MIRA
INFORM REPORT
|
Report Date : |
24.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PROGRESSIVE INFOTECH PRIVATE LIMITED |
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Registered Office : |
24 B, Connaught Place, New Delhi -110 001 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.01.1998 |
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Com. Reg. No.: |
55-091465 |
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CIN No.: [Company
Identification No.] |
U51909DLPTC091465 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELP05300B |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Provider of IT Infrastructure Services |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 147000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having
satisfactory track. Trade relations are fair. Business is active. Payments
are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Arvind Agarwal |
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Designation : |
G M Finance |
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Contact No.: |
91-9810494780 |
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Date : |
24.04.2008 |
LOCATIONS
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Registered Office : |
24 B, Connaught Place, New Delhi -110 001, India |
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Tel. No.: |
91-11-23730099 |
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E-Mail : |
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Website : |
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Area : |
200 sq.fts |
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Location : |
Owned |
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Head Office / Corporate Head Quarter : |
C -161, Phase II, Extension Hosiery Complex, Noida – 201 305, Uttar
Pradesh, India |
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Tel. No.: |
91-120-4393939 |
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Fax No.: |
91-120-2563838 |
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E-Mail : |
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Area : |
10000 Sq.fts |
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Location : |
Owned |
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Branches: |
Mumbai Bangalore Kolkata Lucknow Chandigarh Bhopal
Chennai
Dehradun |
DIRECTORS
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Name : |
Mr. Prateek Singh Mann |
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Designation : |
Chairman Cum Director |
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Address : |
H No. 292, sector 29, Noida – 201 303, Uttar Pradesh, India |
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Date of Birth/Age : |
11.01.1964 |
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Date of Appointment : |
01.01.1998 |
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Email: |
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Name : |
Mr. Indrave Singh Mann |
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Designation : |
Director |
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Address : |
10 Sardar Patel Marg, New Delhi – 110 011, India |
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Date of Birth/Age : |
06.10.1945 |
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Date of Appointment : |
01.01.1998 |
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Email: |
ismann@garg@progressive.in |
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Name : |
Ms. Venu Garg |
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Designation : |
Director |
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Address : |
H No. 292, sector 29, Noida – 201 303, Uttar Pradesh, India |
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Date of Birth/Age : |
01.10.1969 |
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Date of Appointment : |
01.04.2005 |
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Email: |
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Name : |
Nikhil Jhaveri |
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Designation : |
Director |
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Address : |
S -149, Panchsheel Park, New Delhi – 110 017, India |
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Date of Birth/Age : |
21.11.1963 |
KEY EXECUTIVES
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Name : |
M/s Lalit Dhingra and Associates |
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Designation : |
Company Secretary |
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Address : |
1404 A, Chiranjiv Tower , 43 Nehru Place, New Delhi – 110 019, India |
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Tel No.: |
91-11-26441950 / 26452691 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (31.03.2007) |
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No. of Shares |
|
Mr. Indrave Singh Mann |
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46800 |
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Mr. Prateek Garg |
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69912 |
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Ms. Venu Garg |
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56957 |
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Mr. Vineet Kumar |
|
6331 |
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Total
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180000 |
Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2007):-
|
Sr No. |
Category |
Percentage |
|
1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Provider of IT Infrastructure Services |
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Terms : |
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Selling : |
Credit (30 Days), Payment against delivery
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Purchasing : |
Credit (30 Days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers, Retailers, MNC’s |
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No. of Employees : |
600 |
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Bankers : |
· Citi Bank NA, Jeevan Vihar Building, 3 Sansad Marg, New Delhi – 110 001, India · HDFC Bank, Noida · Punjab National Bank, Noida · State Bank of India, New Delhi · Syndicate Bank , Delhi |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
M/s Khanna and Mathur Chartered Accountants |
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Address : |
H -3, Commercial Complex, Alaknanda, New Delhi – 110 019, India |
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Tel. No.: |
91-11-26030358 |
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Fax No.: |
91-11-26024146 |
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E-Mail : |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity shares |
Rs. 100/- each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
180000 |
Equity Shares |
Rs. 100/-
each |
Rs.18.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
|
18.000 |
15.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
18.755 |
5.633 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
36.755 |
20.633 |
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LOAN FUNDS |
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1] Secured Loans |
|
30.302 |
28.199 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
30.302 |
28.199 |
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DEFERRED TAX LIABILITIES |
|
0.678 |
0.480 |
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TOTAL |
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67.735 |
49.312 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
18.453 |
16.396 |
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Capital work-in-progress |
|
19.482 |
7.535 |
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INVESTMENT |
|
0.000 |
0.150 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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14.519 |
12.083 |
