KALYANI NET
VENTURES LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Industry House No. 49, Opposte Kalyani Steels Limited, Mundhwa, Pune
411036, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Hypothecation |
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Particular of
charge holder |
HDFC Bank Limited HDFC bank house,
Senapati Bapat Marg, Lower Parel [West], Mumbai 400013, Maharashtra, India |
|
Nature of
instrument creating charge |
Letter of
hypothecation of stocks, book debts and plant and machinery |
|
Date of
instrument Creating the charge |
25.07.2006 |
|
Amount secured by
the charge |
Rs. 15.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
As per annexure
and copy of hypothecation agreement letter hypothecation of all the stocks,
book debts and movable plant and machinery both present and future for a sum
of Rs. 15.000 Millions |
|
Description of
the property charged |
|
|
Particulars of
the property charged |
All the stocks,
book debts and all the movable plant and machinery both present and future |
AS PER WEBSITE DETAILS:
PROFILE:
The Kalyani Group, a US $ 1.5
Billion Multinational Industrial Conglomerate with interests in Steel, Forging,
Infrastructure, Electronics and IT enabled services. Bharat Forge Limited the
flagship of the Kalyani Group is one of the world's top 3 forging units and is
an OEM supplier to Mercedes Benz, Volvo, Meritor and other manufacturers. Other
production and manufacturing units, corporate offices and representatives of
the Kalyani Group, including its joint ventures are not restricted to India but
are also present in Europe, South Africa and the Americas.
Subject is a part of the IT network in the
Kalyani Group. Being ISO 9001:2000 Registered allows them to meet Client
Requirements and Expectations by efficiently managing their process and quality
systems. A comprehensive review of their processes will be conducted on a
quarterly basis to ensure compliance to the ISO Standards. The IT-enabled
service providers from the Kalyani Group have to their credit Web-enable
Services, Call Centres, High-end Automated and Computer-aided Engineering
Solutions, Turnkey Software Customization and solutions and customer training.
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. 39.97 |
|
UK Pound |
1 |
Rs. 79.78 |
|
Euro |
1 |
Rs. 62.60 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
61 |
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 |
|