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Sundry Debtors |
|
83.863 |
41.647 |
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Cash & Bank Balances |
|
19.125 |
6.943 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
14.560 |
12.391 |
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Total
Current Assets |
|
132.067 |
73.064 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
94.804 |
42.431 |
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Provisions |
|
7.727 |
5.917 |
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Total
Current Liabilities |
|
102.531 |
48.348 |
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Net Current Assets |
|
29.536 |
24.716 |
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MISCELLANEOUS EXPENSES |
|
0.264 |
0.515 |
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TOTAL |
|
67.735 |
49.312 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
516.516 |
285.554 |
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Other Income |
|
86.075 |
79.422 |
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Total Income |
|
602.591 |
364.976 |
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Profit/(Loss) Before Tax |
|
17.201 |
9.799 |
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Provision for Taxation |
|
7.079 |
3.968 |
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Profit/(Loss) After Tax |
|
10.122 |
5.831 |
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Export Value |
|
17.335 |
15.529 |
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Import Value |
|
0.817 |
0.105 |
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Expenditures : |
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Cost of Goods Sold |
|
456.470 |
263.852 |
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Administrative Expenses |
|
4.654 |
3.954 |
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Personnel Expenses |
|
37.479 |
25.875 |
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Cost of Service Delivery |
|
28.065 |
17.620 |
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Financial Charges |
|
4.365 |
2.638 |
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Depreciation & Amortization |
|
4.574 |
2.702 |
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Other Expenditure |
|
49.783 |
38.536 |
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Total Expenditure |
|
585.390 |
355.177 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
1.67 |
1.59 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
3.30 |
3.43 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
10.12 |
10.09 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.47 |
0.47 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
3.61 |
3.71 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.29 |
1.51 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
· Dabur India, Ghaziabad
· Ericsson, Gurgaon , Haryana
· Fidelity, Gurgaon, Haryana
FORM 8:-
|
Name of the
company |
PROGRESSIVE INFOTECH PRIVATE LIMITED |
|
Presented By |
PROGRESSIVE
INFOTECH PRIVATE LIMITED |
|
1) Date and
description of instrument creating the change |
Loan Agreement dated
23.01.2001 which was registered ion dated 16.05.2005, which was registered on
dated 27.05.2005 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Working capital facilities Rs. 29.000
millions Fund Based Rs.
24.000 millions Non Fund based
Rs. 5.000 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 |
· Equitable mortgage by way of deposit of title deed on land and Building situated at · Property situated at C – 161, Phase –II, Hosiery Complex Noida, District Gautam Budh Nagar · Agricultural Land at Sultanpur Village, Tehsil Dari District , Ghaziabad , Uttar Pradesh |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
· Repayable on Demand · Cash credit / Overdraft at Citi Bank PLR + 1.00% · Other Interest rates as per RBI mandated rates specified from time to time. |
|
5) Name and
Address and description of the person entitled to the charge. |
Citi Bank NA Address: Jeevan Vihar, 3 SansaDMarg, New
Delhi – 110 001, India |
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6) Date and brief description of instrument
modifying the charge |
Deed of Modification 14.10.2005 Managing Director |
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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. |
Total Working
Capital Facilite4s Rs. 40.000 millions All other terms and
conditions shall remain same. |
|
Corporation identity number or foreign company registrations number of
the company |
U51909DL1998PTC091465 |
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Name of the company |
PROGRESSIVE INFOTECH PRIVATE LIMITED |
|
Address |
24-B, Connaught Place, New Delhi – 110 001, India |
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This Form is for |
Modification of Charge |
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Type of Charges |
· Immovable Property · Book Debts · Movable property · Others |
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Particular of the charge holder
|
Citi Bank NA Address: Jeevan Vihar, 3 Sansad Marg, New
delih – 110 001, India Email: vlaxman@vanl.com
|
|
Nature or description of the instrument creating charge |
Deed of modification of goods
Security agreement Deed of modification of loan agreement |
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Date of the instrument creating charge |
25.01.2008 |
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Amount Secure by the charge |
Rs. 70.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate
of Interest As defined referred to in clause No. 8
above Terms
of repayment: Repayable on demand other term governed by
the agreement referred to in clause No. 8 above Margin: Governed by the agreement referred to in
clause No. 8 above Extent
and operation of the charge: · First Exclusive charge on all present and future receivables , stocks and inventories of the company · First Exclusive chare on all present and future fixed assets of the Company · First Exclusive Charge on following equitable mortgage 1) 206, jai Singh business Centre ,
119-120, Vile Parle (E), Mumbai 2)C -161, Noida, Phase – II, Extension |
|
Short particulars of the Property charged |
· First Exclusive charge on all present and future receivables , stocks and inventories of the company · First Exclusive chare on all present and future fixed assets of the Company · First Exclusive Charge on following equitable mortgage 1) 206, jai Singh business Centre ,
119-120, Vile Parle (E), Sahar road, Parsiwada, Andheri (E), Mumbai 2)C -161, Noida, Phase – II, Extension |
|
Particulars of the present modification |
Decrease the facility for the following charges up to Rs. 70.000 millions · First Exclusive charge on all present and future receivables , stocks and inventories of the company · First Exclusive chare on all present and future fixed assets of the Company · First Exclusive Charge on following equitable mortgage 1) 206, jai Singh business Centre ,
119-120, Vile Parle (E), Sahar road, Parsiwada, Andheri (E), Mumbai 2)C -161, Noida, Phase – II, Extension |
WEBSITE DETAILS:
The company is a leading independent provider of IT Infrastructure Services encompassing Integration and Management of IT Infrastructure, through its robust world class delivery processes to varied corporations of high repute. Subject has established its expertise in IT Infrastructure management by efficiently running the Infrastructure setups of several large Indian enterprises. With an Integrated Quality Management system that comprises ISO 9001:2000, ISO 20000-1:2005 (previously BS15000-1) as well as ISO 27001:2005 (previously BS7799) standards, Subject has redefined the way IT Infrastructure management is being practiced across the globe. The company’s wide array of services focus on helping enterprises chalk out the best IT Infrastructure strategies, ensuring minimized downtime, reducing total cost of ownership and delivering excellent customer service.
With over 550 employees, and a well-qualified and ITIL-certified technical team, the company services its customers through its reach in 80 plus locations across India. For its globally distributed customers, Progressive has set up a state-of-the-art remote Infrastructure management center in Noida, near New Delhi, which monitors and manages the IT Infrastructure of many companies in real time. With an ERP backbone, a CRM system and Structured Programs in place, the company aims to be the preferred technology integration and management company for its global customers.
The company is a Premier Enterprise Business Partner of HP and has strategic alliances with other leading technology vendors like Red Hat, VmWare, Citrix, Novell, Symantec and Microsoft.
The company is on a clear roadmap to touch INR 5,000 Million by the end of this decade. The company has its headquarters in Noida, India.
Management Team
Prateek Garg, Founder
CEO and Managing Director
Prateek holds a bachelor's degree in Electronics and Telecommunications engineering from Kurukshetra University in India. He is an IT service business strategist with a career spanning over 20 years. He is an entrepreneur with extensive work experience in the area of customer service delivery, technology integration and human resource management. Prior to setting up Progressive, Prateek was the co-founder of IT and T (now an iGate subsidiary), which grew to over 300 people across India. Before this, he worked as technical support manager at HCL's headquarters in India.
Venu Garg,
Co-founder and Director-People Excellence
A post graduate in Mathematics (Statistics) from Punjab University, Venu has a vast experience of over ten years in the IT industry. She joined hands in laying the foundation of Progressive.
As Director-People Excellence, she drives initiatives to help the company team
deliver the best. She also ensures that the administration of the company runs
smoothly and effectively.
Vineet Kumar,
Member of Founding Team and Vice President- Enterprise Sales
Vineet is a member of the founding team. He is an engineer who has spent over 12 successful years in the IT industry. He handles the key enterprise accounts of the company as well as manages the partner relationships. A lot of his time is also spent on mentoring the Progressive team. As Vice President-Sales, he is responsible for formulating the business strategy to ensure that subject continues its rapid strides toward becoming the preferred technology partner for enterprises across India.
Vineet Garg ,
Member of Founding Team and General Manager - Enterprise Sales
Vineet brings over 26 years of well-rounded experience, of which 12 years have been in the IT industry. He is a member of the founding team of the company. He has an in-depth understanding of IT Infrastructure Solution and manages key customers through a team of Account Managers and is instrumental in driving the Organisation's business in West India and is based out of their Mumbai office.
Aseet Pal Malik
, Country Business Manager-ITSM
Aseet is an engineer with over 22 years of experience in the industry. He is also a ITIL-certified professional and drives the strong flavour of ITSM across the organisation. He is responsible for driving Managed Services business across the country through a team of Account Managers based at different geographies. He ensures 24x7 uptime of client's Infrastructure as well as smooth handling of technical issues, and that the clients derive value out of the engagement. Prior to joining Progressive, he worked for a leading IT hardware vendor of India.
Arvind Agarwal,
General Manager-Finance
Arvind is a Fellow Chartered Accountant who brings in 20 years of rich experience of handling operations, finance and accounts. He is also an expert at handling legal issues and has played a key role in redefining SLAs at Progressive that demand nothing but excellence from the Progressive team, and deliver to the customers nothing but a delightful technology experience. He is also responsible for funds mobilisation to enable the rapid growth of Progress
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.40.04 |
|
UK Pound |
1 |
Rs.79.11 |
|
Euro |
1 |
Rs.63.44 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|